NOBLE ENERGY INC FORM 8-K. (Current report filing) Filed 02/20/18 for the Period Ending 02/15/18

Transcription

1 NOBLE ENERGY INC FORM 8-K (Current report filing) Filed 02/20/18 for the Period Ending 02/15/18 Address 1001 NOBLE ENERGY WAY HOUSTON, TX, Telephone CIK Symbol NBL SIC Code Crude Petroleum and Natural Gas Industry Oil & Gas Exploration and Production Sector Energy Fiscal Year 12/31 Copyright 2018, EDGAR Online, a division of Donnelley Financial Solutions. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, a division of Donnelley Financial Solutions, Terms of Use.

2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 15, 2018 NOBLE ENERGY, INC. (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) Commission File Number (I.R.S. Employer Identification No.) 1001 Noble Energy Way, Houston, Texas (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (281) (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) o o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( b-2 of this chapter). Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

3 Item Results of Operations and Financial Condition. On February 20, 2018, Noble Energy, Inc. (the Company ) issued a press release announcing results for the fiscal year and fiscal quarter ended December 31, A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this Current Report and will be published on the Company's website at The Company s press release announcing its financial results for its fiscal year and fiscal quarter ended December 31, 2017 contains non-gaap financial measures. Generally, a non-gaap financial measure is a numerical measure of a company s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. The Company has provided quantitative reconciliations within the press release of the non-gaap financial measures to the most directly comparable GAAP financial measures. In accordance with General Instruction B.2. of Form 8-K, the information set forth herein and in the press release as Exhibit 99.1 is deemed to be "furnished" and shall not be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Item Regulation FD Disclosure. On February 20, 2018, we will present certain information in connection with our call with stockholders, analysts and others relating to our results of operations, discussed above, and 2018 guidance. Attached hereto as Exhibit 99.2 are the fourth quarter 2017 supplemental slides that will be presented at that time. On February 20, 2018, the Company issued a press release with respect to it 2017 year-end reserves. A copy of the Company's press release is furnished as Exhibit 99.3 to this current report on Form 8-K and incorporated herein by reference. On February 20, 2018, the Company issued a press release with respect to it 2018 capital budget and operational and financial guidance. A copy of the Company's press release is furnished as Exhibit 99.4 and supplemental slides as Exhibit 99.5 to this current report on Form 8-K and incorporated herein by reference. On February 15, 2018, the Company issued a press release announcing that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $750 million of its outstanding common stock, such purchases to be from time to time on the open market or in negotiated transactions. A copy of the Company's press release is furnished as Exhibit 99.6 to this current report on Form 8-K and incorporated herein by reference. On February 19, 2018, the Company issued a press release announcing execution of two independent gas sale agreements for export of natural gas to Egypt. A copy of the Company's press release is furnished as Exhibit 99.7 to this current report on Form 8-K and incorporated herein by reference. The information included in this Current Report under Item 7.01, including Exhibits 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7, is deemed to be furnished and shall not be filed for purposes of Section 18 of the Exchange Act. Item Other Events. On February 15, 2018, the Company announced that its Board of Directors authorized the repurchase of up to $750 million of its outstanding common stock. The authorization extends through the end of Item Financial Statements and Exhibits. (d) Exhibits. The following exhibit is furnished as part of this Current Report on Form 8-K: 99.1 Press Release dated February 20, 2018 announcing results for the fiscal year and fiscal quarter ended December 31, Fourth quarter 2017 supplemental slide presentation Press Release dated February 20, 2018 announcing 2017 year-end reserves Press Release dated February 20, 2018 announcing the 2018 capital budget and operational and financial guidance capital budget and operation and financial guidance supplemental slide presentation Press Release dated February 15, 2018 announcing Noble Energy share repurchase program and divestiture of Gulf of Mexico assets Press Release dated February 19, 2018 announcing execution of gas sale agreements to Egypt.

4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NOBLE ENERGY, INC. Date: February 20, 2018 By: /s/ Kenneth M. Fisher Kenneth M. Fisher Executive Vice President, Chief Financial Officer

5 INDEX TO EXHIBITS 99.1 Press Release dated February 20, 2018 announcing results for the fiscal year and fiscal quarter ended December 31, Fourth quarter 2017 supplemental slide presentation Press Release dated February 20, 2018 announcing 2017 year-end reserves Press Release dated February 20, 2018 announcing the 2018 capital budget and operational and financial guidance capital budget and operation and financial guidance supplemental slide presentation Press Release dated February 15, 2018 announcing Noble Energy share repurchase program and divestiture of Gulf of Mexico assets Press Release dated February 19, 2018 announcing execution of gas sale agreements to Egypt.

6 Exhibit 99.1 NEWSRELEASE NOBLEENERGYANNOUNCESFOURTHQUARTERANDFULL-YEAR2017RESULTS HOUSTON(February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) ( Noble Energy or the "Company ) today announced fourth quarter and full-year 2017 financial and operating results. Highlights include: Strengthened the balance sheet through non-core asset divestitures and retired approximately $570 million of Noble Energy debt in the fourth quarter. Delivered record quarterly U.S. onshore oil volumes and growth of over 40 percent (1) from first quarter to fourth quarter Increased fourth quarter 2017 total company liquids composition to 56 percent compared to 46 percent in the fourth quarter U.S. onshore liquids grew to 67 percent of total U.S. onshore production. Grew fourth quarter combined Texas volumes to 130 MBoe/d, and increased oil as a percentage of DJ Basin volumes to a record 55 percent. Commenced operation at the Company s second Central Gathering Facility in the Delaware Basin. Reduced unit operating expenses eight percent from the third quarter 2017 to $8.10 per BOE in the fourth quarter. Proved reserves added replaced approximately 625 percent of 2017 production. David L. Stover, Noble Energy s Chairman, President and CEO, commented, For Noble Energy, 2017 was a transformative year as we repositioned our portfolio and executed on our strategy to drive capital efficiency in our high-margin, high-return basins. We significantly advanced the development of our U.S. onshore assets as we reduced drilling costs and enhanced well productivity, while materially increasing the scale of our Texas operations. In addition, the value of our midstream business expanded through the build-out of multiple facilities to support the Company's future upstream production plans. Our world-class Leviathan project was one of the largest offshore projects sanctioned in 2017, and we commenced project execution, taking advantage of a low point in the cycle for offshore costs. All of this was accomplished with record safety performance across the Company. The results delivered in 2017 provide significant momentum as we enter 2018 and deliver growing value for shareholders." FourthQuarterandFull-Year2017Results Fourth quarter net income attributable to Noble Energy totaled $494 million, or $1.01 per diluted share. The Company reported adjusted net income (2) and adjusted net income per share (2) attributable to Noble Energy for the quarter of $156 million, or $ 0.32 per diluted share, which excludes the impact of certain items typically not considered by analysts in formulating estimates. Adjusted EBITDAX (2) was $789 million. During the fourth quarter, the Company invested $579 million in its upstream operations and funded $76 million for onshore midstream assets. Approximately 80 percent was deployed to our U.S. onshore plays and 17 percent was spent in Israel primarily for Leviathan development. Total Company sales volumes for the fourth quarter 2017 were 380 thousand barrels of oil equivalent per day (MBoe/d), an increase of 25 MBoe/d from the third quarter 2017 and up nearly 50 MBoe/d (1) from the fourth quarter of last year. Volumes for the fourth quarter of 2017 were impacted by approximately 7 MBoe/d as a result of winter storms and third-party facility impacts in the Company's Texas operations. U.S. onshore volumes were up approximately 40 percent (1) from the fourth quarter of 2016 while combined sales volumes from the Gulf of Mexico and West Africa were down approximately 20 percent due to natural field decline. In Israel, net volumes were slightly lower than the fourth quarter of last year, driven by the impact of planned maintenance work in October Unit operating expenses for the fourth quarter 2017 totaled $8.10 per BOE, including lease operating expenses (LOE), production taxes, gathering and transportation expenses and marketing costs. LOE decreased by three percent from third quarter 2017 to $4.49 per BOE. Production tax expense for the period totaled 1.7 percent of oil, gas, and NGL revenues and benefited from finalizing prior years property tax returns. Depreciation, depletion and amortization was reduced to $14.28 per BOE, down 11 percent from the fourth quarter of last year primarily as a result of increased reserve bookings from our enhanced onshore well performance. Equity method and other income for the quarter of $59 million was greater than expected primarily due to the strength of liquids prices at the methanol and LPG plants in Equatorial Guinea. Adjustments to net income attributable to Noble Energy for the quarter include the removal of the gain on the sale of mineral interests, unrealized mark to market loss on commodity hedges, and the net impact from the recently enacted Tax Cuts and Jobs Act, among other items. There is no significant near-term cash impact to Noble Energy resulting from the new tax law. 1

7 Full-year 2017 net loss attributable to Noble Energy totaled $1,118 million, or $2.38 per diluted share. The Company reported adjusted net income (2) and adjusted net income per share (2) attributable to Noble Energy for the year of $147 million, or $0.31 per diluted share. Adjusted EBITDAX (2) was $2,648 million for full-year The Company achieved full year reported sales volumes of 381 MBoe/d, an increase of seven percent (1) from Organic upstream capital expenditures and midstream investments funded by the Company totaled $2,556 million for the year. StrengtheningtheBalanceSheet In November 2017, the Company closed the sale of non-core mineral and royalty interests, including approximately 4 MBoe/d of net production for $340 million. In December 2017, the Company closed the sale of approximately 30,200 net acres of its DJ Basin position in Weld County, Colorado, which included approximately 3 MBoe/d. Noble Energy received $568 million from the initial close of the DJ Basin sale and anticipates the remaining funds of approximately $40 million to be received in a final closing by mid During the fourth quarter, the Company paid off its term loan balance of $550 million and certain legacy Rosetta Resources notes of approximately $20 million, bringing full-year 2017 Noble Energy debt retirement to approximately $1.2 billion, inclusive of Clayton Williams Energy debt retired at the time of acquisition. The Company ended 2017 with $4.5 billion in total financial liquidity, comprised of cash and Noble Energy's available credit facility borrowing capacity. SignificantU.S.OnshoreGrowth Total sales volumes across the Company s U.S. onshore assets averaged 249 MBoe/d in the fourth quarter 2017, up approximately 40 percent (1) from the fourth quarter of U.S. onshore oil volumes totaled a record 104 MBbl/d, up over 40 percent (1) from the first quarter Fourth quarter 2017 volumes reflect record quarterly volumes in the Company s Eagle Ford and Delaware Basin assets. Texas volumes were reduced approximately 7 MBoe/d in the fourth quarter due to winter storms in December and third-party facility impacts. The DJ Basin averaged 115 MBoe/d, an increase of three percent from the fourth quarter of last year driven by strong well performance in the Company s Wells Ranch and East Pony areas. Oil volumes in the DJ Basin totaled 63 MBbl/d, or 55 percent of total basin production, up five percentage points from the fourth quarter of last year. 2

