|        |
|--------|
|        |  |  |  |
|        |    |   | NEWS RELEASE |
|   |   |   |
|   |   |   |   |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Organic capital expenditures funded by Noble Energy totaled $643 million, towards the low end of guidance. |

|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Sales volumes of 350 MBoe/d exceeded the top end of guidance, including record production from the DJ and Delaware Basins. U.S. onshore oil averaged a quarterly record of 118 MBbl/d, up 18 percent(1) from the fourth quarter 2017. |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Noble Midstream Partners realized record gathering throughput across all product streams and continued its 20 percent annual distribution per unit growth. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Sold over 1 Bcfe/d of natural gas equivalents, gross, from the Company’s Israel fields. |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | Proved reserve additions (including additions, extensions, and revisions) replaced 171 percent of 2018 production. |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Returned $124 million to shareholders through the Company’s dividend and share repurchase program. |

|         |                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total financial liquidity at the end of 2018 was $4.7 billion.  Proceeds from asset sales in the fourth quarter totaled $226 million, including cash received for the divestment of the Company’s interest in Tamar Petroleum and miscellaneous non-core U.S. onshore interests. |

|         |                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Returned more than $500 million to shareholders, including $295 million through the Company’s share repurchase program and $208 million through Noble Energy’s quarterly dividend. |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | Strengthened the Company’s balance sheet by paying down $609 million in Noble Energy debt. |

|         |                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Enhanced the portfolio to focus on high-return U.S. onshore liquids and international gas by divesting the Company’s Gulf of Mexico assets and midstream ownership in Appalachia. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Sales volumes totaled 353 MBoe/d, up 11 percent(1) as compared to 2017, on organic capital expenditures funded by Noble Energy of less than $3 billion. |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | Implemented row development in the DJ and Delaware Basins and grew U.S. onshore oil production 26 percent(1) as compared to 2017. |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Received approval for the first large-scale Comprehensive Drilling Plan across the Company’s Mustang area in the DJ Basin. |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | Progressed the Leviathan project, offshore Israel, to approximately 75 percent complete. |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | Executed gas sales agreements for up to 700 MMcf/d of natural gas, gross, to customers in Egypt from the Tamar and Leviathan fields. |

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|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | Negotiated Heads of Agreement to progress monetization of natural gas from the Alen field in Equatorial Guinea. |

