First Quarter Earnings Call

First Quarter Earnings Call May 2017

2 Forward Looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the federal securities law. Words such as anticipates, believes, expects, intends, will, should, may, estimate 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 ( the Partnership or Noble Midstream ) 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, the ability of Noble Energy, Inc. ( NBL ) to meet its 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in the other reports the Partnership files with the Securities and Exchange Commission. 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 or management's estimates or opinions change. This presentation also contains certain measures of financial performance that are not calculated in accordance with generally accepted accounting principles in the United States ( GAAP ) that management believes are good tools for internal use and the investment community in evaluating Noble Midstream s overall financial performance. Please see the attached schedules for reconciliations of the non-gaap financial measures used in this presentation to the most directly comparable GAAP financial measures. In this presentation, we refer to certain results as attributable to the Partnership. Unless otherwise noted herein, all results included in this release reflect the results of our predecessor for accounting purposes, for periods prior to the closing of our initial public offering ( IPO ) on September 20, 2016, as well as the results of our Partnership, for the period subsequent to the closing of the IPO. We refer to certain results as attributable to the Partnership, which excludes the non-controlling interests in the development companies ( DevCos ) retained NBL. We believe the results attributable to the Partnership provide the best representation of the ongoing operations from which our unitholders will benefit.

3 Highlights 1Q Results Second consecutive 4.7% distribution increase 1Q distribution 9.5% above MQD in second full quarter as publicly traded partnership Oil and gas gathered volumes of 63.0 MBoe/d, in line with 1Q guidance Record monthly throughput in March with 66.5 MBoe/d Net Income of $35 MM and Cash From Operations of $32 MM EBITDA 1 attributable to the Partnership of $26 MM with DCF 1 coverage of 1.8x Recent Developments Significant dedication additions in Delaware Basin, bringing total dedication to 111k net acres for infield crude, gas and produced water ( PW ) gathering Closed on the Delaware Basin Advantage crude pipeline JV on April 3 rd Wells Ranch central gathering facility ( CGF ) produced water capacity expanded to >25 MBw/d in April Commenced fresh water ( FW ) delivery service for SRC Energy in April 2Q and Updated 2017 Guidance 2Q oil and gas throughput estimated to increase 7% from the first quarter April estimated at 68 70 MBoe/d 2Q Net EBITDA $25 - $28 MM with DCF 1 coverage of 1.6x 1.8x Increased full year 2017 net capital budget guidance range $30 MM to $185 - $205 MM to reflect additional Delaware Basin dedications Increased 2017 Net EBITDA 1 to $110 - $122MM (from $108 - $120 MM) 1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix

Midstream Services Portfolio Continue to expand service portfolio and acreage exposure in the Delaware Basin DJ Basin Delaware Basin Blanco River 25% Interest Trinity River 100% Interest NBL Acreage 3 rd Party Acreage NBL ROFR Acreage Existing NBLX Pipelines Planned NBLX Pipelines Central Gathering Facility Oil Treating Facility Integrated Development Plan Areas ( IDPs ) Dedicated Service DevCo Colorado River 80% NBLX Ownership IDP Producer Dedicated Acres (~) Crude Oil Gathering Gas Gathering Prod. Water Gathering Fresh Water Delivery Wells Ranch NBL 78k East Pony NBL 44k Crude Oil Transmission Trinity River 100% Blanco River 25% Delaware Basin Laramie River 100% Greeley Crescent Legacy NBL 47k * Acq. CWEI 64k SYRG 33k NBL 32k Green River 25% Mustang NBL 75k San Juan River 25% East Pony NBL 44k Gunnison River 5% Bronco NBL 36k Post IPO additions * Dedicated to Advantage Pipeline JV 4

5 Significant Activity and Scale Added in Delaware Basin Clayton Williams Acreage Dedication NBL dedicated acquired acreage in Reeves County, Texas (64k net) for crude oil and produced water gathering and substantially all of the acquired acreage dedicated for gas gathering NBL s acreage position ranks second largest in southern Delaware Basin Anticipated NBL Rigs on NBLX Delaware Basin Dedicated Acreage 6 7 8 10 NBL s Delaware Basin rig count expected to increase to 6 operated rigs by YE 2017 Planning for two additional central gathering facilities to support Clayton Williams acreage activity; expected facility start up in 1H 2018 YE2017 (E) 2018 (E) 2019 (E) 2020 (E) Noble Energy s Base Plan (Jan. 2016) Source: Clayton Williams Acquisition Announcement Presentation (Jan. 2016) Legacy Gas Gathering Dedication Added gas gathering dedication on substantially all of NBL s legacy 47k net acres to compliment existing oil and produced water gathering dedication System continuity across NBL s southern Delaware Basin acreage 150 125 100 75 50 Southern Delaware Basin Net Acreage (000s) 25 0 OXY NBL FANG CXO CDEV JAG PDCE PE CPE Source: review of public disclosures