8 Noble Energy's Texas volumes increased by more than 75 MBoe/d in the fourth quarter as compared to the fourth quarter Production from the Eagle Ford doubled from the fourth quarter 2016 to an average of 92 MBoe/d through development of the Lower Eagle Ford in South Gates Ranch. Delaware Basin production of 38 MBoe/d was nearly four times that of the fourth quarter 2016 as the Company continued to accelerate the pace of development and delivered strong well performance. The second Delaware Basin central gathering facility, operated by Noble Midstream Partners, started up at the beginning of December During the fourth quarter, the Company averaged eight operated drilling rigs (two DJ, five Delaware and one Eagle Ford) and four completion crews (two DJ and two Delaware). Fourth quarter operated wells brought online included 22 in the DJ Basin, 10 in the Eagle Ford and 21 in the Delaware. StrongPerformanceinIsrael Net sales volumes totaled 262 million cubic feet of natural gas equivalent per day (MMcfe/d) during the fourth quarter of Gross production from the Company s assets in Israel averaged 911 MMcfe/d. The Company completed planned maintenance at Tamar ahead of schedule in the early part of the fourth quarter, contributing to 98 percent uptime during the quarter. Currently, development of the Leviathan project is approximately 40 percent complete. Construction of the production platform is underway, preparations to mobilize the drilling rig commenced and the project remains on budget and schedule with first gas sales anticipated by the end of OffshoreAssets Sales volumes for West Africa were 64 MBoe/d (30 percent oil) which were equal to produced volumes. Quarterly sales volumes in the Gulf of Mexico averaged 23 MBoe/d, with 78 percent oil contribution, reflecting continued strong field performance and facility uptime. Additional details for the fourth quarter and year-end results can be found in the quarterly supplement on the Company s website, (1) Pro forma for asset divestments. (2) A Non-GAAP measure, please see the respective earnings release schedules included herein for reconciliations. WebcastandConferenceCallInformation Noble Energy, Inc. will host a live audio webcast and conference call at 8:00 a.m. Central Time on February 20, The webcast link is accessible on the 'Investors' page at A replay will be 3

9 available on the website. Conference call numbers for participation during the question and answer session are: Toll Free Dial in: International Dial in: Conference ID: Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People s Lives. For more information, visit Investor Contacts Brad Whitmarsh (281) Brad.Whitmarsh@nblenergy.com Megan Dolezal (281) Megan.Dolezal@nblenergy.com Lauren Brown (281) Lauren.Brown@nblenergy.com Media Contacts Reba Reid (713) media@nblenergy.com Paula Beasley (281) media@nblenergy.com This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "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 news release 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 4

10 regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, 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. This news release also contains certain historical non-gaap measures of financial performance that management believes 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. Please see Noble Energy s respective earnings release for reconciliations of the differences between any historical non-gaap measures used in this news release and the most directly comparable GAAP financial measures. 5

11 Revenues Schedule1 SummaryStatementofOperations (inmillions,exceptpershareamounts,unaudited) Three Months Ended December 31, Twelve Months Ended December 31, Crude Oil and Condensate $ 709 $ 564 $ 2,346 $ 1,854 Natural Gas Liquids Natural Gas ,221 1,239 Income from Equity Method Investees and Other Total Revenues 1,201 1,010 4,256 3,491 OperatingExpenses Lease Operating Expense Production and Ad Valorem Taxes Gathering, Transportation and Processing Expense Marketing Expense Exploration Expense Depreciation, Depletion and Amortization ,053 2,454 General and Administrative Loss on Marcellus Shale Upstream Divestiture 53 2,379 Asset Impairments Other Operating Income, Net (321) (249) (235) (161) Total Operating Expenses 740 1,373 6,058 4,867 OperatingIncome(Loss) 461 (363) (1,802) (1,376) OtherExpense Loss (Gain) on Commodity Derivative Instruments (63) 139 Loss (Gain) on Extinguishment of Debt 98 (80) Interest, Net of Amount Capitalized Other Non-Operating Expense, Net Total Other Expense Income(Loss)BeforeIncomeTaxes 292 (541) (2,191) (1,772) Income Tax Benefit (224) (301) (1,141) (787) NetIncome(Loss)IncludingNoncontrollingInterests 516 (240) (1,050) (985) Less:NetIncomeAttributabletoNoncontrollingInterests (1) NetIncome(Loss)AttributabletoNobleEnergy $ 494 $ (252) $ (1,118) $ (998) NetIncome(Loss)AttributabletoNobleEnergyPerShareofCommonStock Income(Loss)PerShare,BasicandDiluted $ 1.01 $ (0.59) $ (2.38) $ (2.32) WeightedAverageNumberofSharesOutstanding Basic Diluted (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. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20,

12 Assets Current Assets Schedule2 CondensedBalanceSheets (inmillions,unaudited) December 31, 2017 December 31, 2016 Cash and Cash Equivalents $ 675 $ 1,180 Accounts Receivable, Net Other Current Assets Total Current Assets 2,203 1,955 Net Property, Plant and Equipment 17,502 18,548 Goodwill 1,310 Other Noncurrent Assets Total Assets $ 21,476 $ 21,011 LiabilitiesandShareholders'Equity Current Liabilities Accounts Payable - Trade $ 1,161 $ 736 Other Current Liabilities Total Current Liabilities 1,739 1,478 Long-Term Debt 6,746 7,011 Deferred Income Taxes 1,127 1,819 Other Noncurrent Liabilities 1,245 1,103 Total Liabilities 10,857 11,411 Total Shareholders' Equity 9,936 9,288 Noncontrolling Interests (1) Total Equity 10,619 9,600 Total Liabilities and Equity $ 21,476 $ 21,011 (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. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20,

13 Schedule3 CondensedStatementofCashFlows (inmillions,unaudited) Three Months Ended December 31, Twelve Months Ended December 31, CashFlowsFromOperatingActivities Net Income (Loss) Including Noncontrolling Interests (1) $ 516 $ (240) $ (1,050) $ (985) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities Depreciation, Depletion and Amortization ,053 2,454 Asset Impairments Loss on Marcellus Shale Upstream Divestiture 53 2,379 Deferred Income Tax Benefit (239) (285) (1,227) (984) Dry Hole Cost Undeveloped Leasehold Impairment Loss (Gain) on Extinguishment of Debt 98 (80) Loss (Gain) on Commodity Derivative Instruments (63) 139 Net Cash (Used) Received in Settlement of Commodity Derivative Instruments (5) Gain on Divestitures (326) (261) (326) (238) Stock Based Compensation Other Adjustments for Noncash Items Included in Income (26) (18) (21) 95 Net Changes in Working Capital (123) (289) (150) (460) NetCashProvidedbyOperatingActivities ,951 1,351 CashFlowsFromInvestingActivities Additions to Property, Plant and Equipment (693) (377) (2,649) (1,541) Proceeds from Divestitures ,073 1,241 Clayton Williams Energy Acquisition (616) Other Acquisitions (327) Other - Investing (19) (123) (87) (131) NetCashProvidedby(Usedin)InvestingActivities 204 (45) (1,606) (431) CashFlowsFromFinancingActivities Dividends Paid, Common Stock (49) (43) (190) (172) Proceeds from Revolving Credit Facility 1,585 Repayment of Credit Facility (45) (1,355) Repayment of Clayton Williams Energy Long-term Debt (595) Repayment of Term Loan Facility (550) (850) (550) (850) (Repayment) Proceeds from Long Term Debt, Net (18) (28) 17 Proceeds from Noble Midstream Partners Revolving Credit Facility Issuance of Noble Midstream Partners Common Units, Net of Offering Costs (195) (240) Proceeds from Noble Midstream Partners Revolving Credit Facility Other - Financing (23) 2 (114) (62) NetCashUsedinFinancingActivities (626) (891) (850) (768) Increase(Decrease)inCashandCashEquivalents 111 (639) (505) 152 CashandCashEquivalentsatBeginningofPeriod 564 1,819 1,180 1,028 CashandCashEquivalentsatEndofPeriod $ 675 $ 1,180 $ 675 $ 1,180 8

14 (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. For the quarter and year ended December 31, 2017 and 2016, Net Income (Loss) includes Net Income Attributable to Noncontrolling Interests in NBLX. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20,

15 Schedule4 VolumeandPriceStatistics (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, SalesVolumes CrudeOilandCondensate(MBbl/d) United States Onshore United States Gulf of Mexico Equatorial Guinea Equity Method Investee - Equatorial Guinea Total NaturalGasLiquids(MBbl/d) United States Onshore United States Gulf of Mexico Equity Method Investee - Equatorial Guinea Total NaturalGas(MMcf/d) United States Onshore United States Gulf of Mexico Israel Equatorial Guinea Total 1,012 1,338 1,118 1,397 TotalSalesVolumes(MBoe/d) United States Onshore United States Gulf of Mexico Israel Equatorial Guinea Equity Method Investee - Equatorial Guinea Total Sales Volumes (MBoe/d) Total Sales Volumes (MBoe) 34,946 37, , ,540 PriceStatistics-RealizedPrices (1) CrudeOilandCondensate($/Bbl) United States Onshore $ $ $ $ United States Gulf of Mexico Equatorial Guinea NaturalGasLiquids($/Bbl) United States Onshore $ $ $ $ United States Gulf of Mexico NaturalGas($/Mcf) United States Onshore $ 2.87 $ 2.45 $ 3.02 $ 2.10 United States Gulf of Mexico Israel Equatorial Guinea (1) Average realized prices do not include gains or losses on commodity derivative instruments. 10

16 Schedule5 ReconciliationofNetIncome(Loss)AttributabletoNobleEnergyandPerShare(GAAP)to AdjustedIncome(Loss)AttributabletoNobleEnergyandPerShare(Non-GAAP) (inmillions,exceptpershareamounts,unaudited) Adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income (loss) attributable to Noble Energy and per share (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe this Non-GAAP measure is used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) may be useful for comparison of earnings and per share to forecasts prepared by analysts and other third parties. However, our presentation of adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP), may not be comparable to similar measures of other companies in our industry. 11