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|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                  | 2018(1) |   | 2017 |   | 2018(1) |   | 2017 |
| Revenues                                                                              |   |   |   |   |   |   |   |
| Oil, NGL and Gas Sales                                                                | $ | 1,052 |  |   | $ | 1,142 |  |   | $ | 4,461 |  |   | $ | 4,060 |  |
| Sales of Purchased Oil and Gas                                                        | 84 |  |   | — |  |   | 275 |  |   | — |  |
| Income from Equity Method Investees                                                   | 32 |  |   | 52 |  |   | 172 |  |   | 177 |  |
| Midstream Services Revenue - Third Party                                              | 29 |  |   | 7 |  |   | 78 |  |   | 19 |  |
| Total Revenues                                                                        | 1,197 |  |   | 1,201 |  |   | 4,986 |  |   | 4,256 |  |
| Operating Expenses                                                                    |   |   |   |   |   |   |   |
| Lease Operating Expense                                                               | 165 |  |   | 157 |  |   | 576 |  |   | 571 |  |
| Production and Ad Valorem Taxes                                                       | 39 |  |   | 14 |  |   | 190 |  |   | 118 |  |
| Gathering, Transportation and Processing Expense                                      | 101 |  |   | 99 |  |   | 393 |  |   | 432 |  |
| Other Royalty Expense                                                                 | 6 |  |   | 5 |  |   | 38 |  |   | 20 |  |
| Marketing Expense                                                                     | 19 |  |   | 8 |  |   | 40 |  |   | 47 |  |
| Exploration Expense                                                                   | 40 |  |   | 52 |  |   | 129 |  |   | 188 |  |
| Depreciation, Depletion and Amortization                                              | 516 |  |   | 499 |  |   | 1,934 |  |   | 2,053 |  |
| Loss on Marcellus Shale Upstream Divestiture and Other                                | — |  |   | 53 |  |   | — |  |   | 2,379 |  |
| Cost of Purchased Oil and Gas                                                         | 92 |  |   | — |  |   | 296 |  |   | — |  |
| General and Administrative                                                            | 69 |  |   | 111 |  |   | 385 |  |   | 415 |  |
| Loss (Gain) on Divestitures, Net                                                      | 16 |  |   | (324 | ) |   | (843 | ) |   | (326 | ) |
| Asset Impairments                                                                     | 38 |  |   | 63 |  |   | 206 |  |   | 70 |  |
| Goodwill Impairment                                                                   | 1,281 |  |   | — |  |   | 1,281 |  |   | — |  |
| Other Operating Expense, Net                                                          | 13 |  |   | 3 |  |   | 10 |  |   | 91 |  |
| Total Operating Expenses                                                              | 2,395 |  |   | 740 |  |   | 4,635 |  |   | 6,058 |  |
| Operating (Loss) Income                                                               | (1,198 | ) |   | 461 |  |   | 351 |  |   | (1,802 | ) |
| Other (Income) Expense                                                                |   |   |   |   |   |   |   |
| (Gain) Loss on Commodity Derivative Instruments                                       | (546 | ) |   | 82 |  |   | (63 | ) |   | (63 | ) |
| Loss on Extinguishment of Facility or Debt                                            | 11 |  |   | — |  |   | 8 |  |   | 98 |  |
| Interest, Net of Amount Capitalized                                                   | 66 |  |   | 83 |  |   | 282 |  |   | 354 |  |
| Other Non-Operating (Income) Expense, Net                                             | (9 | ) |   | 4 |  |   | (16 | ) |   | — |  |
| Total Other (Income) Expense                                                          | (478 | ) |   | 169 |  |   | 211 |  |   | 389 |  |
| (Loss) Income Before Income Taxes                                                     | (720 | ) |   | 292 |  |   | 140 |  |   | (2,191 | ) |
| Income Tax Expense (Benefit)                                                          | 82 |  |   | (224 | ) |   | 126 |  |   | (1,141 | ) |
| Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests  | (802 | ) |   | 516 |  |   | 14 |  |   | (1,050 | ) |
| Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests(2) | 22 |  |   | 22 |  |   | 80 |  |   | 68 |  |
| Net (Loss) Income and Comprehensive (Loss) Income Attributable to Noble Energy        | $ | (824 | ) |   | $ | 494 |  |   | $ | (66 | ) |   | $ | (1,118 | ) |
|                                                                                  |   |   |   |   |   |   |   |
| Net (Loss) Income Attributable to Noble Energy Per Common Share                       |   |   |   |   |   |   |
| (Loss) Income Per Share, Basic                                                        | $ | (1.72 | ) |   | $ | 1.01 |  |   | $ | (0.14 | ) |   | $ | (2.38 | ) |
| (Loss) Income Per Share, Diluted                                                      | $ | (1.72 | ) |   | $ | 1.01 |  |   | $ | (0.14 | ) |   | $ | (2.38 | ) |
|                                                                                  |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding                                         |   |   |   |   |   |   |   |
| Basic                                                                                 | 479 |  |  | 487 |  |  | 483 |  |  | 469 |  |
| Diluted                                                                               | 479 |  |   | 488 |  |   | 483 |  |   | 469 |  |

