1Q 2020 Results May 8, 2020
 Strong 1Q Execution and Delivery                                                                                                www.nblenergy.com       NASDAQ: NBL Better than plan on capital, costs and volumes                                                                            Financial & Operating Metrics                  1Q Guide    1Q Actuals    ∆ Guide                First Quarter Performance                                   Organic Capital ($MM)                           475 – 550      399        (113)                                                                           Total Sales Volumes (MBoe/d)                    378 – 398      390          2                                                                                 Oil (MBbl/d)                              129 – 139      139          5      Capital Expenditures Significantly Below 1Q Guide                    Total U.S. Oil (MBbl/d)                         109 – 119      117          3                                                                           Israel Natural Gas (MMcfe/d)                    410 – 440      393         (32)     Strong 1Q Liquidity of $4.4 Bn, including $1.4 Bn in                  Unit Production Expenses ($/BOE)               8.50 – 9.25     7.77       (0.73)                                  Cash                                           Lease Operating Expense                                  3.91                                                                                 GT&P                                                     2.66   Well Productivity and Accelerated Completions Led to                          Production Taxes                                         1.10              U.S. Onshore Volumes Ahead of Plan                                 Other Royalty                                            0.10                                                                           Marketing and Other(1) ($MM)                     25 – 30       23          (4)    Leviathan Commenced Production on December 31,                         DD&A ($/BOE)                                  13.75 – 14.75   13.87       (0.38)                                                                                    (2)          2019; Exports Commenced in January 2020                          Exploration ($MM)                                22 – 30       19          (7)                                                                           G&A ($MM)                                        88 – 98       85          (8)                                                                           Interest, net ($MM)                              78 – 88       81          (2)       Cost Performance Significantly Better than Plan                                                                            Equity Investment Income ($MM)                   0 – 10        (24)        (29)                           Across All Areas                                                                           Midstream Services Revenue ($MM)                 30 – 38       25          (9)                                                                            NCI – NBLX Public Unitholders(3) ($MM)           22 – 30       28           2  (1) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales. (2) Excluding exploration impairment related to unproved leasehold.                                                                                       2 (3) Excludes NCI loss of $72 million related to NBLX goodwill impairment.  Adjusted from earnings on Non-GAAP reconciliations in 1Q earnings release.
 U.S. Onshore – 1Q Results                                                        www.nblenergy.com       NASDAQ: NBL Production toward high end on lower than expected capital            USO Net Production and Capex   MBoe/d                                $MM                    1Q20 Key Highlights   350                                    600   300                                    500    U.S. Onshore Efficiencies Exceeding Expectation   250                                    400    • Well costs reductions driven by shorter cycle times and    200                                          300      efficiency improvements    150   100                                    200    • Unit operating costs significantly below expectation with     50                                    100      LOE of $4.31 / BOE    0                                     0        1Q19   2Q19   3Q19   4Q19   1Q20         DJ Basin Momentum Continues                Oil NGL   Gas  CAPEX             • Well costs down an additional ~$200 K; LOE down 15% y/y 1Q20 Activity     DJ Basin Delaware Eagle Ford Total • New econode design removes produced water and oil tanks     Oil (MBbl/d)      69      41      7     117     reducing surface footprint, emissions, and well costs   NGL (MBbl/d)      34      14      18    66   Gas (MMcf/d)     318      73     125    516   • Wells Ranch CDP approved with potential to add an    Total Sales (MBoe/d) 156  67      46    269     additional 250 drilling permits   Organic Capital ($MM) 186 141      5     332                                                 Delaware Basin Execution Enhancements   Operated Rigs (1) 2.5      2       0     4.5  Wells Drilled (1)  42      14      0     56    • Well costs down an additional ~$700 K  Wells Completed (1) 36     23      0     59  Wells Brought Online (1) 29 22     0     51    • Avg. drilling days reduced to ~13, >15% improvement     Avg. Working Interest 99% 88%     -             sequentially   Avg. Lateral Length (ft) 9,708 8,088 -        • Record low LOE at $6.67 / BOE; down >30% year over year  (1) Activity represents NBL operated only                                                                                                 3