17 Three Months Ended December 31, Twelve Months Ended December 31, NetIncome(Loss)AttributabletoNobleEnergy(GAAP) $ 494 $ (252) $ (1,118) $ (998) Adjustments to Net Income (Loss) Loss on Marcellus Shale Upstream Divestiture 53 2,379 Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements (50) 708 Leasehold Impairment Gain on Divestitures (324) (261) (326) (238) Clayton Williams Energy Acquisition Expenses Asset Impairments Other Adjustments 14 (3) 139 (21) Total Adjustments Before Tax (104) 513 2,374 1,132 Current Income Tax Effect of Adjustments (1) (66) 45 Deferred Income Tax Effect of Adjustments (1) 36 (82) (839) (427) Adjustments to Net Income (Loss), After Tax $ (68) $ 365 $ 1,535 $ 750 Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP), Before Tax Reform Impact (248) Tax Reform Impact (2) (270) (270) AdjustedIncome(Loss)AttributabletoNobleEnergy(Non-GAAP) $ 156 $ 113 $ 147 $ (248) NetIncome(Loss)AttributabletoNobleEnergyPerShare,BasicandDiluted(GAAP) $ 1.01 $ (0.59) $ (2.38) $ (2.32) Loss on Marcellus Shale Upstream Divestiture Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements (0.11) 1.65 Leasehold Impairment Gain on Divestitures (0.67) (0.61) (0.70) (0.55) Clayton Williams Energy Acquisition Expenses 0.21 Asset Impairments Other Adjustments (0.05) Current Income Tax Effect of Adjustments (1) (0.15) 0.10 Deferred Income Tax Effect of Adjustments (1) 0.07 (0.19) (1.79) (0.99) Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP) $ 0.87 $ 0.26 $ 0.88 $ (0.58) Tax Reform Impact (2) (0.55) (0.57) AdjustedIncome(Loss)AttributabletoNobleEnergyPerShare,Diluted(Non-GAAP) (0.58) Weighted Average Number of Shares Outstanding, Basic Incremental Dilutive Shares Weighted Average Number of Shares Outstanding, Diluted (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 and the change in the indefinite reinvestment assertion related to accumulated undistributed earnings of foreign subsidiaries. (2) On December 22, 2017, U.S. Congress enacted the Tax Cuts and Jobs Act (Tax Reform Legislation), making significant changes to U.S. federal income tax law impacting us. Provisions of the Tax Reform Legislation include, among others: a decrease in the federal corporate tax rate to 21% beginning in 2018, a transition tax on a one-time deemed repatriation of accumulated foreign earnings, repeal and carryover of the corporate alternative minimum tax (AMT), and a phase-down of the bonus depreciation percentage. There is no significant near-term cash impact to Noble Energy resulting from the new tax law. 12

18 Schedule6 ReconciliationofNetIncome(Loss)AttributabletoNobleEnergy(GAAP)toAdjustedIncome(Loss)AttributabletoNobleEnergy(Non-GAAP)andAdjustedEBITDAX(Non-GAAP) (inmillions,unaudited) Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and Amortization, and Exploration Expenses (Adjusted EBITDAX) (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income (loss) attributable to Noble Energy (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that Adjusted EBITDAX (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe these Non-GAAP measures are used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, Adjusted EBITDAX (Non-GAAP) may be useful for comparison to forecasts prepared by analysts and other third parties. However, our presentation of Adjusted EBITDAX (Non-GAAP) may not be comparable to similar measures of other companies in our industry. Three Months Ended December 31, Twelve Months Ended December 31, NetIncome(Loss)AttributabletoNobleEnergy(GAAP) $ 494 $ (252) $ (1,118) $ (998) AdjustmentstoNetIncome(Loss),AfterTax (1) (338) 365 1, AdjustedIncome(Loss)AttributabletoNobleEnergy(Non-GAAP) (248) Adjustments to Adjusted Income (Loss) Attributable to Noble Energy Depreciation, Depletion, and Amortization ,053 2,454 Exploration Expense (2) Interest, Net of Amount Capitalized Current Income Tax Expense (3) Deferred Income Tax Benefit (3) (5) (203) (118) (557) AdjustedEBITDAX(Non-GAAP) $ 789 $ 706 $ 2,648 $ 2,463 (1) See Schedule 5: Reconciliation of Net Income (Loss) Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) 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. CapitalExpenditures (inmillions,unaudited) Three Months Ended December 31, Twelve Months Ended December 31, Organic Capital Expenditures, Attributable to Noble Energy (Accrual Based) $ 655 $ 404 $ 2,556 $ 1,339 Marcellus Shale Acreage Exchange Consideration Acquisition Capital (4) 2 2,740 NBLX Funded Capital Expenditures (5) Increase in Capital Lease Obligations 5 TotalReportedCapitalExpenditures(AccrualBased) $ 718 $ 638 $ 5,590 $ 1,578 (4) Acquisition costs for the three months ended December 31, 2017 include purchase price adjustments related to the Clayton Williams Energy Acquisition. (5) NBLX Funded Capital Expenditures for the twelve months ended December 31, 2017 include capital related to Advantage Pipeline. 13

19 Schedule7 SupplementalData (inmillions,unaudited) 2017CostsIncurredinOilandGasActivities UnitedStates Int l (1) Total Proved property acquisition costs $ 839 $ $ 839 Unproved property acquisition costs 1,817 1,817 Exploration costs Development costs (2) 1, ,347 Total costs incurred $ 4,585 $ 577 $ 5,162 ReconciliationtoCapitalSpending(accrualbasis) Total costs incurred $ 5,162 Exploration overhead (76) Lease rentals (24) Asset retirement obligations 39 Total oil and gas spending 5,101 Midstream capital spending 481 Investment in equity method investee 68 Corporate and other capital (60) Total capital spending (accrual basis) $ 5,590 ProvedReserves (3) UnitedStates Int l (1) Total TotalBarrelOilEquivalents(MMBoe) Beginning reserves - December 31, ,437 Price-related revisions Other non-price-related revisions Extensions, discoveries and other additions Purchase of minerals in place Sale of minerals in place (261) (261) Production (99) (40) (139) Ending reserves - December 31, ,025 1,965 ProvedDevelopedReserves(MMBoe) December 31, December 31, (1) International primarily includes Israel and Equatorial Guinea. (2) Includes decrease of $17 million in ARO costs due to revisions for United States and excludes capital expenditures from our midstream segment. (3) Netherland, Sewell & Associates, Inc. performed a reserves audit for 2017 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. 14

20 NBL Fourth Quarter 2017 Supplement February 2018

21 2 NBL OUTPERFORMED 2017 GOALS Accelerate Onshore Activities and Drive Capital Efficiencies Delivered > 40% U.S. Onshore oil growth from 1Q17 to 4Q17(1) Increased operating cash flow per BOE ~80% from 2016 Improved returns from drilling efficiencies and productivity Demonstrated leading safety and environment performance Goals Accomplishments Successful Integration of CWEI into NBL Commence Leviathan Development Target Over $1 Billion in Portfolio Proceeds Focus Exploration on Long-term Value Creation Established the largest Southern Delaware acreage position Commenced full development plan and captured synergies Enhanced midstream value through NBLX acreage dedication Sanctioned one of the largest 2017 offshore projects Completed > 40% of Phase I development currently Expanded midstream throughput in 2017 through NBL development and third-party business expansion Commenced operation of 2 Delaware CGFs Completed attractive drop down to NBLX Grow Value of Midstream to NBL Continued to mature portfolio, progressing low-cost, long- term opportunities Delivered > $2.3 B in proceeds and retired ~$1.2 B NBL debt Divested non-strategic Marcellus, royalty and other assets Focused portfolio on high-margin, high-return assets (1) Adjusted for divestments. Transformative year as NBL sharpened focus

22 3 NBL Delaware up 190% DJ up 15% SUBSTANTIAL INCREASE IN PROVED RESERVES Note: The 2017 price deck for calculating proved reserves, before adjusting for differentials, was $51.34/Bbl WTI crude oil and $2.98/MMBtu Henry Hub natural gas. (1) Includes additions, extensions, discoveries, performance and price revisions. (2) Excludes Marcellus proved reserves YE 2016 Divestments Production Additions Performance Revisions Acquisitions Price Revisions YE Proved Reserves BBoe Key Highlights Nearly 2 BBoe Proved Reserves with an Organic Reserve Replacement Ratio(1) of ~625% Composition is 35% liquids, 15% U.S. gas and 50% int l gas Organic Reserve Additions and Revisions(1) of 871 MMBoe at Low Cost of ~$2.90/BOE 6.3x 2017 production U.S. Onshore Business: Increase of 30% in U.S. onshore liquids 265 MMBoe additions and revisions(1) ~300% organic reserve replacement at a cost of ~$7.00/BOE Texas proved reserves increased > 60% from year-end 2016 Israel Business: ~3.3 Tcfe natural gas added as a result of the Leviathan sanction 292 Bcfe natural gas added due to Tamar performance 37% growth in proved reserves driven by high-return U.S. Onshore and Israel assets Delaware DJ Eagle Ford 685 MMBoe Proved Reserves YE16(2) U.S. Onshore Reserves 913 MMBoe Proved Reserves YE17

23 4 NBL 4Q17 KEY HIGHLIGHTS Exceptional and differential operational execution Significant Liquids Growth Exceptional Increase in Proved Reserves to Nearly 2 BBoe Midstream Integration Providing Operational Advantages Improved Operating Expenses and Balance Sheet Total volumes of 380 MBoe/d, an increase of nearly 50 MBoe/d from 4Q16(1) and 25 MBoe/d from 3Q17 Delivered U.S. onshore oil growth of > 40% from 1Q 4Q 2017(1) Record overall company liquids composition of 56% compared to 46% in 4Q16 Organic reserve additions, including performance and price revisions of 871 MMBoe at ~$2.90/BOE 265 MMBoe of the additions from U.S. Onshore and 600 MMBoe from world-class EMed Value of future cash flows from proved reserves, discounted at 10% increased ~100% from YE16 to ~$11B Strengthened balance sheet through non-core asset divestitures and retired ~$570 MM of NBL debt Reduced operating expenses 8% from 3Q17 to $8.10/BOE Reduced DD&A to $14.28/BOE primarily driven by increased reserve bookings Second central gathering facility (operated by NBLX) online in Delaware Basin in December 2017 with 11 wells currently flowing through the system Record 122 MBoe/d oil and gas gathering volumes from NBLX operated systems including 3rd party (1) Adjusted for divestments.