----

|           |                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method. As a result of adoption, we have changed the 2018 presentation of certain sales volumes, revenues and expenses related to sales of natural gas and NGLs based on the control model under ASC 606. 2017 information has not been recast to reflect this impact. See Schedule 4. |

|           |                                                                                                                                                                                                                                                                                           |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | December 31, 2018 |   | December 31, 2017 |
| Assets                                   |   |   |   |
| Current Assets                           |   |   |   |
| Cash and Cash Equivalents                | $ | 716 |  |   | $ | 675 |  |
| Accounts Receivable, Net                 | 616 |  |   | 748 |  |
| Other Current Assets                     | 418 |  |   | 780 |  |
| Total Current Assets                     | 1,750 |  |   | 2,203 |  |
| Net Property, Plant and Equipment        | 18,419 |  |   | 17,502 |  |
| Other Noncurrent Assets                  | 731 |  |   | 461 |  |
| Goodwill                                 | 110 |  |   | 1,310 |  |
| Total Assets                             | $ | 21,010 |  |   | $ | 21,476 |  |
| Liabilities and Shareholders' Equity     |   |   |   |
| Current Liabilities                      |   |   |   |
| Accounts Payable - Trade                 | $ | 1,207 |  |   | $ | 1,161 |  |
| Other Current Liabilities                | 519 |  |   | 578 |  |
| Total Current Liabilities                | 1,726 |  |   | 1,739 |  |
| Long-Term Debt, Noble Energy             | 6,014 |  |   | 6,661 |  |
| Long-Term Debt, Noble Midstream Services | 560 |  |   | 85 |  |
| Deferred Income Taxes                    | 1,061 |  |   | 1,127 |  |
| Other Noncurrent Liabilities             | 1,165 |  |   | 1,245 |  |
| Total Liabilities                        | 10,526 |  |   | 10,857 |  |
| Noble Energy Share of Equity             | 9,426 |  |   | 9,936 |  |
| Noncontrolling Interests(1)              | 1,058 |  |   | 683 |  |
| Total Equity                             | 10,484 |  |   | 10,619 |  |
| Total Liabilities and Equity             | $ | 21,010 |  |   | $ | 21,476 |  |