 Offshore – 1Q Results                                               www.nblenergy.com       NASDAQ: NBL Strong base performance with major project catalysts                                                   Eastern Mediterranean Gross Sales Volumes                                              MMcfe/d               1Q20 Key Highlights            1,600 Leviathan contributes substantial growth YoY   Leviathan Commissioning Near Complete                      Israel Exports  • Start-up and 1Q20 operations safely completed without a 1,200    recordable incident  • Exports to Jordan and Egypt underway early in 1Q20 800  • ~95% runtime at the Leviathan platform during 1Q20                                               400  Eastern Mediterranean Unit Production Costs Lower                                                 0  than Anticipated at ~$0.45 / Mcfe                   1Q18      1Q19      1Q20                                                     Equatorial Guinea Net Sales Volumes  Aseng 6P Outperformance Contributes to Additional Oil  MBoe/d                                                       Oil volumes benefittedFully constructed by Aseng Leviathan6P  platform  Lifting Volumes in EG                         60                                                             Oil NGL Gas  Alen Gas Monetization Progresses with Offtake 45  Contracts Finalized  • Line pipe began arriving in EG in early March 30  • Offtake sales agreement finalized  • Project on track for an early 2021 start-up 15                                                 0                                                      1Q18      1Q19      1Q20                                                                                   4
 Financial Position                                                               www.nblenergy.com       NASDAQ: NBL Continued focus on financial strength and flexibility                                                       $ Bn No Near-term Upcoming NBL Debt Maturities  Robust Liquidity of $4.4 Bn at end of 1Q             4  • $1.4 Bn cash on hand; $3.0 Bn available from unsecured,     committed credit facility, held by ~25 banks       3      ▪ Proactive 1Q20 draw an abundance of caution               Expect to repay                                                        2        $1 Bn revolver draw as   • NBL credit facility contains only one financial covenant –   normalcy returns to     debt to total capitalization(1) less than 65%                  market      ▪ Ended 1Q20 at ~35%                             1                                                        -  Actions to Reduce Cash Outflows and Preserve           2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2040+                                                         Note:  NBLX debt is non-recourse to NBL and is not depicted  Liquidity  • ~$1.3 Bn in savings through capital reductions, cost      Advantageous Bond Maturity Profile                                                    10.0%              Median    improvements and adjusted dividend  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0%  Peer Leading Bond Maturity Profile at Competitive                                                      6.0%   Rates                                             Coupon  Avg Median    • No significant maturities through 2024           4.0%                                     NBL                                                    Wtd                                                      2.0%  Investment Grade Credit Rating Across All Agencies    4    6     8   10    12   14   16   18    20                                                                     Wtd Avg Years to Maturity                                                        Note:  Peers include APA, CHK, CLR, DVN, EOG, HES, MRO, MUR, OVV, WPX, XEC  (1) As defined by the revolving credit facility agreement.                                      5
 Hedge Book                                                          www.nblenergy.com       NASDAQ: NBL Maximizing cash flows; protecting near-term downside                                                       2020 WTI Hedged Volumes                                              MBbl/d  Weighted Avg Floor Weighted Average Cap Price  1Q Cash Received from Hedges Totaled $208 MM 140                             $50  • Settled FY 2020 hedges (swaps, puts, 3-way collars) that had 120    reached maximum value below $48 WTI                                        $40                                               100                                                80                             $30   Rebuilt 2020 Crude Oil Hedge Protection With Fixed 60                        $20  Price Swaps in 2Q and Swaps/Collars in 2H     40                                                                               $10  • 2Q oil swaps materially above current strip pricing 20  • 2H hedges providing upside in recovery scenario 0                          $0                                                      Q2       Q3        Q4                                               MMcf/d    2020 U.S. Gas Hedges  Significant Basis Swap Positions for WTI Roll, 160  Delaware Crude and DJ Basin Natural Gas                                                120                                                      Wtd Avg   Go-Forward Hedge Book as of March 31, 2020 Valued at        Wtd Avg                                                 80  Floor: $2.63                                                              Price: $(0.56)  ~$235 MM at Current Strip Prices                   Cap: $2.68                                                40                      Wtd Avg                                                                        Price: $(1.05)                                                 0                                                   Henry Hub Hedges CIG Basis Waha Basis                                                   Note: see April 20, 2020 8K filing for full hedge position                                                                                   6
 2020 Updated Outlook                                                             www.nblenergy.com       NASDAQ: NBL Capital discipline; focus on balance sheet and returns                                                                           2020 Capex Guidance                                                                 $MM          Capital Reduced 53% from Original Plan to $750 - $850 MM 2,500 $900 MM in capital reductions                                                                             USO  Israel WA          • Deferring U.S. Onshore activity for more favorable environment 2,000       Capital • Major project spend on high-return projects in Israel and E.G.             moving ahead; deferring exploration spend beyond 2020 1,500                                                                1,000                                                                  500           Cash Expenses Decreased ~$225 MM                        0          • Operating expenses anticipated to decrease by >10%         2019    2020E Original 2020E Updated          • Cost initiatives, including executive compensation changes, 2020 Cash Cost Expectations     Expense anticipated to reduce G&A by $50 MM                 $MM       ~$225 MM in savings                                                                1,800    Production Expenses G&A                                                                1,500          Proactive in Preserving Financial Strength; $4.4 Bn in 1,200          Liquidity                                              900          • $1.4 Bn in cash as of 1Q20, no near-term maturities  600                                                                   300      Strength    Financial • Collected $208 MM of cash proceeds from 1Q20 hedges; added             additional protection for 2Q-4Q at attractive prices   0                                                                        2020E Original 2020E Updated                                                                                                  7