24 5 NBL 4Q17 ACTUALS VS. GUIDANCE Beat vs. expectation on revenues and lower costs Financial & Operating Metrics 4Q Guidance 4Q Actuals Total Sales Volumes (MBoe/d) Oil (MBbl/d) Natural Gas Liquids (MBbl/d) Natural Gas (MMcf/d) 1,005 1,045 1,012 Organic Capital(1) ($MM) Equity Investment & Other Income ($MM) Lease Operating ($/BOE) Gathering, Transportation & Processing ($/BOE) DD&A ($/BOE) Production Taxes (% Oil, NGL, Gas Revenues) Marketing ($MM) Exploration ($MM) (2) G&A ($MM) Interest, net ($MM) Earnings Reconciliation 4Q ($MM) Net Income attributable to NBL (GAAP) 494 Adjustments to Net Income, Before Tax (104) Adjusted Net Income attributable to NBL, Before Tax 390 Current Tax Effect of Adjustments - Deferred Tax Effect of Adjustments 36 Tax Reform Impact (270) Adjusted Net Income Attributable to NBL(3) (Non-GAAP) 156 Adjusted EBITDAX 4Q ($MM) Adjusted Net Income Attributable to NBL(3) (Non-GAAP) 156 Interest, net 83 Current Tax Expense, Adjusted 15 Deferred Tax Benefit, Adjusted (5) DD&A 499 Exploration 41(2) Adjusted EBITDAX(3) (Non-GAAP) 789 (1) Excludes NBLX funded capital expenditures. (2) Excludes certain expiring leases in the Gulf of Mexico. (3) Non-GAAP reconciliation to GAAP measure available in 4Q17 earnings release.

25 6 NBL U.S. ONSHORE Executing to plan, delivering robust volume and cash flow growth 4Q17 Activity DJ Basin Delaware Eagle Ford Other Total Oil (MBbl/d) NGL (MBbl/d) Gas (MMcf/d) Total Sales (MBoe/d) Upstream Capital ($MM) Midstream Capital(2) ($MM) Avg. Operated Rigs Wells Drilled(3) Avg. Lateral Length (ft) 10,900 9,300 6,000-9,500 Wells Completed(3) Wells Brought Online(3) Avg. Lateral Length (ft) 9,600 7,200 7,100-8,200 DJ Basin Delaware Basin Eagle Ford 4Q17 Key Highlights Operating Cash Flow per BOE up ~40% from 3Q17 and ~80% from Full-year 2016 U.S. Onshore Oil Record of 104 MBbl/d Delivered > 40% oil growth from 1Q17 to 4Q17(1) Grew Texas Volumes to a Record 130 MBoe/d Robust Eagle Ford ramp with volumes up 21% from 3Q17 4Q17 Texas volumes reduced by ~7 MBoe/d due to weather and third-party facility impacts Sales Volumes in Wells Ranch and East Pony in DJ Basin Grew to 85 MBoe/d; Total Basin Record High Oil Mix of 55% Executed Non-core Divestitures in 4Q17, Strengthening the Balance Sheet Closed minerals and royalty sale for $340 MM and DJ Basin sale of 30,200 net acres for $568 MM Announced sale of 50% interest in CNXM general partner for $305 MM (1) Adjusted for divestments. (2) Excludes NBLX funded capital expenditures. (3) Represents NBL operated activity.

26 7 NBL Q17 2Q17 3Q17 4Q17 Volume Wells Online Per Qtr. DELAWARE BASIN Focused on full development mode Delaware Basin Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) Upstream Capital ($MM) Avg. Operated Rigs 5 5 Wells Drilled(1) Avg. Lateral Length (ft) 8,300 9,300 Wells Completed(1) Wells Brought Online(1) Avg. Lateral Length (ft) 7,300 7,200 Cash Flow and Volume Growth Exited 4Q17 with record production > 45 MBoe/d 4Q17 sales volumes up > 40% from 3Q17 Strong operating cash flow growth Calamity Jane 7-well pad online with strong early performance Progressing Midstream Build-out Supports Upstream Growth TX Executing to Plan Four-fold increase from 4Q16 MBoe/d 2017 Wells Online (1) Represents NBL operated activity Central Gathering Facility (CGF) Gross Oil Capacity NBL owns 60% of Delaware Midstream Infrastructure MBbl/d 3Q17 4Q17 Mid-2018E

27 8 NBL TX DELAWARE BASIN Results demonstrate confidence in development plan Highlights Current Development Plan Supported by Strong 2017 Results Calamity Jane 7-well pad outperforming expectations Early data showing no evidence of communication between wells Micro seismic indicating highly effective containment within 3rd Bone Spring and Wolfcamp A Extended production history on Monroe and Trigger spacing tests confirm current development plan Longer laterals continue to exhibit flatter declines Cole Younger Wolfcamp B Achieving Equivalent Rate to Wolfcamp A Upper 3,800 foot lateral, online late 3Q17 90 day cumulative production of 119 MBoe Laura Wilder Wells Exhibiting Top Tier Results Reeves Jesse James CGF 2nd CGF online 4Q17 Trigger 3 Well Pad 2 Wolfcamp A Upper, 90- day avg. IP ~2,100 Boe/d 1 Wolfcamp A Lower, 90- day avg. IP ~1,600 Boe/d Online late 3Q17, 7,900 avg. lateral length, 72% oil Laura Wilder 2 Well Pad Wolfcamp A Upper, 30-day IP ~3,400 Boe/d Wolfcamp A Lower, 30-day IP ~2,300 Boe/d Online 4Q17, 8,400 avg. lateral length, 67% oil Calamity Jane 7 Well Pad 2 3rd Bone Springs, 30-day avg. IP ~2,600 Boe/d 3 Wolfcamp A Upper, 30- day avg. IP ~2,000 Boe/d 2 Wolfcamp A Lower, 30- day avg. IP ~1,000 Boe/d Online late 4Q17, 7,000 avg. lateral length, 70% oil Wolfcamp A Upper Wolfcamp A Lower Lower 3rd Bone Spring Calamity Jane Multi-zone Spacing Development ,320 } }

28 9 NBL DJ BASIN Focus areas driving sustained higher oil mix DJ Basin Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) Upstream Capital ($MM) Avg. Operated Rigs 2 2 Wells Drilled(1) Avg. Lateral Length (ft) 8,200 10,900 Wells Completed(1) Wells Brought Online(1) Avg. Lateral Length (ft) 9,200 9,600 CO Q16 1Q17 2Q17 3Q17 4Q17 Wells Ranch and East Pony More than 35% growth over last year Continued Strong Productivity Driven by high-margin new well performance and low GOR development 4Q17 oil volumes up 14% from 1Q17 Combined Wells Ranch and East Pony volumes up 12% from 3Q17 to 85 MBoe/d Activity in Mustang Executing to Plan Exited the year with > 30 wells drilled First wells to sales by mid-year 2018 Timing Mustang wells in coordination with infrastructure build-out (1) Represents NBL operated activity. MBoe/d 50% 52% 53% 54% 55% 46% 48% 50% 52% 54% 56% 4Q16 1Q17 2Q17 3Q17 4Q17 Growing DJ Basin Oil Mix

29 10 NBL NOBLE MIDSTREAM (NBLX) Top-tier distribution growth with strong coverage and low leverage Full Quarter Contribution from Billy Miner I CGF 2nd NBLX operated CGF online early December 4Q17 Average Throughput on Advantage Crude Oil System of 60 MBbl/d; January 2018 Nominations of 90 MBbl/d Jesse James CGF connection to Advantage Pipeline commenced operation in 4Q17 Significant 2018 Volume Throughput Growth Anticipated from NBL Development Construction of 3 additional CGFs expanding crude oil capacity to 90 MBbl/d by mid-2018 Wells Ranch and East Pony Oil and Gas Gathering Volumes Grew Throughout 2017 Gathering and Fresh Water Delivery Systems Online for Third-party Customers Construction Underway on Mustang IDP Gathering Infrastructure, Online by Mid-2018 Fresh water system operational late 4Q17 Formed Black Diamond JV to Acquire Saddle Butte Rockies Midstream in 4Q17 NBL and Third-party Well Connections Drive Further Gathering Growth in 2018 DJ Basin Highlights Delaware Basin Highlights 29% increase in 4Q17 oil and gas gathering volume compared to 3Q17 81% produced water gathering growth in 4Q17 compared to 3Q17 20% targeted annual distribution growth 2.4x distribution coverage with a strong balance sheet

30 11 NBL EAGLE FORD SHALE Solid execution delivering cash flow ramp TX Eagle Ford Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) Upstream Capital ($MM) Avg. Operated Rigs - 1 Wells Drilled(1) - 8 Avg. Lateral Length (ft) - 6,000 Wells Completed(1) 11 5 Wells Brought Online(1) Avg. Lateral Length (ft) 6,100 7,100 Delivered Substantial Production Ramp Q17 2Q17 3Q17 4Q17 Volume Wells Online Per Qtr. MBoe/d Wells Online Highly-prolific South Gates Ranch Development Record quarterly sales volumes of 92 MBoe/d 10 wells online in 4Q17 driving significant volume ramp Volumes more than doubled from 4Q16 North Gates Ranch Co-development Results Continue to co-develop Upper and Lower Eagle Ford wells Lower Eagle Ford performance consistent with expectations Upper Eagle Ford wells significantly outperforming historical completions Added 2 Rigs Late in 2017 New wells online 2Q 2018 Focusing on co-development in North Gates Ranch (1) Represents NBL operated activity.

31 12 NBL EASTERN MEDITERRANEAN Strong natural gas demand in Israel with a stable long-term cash flow profile Israel 3Q17 4Q17 Net Gas Sales (MMcfe/d) Gross Gas Sales (MMcfe/d) Organic Capital ($MM) Q17 Key Highlights Gross Sales Volumes of 911 MMcfe/d; Net 262 MMcfe/d Completed maintenance at Tamar ahead of schedule Strong price realizations of $5.31/Mcf Leviathan Development Progressing ~40% complete with zero recordable incidents Construction of the platform is underway Commenced preparations to mobilize drilling rig Project remains on schedule and on budget Announced 7.5% Tamar Divestiture for Total Consideration of ~$800 MM in January 2018 Closing expected by the end of 1Q18 (1) Represents working interest as of December 31, Construction of Leviathan Platform Tamar 32.5% WI(1) Tamar SW 32.5% WI(1) Tel Aviv Ashdod Israel Egypt Aphrodite 35% WI Leviathan 39.7% WI Dor Discovery Existing Pipeline Planned Pipeline Field Development NBL Interests Producing

32 13 NBL Q17 2Q17 3Q17 4Q Quarterly Sales Volumes OTHER GLOBAL OFFSHORE Continued exceptional operational and safety performance Key Highlights High-margin, Premium-priced Oil Production Represented ~25% of total company oil volumes Aseng Field Reached Cumulative Oil Production Milestone of 90 MMBbls Continued Exceptional Safety Performance 3+ years without lost-time incident in West Africa One million man hours without a recordable incident in Gulf of Mexico Gulf of Mexico Equatorial Guinea 3Q17 4Q17 3Q17 4Q17 Oil (MBbl/d) Equity Method NGL (MBbl/d) Equity Method Gas (MMcf/d) Total Sales (MBoe/d) Organic Capital ($MM) Note: Produced volumes differ from sales in Equatorial Guinea due to the timing of liftings. Alen Platform, West Africa MBoe/d

33 14 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", "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 and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, 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. This presentation also contains certain historical non-gaap measures of financial performance that management believes 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. Please see Noble Energy s respective earnings release for reconciliations of the differences between any historical non-gaap measures used in this presentation and the most directly comparable GAAP financial measures.