|           |                                                                                                                                                                                                                                                                                           |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                    | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Cash Flows From Operating Activities                                                    |   |   |   |   |   |   |   |
| Net (Loss) Income Including Noncontrolling Interests(1)                                 | $ | (802 | ) |   | $ | 516 |  |   | $ | 14 |  |   | $ | (1,050 | ) |
| Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities |   |   |   |   |   |   |   |
| Depreciation, Depletion and Amortization                                                | 516 |  |   | 499 |  |   | 1,934 |  |   | 2,053 |  |
| Loss on Marcellus Shale Upstream Divestiture and Other                                  | — |  |   | 53 |  |   | — |  |   | 2,379 |  |
| Loss (Gain) on Divestitures, Net                                                        | 16 |  |   | (326 | ) |   | (843 | ) |   | (326 | ) |
| Asset Impairments                                                                       | 38 |  |   | 63 |  |   | 206 |  |   | 70 |  |
| Goodwill Impairment                                                                     | 1,281 |  |   | — |  |   | 1,281 |  |   | — |  |
| Deferred Income Tax Expense (Benefit)                                                   | 80 |  |   | (239 | ) |   | (70 | ) |   | (1,227 | ) |
| (Gain) Loss on Commodity Derivative Instruments                                         | (546 | ) |   | 82 |  |   | (63 | ) |   | (63 | ) |
| Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments              | (1 | ) |   | (5 | ) |   | (161 | ) |   | 13 |  |
| Other Adjustments for Noncash Items Included in Income                                  | 40 |  |   | 13 |  |   | 85 |  |   | 252 |  |
| Net Changes in Working Capital                                                          | (62 | ) |   | (123 | ) |   | (47 | ) |   | (150 | ) |
| Net Cash Provided by Operating Activities                                               | 560 |  |   | 533 |  |   | 2,336 |  |   | 1,951 |  |
| Cash Flows From Investing Activities                                                    |   |   |   |   |   |   |   |
| Additions to Property, Plant and Equipment                                              | (690 | ) |   | (693 | ) |   | (3,279 | ) |   | (2,649 | ) |
| Proceeds from Divestitures(2)                                                           | 259 |  |   | 916 |  |   | 1,999 |  |   | 2,073 |  |
| Acquisitions, Net of Cash Received(3)                                                   | — |  |   | 19 |  |   | (653 | ) |   | (954 | ) |
| Other                                                                                   | 2 |  |   | (19 | ) |   | 2 |  |   | (87 | ) |
| Net Cash (Used in) Provided by Investing Activities                                     | (429 | ) |   | 223 |  |   | (1,931 | ) |   | (1,617 | ) |
| Cash Flows From Financing Activities                                                    |   |   |   |   |   |   |   |
| Dividends Paid, Common Stock                                                            | (52 | ) |   | (49 | ) |   | (208 | ) |   | (190 | ) |
| Purchase and Retirement of Common Stock                                                 | (72 | ) |   | — |  |   | (295 | ) |   | — |  |
| Noble Midstream Services Revolving Credit Facility, Net                                 | 10 |  |   | (115 | ) |   | (25 | ) |   | 85 |  |
| Proceeds from Noble Midstream Services Term Loan Credit Facility                        | — |  |   | — |  |   | 500 |  |   | — |  |
| Issuance of Noble Midstream Partners Common Units, Net of Offering Costs                | — |  |   | 174 |  |   | — |  |   | 312 |  |
| Revolving Credit Facility, Net                                                          | — |  |   | (45 | ) |   | (230 | ) |   | 230 |  |
| Repayment of Clayton William Energy Long-term Debt                                      | — |  |   | — |  |   | — |  |   | (595 | ) |
| Senior Notes, Net                                                                       | — |  |   | (18 | ) |   | (384 | ) |   | (28 | ) |
| Term Loan Facility, Net                                                                 | — |  |   | (550 | ) |   | — |  |   | (550 | ) |
| Contributions from Noncontrolling Interest Owners                                       | 5 |  |   | 19 |  |   | 353 |  |   | 19 |  |
| Other                                                                                   | (24 | ) |   | (23 | ) |   | (110 | ) |   | (114 | ) |
| Net Cash Used in Financing Activities                                                   | (133 | ) |   | (607 | ) |   | (399 | ) |   | (831 | ) |
| (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash                       | (2 | ) |   | 149 |  |   | 6 |  |   | (497 | ) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period(4)                    | 721 |  |   | 564 |  |   | 713 |  |   | 1,210 |  |
| Cash, Cash Equivalents and Restricted Cash at End of Period(5)                          | $ | 719 |  |   | $ | 713 |  |   | $ | 719 |  |   | $ | 713 |  |

----

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. For the quarter and year ended December 31, 2018 and 2017, Net (Loss) Income includes Net Income Attributable to Noncontrolling Interests in NBLX. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | For the three months ended December 31, 2018, proceeds include $163 million from the sale of Tamar Petroleum Ltd. shares and $63 million from the sale of certain non-core acreage in the Delaware Basin. For the year ended December 31, 2018, proceeds include $484 million from the sale of a 7.5% interest in Tamar field, $696 million from the sale of CONE Gathering LLC and CNX Midstream Partners common units and $384 million from the Gulf of Mexico divestiture. For the year ended December 31, 2017, proceeds include $1.028 billion from the Marcellus Shale upstream divestiture. |

|           |                                                                                                                                                                   |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | For the year ended December 31, 2018, acquisitions, net of cash acquired relate to 100 percent of the acquisition of Saddle Butte Rockies Midstream, LLC by NBLX. |

|           |                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | As of the beginning of the periods presented, amounts include restricted cash of $1 million, $0 million, $38 million and $30 million, respectively. |