 2020 Updated Outlook                                                             www.nblenergy.com       NASDAQ: NBL Operational flexibility provides value preservation                                                               Positioning for the Future               Value over Volume                                                   Capital Efficiency Improving with Sustainable     Deferring Near-term Completion Activity        Changes                                                   • Reduced U.S. onshore well costs through cycle time     Voluntarily Curtailing Volumes in Q2             improvements    •  Curtailment decisions based on:             • Exiting 2020 with >100 DUCs        • Lower productivity wells and workover         1          deferrals where variable costs exceed           netback pricing                          Anticipate U.S. Onshore Maintenance Capital of                                                    $600 - $700 MM in 2021        •        2 Deferral of high-rate production to a    • Holding 4Q20 oil / BOE volumes flat to FY 2021          higher value time     Supporting Margins Through Cash Cost           Conventional Assets Anticipated to Generate     Reductions                                     Growth in 2021 with Minimal Capital                                                   •    •  Supply chain management and reduced           Alen Gas Monetization contributing to growing cash        workover expense improving LOE                flow in 2021                                                   • Eastern Mediterranean production capacity of 2.3     •       Reduced G&A equates to $50 MM+ in annual      Bcfe/d provides cash flow growth opportunity with        savings                                       no capital spend                                                                                                  8
 U.S. Onshore – Updated 2020 Plans                                                www.nblenergy.com       NASDAQ: NBL Minimizing activity; maintaining flexibility for future                     2020 Outlook  U.S. Onshore Capital Reduced to ~$575 MM  • >55% of the 2020 total was spent in 1Q20; remaining     amount weighted towards DJ activity                                          Whitecliffs &   • TIL activity finished in April; suspended all completion                  Saddlehorn Pipelines    activity, reserving $75-$100 MM for potential 4Q activity   • Implementing voluntary curtailments beginning in May      • 5-10 MBbl/d in May      • 30-40 MBbl/d in June   DJ Basin Building DUC Inventory  • 1 rig retained for the remainder of the year, drilling low cost,     Mustang Row 3 wells (~5 wells drilled per month)   Delaware Basin Activity Deferred For More Favorable   Price Environment  • No current activity  • EPIC Crude Pipeline commenced full service early in 2Q                                                                                                  9
 Eastern Mediterranean – Updated 2020 Plans                          www.nblenergy.com       NASDAQ: NBL Differentiated asset base with long-term free cash flow          Aphrodite Leviathan Tamar     Strong Initial 2020 Performance – January / February Sales                39.7% WI 25% WI         35% WI                       Avg. ~1.5 Bcfe/d, 1Q20 Avg. 1.42 Bcfe/d                          Dalit                         25% WI       • Leviathan per well deliveries proven to >350 MMcfe/d; facility                        Dor            Tamar SW                    runtime last month avg. ~100%             25% WI                        Tel Aviv      • COVID-19 pandemic began impacting regional gas demand late 1Q                        Ashdod                    Ashkelon          Beginning to see Economic Recovery in Israel and EMed               El Arish   Jordan                      Israel          Region Following COVID-19 Impacts                                      • 2Q volumes anticipated lowest for 2020 due to weather seasonality                 Egypt                                      2H 2020 Anticipated Sales Volume Increase Reflects Egypt                      Leviathan Platform Volume Uplift and Seasonal Demand                                      • Pipeline expansion work for EMG remains on schedule                                       • 3Q anticipated to be highest demand for 2020                                       Combined Installed Capacity of 2.3 Bcfe/d Supports Future                                       Demand Growth with Minimal Capital Spend  Tamar Platform                                                                                  10
 West Africa – Updated 2020 Plans                                                 www.nblenergy.com       NASDAQ: NBL Strong base reservoir performance; continuing forward with Alen     gas                                                                                         NBL Interests   Higher Planned Oil Liftings (Brent Pricing) Expected in 2020,    Alba                Discoveries                                                                   33% WI               Aseng FPSO   Driven by Strong Base Performance and Aseng 6P Impact                                Alen Gas Monetization                                                                                         Future Pipeline   • 4Q20 West Africa volumes to be impacted by planned maintenance at                  Existing Pipeline                                                                                        Equity Method     Aseng and construction at Alen                                                     Investments                                                              Equatorial          Alen  Unaffiliated Party                                                               Guinea     Punta  45% WI   Alen Gas Monetization Project ~30% Complete; Still on                 Europa                                                                        Bioko    BLOCK O                                                                        Island            YoYo   