34

35 Exhibit 99.3 NEWSRELEASE NOBLEENERGYINCREASESPROVEDRESERVES37PERCENTTOTOTALNEARLY2BBOE HOUSTON(February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) ( Noble Energy or the Company ) today announced total proved reserves of billion barrels of oil equivalent as of December 31, 2017, a net increase of 528 million barrels of oil equivalent (MMBoe) versus year-end Organic reserve additions, comprised of extensions, discoveries and performance and price revisions, totaled 871 MMBoe and were added at a cost of approximately $2.90 per barrel of oil equivalent (BOE). These additions represent approximately 6.3 times 2017 production. The value of future after-tax net cash flows from the Company s proved reserves, according to U.S. Securities and Exchange Commission price guidelines and discounted at 10 percent, increased to more than $11 billion, up nearly 100 percent from Gary W. Willingham, Noble Energy s Executive Vice President, Operations, commented, We had an exceptionally strong year for reserves growth in 2017 with an organic replacement ratio (1) of approximately 625 percent and extremely low finding and development costs. Sanctioning and commencing development of the Leviathan project was a major accomplishment in Our reserve bookings reflect positive performance improvements in all three U.S. onshore business units. Our reserve life has increased to more than 10 years in the onshore business and to over 14 years for the total company, providing a strong visibility of long-term value growth. Changes in the Company s proved reserves are summarized below: 1

36 ProvedReserves(MMBoe) UnitedStates Israel WestAfrica BeginningasofDecember31, ,437 Revisions of previous estimates Price-related revisions Extensions, discoveries and other additions Acquisitions Divestitures (261) - - (261) Production (99) (17) (23) (139) ProvedreservesasofDecember31, ,965 Total The composition of reserves was approximately 35 percent liquids, 50 percent international natural gas and 15 percent U.S. natural gas. Proved developed reserves totaled 868 MMBoe, an increase of nearly 15 percent from the end of 2016, excluding Marcellus Shale reserves which were divested in In the Company s U.S. onshore business, organic reserve additions and revisions excluding acquisitions, totaled 265 MMBoe. U.S. onshore reserve replacement (1) was approximately 300 percent at a cost of approximately $7.00 per BOE. The composition of U.S. onshore reserves was approximately two-thirds liquids in 2017, up from 50 percent at the end of The Company s onshore reserve additions were primarily driven by activity and performance in the DJ Basin and Delaware Basin. Reserve replacement (1) in the DJ Basin and Delaware Basin was approximately 285 percent and 1,135 percent, respectively. Improved well performance drove DJ Basin reserve additions and revisions of 146 MMBoe, before the removal of 31 MMBoe associated with legacy vertical wells. Excluding acquisitions, reserve additions and revisions totaled 108 MMBoe in the Delaware Basin driven by the pace of development and enhanced completion results. The Company also added 57 MMBoe to its Delaware Basin reserves primarily through the acquisition of Clayton Williams Energy in Several non-core asset sales were completed in 2017, including the divestment of the Marcellus upstream assets, non-core acreage in the DJ Basin and various mineral interests, resulting in a total reduction of 261 MMBoe. In the Company s Israel business, 3.3 trillion cubic feet of natural gas reserves were added as a result of the sanction of the Company s world-class Leviathan project. An additional 292 billion cubic feet of natural gas reserves was added from performance revisions at the Tamar field. 2

37 The 2017 price deck for calculating proved reserves, before adjusting for differentials, was $51.34 per barrel of WTI crude oil and $2.98 per million British thermal unit of Henry Hub natural gas. Total development and exploration costs incurred for upstream oil and gas activities, excluding acquisitions, was approximately $2.5 billion for full-year (1) Calculated as extensions, discoveries, and performance and price revisions divided by production. Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People s Lives. For more information, visit Investor Contacts Brad Whitmarsh (281) Brad.Whitmarsh@nblenergy.com Megan Dolezal (281) Megan.Dolezal@nblenergy.com Lauren Brown (281) Lauren.Brown@nblenergy.com Media Contacts Reba Reid (713) media@nblenergy.com Paula Beasley (281) media@nblenergy.com 3

38 Exhibit 99.4 NEWSRELEASE NOBLEENERGYPROVIDESUPDATEDOUTLOOKTHROUGH2020 FOCUSEDONCASHFLOWGROWTHANDSHAREHOLDERRETURN HOUSTON(February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) ( Noble Energy or the Company ) today provided an updated outlook through 2020, including detailed guidance for OutlookThrough2020 The Company provided an updated outlook through 2020, including scenarios at a $50 per barrel WTI oil price with $3 Henry Hub natural gas, as well as at recent strip pricing (1). Key highlights and outcomes include: The Company expects to generate a cumulative total of $1.5 billion of excess cash flows (2) through 2020 in the $50 scenario, and an additional $1.5 billion at strip pricing. Board-authorized $750 million share repurchase program and current dividend payout will result in more than $1.3 billion in direct shareholder return over the plan period. Capital expenditures are estimated to be approximately $2.8 billion annually through 2020 in both pricing scenarios, with no changes in activity levels assumed. More than 80 percent of total capital is planned for U.S. onshore assets and in excess of 15 percent will be allocated to the Eastern Mediterranean, primarily for the Leviathan project. Estimated cash flow from operations is anticipated to grow at a 35 percent compound annual growth rate (3) in the $50 scenario and 40 percent at strip pricing as compared to Estimated volumes are anticipated to grow to approximately 525 thousand barrels of oil equivalent per day (MBoe/d) in 2020, a 20 percent compound annual growth rate (3) from Oil volumes grow at more than a 25 percent compound annual growth rate (3). Type curves in near-term development areas have been increased by an average of 25 percent in the DJ Basin and 15 percent in the Delaware Basin. As compared to the Company s January 2017 plan, increased productivity has led to similar anticipated production growth for the Texas and Colorado assets with $500 million less in expected capital expenditures through

39 Leverage (net debt to EBITDA (4) ) is anticipated to be reduced below 1.5 times in 2020 in the $50 scenario, or in 2019 in the strip pricing scenario. David L. Stover, Noble Energy's Chairman, President and CEO, commented, "The transformative portfolio repositioning we have executed over the last several years, along with increased capital efficiency and enhanced well productivity, has positioned Noble Energy to deliver attractive multi-year volume growth and even more attractive cash flow growth. Today s updated outlook demonstrates the Company s high-quality portfolio, operational excellence and financial strength, which will drive top-tier, debt-adjusted per share growth and create substantial value for our shareholders in 2018 and beyond. Mr. Stover continued, The combination of our recently-announced share repurchase program and current dividend is expected to return over $1.3 billion to shareholders over the next three years. With substantial cash flow growth, we anticipate additional return to shareholders through future dividend growth. The strength of our Company extends well beyond The highquality nature and depth of our investment opportunities across our U.S. onshore and Eastern Mediterranean assets, combined with superior operational execution and financial strength, provide a differential long-term value proposition for our shareholders. 2018Guidance Key highlights and outcomes include: Capital expenditures are expected to total between $2.7 and $2.9 billion, with nearly 70 percent allocated to the U.S. onshore program and over 25 percent to the Eastern Mediterranean. Full-year sales volumes, at the midpoint of the Company s expected range, are approximately 12 percent higher than 2017 (3). U.S. onshore volumes are expected to increase more than 20 percent (3) and U.S. onshore oil volumes are anticipated to be up nearly 30 percent (3) with upstream capital investments essentially flat to 2017 levels. For 2018, U.S. onshore upstream capital investments are expected to be approximately $1.8 billion at the midpoint of the Company s annual range. Noble Energy plans to invest approximately $165 million for midstream infrastructure buildout. In the Eastern Mediterranean, the Company s expected capital expenditures are $750 million to progress the Leviathan development towards first production late next year. The remaining $85 million is primarily related to exploration. Full-year 2018 reported sales volumes are expected to average between 343 and 353 MBoe/d. The 2018 expected volume range is consistent with the Company s prior plan outlined in January 2017, after adjusting 2

40 for divestments. Noble Energy has provided a divestment-adjusted volumes table reflecting the impact for all transactions in 2017 and 2018 in the appendix of the Company s Multi-year Outlook presentation deck. The Company expects to average nine operated onshore rigs throughout 2018 (1.5 DJ Basin, 6 Delaware Basin, and 1.5 Eagle Ford Shale), with approximately 200 operated wells across the U.S. onshore business anticipated to commence production. The majority of the U.S. onshore growth will be driven by the Delaware Basin development program, which should result in Delaware Basin production growth and U.S. onshore oil growth every quarter. Full-year Eagle Ford Shale volumes are expected to be similar to full year 2017 volumes, although decline is expected through In the DJ Basin, production in the second half of 2018 is expected to be higher than the first half of the year, reflecting third-party gas processing expansion and Mustang development. Gross sales volumes at Tamar are anticipated to increase slightly from Reported net volumes in Israel are anticipated to be slightly lower than 2017, reflecting the Tamar 7.5 percent working interest divestiture, which is anticipated to close late in the first quarter of The divestment of the Gulf of Mexico assets announced early in 2018 is anticipated to close in the second quarter of West Africa volumes are lower by approximately 20 percent. First quarter volumes are anticipated to be between 358 MBoe/d and 368 MBoe/d. As compared to the fourth quarter 2017, first quarter volumes are anticipated lower by 11 MBoe/d due to the impact of divestitures in the U.S. onshore (8 MBoe/d) and the previously announced divestiture of Tamar (3 MBoe/d). First quarter 2018 West Africa volumes are lower due to maintenance downtime at the Alba field. Additional full-year and first quarter 2018 guidance details are available in the Multi-year Outlook presentation deck provided on the Investors page of the Company s website, (1) Strip pricing as of the end of January (2) Excess cash flow is defined as GAAP cash flow from operations plus anticipated portfolio proceeds less capital investments less dividends/distributions. (3) Pro forma for asset divestments. (4) GAAP earnings before interest, taxes, depreciation, depletion and amortization. NobleEnergy(NYSE:NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives. For more information, visit Investor Contacts 3