|           |                                                                       |
|-----------|-----------------------------------------------------------------------|
| (5)  | Includes restricted cash of $3 million and $38 million, respectively. |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
| Sales Volumes                              | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Crude Oil and Condensate (MBbl/d)          |   |   |   |   |   |   |   |
| United States Onshore                      | 118 |  |   | 104 |  |   | 109 |  |   | 90 |  |
| United States Gulf of Mexico               | — |  |   | 18 |  |   | 5 |  |   | 21 |  |
| Equatorial Guinea                          | 18 |  |   | 17 |  |   | 16 |  |   | 18 |  |
| Equity Method Investee - Equatorial Guinea | 2 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total                                      | 138 |  |   | 141 |  |   | 132 |  |   | 131 |  |
| Natural Gas Liquids (MBbl/d)               |   |   |   |   |   |   |   |
| United States Onshore(1)                   | 60 |  |   | 62 |  |   | 62 |  |   | 56 |  |
| United States Gulf of Mexico               | — |  |   | 2 |  |   | — |  |   | 2 |  |
| Equity Method Investee - Equatorial Guinea | 7 |  |   | 6 |  |   | 5 |  |   | 6 |  |
| Total                                      | 67 |  |   | 70 |  |   | 67 |  |   | 64 |  |
| Natural Gas (MMcf/d)                       |   |   |   |   |   |   |   |
| United States Onshore(1)                   | 451 |  |   | 494 |  |   | 466 |  |   | 586 |  |
| United States Gulf of Mexico               | — |  |   | 22 |  |   | 6 |  |   | 21 |  |
| Israel                                     | 222 |  |   | 260 |  |   | 237 |  |   | 272 |  |
| Equatorial Guinea                          | 203 |  |   | 236 |  |   | 213 |  |   | 239 |  |
| Total                                      | 876 |  |   | 1,012 |  |   | 922 |  |   | 1,118 |  |
| Total Sales Volumes (MBoe/d)               |   |   |   |   |   |   |   |
| United States Onshore(1)                   | 253 |  |   | 249 |  |   | 248 |  |   | 244 |  |
| United States Gulf of Mexico               | — |  |   | 23 |  |   | 7 |  |   | 26 |  |
| Israel                                     | 37 |  |   | 44 |  |   | 40 |  |   | 46 |  |
| Equatorial Guinea                          | 51 |  |   | 56 |  |   | 51 |  |   | 57 |  |
| Equity Method Investee - Equatorial Guinea | 9 |  |   | 8 |  |   | 7 |  |   | 8 |  |
| Total Sales Volumes (MBoe/d)               | 350 |  |   | 380 |  |   | 353 |  |   | 381 |  |
|                                       |   |   |   |   |   |   |   |
| Total Sales Volumes (MBoe)                 | 32,219 |  |   | 34,946 |  |   | 128,714 |  |   | 139,050 |  |
|                                       |   |   |   |   |   |   |   |
| Price Statistics - Realized Prices(2)      |  |   |   |   |   |   |   |
| Crude Oil and Condensate ($/Bbl)           |   |   |   |   |   |   |   |
| United States Onshore                      | $ | 52.98 |  |  | $ | 53.83 |  |   | $ | 60.93 |  |   | $ | 48.88 |  |
| United States Gulf of Mexico               | — |  |   | 58.08 |  |   | 64.84 |  |   | 50.05 |  |
| Equatorial Guinea                          | 61.23 |  |   | 60.83 |  |   | 68.53 |  |   | 53.68 |  |
| Natural Gas Liquids ($/Bbl)                |   |   |   |   |   |   |   |
| United States Onshore(1)                   | $ | 24.84 |  |   | $ | 27.77 |  |   | $ | 25.86 |  |   | $ | 23.34 |  |
| United States Gulf of Mexico               | — |  |   | 32.79 |  |   | 30.00 |  |   | 25.76 |  |
| Natural Gas ($/Mcf)                        |   |   |   |   |   |   |   |
| United States Onshore(1)                   | $ | 2.87 |  |   | $ | 2.87 |  |   | $ | 2.51 |  |   | $ | 3.02 |  |
| United States Gulf of Mexico               | — |  |   | 3.09 |  |   | 3.48 |  |   | 3.16 |  |
| Israel                                     | 5.44 |  |   | 5.31 |  |   | 5.47 |  |   | 5.32 |  |
| Equatorial Guinea                          | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |

----

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Due to adoption of ASC 606, Revenue from Contracts with Customers, U.S. onshore natural gas liquids volumes increased 5 MBbl/d for both the quarter and year ended December 31, 2018.  U.S. onshore natural gas liquids pricing is reflected lower by $2.20/Bbl and $1.76/Bbl, respectively. U.S. onshore natural gas volumes increased 33 MMcf/d and 31 MMcf/d for the quarter and year ended December 31, 2018, respectively. U.S. onshore natural gas pricing is reflected lower by $0.17/Mcf and $0.12/Mcf, respectively. 2017 information has not been recast to reflect the impact of adoption. |

|           |                                                                                             |
|-----------|---------------------------------------------------------------------------------------------|
| (2)  | Average realized prices do not include gains or losses on commodity derivative instruments. |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                               | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net (Loss) Income Attributable to Noble Energy (GAAP)                              | $ | (824 | ) |   | $ | 494 |  |   | $ | (66 | ) |   | $ | (1,118 | ) |
| Adjustments to Net (Loss) Income                                                   |   |   |   |   |   |   |   |
| Loss on Marcellus Shale Upstream Divestiture and Other                             | — |  |   | 53 |  |   | — |  |   | 2,379 |  |
| Loss (Gain) on Divestitures, Net                                                   | 16 |  |   | (324 | ) |   | (843 | ) |   | (326 | ) |
| Asset Impairments                                                                  | 38 |  |   | 63 |  |   | 206 |  |   | 70 |  |
| Goodwill Impairment                                                                | 1,281 |  |   | — |  |   | 1,281 |  |   | — |  |
| (Gain) Loss on Commodity Derivative Instruments, Net of Cash Settlements           | (547 | ) |   | 77 |  |   | (224 | ) |   | (50 | ) |
| Loss on Investment in Shares of Tamar Petroleum Ltd.                               | 2 |  |   | — |  |   | 27 |  |   | — |  |
| Clayton Williams Energy Acquisition Costs                                          | — |  |   | 2 |  |   | — |  |   | 100 |  |
| Other Adjustments                                                                  | 41 |  |   | 25 |  |   | 62 |  |   | 201 |  |
| Total Adjustments Before Tax                                                       | 831 |  |   | (104 | ) |   | 509 |  |   | 2,374 |  |
| Current Income Tax Effect of Adjustments(1)                                        | (29 | ) |   | — |  |   | 64 |  |   | — |  |
| Deferred Income Tax Effect of Adjustments(1)                                       | 73 |  |   | 36 |  |   | 71 |  |   | (839 | ) |
| Tax Reform Impact(2)                                                               | 5 |  |   | (270 | ) |   | (140 | ) |   | (270 | ) |
| Adjusted Net Income Attributable to Noble Energy (Non-GAAP)                        | $ | 56 |  |   | $ | 156 |  |   | $ | 438 |  |   | $ | 147 |  |
|                                                                               |   |   |   |   |   |   |   |
| Net (Loss) Income Attributable to Noble Energy Per Share, Basic and Diluted (GAAP) | $ | (1.72 | ) |   | $ | 1.01 |  |   | $ | (0.14 | ) |   | $ | (2.38 | ) |
| Loss on Marcellus Shale Upstream Divestiture and Other                             | — |  |   | 0.11 |  |   | — |  |   | 5.05 |  |
| Loss (Gain) on Divestitures, Net                                                   | 0.04 |  |   | (0.67 | ) |   | (1.74 | ) |   | (0.70 | ) |
| Asset Impairments                                                                  | 0.08 |  |   | 0.13 |  |   | 0.42 |  |   | 0.15 |  |
| Goodwill Impairment                                                                | 2.66 |  |   | — |  |   | 2.64 |  |   | — |  |
| (Gain) Loss on Commodity Derivative Instruments, Net of Cash Settlements           | (1.14 | ) |   | 0.16 |  |   | (0.46 | ) |   | (0.11 | ) |
| Loss on Investment in Shares of Tamar Petroleum Ltd.                               | — |  |   | — |  |   | 0.06 |  |   | — |  |
| Clayton Williams Energy Acquisition Costs                                          | — |  |   | — |  |   | — |  |   | 0.21 |  |
| Other Adjustments                                                                  | 0.09 |  |   | 0.06 |  |   | 0.13 |  |   | 0.45 |  |
| Current Income Tax Effect of Adjustments(1)                                        | (0.06 | ) |   | — |  |   | 0.13 |  |   | — |  |
| Deferred Income Tax Effect of Adjustments(1)                                       | 0.16 |  |   | 0.07 |  |   | 0.15 |  |   | (1.79 | ) |
| Tax Reform Impact(2)                                                               | 0.01 |  |   | (0.55 | ) |  | (0.29 | ) |   | (0.57 | ) |
| Adjusted Net Income Attributable to Noble Energy (Non-GAAP)                        | 0.12 |  |   | 0.32 |  |   | 0.90 |  |   | 0.31 |  |
|                                                                               |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding, Basic                               | 479 |  |   | 487 |  |   | 483 |  |   | 469 |  |
| Incremental Dilutive Shares                                                        | 2 |  |   | 1 |  |   | 2 |  |   | 2 |  |
| Weighted Average Number of Shares Outstanding, Diluted                             | 481 |  |   | 488 |  |   | 485 |  |   | 471 |  |

