Investor Handout December 2018

Investor Handout December 2018

2 Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of federal securities law. Words such as anticipates, believes, expects, intends, will, should, may, estimates, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Midstream Partners LP s (Noble Midstream or the Partnership) current views about future events. 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 include, without limitation, our customers ability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership s ability to successfully implement its business plan, the Partnership s ability to complete internal growth projects on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership s business, including those described under Risk Factors and Forward-Looking Statements in the Partnership's most recent Annual Report on Form 10-K and in other reports on we file with the Securities and Exchange Commission (SEC). These reports are also available from the Partnership s office or website,. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management s estimates, or opinions change. 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 Midstream s overall financial performance. Please see slides 21 and 22 for reconciliations of the non-gaap financial measures used in this presentation to the most directly comparable GAAP financial measures.

3 Noble Midstream Investment Thesis Premier Basin Exposure Focused on Delaware Basin and DJ Basin Differentiated Long-Term Outlook Organic 20% distribution per unit growth rate through 2022 Disciplined Financial Principals Prudent long-term leverage and coverage targets Industry-Leading Execution Safe and reliable delivery of growth projects Future Growth and Value Positioned for further downstream expansion, 3rd party growth, and long-term drop down optionality

4 Noble Midstream Partners LP Overview Partnership Overview Premier E&P Sponsorship Noble Midstream Partners LP ( NBLX ) is a Midstream MLP Formed by Sponsor, Noble Energy, Inc. ( NBL ), to Support the Development of its Leading Liquids Shale Plays NBLX Provides a Diverse Set of Midstream Services Crude oil gathering, treating and transmission Natural gas gathering Produced water gathering and freshwater delivery 0-95% Non-Controlling Interests 100% Noble Midstream GP LLC Non-economic GP Interest (NYSE: NBL) (NYSE: NBLX) 45.5 % LP Interest / IDRs 100% 54.5% LP Interest Public Unitholders NBLX s Development Company ( DevCo ) Structure Provides Multiple Avenues for Organic and Drop Down Growth Noble Midstream Services, LLC 5-100% Controlling Interests NBLX Holds Significant Dedications in Two Leading U.S. Oil Shale Basins DevCos

5 Strong 2018 Execution Quarterly Results In-line or Exceeding Guidance Net Adjusted EBITDA ¹ ($MM) 2018 Major Growth Projects Delivered 250 +106% 219-225 Black Diamond Gathering Integration Complete and Results Exceeding Acquisition Case 200 150 100 108 155 Additional Progress Towards Goal of 50% Net Adjusted EBITDA¹ Contribution from the Permian Basin by the End of 2020 50 0 4Q16 Annualized 2017 2018E Maintained Significant Financial Strength and Flexibility 3Q18 annualized leverage¹ of 2.3x $750 MM available under $800 MM unsecured revolving credit facility; accordion feature to $1.15 B 250 200 150 100 50 Gross Oil and Gas Gathering and Sales² (MBoe/d) 206-211 +226% 89 64 1. Figures are Non-GAAP; see definition in Appendix hereto; Annualized leverage defined as 3Q Debt / (3Q EBITDA * 4) $549 million /( $59 million *4) 2. Includes crude oil sales 0 4Q16 Annualized 2017 2018E

6 Visible Catalysts Drive Future Momentum and Value Near Term Catalysts Superior Operational Execution Anticipate 11% growth in oil and gas gathering throughput in 4Q18 vs. 3Q18 Enhanced Future Capital Efficiency With 4Q18 Activity Focused on Well Connections Finalization of 50/50 Joint Venture with Salt Creek Midstream, LLC (SCM) for Delaware Basin Crude Oil Gathering and Transportation System Increasing Contribution From Third-party Business Development Success into 2019 Additional third-party gathering activity expected at Blanco River Service for new Advantage Pipeline customer commenced in November