Gross Volumes 6 First Quarter 2017 Results Net Income of $35MM and Cash from Operations $32MM 1Q Guidance 1Q Actuals EBITDA 1 of $37MM Gross, $26MM Net, exceeding guidance range Distribution Coverage 1 of 1.8x Oil and Gas Gathered volume above guidance midpoint Oil and Gas gathering set a monthly throughput record in March with 66.5 MBoe/d Approximately 2 MBw/d of produced water was temporarily constrained in the first quarter during flowback on a pad in Wells Ranch due to enhanced completion results April PW gathered estimated at 11 MBw/d Fresh Water Delivered per day 18% above guidance due to high intensity completions in Wells Ranch 8 wells completed in early April not recognized in FW per equivalent well metric for 1Q Gross and Net capital expenditures below guidance Continue to efficiently execute on capital projects Ended the quarter with $39MM of cash on hand and an undrawn credit facility Financials ($MM) (1,2) Oil Gathered (MBbl/d) 42 46 44 Gas Gathered (MMcf/d) 108 115 112 Oil and Gas Gathered (MBoe/d) 60 65 63 Produced Water Gathered (MBw/d) 10 12 9 Fresh Water Delivered (MBw/d) per equivalent well average 90 110 220 250 129 217 Gross EBITDA $31 $34 $37 EBITDA $23 $25 $26 Distributable Cash Flow $20 $22 $24 Distribution Coverage 1.5x 1.7x 1.8x Gross Capex $85 $100 $77 Net Capex $60 $70 $60 Equivalent Wells Connected 34 39 31 1. Includes Non-GAAP measures; see reconciliation to GAAP measures in Appendix 2. Reconciliation of 1Q Guidance Non-GAAP measures to GAAP measures available on 4 th Quarter and Year-End 2016 Earnings presentation on the Investors page of the Partnership s website

1.8x Distribution Coverage 1 of 1Q Distribution High Intensity Completions Continue to Build Coverage 1Q 2017 NBLX Net EBITDA and Distribution Coverage (1,2) Gathering segments continue strong performance and cover full distribution by 1.13x $40.0 Distribution coverage 1 of 1.5x including normalized fresh water use 1Q fresh water delivery averaged 217 MBw per equivalent well $30.0 1.13x 1.53x $22.3 1.84x $26.4 $20.0 $17.1 1Q 2017 Average Fresh Water per Equivalent Well (MBw) Wells Ranch 270 East Pony fee 230 $10.0 x Implied Distribution Coverage of 1Q Distribution Actual Freshwater Delivery EBITDA East Pony federal 110 Normalized Freshwater Delivery EBITDA (3) 0 50 100 150 200 250 300 $0.0 Gathering EBITDA 1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix 2. G&A allocated to gathering and freshwater delivery based on proportionate share of EBITDA; coverage figures reflect full net maintenance capital totals 3. Assumes 1H 2016 average water volumes / equivalent well 7

2017 Growth Projects Update Delaware Basin Gathering Infrastructure Construction underway on 1 st Delaware Basin CGF Commissioning activities expected to begin in May 2 nd CGF on schedule for 4Q start up Advantage Crude Oil System Advantage operations control handed over to NBLX on April 3 rd at close Advantage tie-in construction underway; connection online with CGF startup Commercial and scheduling team in place DJ Basin Greeley Crescent Infrastructure Fresh water services for SRC Energy commenced operation in April 2017 60 50 40 30 20 10 0 Advantage Pipeline Estimated Oil Throughput Growth (MBbl/d) 26 Acquisition Assumption April 2017 28-30 Current Estimate 40-50 Dec. 2017 Estimate Construction >50% completion on 60 MBbl/d Empire Pipeline and 30 MBw/d of produced water infrastructure Delaware Basin 1 st CGF Delaware Basin - Hwy 285 Station DJ Basin - Empire Pipeline 8

2017 Capital Budget 2017(E) Capital (1) Blanco River 43% Gross Capital Trinity River 6% Colorado River 6% $365 - $405 MM Laramie River 24% Green River 21% Net Capital (attributable to the Partnership) Blanco River 22% Trinity River 11% Green River 10% Colorado River 10% $185 - $205 MM Laramie River 47% DJ Basin Delaware Basin DevCo Colorado River Laramie River Green River Blanco River Trinity River Expected 2017 Capital Investment ~ 24 miles of gathering lines Wells Ranch produced water expansion Infrastructure build out for SRC Energy includes oil pipeline connecting to White Cliffs and Grand Mesa Mustang backbone infrastructure build out for oil, gas, PW & FW services Delaware Basin central gathering facilities and content format infrastructure build out Advantage pipeline integration capital and CGF tie-in Expected Commercial Status Operational FW delivery operational Oil and PW 3Q 17 (E) Crude transmission line 3Q 17 (E) 1 st CGF YE 17 (E) 1 st CGF 2Q 17 (E) 2 nd CGF 4Q 17 (E) 2 CGFs for CWEI acreage 1H 18 (E) Operational Connected to 1 st CGF 2Q 17 (E) 1. Excludes $66.5 million in Advantage acquisition costs, includes capital for Advantage integration 2. Includes rig activity prior to 1 st CGF online date; Prior to Announced CWEI Acquisition 9