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|           |                                                                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | During first quarter 2018, in response to Notice 2018-26, issued by the US Department of the Treasury and the Internal Revenue Service, we released the valuation allowance recorded against foreign tax credits expected to be utilized against the toll tax liability that we had recorded as of December 31, 2017, reduced our estimated toll tax liability, and recorded corresponding expense for the tax rate change adjustment on the previously utilized net operating losses. The impact on first quarter 2018 total tax expense, related to this additional guidance, was a net $145 million discrete tax benefit. |

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|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                        | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net (Loss) Income Including Noncontrolling Interests (GAAP) | $ | (802 | ) |   | $ | 516 |  |   | $ | 14 |  |   | $ | (1,050 | ) |
| Adjustments to Net Income (Loss), After Tax(1)              | 880 |  |   | (338 | ) |   | 504 |  |   | 1,265 |  |
| Depreciation, Depletion, and Amortization                   | 516 |  |   | 499 |  |   | 1,934 |  |   | 2,053 |  |
| Exploration Expense(2)                                      | 40 |  |   | 41 |  |   | 129 |  |   | 126 |  |
| Interest, Net of Amount Capitalized                         | 66 |  |   | 83 |  |   | 282 |  |   | 354 |  |
| Current Income Tax Expense(3)                               | 31 |  |   | 15 |  |   | 121 |  |   | 86 |  |
| Deferred Income Tax Expense (Benefit)(3)                    | 2 |  |   | (5 | ) |   | 10 |  |   | (118 | ) |
| Adjusted EBITDAX (Non-GAAP)                                 | $ | 733 |  |   | $ | 811 |  |   | $ | 2,994 |  |   | $ | 2,716 |  |

|           |                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | See Schedule 5: Reconciliation of Net (Loss) Income Attributable to Noble Energy (GAAP) to Adjusted Income Attributable to Noble Energy (Non-GAAP). |

|           |                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------|
| (2)  | Represents remaining Exploration Expense after reversal of Adjustments to Net Income (Loss), After Tax, above. |