Durable Distribution Supported by Ample Coverage Gathering Segment Alone Provides Ample Distribution Coverage¹ 1.4x Distribution Coverage Ratio¹ excluding Fresh Water in 3Q18 Gathering Segment Represented Approximately 75% of 3Q18 Net Adjusted EBITDA¹ Full-Year 2018 Guidance: 20% Distribution Growth with Distribution Coverage Ratio 1 Equivalent to 2017 at 2.0x 2.1x Quarterly Distribution per Unit (DPU) and Distribution Coverage Ratio 1 3Q 2018 NBLX Net Adjusted EBITDA and Distribution Coverage Ratio 1,2 $0.60 3.0x $ in millions 2.1x $0.55 2.5x 1.4x $0.50 1.3x Coverage Fence Post $0.45 $0.40 $0.35 $0.30 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 DPU Distribution Coverage Ratio¹ 2.0x 1.5x 1.0x 0.5x 0.0x 44 x Implied Distribution Coverage of 3Q Distribution Total Adjusted EBITDA Fresh Water Delivery EBITDA Gathering EBITDA Gathering Adjusted EBITDA Column1 Total Adjusted EBITDA 59 1. Figures are Non-GAAP; see definition in Appendix hereto 2. G&A allocated to gathering and freshwater delivery based on proportionate share of adjusted EBITDA; coverage figures reflect full net maintenance capital totals 3. Assumes 20% distribution growth target 7

8 Delaware Basin- Backbone Infrastructure Complete 140 120 100 80 60 40 20 Delaware Basin Oil, Gas and Water Gathering Throughput (MBoew/d) 0 12 +210% 39 Recent Highlights 90 MBbl/d of Crude Oil Gathering Capacity (115 MBoe/d) Provides Long Runway for Sponsor Planned Activity Strong Average CGF Availability of 98.4% During 3Q18 Connected Initial Third-party Well for Infield Oil, Gas, & Water Gathering (~13,000 Dedicated Acres) at Blanco River Additional activity on dedicated acres anticipated in 2019 Advantage Pipeline Capacity Expansion to 200 MBbl/d from 150 MBbl/d Completed in July Long-term contract to service facilities for a major producer with ~20,000 acres in Delaware Basin; service commenced in November 2018 4Q18E volumes anticipated at 115 to 125 MBbl/d NBL Temporarily Reducing Completion Activity in 4Q18 45 87 +18% +92% +55% 135 3Q17 4Q17 1Q18 2Q18 3Q18 Anticipate ~10-15 wells to come online in 4Q18; additional completion activity expected early in 2019 120 100 80 60 40 20 0 Advantage Pipeline Oil Throughput (MBbl/d) 30 60 88 105 106 Apr-17 4Q17 1Q18 2Q18 3Q18

9 Enhancing Noble Midstream s Permian Opportunities Infield In-Basin Transportation Long-haul / Fractionation Entity Blanco River Trinity River Trinity River SCM JV EPIC Crude EPIC Y-Grade Service Offerings Crude gathering Gas gathering Produced water gathering Central facilities Gas Compression Advantage Pipeline Crude Transportation (Reeves to Crane, Midland) Crude Gathering and Transportation (Pecos, Reeves to Wink) Crude Long-Haul (Permian to Corpus Christi) Marine storage NGL Long-haul (Permian to Corpus Christi) Fractionation Purity product transport Acreage Dedicated Acreage Dedicated Customer Count Acreage Dedicated MDQ Capacity Acreage Dedicated Customer Mix NBL Third Party NBL NBL Third Party NBL Third Party NBL Third Party NBL Third Party Ownership 40% NBLX 60% NBL 100% NBLX 50% NBLX 50% PAA 50% NBLX 50% SCM (LOI)¹ 30% NBL (Option)² 15% NBLX (Option)² 1. Closing anticipated in early January 2019 2. Option expires February 2019 Recent Opportunity Addition Goal of 50% net EBITDA¹ contribution from the Permian Basin by the end of 2020

NBLX Asset Map: Delaware Basin Advantage JV (50%) Trinity River DevCo (100%) Oil Transmission Area: Delaware Basin Blanco River DevCo (40%) Oil Gathering Gas Gathering PW Gathering Trinity River DevCo (100%) HP Gas Compression LOI For SCM JV (50%)- Early Jan 2019 Closing Trinity River DevCo (100%) Oil Gathering and Transmission Map excludes 13k 3 rd -party acres dedicated for oil, gas and produced water gathering in Blanco River. 10