41 Brad Whitmarsh (281) Megan Dolezal (281) Lauren Brown (281) Media Contacts Reba Reid (713) Paula Beasley (281) This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "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 news release 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 and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, 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. 4

42 5

43 NYSE: NBL Multi-year Outlook February 2018

44 NYSE: NBL 2 Strategy to Enhance Value Blueprint to delivering leading total shareholder returns Peer-leading Cash Flow Per Debt-adjusted Share Growth Relentless Focus on Capital Efficiency and Corporate Returns Incentive Plans Aligned with Shareholders Financial Strength Low Leverage and High Flexibility Committed to Stakeholders and the Environment

45 NYSE: NBL 3 NBL Strategy Assets. Execution. Results. Delivering Value to Shareholders Peer-leading Debt-adjusted Per Share Growth Double-digit Corporate Returns from High-margin Assets Reduce Outstanding Shares Through Repurchase Program Dividend Growth with Cash Flow Compensation Plans Aligned with Shareholders Maintain Top Tier, High-quality Portfolio of Investment Options Actively manage portfolio to capture full value Diversification of play type and geography for investment flexibility High-impact exploration portfolio with low capital commitment Deliver Industry-leading Development of U.S. Onshore Assets (USO) Double-digit annual USO growth from multiple oil basins Superior performance relative to peers Enhanced value through midstream integration Maximize Value From World-class EMed Assets Doubling EMed volumes and cash flows by 2020 Fully funded Leviathan and generating asset-level free cash flow(1) Visibility for capital efficient expansion Ensure Robust Financial Capacity Disciplined capital investment to high-margin, high-return opportunities Investment Grade Credit rating Sustainable organic free cash flows(1) (1) Term defined in appendix.

46 NYSE: NBL 4 Portfolio Transformation Enhanced focus on high-margin assets with strengthened financial position Strategic Actions Entered liquids-rich Eagle Ford and Delaware Basin through ROSE Merger Achieved Core Delaware Scale with CWEI Acquisition Optimized DJ Basin Position through Acreage Exchanges and Generated Over $1 B in Tail Inventory Proceeds Sanctioned Initial Phase of Leviathan Development Exited Marcellus Upstream and Midstream, Accelerating Value of Assets Not Attracting Capital Exited Gulf of Mexico, Accelerating Cash Flows Maintained Investment Grade Credit Rating 2020E 2018E % 25% 50% 75% 100% USO Liquids EMed USO Gas Other Increased USO Liquids and EMed Mix from 40% to 70% of Total Production Reduced Debt ~$2 B Since YE15 YE17 $B CWEI Assumed Debt Debt Retirement

47 NYSE: NBL 5 Multi-year Outlook Key Highlights Delivering leading performance and strong returns to shareholders See price deck in appendix. (1) Term defined in appendix. (2) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. Enhanced Shareholder Return Board authorized $750 MM share repurchase program Progressive dividend growth with cash flow expansion Leading Performance Outcomes ( ) Cumulative Excess Cash Flow(1) Cash Flow From Operations CAGR(2) 2020 Sales Volumes Net Debt / EBITDA(1) ROACE(1) in 2020 At $50 ~$1.5 B ~35% ~525 MBoe/d < 1.5x in 2020 ~10% At Strip ~$3.0 B ~40% ~525 MBoe/d < 1.5x in 2019 ~11%

48 NYSE: NBL 6 Outlook Through 2020 Key changes from January 2017 plan (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. Planning for $50 long-term Decrease of $5 WTI/Brent Liquids Now ~70% USO Volumes Exited Marcellus Sanctioned Leviathan Increased 2020 gross volumes to ~800 MMcf/d Announced Share Repurchase Program Totaling $750 MM USO Type Curves Average Increase 15-25% Cash Flow From Operations CAGR(1) Up ~10% points

49 NYSE: NBL 2020 Outcomes Improved: Current vs. Prior Plan Price normalized to $50 Current Plan January 2017 Plan ~25% Reduction ~30% Increase Total Company Cash Margin(1) USO Liquids + EMed Volume (% of Total) ~20% Increase Unit Operating Costs(2) 7 Portfolio Optimization and Execution Driving Margin Expansion Substantial enhancement from January 2017 plan Capital Deployed to High-margin, High-return USO and EMed Divestment of Lower-margin Marcellus Assets Which Comprised 12% of 2020 Volumes in Prior Plan Lease Operating Expense Trends Significantly Below $4 per BOE from USO Efficiencies and EMed Mix (1) Term defined in appendix. (2) Includes lease operating expenses, gathering and transportation, production taxes and marketing expenses Productivity Increases Driving Same USO Volume on $500 MM Less Capital (Excludes Marcellus from all periods)mboe/d $ B 2018E 2019E 2020E 2018E 2019E 2020E January 2017 Plan Current Plan Total USO Volumes Cumulative Upstream Capital

50 NYSE: NBL 8 Total Company Outlook to 2020 Cash flow accelerates faster than volumes Price deck defined in appendix. (1) See proforma divestment table in appendix. (2) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. 0 1,500 3,000 4,500 Operating Cash Flow $MM 2017 Proforma(1) 2018E 2019E 2020E At $50 At Strip Pricing Total Company Volumes MBoe/d 2017 Proforma(1) 2018E Guidance Midpoint 2019E 2020E 35% at $50 40%Operating Cash Flow CAGR(2) at Strip 20% 26% OilSales Volume CAGR(2) Total ~400 ~

51 NYSE: NBL 9 Focused and Disciplined Capital Deployment USO and Leviathan driving growth to 2020 Over 95% of Total Capital Focused on High-margin, High-return USO and EMed Assets Planned Capital Spend Assumes Same Activity at $50 and at Strip Pricing Scenarios USO Volumes Expected to Grow at a 25% CAGR(1) to ~400 MBoe/d in 2020, Led by Delaware and DJ Basins MBoe/d (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Excludes NBLX-funded capital. (3) See proforma divestment table in appendix Proforma 2018E 2019E 2020E USO and EMed Volumes 25% CAGR(1) USO Upstream EMed Other USO EMed 0 1,000 2,000 3, E 2019E 2020E NBL Capital(2)$MM (3)

52 NYSE: NBL Cash Flow Sources and Uses Outlook Returning substantial cash to shareholders Price deck defined in appendix. (1) Term defined in appendix. Excess Cash Flow Created Sources at $50 ~$11.5 B Uses Excess Cash Flow(1) $1.5 B at $50 ~$10 B Included in Consolidated Sources and Uses Sources Cash Flow From Operations (including existing hedges), Planned Asset Proceeds and Midstream Monetizations Uses NBL Capital, NBLX Capital, Dividends/Distributions $3 B at Strip Uses Include Current Dividend, ~$600 MM Cumulative Anticipate dividend growth with cash flow growth $1.5 B Excess Cash Flow(1) at $50 WTI Returning 50% to shareholders through Board approved $750 MM share repurchase plan $600 MM NBL debt reduction planned Actively Hedging Crude for 2018 and With Additional Cash Flow, Will Prioritize Opportunities to Maximize Shareholder Value: Additional share repurchases and dividend increases Incremental activity that increases cash flow per debt- adjusted share growth and NAV Excess Cash Flow Created

53 NYSE: NBL Sales Volumes Cash Costs Discretionary Cash Flow Current Free Cash Flow 20% Pre-downturn Relative TSR Onshore Rate of Return 10% 0% 15% 15% 0% 15% 15% 15% 0% 0% 15% 11 Evolution of Executive Incentive Plan Compensation aligned with shareholder interests to drive superior returns Quantitative Metrics (60%) Qualitative Metrics (40%) Include: Safety / Environmental Performance Total / Relative Shareholder Return ROACE / CROCI Cash Flow per Debt-adjusted Share Strategic Initiatives Reserves / Exploration Long-term Incentive Plan Based on Relative Total Shareholder Return Payout limited if no positive absolute TSR generated Increased performance unit weighting to 50% Short-term Incentive Plan See proxy for further details.

54 NYSE: NBL 12 Sustainable Potential Beyond 2020 Delivering long-term value for shareholders NBL in 2020 ~$750 MM ~10% ROACE(1) Double-digit Corporate Returns Focused Outcomes at $50 ~525 MBoe/d Organic Free Cash Flows(1) Estimated Sales Volumes NBL (2) ~$1.7 B annual average 11-15% ROACE(1) annually Balance Sheet Strength < 1.5x net debt to EBITDA(1) < 1.5x net debt to EBITDA(1) Price deck defined in appendix. (1) Term defined in appendix. (2) Does not currently include potential impact from additional offshore major project investments. ~625 MBoe/d in 2023

55 NYSE: NBL 13 Operations Outlook

56 NYSE: NBLU.S. Onshore Premier assets and proven operational execution Multiple Decades of High-return Inventory in Liquids-rich, Low Cost Basins Industry-leading Well Performance: 2,000+ Horizontal Wells and Continuous Improvement Culture Integrated Upstream and Midstream Development Safety and Environmental Stewardship 4+ BBoe net unrisked resources ~6,500 future drilling locations ~45-85% BTAX ROR at $50 across near-term development areas 31% oil CAGR(1) to ,000 net acres; 100% avg. WI 320 gross locations 6,400 average lateral length 400 MMBoe net unrisked resources Eagle Ford 117,000 net acres; 73% avg. WI 3,800 gross locations 7,800 average lateral length 2 BBoe net unrisked resources Delaware, Permian Basin 335,000 net acres; 79% avg. WI 2,350 gross locations 9,800 average lateral length 1.7 BBoe net unrisked resources DJ Basin 14 Price deck defined in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome.

57 NYSE: NBL 15 Robust USO Portfolio Outlook ~$900 MM cumulative free cash flow(2) at $50; incremental > $1 B at strip Asset-level Free Cash Flow (2) Cum Volume CAGR(1) to 2020 Delaware: Growth Engine > 75% Neutral DJ Basin: Growth While Generating Cash > 15% ~$500 MM Eagle Ford: Cash Engine Flat ~$370 MM Delaware DJ Basin Eagle Ford Upstream Capital Allocation ~$6.5 B Cumulative Total USO CAGR(1) to % USO Oil CAGR(1) to % USO Asset Portfolio Price deck defined in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Term defined in appendix.