|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| (3)  | Represents remaining Income Tax Expense (Benefit) after reversal of Adjustments to Net Income (Loss), After Tax, above. |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                         | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Organic Capital Expenditures Attributable to Noble Energy (Accrual Based)(1) | $ | 643 |  |   | $ | 655 |  |   | $ | 2,988 |  |   | $ | 2,556 |  |
| Acquisition Capital Attributable to Noble Energy                             | 20 |  |   | 2 |  |   | 41 |  |   | 2,740 |  |
| NBLX Capital Expenditures(2)                                                 | 37 |  |   | 61 |  |   | 482 |  |   | 294 |  |
| Increase in Capital Lease Obligations                                        | 5 |  |   | — |  |   | 14 |  |   | — |  |
| Total Reported Capital Expenditures (Accrual Based)                          | $ | 705 |  |   | $ | 718 |  |   | $ | 3,525 |  |   | $ | 5,590 |  |

|           |                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Organic Capital Expenditures include $24 million, $78 million, $245 million and $172 million for midstream capital not funded by NBLX for the periods presented. |

|           |                                                                                                                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | NBLX Funded Capital Expenditures for the years ended December 31, 2018 and 2017 include $206 million related to the acquisition of Saddle Butte Rockies Midstream, LLC and $68 million for capital related to the Advantage Pipeline. |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2018 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l(1) |   | Total |
|                                               |   |   |   |   |   |   |
| Proved Property Acquisition Costs                  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Unproved Property Acquisition Costs                |   | 41 |  |   | — |  |   | 41 |  |
| Exploration Costs                                  |   | 58 |  |   | 95 |  |   | 153 |  |
| Development Costs(2)                               |   | 2,303 |  |   | 667 |  |   | 2,970 |  |
| Total Costs Incurred                               |   | $ | 2,402 |  |   | $ | 762 |  |   | $ | 3,164 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (Accrual Basis) |   |   |   |   |   |   |
| Total Costs Incurred                               |   |   |   |   |   | $ | 3,164 |  |
| Exploration Overhead                               |   |   |   |   |   | (80 | ) |
| Lease Rentals                                      |   |   |   |   |   | (48 | ) |
| Asset Retirement Obligations                       |   |   |   |   |   | (312 | ) |
| Total Oil and Gas Spending                         |   |   |   |   |   | 2,724 |  |
| Midstream Capital Spending                         |   |   |   |   |   | 727 |  |
| Corporate and Other Capital                        |   |   |   |   |   | 74 |  |
| Total Capital Spending (Accrual Basis)             |   |   |   |   |   | $ | 3,525 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves(3)                                 |   | United States |   | Int’l(1) |   | Total |
| Total Million Barrels Oil Equivalents (MMBoe)      |   |   |   |   |   |   |
| Beginning Reserves - December 31, 2017             |   | 940 |  |   | 1,025 |  |   | 1,965 |  |
| Revisions, Net                                     |   | (9 | ) |   | 7 |  |   | (2 | ) |
| Extensions, Discoveries and Other Additions        |   | 208 |  |   | 15 |  |   | 223 |  |
| Sale of Minerals in Place                          |   | (44 | ) |   | (84 | ) |   | (128 | ) |
| Production                                         |   | (93 | ) |   | (36 | ) |   | (129 | ) |
| Ending Reserves - December 31, 2018                |   | 1,002 |  |   | 927 |  |   | 1,929 |  |
| Proved Developed Reserves (MMBoe)                  |   |  |   |  |   |  |
| December 31, 2017                             |   | 458 |  |   | 410 |  |   | 868 |  |
| December 31, 2018                             |   | 442 |  |   | 312 |  |   | 754 |  |

|           |                                                                                                             |
|-----------|-------------------------------------------------------------------------------------------------------------|
| (1)  | International includes Israel, Equatorial Guinea and other international locations, including new ventures. |

|           |                                                                                                                                                                                                      |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Includes increases in ARO of $302 million for the United States and $10 million for International primarily related to changes in revisions. Excludes capital expenditures of our midstream segment. |

|           |                                                                                                                                                                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2018 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. |