Strategic Delaware Basin Partnership Opportunity with Salt Creek Agreement Summary Signed a Letter of Intent with Salt Creek to Form a 50/50 Partnership on a Delaware Crude Oil Pipeline and Gathering System Closing anticipated in early January 2019 100% Proposed Joint Venture Structure¹ 730 Miles of Pipe Strategically Located Asset Would Expand Oil Infield and Intermediate Crude Gathering and Transmission Footprint in Delaware Basin NBLX s 50% Net Capital Investment Anticipated to Total $60-$80 Million over Five Years ~75-80% of net capital funded by year-end 2019E Trinity River DevCo LLC Dedication of Southern Portion of Reeves County Acreage 50% 50% Jointly Develop 20 Wink Trunk Line Crude Gathering and Transportation Dedications Economics Supported By Acreage Dedications and Production Ramp From 6 Customers (Including NBL): Existing dedications totaling ~180,000 acres Line of sight to additional dedications totaling ~100,000 acres NewCo Crude Transportation JV ~180,000 contributed acres 6 existing customers 2019E rig activity: 8-10 Peak Build Adjusted EBITDA² Multiple of ~3.5x to 4.5x 1. Simplified organizational structure 2. Figures are Non-GAAP; see definition in Appendix hereto 11

Expanding Delaware Basin Footprint with JV System System Details System Map SCM Commenced Construction on Newbuild Pipeline with Targeted 2Q19 In-service Date 730 Miles of Pipe 95-Mile, 20 Inch Crude Oil Trunk Line 200 MBbl/d initial throughput capacity Provides Wellhead to Water Solution for Customers via Planned EPIC Connectivity Pipeline Originates in Pecos County, TX, Connects in Reeves County, TX, and Provides Access to Wink Hub Wink is a key origination point for all recently announced long-haul pipes, including premium Gulf Coast markets Project Scope Includes 200 MBbls of Incremental Crude Oil Storage About Salt Creek: Formed in 2017 by ARM Energy Holdings LLC and Ares Management, LP Full-service midstream provider, offering gas and crude gathering, compression, cryogenic processing and treating services 12

13 EPIC Crude (NBL) and Y-Grade Pipeline (NBLX) Opportunities Option Period Allows for More Construction and Commercial Progress Before Making Decision on Equity Investment Options expire February 2019 Operational and Capital Synergies from Shared Right of Way of Crude and NGL Lines NBL EPIC Crude Pipeline NBL Option on Up to 30% Equity Interest Through Feb 1 st 2019 650+ Mile Pipeline from Multiple Origination Points to Corpus Christi Upsized from 24 to 30 diameter Steel order has been placed, all major pumps and equipment on hand Terminals in Orla, Saragosa, Crane, Wink, Midland, Helena, and Gardendale, with export access Base Capacity from the Permian of 590 MBbl/d (Expandable to 900 MBbl/d) Interim Crude Service via NGL Pipeline (Crane to Corpus- Christi) Anticipated in 3Q19 Permanent service anticipated in 1Q20 NBLX Option on 15% Equity Interest Through Feb 1 st 2019 700+ Mile Pipeline from Permian and Eagle Ford to Corpus Christi 24 diameter NBLX EPIC Y-Grade Pipeline 440 MBbl/d Transportation Capacity Significant plant dedication and volumes committed from Permian processing plants Fractionation in Corpus Christi (180 MBbl/d) Future total for up to 5 potential trains Purity Product Pipelines in Corpus Christi

DJ Basin- Solid Performance and Outlook 220 DJ Basin Oil, Gas and Water Gathering and Sales Throughput (MBoew/d) 212 200 191 180 167 160 140 132 120 100 110 +21% +26% +15% +11% 3Q17 4Q17 1Q18 2Q18 3Q18 Recent Highlights Decisive Victory Defeating Proposition 112 Broad support for oil and gas development in Colorado Oil, Gas and Produced Water Gathering and Sales Throughput Increased 11% in 3Q Over 2Q Continued growth in 4Q18E driven by Green River and Laramie River Significant Contribution from Mustang IDP Gathering at Green River DevCo 3Q18 oil and gas gathering throughput exited at over 20 MBoe/d Diversified gas outlets with delivery to 3 processing providers by the end of 4Q18 Continue to Expect Black Diamond 2018 Exit Volumes Higher than Acquisition Case at 80-90 MBbl/d (75 MBbl/d in Acquisition Case) October throughput of >80 MBbl/d 14