Gross Volumes 2017 Guidance Detail 2017 1Q 2Q Estimate FY 2016 FY 2017 Updated Estimate Oil Gathered (MBbl/d) 44 46 50 45 53 60 Gas Gathered (MMcf/d) 112 114 120 102 126 132 Oil and Gas Gathered (MBoe/d) 63 65 70 62 74 82 Produced Water Gathered (MBw/d) 9 10 12 11 16 22 Fresh Water Delivered (MBw/d) 129 per equivalent well average 2 217 100 150 200 250 94 193 100 160 150 200 Gross EBITDA $37 $33 $36 $126 $146 $162 Financials ($MM) 1 Net EBITDA $26 $25 $28 n/a 3 $110 $122 Distributable Cash Flow $24 $22 $25 n/a 3 $96 $107 Distribution Coverage 4 1.8x 1.6x 1.8x n/a 3 1.7x 1.9x Gross Capex 5 $77 $110 $125 $33 $365 $405 Net Capex 5 $60 $65 $75 $25 $185 $205 Equivalent Wells Connected 31 45 50 145 250 325 1. Includes Non-GAAP measures; see reconciliation to GAAP measures in Appendix 2. Does not include third party water in per well average 3. Our IPO occurred on September 20, 2016. As such, full year information attributable to the Partnership is not available 4. Estimates include a forecasted 20% DPU annual growth 5. Excludes $66.5 million for Advantage JV acquisition, includes Advantage integration capital 10

11 Evolution of Noble Midstream Partners Consistently enhancing a top-tier midstream growth story Anticipated Catalysts: 2Q 1 st Delaware Basin CGF 3Q SRCI Crude Transmission 4Q 2 nd Delaware Basin CGF 3 rd Party Dedication 33k net acres in DJ Basin NBL Analyst Call Accelerated activity and increased type curves in both the DJ and Delaware Basins Delaware Basin Dedication Additions Nov 2015 Jun 2016 Jul 2016 Sep 2016 4Q 2016 1Q 2016 2Q 2017 Noble Midstream Suspends IPO NBLX IPO NBL announces Clayton Williams acquisition Delaware Basin Dedication NBL dedicates 40k net acres in Southern Delaware Basin Increased Distribution Commenced 20% annual DPU growth objective four quarters ahead of IPO expectation Advantage Pipeline JV 2017 & Long-Term Guidance 20% DPU organic growth

12 Appendix

13 EBITDA Reconciliation Non-GAAP Financial Measures This presentation includes EBITDA, Distributable Cash Flow, and Distribution Coverage, all of which are non-gaap measures that management believes are good tools for internal use and the investment community in evaluating our overall financial performance. The following presents a reconciliation of each of these non-gaap financial measures to their nearest comparable GAAP measure. We define EBITDA as net income before income taxes, net interest expense, depreciation and amortization. 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 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 available 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 for a given quarter divided by the aggregate amount of distributions declared in respect of such quarter. The Distribution Coverage ratio is used by management to illustrate our ability to make our distributions each quarter. We believe that the presentation of EBITDA and Distributable Cash Flow provide information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Distributable Cash Flow are net income and net cash provided by operating activities. EBITDA and Distributable Cash Flow should not be considered alternatives to net income, net cash provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Distributable Cash Flow exclude some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, EBITDA and Distributable Cash Flow as presented in the following pages may not be comparable to similarly titled measures of other companies. EBITDA and Distributable Cash Flow should not be considered as alternatives to GAAP measures, such as net income, operating income, cash flow from operating activities, or any other GAAP measure of financial performance. 2016 1Q '17 2Q '17 (E) 2017 (E) Net Income $ 86 $ 35 $31 - $33 $135 - $147 Add: Depreciation and Amortization 9 2 2-3 10-14 Add: Interest Expense, Net of Amount Capitalized 3 0 0 1 Add: Income Tax Provision 28 - - - EBITDA $ 126 $ 37 $33 - $36 $146 - $162 Less: EBITDA Attributable to Noncontrolling Interests 11 8 36-40 EBITDA Attributable to NBLX $ 26 $25 - $28 $110 - $122 Less: Maintenance Capital Expenditures & Cash Interest 2 3 14-15 Distributable Cash Flow of NBLX $ 24 $22 - $25 $96 - $107 Distribution Coverage 1.8x 1.6x - 1.8x 1.7x - 1.9x

14 NBLX Structure

15 Advantage Pipeline Joint Venture Structure System Map 100% Trinity River DevCo LLC 100% Plains Pipeline, L.P. 50% 50% Advantage Pipeline Holdings LLC 100% Advantage Pipeline, LLC Advantage Pipeline to Crane NBL Legacy Acreage Pump Stations

Contact Information Chris Hickman VP, Investor Relations chris.hickman@nblmidstream.com 281.943.1622 1001 Noble Energy Way Houston, TX 77070