58 NYSE: NBL 16 Focused USO Portfolio Driving Capital Efficiency Significant enhancement in Texas and Colorado MBoe/d $ B 2018E 2019E 2020E 2018E 2019E 2020E January 2017 Plan Current Plan Total USO Volumes Cumulative Upstream Capital Increased Productivity in DJ Basin Type curves up by 25% on average in near-term focus areas Optimizing completion design, cluster and stage spacing Achieving same annual volume targets from significantly fewer wells online Enhanced Delaware Basin Capital Efficiency 20-25% increase in 3rd Bone Spring and Wolfcamp A Upper type curves Maintained Wolfcamp A well costs, offsetting inflation and higher concentration with efficiencies and use of local sand Achieved operational efficiencies through development mode Productivity Increases Driving Same USO Volume on $500 MM Less Capital (Excludes Marcellus from all periods)

59 NYSE: NBL 17 Delaware Basin Stacked pay development in peer-leading oil position Contiguous Acreage Position in Core of the Southern Delaware Near-term Focus on Wolfcamp A & 3rd Bone Spring Co-development Strong results from initial multi-zone tests confirm lateral and vertical spacing Continue to test Wolfcamp B & C, encouraging initial results 9,000 ft average lateral length over plan period Integrated midstream supports upstream growth plans while increasing retained value Boe/d per 1,000 ft Basin Leading Oil Productivity Reeves County Wolfcamp A 3-Month Production(1) Total Equivalent Production (20:1)Oil Production (1) Source: RS Energy Group, Inc. analysis of public operators 2017 wells with 3 months production in currently available state data. Reflects gross 2-stream production data. Delaware Peers: BHP, CDEV, CXO, EOG, OXY, PDCE, PE, and REN NBL NBL 58% Above Peer Oil Average 117,000 net acres; 73% avg. WI 3,800 gross locations 7,800 average lateral length 2 BBoe net unrisked resources Delaware, Permian Basin Ward Pecos Reeves NBL Acreage 70% NBL Oil Avg.

60 NYSE: NBL Days on Production 2017 Average New Type Curve 1,400 MBoe Prior Blended Type Curve 1,100 MBoe Days on Production 2017 Average New Type Curve 1,100 MBoe Prior Blended Type Curve 1,100 MBoe Days on Production 2017 Average New Type Curve 1,100 MBoe Prior Type Curve 920 MBoe 18 Exceptional Delaware Basin Economics Enhanced completions driving type curve increase Well economics based on 100% WI, 75% NRI. Well costs and economics fully burdened with allocated facilities. Wolfcamp A assumes 3,000 lbs/ft proppant and slickwater completion. 3rd Bone Spring assumes 800 lbs/ft proppant and hybrid gel completion. (1) Drilling and completion capital. (2) Blended Wolfcamp A type curve from CWEI and legacy NBL acreage. 3rd Bone Spring 1.1 MMBoe Type Curve Up 20% Wolfcamp A Upper 1.4 MMBoe Type Curve Up 25% Wolfcamp A Lower 1.1 MMBoe Type Curve Cum. MBoe ~80% BTAX ROR at $50 7,500 ft lateral; 70% Oil $6.5 MM D&C(1) Cum. MBoeCum. MBoe (2) (2) ~50% BTAX ROR at $50 7,500 ft lateral; 70% Oil $8.2 MM D&C(1) ~85% BTAX ROR at $50 7,500 ft lateral; 70% Oil $8.2 MM D&C(1)

61 NYSE: NBL 19 Message #1 NBL Execution Driving More Value per Well Enhanced completions delivering increased recovery and lower development cost per BOE Increased BTAX NPV10 > 20% since CWEI acquisition (at $50) Achieving Significant Operating Efficiencies in Development Mode Reduced completion cost per foot by 10% while increasing proppant concentration(1) Reduced drilling cost per lateral foot(1) by 17% while increasing average lateral length(1) by ~60% Infrastructure Build-out Supports Capital-efficient Growth 3 new CGFs online in 2018 (2 located in legacy CWEI acreage) including integrated water recycling and disposal Locked in competitive rates for long-haul crude transfer to premium-priced markets, without volume commitments Driving Value from Delaware Expansion Delivering above acquisition case (1) Compares NBL 2017 drilling data on CWEI acreage vs. pre-acquisition CWEI wells. (2) Normalized to 7,500 ft lateral ,000 1,100 1,400 CWEI Acquisition Type Curves Increased Wolfcamp A Lower Type Curve Increased Wolfcamp A Upper Type Curve ROSE Acquisition Type Curves(2) Increased Wolfcamp A Recovery (MBoe) While Maintaining Well Costs Drilling Advancements since CWEI Acquisition CWEI(1) NBL Drilling days per 1,000 ft lateral 50% Reduction

62 NYSE: NBL Weld Wells Ranch East Pony Mustang DJ Basin Contiguous, liquids-rich position Strategically Focused in Liquids-rich Area, Ideal for IDP Development Acreage trades since 2013 blocked up core position in rural areas > $1 B divestment proceeds since 2016, accelerated value from tail-inventory Enhanced Completions Increasing Recovery and Driving Oil Outperformance Maximizing oil production in Wells Ranch and East Pony federal development First Mustang wells online mid-year 2018, focused on low GOR areas Boe/d per 1,000 ft Total Equivalent Production (20:1)Oil Production NBL > 150% Above Peer Oil Average NBL Basin Leading Oil Productivity Weld County 3-Month Production(1)NBL Acreage Municipalities LowGOR: Mid High (1) Source: RS Energy Group, Inc. analysis of public operators 2017 wells with 3 months production in currently available state data. Reflects gross 2-stream production data. DJ Basin Peers: APC, BBG, PDCE, SRCI, WLL, and XOG 335,000 net acres; 79% avg. WI 2,350 gross locations 9,800 average lateral length 1.7 BBoe net unrisked resources DJ Basin

63 NYSE: NBL Days on Production New Type Curve 1,300 MBoe Prior Type Curve 975 MBoe 2016 Average - Moser Pad Days on Production New Type Curve 1,200 MBoe Prior Type Curve 1,000 MBoe 2016 Average 2017 Average 21 Increased DJ Basin Productivity Enhanced completions driving type curve increase Type Curves Increased Across All Development Focus Areas Wells Ranch type curve in-line with 2017 enhanced completion results Increased Mustang type curve from Moser results (prior design) and learnings from similar reservoir characteristics in Wells Ranch Activity Focused in Wells Ranch and Mustang Concentrated in low GOR areas, maintain 50+% DJ oil mix Oil recovery per foot similar to or better than East Pony Expect significant volume ramp late 2018 and through Mustang IDP Will Be Culmination of USO Learnings to Date Utilizing row development concept executed in Eagle Ford Best in class, tankless facility design Gas system protected through compression, applying Wells Ranch learnings Mustang: 1.3 MMBoe Type Curve Up 30% Cum. MBoe Wells Ranch: 1.2 MMBoe Type Curve Up 20%Cum. MBoe ~50% BTAX ROR at $50 9,500 ft lateral; 45% Oil $6.7 MM D&C(1) ~45% BTAX ROR at $50 9,500 ft lateral; 45% Oil $6.9 MM D&C(1) Well economics based on 100% WI, 80% NRI. Well costs and economics fully burdened with allocated facilities. Type curves assume 1,800 lbs/ft proppant and slickwater completion. (1) Drilling and completion capital.

64 NYSE: NBL 22 Eagle Ford Multi-zone development driving free cash flow(1) (1) Term defined in appendix. Maximizing Cash Flows for USO Capital Deployment $370 MM cumulative asset-level free cash flow(1) through Production Flat Year Over Year Through 2020 Cash flows benefitted by significant volume growth delivered in 2017 Volumes expected to decline throughout 2018, and increase through Unlocking Upper Eagle Ford 2017 tests performing in-line with expectations Near-term Activity Focused in North Gates Ranch Co-development of Lower and Upper Eagle Ford 33,000 net acres; 100% avg. WI 320 gross locations 6,400 average lateral length 400 MMBoe net unrisked resources Eagle Ford Dimmit Gates Ranch NBL Acreage Webb

65 NYSE: NBL 23 Integrated Business Approach Drives Low-risk, High-value Growth Midstream synergies + significant embedded midstream value potential in NBL Low-cost, reliable water infrastructure supports efficient development NBL s ownership provides attractive drop down optionality Delaware: 60% NBL ownership produced water gathering NBL implementing fresh water delivery, water disposal and recycling DJ: 75% NBL ownership of water infrastructure in Mustang; 75% NBL ownership in East Pony Diversified marketing approach provides access to premium priced markets DJ Basin: NBLX connects to key takeaway outlets Delaware: NBLX s Advantage crude pipeline provides access to Crane, TX and multiple downstream outlets Acreage dedication to EPIC crude pipeline with access to Corpus Christi NBL retains 30% / 15% option for ownership stakes in crude pipeline and NGL pipeline Enables scalable growth at strategic aggregation points Planned in-sync with upstream development, ensuring deliverability NBL s ownership provides attractive drop down optionality Delaware: 60% NBL ownership DJ: 75% NBL ownership in Mustang; 100% East Pony gas processing Water Services Business Centralized Gathering & Processing Basin Takeaway Capacity

66 NYSE: NBL 24 EMed Outlook through 2020 Exceptional assets, margins and growth Long-life Assets with Minimal Decline in High-demand Region Tamar Reliably Fueling ~60% of Israel Power, with Leviathan Providing Additional Gas Source by End of Increased Leviathan Gross Volume Expectation to 800 MMcf/d in 2020 Tamar 32.5% WI(1) Tamar SW 32.5% WI(1) Tel Aviv Ashdod Israel Egypt Aphrodite 35% WI Leviathan 39.7% WI Dor Discovery Existing Pipeline Planned Pipeline Field Development NBL Interests Producing E 2019E 2020E Israel Net Production Outlook Through 2020 MMcfe/d Net Production Divestiture Adjustment (1) Working interest as of February 20, Working interest will be 25% upon closing of the 7.5% sale by the end of the first quarter (2) Working interest of 39.66% in Leviathan and 25% in Tamar. (3) Term defined in appendix. (1,000) (500) ,000 1, E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Long-term Net Cash Flow Profile from Tamar and Leviathan(2) Capex Corporate Tax Profit Tax BTAX Operating Cash Flow $MM (3) 7.5% Tamar Sale ATAX