15 DJ Customer Acreage Trade Creates Positive Value for NBLX NBL Received ~12,900 Net Acres from PDCE in Exchange for ~12,300 Net Acres in an All Undeveloped Acreage Transaction Majority of inbound NBL (outbound PDCE) acreage adds dedications to Colorado River and Green River DevCos Inbound PDCE (outbound NBL) acreage dedicated to Black Diamond Gathering in Laramie River DevCo NBLX Value Creation From: Development timing as customers gain acreage in core focus areas with current activity Trade promotes longer laterals which enhances gathering economics Optimizes the use of existing infrastructure

16 NBLX Asset Map: DJ Basin Black Diamond (54.4%) Laramie River DevCo (100%) Oil Gathering Area: Wells Ranch Colorado River DevCo (100%) Oil Gathering Gas Gathering PW Gathering FW Delivery Area: Greeley Crescent Laramie River DevCo (100%) Oil Gathering PW Gathering FW Delivery Area: East Pony Colorado River DevCo (100%) Oil Gathering San Juan River DevCo (25%) FW Delivery Area: Bronco Gunnison River DevCo (5%) Oil Gathering PW Gathering FW Delivery Area: Mustang Green River DevCo (25%) Oil Gathering Gas Gathering PW Gathering FW Delivery

17 Healthy Fresh Water Segment Complements Core Gathering Business Record Fresh Water Delivery Volumes in 3Q18 Reflect Delivery to 5 Completion Crews Sponsor resumed completions at Wells Ranch (Colorado River, 100% owned) and continued activity in Mustang (Green River, 25% owned) Two completion crews operated on third-party acreage during the quarter 3Q18 fresh water volumes negatively impacted by ~15 MBw/d due to a release of a pad; however, customer reimbursement for lost volumes reflected in 3Q18 revenue and Adjusted EBITDA Fresh Water Net Adjusted EBITDA¹ Decline Somewhat Offset by Gathering Net Adjusted EBITDA¹ Growth in 4Q18E Compared to 3Q18 Delivery to 4 completion crews in 4Q18 compared to 5 crews during 3Q18 NBL completion activity heavily weighted to the Mustang Development (Green River, 25% owned) Gross Fresh Water Delivery Volumes and Mix 200 80% 70% 150 60% 50% 100 40% 30% 50 20% 0 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Gross MBw/d % Green River & San Juan River (25% owned by NBLX) 10% 0% 1. Figures are Non-GAAP; see definition in Appendix hereto

2018 Capital Budget Detail 3Q18 Gross Capital at High-end While Net Capital at Low-end of Guidance Higher Blanco River and Green River infrastructure capital 130 110 90 70 128 Material Decline in 2H18E Net Capital Requirements ($MM) 71 Recently Lowered High-end of 2018E Net Capital Guidance by 4% 50 30 40 31-36 Capital Focused on Efficient Well Connects in 4Q18 10-10 1Q18 2Q18 3Q18 4Q18E Gross Capital 1 Trinity River 5% Colorado River 2% Laramie River² 24% Net Capital 1 (attributable to the Partnership) Trinity River 11% Colorado River 4% Laramie River² 34% Blanco River 51% 1. Excludes acquisition capital 2. Includes Black Diamond Gathering capital $538-550 MM Other 1% Green River 17% Blanco River 41% $270-275 MM Green River 9% Other, 0% 18

19 Leading Organic Long-Term Outlook Substantial organic growth with upside potential Organic No Drop Downs 2018E 2019-2022E Distribution per Unit 20% 20% Coverage (in all years) (1) 2.0 2.1x > 1.3x Year-End Annualized Leverage (1) Goals <2.8x 2019: <2.75 2020: <2.25 2021+: <2.0x ROACE (1, 3) > 15% 13 16% DCF Funding % of Capex and Distributions (4) ~50% ~90% (cumulative) Material Upside to Outlook Prudent Commodity Price View: Based on $50/Bbl and $3/Mcf Price Deck vs. Current Strip Continued Business Development Success, Leveraging Asset Footprints Permian Crude / Y-Grade Project and Other Long-Haul Significant and Growing Drop- Down Inventory 1. Figures are Non-GAAP, see definition provided in appendix hereto 2. Reflects combined Black Diamond, Advantage, and 2017 drop-down net acquisition cost divided by net adjusted EBTIDA; definition of adjusted EBITDA provided in appendix 3. Return on average capital employed: earnings before interest and taxes divided by (average total assets average current liabilities); see definition provided in appendix 4. % of distributions + capex funded by distributable cash flow