Schedule for Early 2021 Startup                                               BLOCK I 75% WI                                                          AMPCO Alba Plant   • Delivered and offloaded all line pipe in EG        (Methanol Plant) (LPG Plant)                                                                            Aseng   • Managing all equipment deliveries and project installation in light of 38% WI Yolanda                                                                EG LNG           40% WI     global COVID-19 pandemic                                   (LNG Plant)             Cameroon   • Initial net production rate 75-115 MMcfe/d, including condensate and      LPGs                                                                        Alen line pipe offload                                                                                  in EG during 1Q   Finalized Alen Gas Marketing Contract with Large Global    LNG Trader   • Sales point FOB LNG plant   • Anticipate ~2 year payout of capital based on current global pricing      and toll arrangement   • Approximately $230 MM expected cash flow swing from 2020 to 2021                                                                                                 11
 Environmental, Social, and Governance                                            www.nblenergy.com       NASDAQ: NBL Committed to our people and the environment                                                            Metric Tons   Record- Low 2019 Greenhouse Gas Emissions Intensity: >15% CO2e/MBoeGlobal Greenhouse Gas Emissions   Reduction from 2017                                       16                                                                          Intensity  • 2019 US Onshore production facilities constructed tankless                                                            12  • Permian production reduced flaring by 50% in 2019 over 2018  • Delivered significant emissions reductions through the installation 8    of emission controls on Tamar MEG system                 4                                                              0  Keeping Products in The Pipe: 2019 Hydrocarbon Spill Volume      2017      2018       2019  Reduced by 70% from 2018                                                            Incidents per   • Ongoing focus on process safety                       200,000 man-hours   • Tankless production facility design and pipeline sales of oil 0.75 Record TRIR Safety Performance    minimizes spills through decreased trucking and handling                                                              0.50  “No Harm” Culture Integrates Safety in All Operations  • Focus on safe and efficient operations, cascading the message in 0.25    one voice through all levels of the organization                                                            0.00  • 2019 – US Onshore record TRIR performance                      2010      2014       2019                                                                                                 12
 www.nblenergy.com       NASDAQ: NBL Forward-Looking Statements and Other Matters   This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "plans", "estimates", "believes", "expects", "intends", "will",  "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views  about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of  oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash  flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this presentation will occur as  projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and  uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural  gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government  regulation or other actions, the ability of management to execute its plans to meet its goals, the potential adverse impact of the COVID-19 pandemic on the Company’s business, financial condition and  results of operations, and the markets and communities in which the Company operates and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual  report on Form 10-K, quarterly report on Form 10-Q, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the  sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to  update any forward-looking statements should circumstances or management’s estimates or opinions change.   The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically  and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and  possible reserves in our filings with the SEC. We may use certain terms in this presentation, such as “net unrisked resources” or “net risked resources” or “discovered resources”, which by their nature  are more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us  from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on file with the SEC,  available from Noble Energy’s offices or website, http://www.nblenergy.com.   This presentation contains certain non-GAAP financial measures, such as Adjusted Net Income and Adjusted EBITDAX. Reconciliations of these non-GAAP measures to the most comparable financial  measure calculated in accordance with GAAP can be found in our most recent earnings release covering the relevant reporting period. Management believes the aforementioned non-GAAP financial  measures are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare  companies in the crude oil and natural gas industry. This presentation also contains a forward-looking non-GAAP financial measure of free cash flow, which we define as cash flow from operations (the  most comparable GAAP measure) less consolidated capital investments. Because we provide this measure on a forward-looking basis, however, we cannot reliably or reasonably predict certain of the  necessary components of the most directly comparable forward-looking GAAP measure, such as future impairments and future changes in working capital. Accordingly, we are unable to present a  quantitative reconciliation of such forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure. Management believes this forward-looking  non-GAAP measure is a useful tool for the investment community in evaluating Noble Energy’s future liquidity. As with any non-GAAP measure, amounts excluded from such measure may be significant  and such measure is not a substitute for the comparable measure calculated in accordance with GAAP.                                                                                                                                                            13
 Investor Relations Contacts  Brad Whitmarsh              Kim Hendrix 281.943.1670                281.943.2197 brad.whitmarsh@nblenergy.com        kim.hendrix@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com