67 NYSE: NBL 25 EMed Regional Demand Outpaces Supply World-class resources in a high-demand region Note: Data represents NBL estimates. Egypt forecast accounts for announced developments and discoveries. Israel Currently Utilizing Alternative Fuels (Coal, LNG, Diesel, HFO) for Power, Transportation and Industrial; Potential for Significant Increased Gas Demand Conversion of existing fuels to natural gas could add up to ~ MMcf/d Additional ~ MMcf/d anticipated in industrial and power demand market growth within the next 3-5 years 30% 40% 50% 60% ,000 1, Historic Israel Use Gas Production Displacing Reliance on Coal-fired Power DispatchMMcfe/d % of Power From Coal Existing Regional Discoveries Do Not Meet Projected Demand Growth > 2 Bcf/d deficit in Egypt in 2020 growing to > 6 Bcf/d by 2025, despite recent developments Latent Egypt domestic demand emerging ~0.5 Bcf/d deficit in Jordan through 2025 Bcfe/d E 2020E 2021E 2022E 2023E 2024E 2025E Unfulfilled Regional Demand Significant Regional Deficit Beyond Announced Developments Leviathan Contracts Israel Deficit Egypt Deficit Cyprus Deficit Jordan Deficit Leviathan Contracts Additional Regional Demand Gross Production % Power Supplied by Coal

68 NYSE: NBLEMed Regional Marketing Progress Executed Tamar and Leviathan export contracts to Egypt [90]% Contracted 1, Target Contracted Targeting 1 Bcf/d at Leviathan Start-up 26 Secured New Volume Commitments to Egypt with Dolphinus Combined up to 700 MMcf/d for 10 years and will supply industrial and petrochemical customers, and power generation Leviathan Contract for Firm 350 MMcf/d at Start-up; Total Leviathan Volumes Under Contract Now 875 MMcf/d First sales agreement with Egyptian customer Total of all Leviathan contracts now estimated to be > $20 B in gross revenues or > 5x expected capital invested Tamar Agreement Interruptible Up to 350 MMcf/d Seller s option to convert to firm contract, significant take or pay Dependent upon gas availability beyond existing customer obligations in Israel and Jordan Provides ability to fully utilize current installed Tamar capacity with pipeline connection Israel Jordan Egypt Platforms Existing INGL Under Construction INGL Existing Tamar Pipeline Existing Arab Gas Pipeline Under Construction Arab Gas Pipeline Existing EGAS Pipeline Existing EMG Pipeline

69 NYSE: NBLWest Africa Outlook through 2020 Maximizing value with new project upside E 2019E 2020E Net Volume Outlook Through 2020 MBoe/d Liquids Natural Gas Significant Cumulative Asset-level Free Cash Flow(1) of ~$600 MM through 2020 at $50 Incremental > $200 MM at strip pricing Strong global markets for methanol and liquefied products Maintenance at Alba Impacting 1Q18 Volumes Gas decline in EG following peak production from the Alba compression project in Progressing Negotiations with all Stakeholders to Monetize Significant Discovered Gas in EG and Cameroon Potential monetization through existing or new regional LNG infrastructure (1) Term defined in appendix. 27 Equatorial Guinea Cameroon Aseng 40% WI Methanol Plant 45% WI LPG Plant 28% WI Bioko Island Alen 45% WI Alba Field 33% WI Producing NBL Interests Yoyo Yolanda Discoveries

70 NYSE: NBL2018 Capital and Volume Outlook High-margin, high-return investment focus 2018 Capital Program In-line with 2017, Excluding Leviathan ~$750 MM EMed program more than covered by Tamar cash flows and divestiture proceeds Midstream capital more than covered by drop down plan USO Volumes(2) Up > 20% on Flat Capital and USO Oil(2) Up ~30% Growth driven primarily by Delaware Basin Proforma Volumes In-line With Prior Expectations Announced divestitures account for 78 MBoe/d impact to 2017 reported volumes West Africa lower by ~20% Israel sales volumes up slightly, after adjusting for divestiture Actuals Divestment Impacts 2017 Proforma 2018 Proforma Divestment Impacts 2018 Guidance 2018 Volumes up 12% Proforma MBoe/d (78) $2.7 - $2.9 B 2018 Capital(1) Program (1) Excludes NBLX funded capital expenditures. (2) See proforma divestment table in appendix. (3) Reflects full year impact of volumes through anticipated transactions closings. Marcellus 34 GOM 26 Other USO 6 Tamar 7.5% 10 EG Unitization 2 USO EMed Other USO EMed Other Midstream Tamar 7.5% 2 GOM 8 10 (3)

71 NYSE: NBL 29 Enhancing Value Delivering leading performance Committed to Return Value to Shareholders Over $1.3 B to shareholders through dividend and share repurchases additional dividend potential Additional shareholder return potential at prices above $50 35% cash flow from operations CAGR(1) to 2020 at $ Superior Operational Execution Improving ROACE(2) to ~10% in 2020 and growing 25% USO volume CAGR(1) to 2020, supported by peer-leading well performance Leviathan tracking on time and on budget for start-up late next year High-quality Portfolio with Extensive Inventory Beyond 2020 ~6,500 high-return, high-margin locations in onshore shale World-class EMed assets with expansion opportunities See price deck in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Term defined in appendix.

72 NYSE: NBL 30 Appendix

73 NYSE: NBL This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "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 and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, 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 use certain terms in this presentation, such as net unrisked resources and type curve which are by their nature 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 and Clayton Williams most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy s offices or website, This presentation also contains certain non-gaap measures of financial performance that management believes 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. Please see the attached schedules for reconciliations of the differences between any historical non-gaap measures used in this presentation and the most directly comparable GAAP financial measures. This presentation also contains a forward-looking non-gaap financial measure, EBITDA (earnings before interest, taxes, depreciation and amortization). Due to the forward-looking nature of the aforementioned non-gaap financial measure, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure at this asset level. 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. Amounts excluded from this non-gaap measure in future periods could be significant. Management believes the aforementioned non-gaap financial measure is a good tool for internal use and the investment community in evaluating Noble Energy s overall financial performance. This non-gaap measure is broadly used to value and compare companies in the crude oil and natural gas industry. Forward-Looking Statements and Other Matters 31

74 NYSE: NBL 32 Period Base Plan Strip Plan as of end January, 2018 WTI, Brent ($/Bbl) Henry Hub ($/Mcf) WTI, Brent ($/Bbl) Henry Hub ($/Mcf) 2018 $50, $53 $3 $63, $68 $ $50, $53 $3 $58, $64 $ $50, $54 $3 $55, $61 $ Avg. $52, $56 $3.10 $53, $58 $2.90 Price Deck Assumptions And Defined Terms Term Definition Excess Cash Flow GAAP cash flow from operations plus planned portfolio proceeds less organic capital investments less dividends/distributions less capital lease payments Free Cash Flow GAAP cash flow from operations less capital investments less dividends/distributions Asset-level Free Cash Flow Before tax operating cash flow (not including corporate burden) less capital investments EBITDA GAAP earnings before interest, taxes, depreciation, depletion, and amortization ROACE Return on average capital employed. GAAP earnings before interest and taxes divided by (shareholders equity plus long-term debt plus long-term capital leases). Company Cash Margin (Revenues less lease operating expenses, production taxes, transport and gathering costs, marketing expenses, general and administrative, and interest) divided by total volumes.

75 NYSE: NBL 33 Investor Relations Contacts Divestment Adjusted Volumes (2017 and 2018) Brad Whitmarsh Megan Dolezal Lauren Brown Visit us on the Investor Relations Homepage at Volumes (MBoe/d) 2018 Midpoint Guidance Reported Volumes Impact of Divestments FY Avg. Pro-Forma Actuals Reported Volumes Impact of Divestments FY Avg. Pro-Forma 2017 US Onshore (40) 204 Marcellus closed mid 2017 (34) Minerals closed end 2017 (4) Other(1) (2) Gulf Of Mexico 8 (8) 0 26 (26) 0 Close mid-2018 (8) (26) Israel 38 (2) (10) 36 Close 1Q 2018 (2) (10) EG Including Equity Method (2) 63 Unitization closed mid 2017 (2) Total Company 348 (10) (78) 303 (1) Other includes (3) MBoe/d for DJ Basin divestment, (2) MBoe/d for Permian non-core asset sale in January 2018 and +3 MBoe/d proforma for full-year Clayton Williams acquisition.

76 NYSE: NBL Full-Year Guidance Capital & Cost Metrics Capital Expenditures(2) ($MM) Total Company Organic Capital $2,700 - $2,900 Cost Metrics LOW HIGH Lease Operating Expense ($/BOE) Gathering, Transportation & Processing ($/BOE) Production Taxes (% Oil, Gas, NGL Revenues) Marketing ($MM) DD&A ($/BOE) Exploration ($MM) G&A ($MM) Interest, net ($MM) Other Guidance Items ($MM) Equity Investment Income Midstream Services Revenue Third Party Non-Controlling Interest NBLX Public Unitholders Full Year 2018 Sales Volume Crude Oil and Condensate (MBbl/d) Natural Gas Liquids (MBbl/d) Natural Gas (MMcf/d) Total Equivalent (MBoe/d) Low High Low High Low High Low High United States Onshore United States Gulf of Mexico(1) Israel(1) Equatorial Guinea Equatorial Guinea - Equity method investment Total Company (1) U.S. Gulf of Mexico and Tamar 7.5 interest (Israel) volumes divested are included in sales guidance through anticipated closing: GOM mid 2Q, Tamar late 1Q (2) Capital expenditures guidance excludes NBLX-funded expenditures although consolidated into NBL financials.

77 NYSE: NBL First Quarter Guidance First Quarter 2018 Sales Volume Crude Oil and Condensate (MBbl/d) Natural Gas Liquids (MBbl/d) Natural Gas (MMcf/d) Total Equivalent (MBoe/d) Low High Low High Low High Low High United States Onshore United States Gulf of Mexico(1) Israel(1) Equatorial Guinea Equatorial Guinea - Equity method investment Total Company (1) U.S. Gulf of Mexico and Tamar 7.5 interest (Israel) volumes divested are included in sales guidance through anticipated closing: GOM mid 2Q, Tamar late 1Q. (2) Capital expenditures guidance excludes NBLX-funded expenditures although consolidated into NBL financials. Capital & Cost Metrics Capital Expenditures(2) ($MM) Total Company Organic Capital $750 - $850 Cost Metrics LOW HIGH Lease Operating Expense ($/BOE) Gathering, Transportation & Processing ($/BOE) Production Taxes (% Oil, Gas, NGL Revenues) Marketing ($MM) 8 12 DD&A ($/BOE) Exploration ($MM) G&A ($MM) Interest, net ($MM) Other Guidance Items ($MM) Equity Investment Income Midstream Services Revenue Third Party Non-Controlling Interest NBLX Public Unitholders 25 35