NBLX Structure Noble Energy NYSE: NBL 100% ROFR/Wholly Owned Assets: East Pony Gas Gathering East Pony Gas Processing Eagle Ford Shale Midstream Additional DJ Acreage Additional Delaware Basin Services EPIC Crude Option¹ 45.5% Limited Partner Interest Noble Midstream Partners LP NYSE: NBLX 100% Noble Midstream GP LLC Non-Economic General Partner Interest Public Unitholders (LP) 54.5% Limited Partner Interest Noble Midstream Services, LLC 3.33% Non-Operating Membership Interest White Cliffs Pipeline L.L.C. Controlling Interest 40% 25% 25% 5% 100% 100% 100% Non-Controlling Interest Blanco River Green River 60% 75% San Juan River Gunnison River 75% 95% Colorado River Laramie River 54.4% Black Diamond Trinity River 50% Advantage JV 50% EPIC Y- Grade Option¹ SCM JV² (LOI) 1. Option expires February 2019 2. Closing anticipated in 4Q18 20

21 Non-GAAP Financial Measures This presentation includes Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE, all of which are non-gaap measures which may be used periodically by management when discussing our financial results with investors and analysts. We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization and unit-based compensation. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess: our operating performance as compared to those of other companies in the midstream energy industry, without regard to financing methods, historical cost basis or capital structure; the ability of our assets to generate sufficient cash flow to make distributions to our partners; our ability to incur and service debt and fund capital expenditures; and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. We define Distributable Cash Flow as Adjusted EBITDA less estimated maintenance capital expenditures and cash interest expense. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all cash on a quarterly basis, and Distributable Cash Flow is one of the factors used by the board of directors of our general partner to help determine the amount of available cash that is available to our unitholders for a given period. We calculate our Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter. We define ROACE as earnings before interest and taxes divided by (average total assets average current liabilities). ROACE is used by management to measure the efficiency of the utilization of the capital that we employ. We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE provide information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE is Net Income. Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE exclude some, but not all, items that affect net income, and these measures may vary from those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE as presented herein may not be comparable to similarly titled measures of other companies. Noble Midstream does not provide guidance on the reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio due to the uncertainty regarding timing and estimates of these items. Noble Midstream provides a range for the forecasts of Net Income, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio to allow for the variability in timing and uncertainty of estimates of reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio. Therefore, the Partnership cannot reconcile forecasted Net Income to forecasted Adjusted EBITDA, forecasted Distributable Cash Flow or forecasted Distribution Coverage Ratio without unreasonable effort. In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Due to the forward-looking nature of net cash provided by operating activities, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, Noble Midstream is unable to present a quantitative reconciliation of the aforementioned forward-looking non-gaap financial measures to net cash provided by operating activities. Amounts excluded from these non-gaap measures in future periods could be significant.

22 Non-GAAP Reconciliation 2016 2017 2018 $ in millions 4Q 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4QE FYE Net Income $ 35 $ 35 $ 39 $ 44 $ 46 $ 164 39 44 49 52-57 184-189 Add: Depreciation and Amortization 2 2 2 4 4 13 11 16 18 19 65 Add: Interest Expense, Net of Amount Capitalized 0.3 0 0 1 1 1 1 2 4 4 10 Add: Income Tax Provision - - 0 (0) 0 0 0 0 0 0 Add: Unit-Based Compensation 0 0 0 0 1 0 0 0 0 2 Add: Transaction Expenses 6 1 0 0 8 EBITDA $ 38 $ 37 $ 42 $ 48 $ 52 $ 179 58 64 71 75-80 268-273 Less: EBITDA Attributable to Noncontrolling Interests 11 11 8 2 3 24 4 16 12 18 49 EBITDA Attributable to NBLX $ 27 $ 26 $ 34 $ 46 $ 48 $ 155 54 49 59 57-62 219-225 Less: Maintenance Capital Expenditures & Cash Interest 2 3 4 5 5 17 7 9 10 9-9.5 35 DCF Attributable to NBLX $ 25 $ 24 $ 30 $ 41 $ 43 $ 138 47 40 49 48-53 184-190 Distribution Coverage 2.0x 1.8x 1.9x 2.4x 2.2x 2.1x 2.3x 1.8x 2.1x 1.9x - 2.1x 2.0x - 2.1x

Contact Information Megan Repine Investor Relations megan.repine@nblmidstream.com 832.639.7380 1001 Noble Energy Way Houston, TX 77070