NBL Noble Energy Overview August 2014 © 2014 Noble Energy. All rights reserved. 1.

NBL© 2014 Noble Energy. All rights reserved. 1

Noble Energy OverviewAugust 2014

© 2014 Noble Energy. All rights reserved. 2

Noble EnergyExecution delivering a unique future

Outstanding growth agenda

▪ Production expected to double

▪ Cash flow to increase

▪ Returns to reach record levels

Diversified portfolio provides exceptionaloptionality

▪ Inventory of ultra-high return opportunities

▪ U.S. unconventional, global deepwater andexploration all play material roles

Proved reserves and discovered unbooked resources fueling growth


Noble Energy snapshot

Independent oil and gas producer

▪ Headquarters: Houston, TX

▪ Employees: 1,761

▪ Fortune 500 company

▪ NYSE stock symbol: NBL

Five core operating areas all with significant, visible growth

▪ DJ Basin, Marcellus Shale, Deepwater GOM

▪ Eastern Mediterranean, West Africa

United States

International55% 45%

Reserves


Key operating areasSustaining and transforming NBL

Onshore United States

▪ Large inventory of low-risk projects

▪ Liquids-rich Niobrara andMarcellus shale gas

Gulf of Mexico – Deepwater

▪ Galapagos start-up

▪ Extensive exploration portfolio

West Africa

▪ Offshore EG and Cameroon

▪ Aseng and Alen online

Eastern Mediterranean

▪ Offshore Israel and Cyprus

▪ Tamar in progress

Core operating areasNew ventures


DJ Basin


DJ Basin operationsPremier acreage position

Production up 20%

Strong well performance and lower well costs

Basin-wide downspacing (24 - 32 wells per section)

▪ Over 30% of 2014 well count

Accelerating extended reach lateral program

▪ 20% of 2014 well count

IDPs Maximizing Value While Reducing Impacts

Greater Wattenberg Area (GWA)

Wells Ranch

East Pony

NebraskaWyoming

Colorado

DJ Basin

Colorado


DJ Basin downspacingIncreasing the wells per section

Niobrara A Bench

Niobrara B Bench

Niobrara C Bench

Codell

16 WellsLess than 8%

1 Mile 1 Mile

24 Wells +More than 12%

Niobrara A Bench

Niobrara B Bench

Niobrara C Bench

Codell

300feet

300feet


DJ Basin oil infrastructureOver 80 percent of NBL oil exports the basin

Growing oil takeaway capacity

▪ Wattenberg Oil Trunkline online

▪ Tampa Rail system online

▪ White Cliffs expanding

▪ N. CO. gathering pipeline

▪ Pony Express N. CO lateral

White Cliffs

Pipeline

Plains Rail Terminal

Briggsdale Facilities

Wattenberg Oil Trunkline

Tampa Pipeline

Multiple Market Outlets

NorthernColorado

WellsRanch

Wells Ranch Facilities

PlattevilleFacilities

CushingOklahoma


Deepwater Gulf of Mexico


Deepwater Gulf of MexicoSustained value creation, significant visible growth

Proven track record of exploration success

▪ Leading-edge technologywith discipline processes

Production and cash flow increasing

▪ Oil-dominated production delivers strong margins

Existing infrastructure contributingto significant value creation

Four recent discoveries

Louisiana

Gunflint

Dantzler Big Bend

Producing

Sanctioned

Discovery

NBL Interests

Galapagos


Eastern Mediterranean


Market export opportunities: Israel/CyprusAvailable for export

Government export decision upheld by Israel supreme court

Approximately 40% of Israel discovered resources exportable

▪ Leviathan export quota

▪ Tamar is allowed to export

Export volumes include regional and LNG markets

Resource(Tcf)

Export %Export

volume (Tcf)

Tamar 20 20% 1.0

Dalit 2.5 45% 0.6

Leviathan 16 30% 8.0

Dolphin 0.1 50% 0.6

Tanin 1.2 40% 1.4

Karish 1.8 25% 0.7

Tamar SW 0.7 35% 1.2

Cyprus 5 80% 4

Total 34.6 21.2


Regional market opportunitiesCost-effective pipeline export options

Regional pipeline exports

▪ Jordan power and industrial needs

▪ Egypt existing LNG facilities

▪ Cyprus domestic market

Regional agreements signed

▪ Customers in Jordan and the Palestinian Authority

▪ Egypt / Union Fenosa LOI for Tamar and Tamar SW

Expecting pricing above domestic average Israel price

Egypt

Turkey

Syria

Lebanon

JordanIsrael

Cyprus

PA

Vasilikos

Potential pipeline

Existing LNG facilities


Appendix


Appendix

Term Definition

Debt-adjusted per Share Calculations

Normalizes growth funded through debt by converting the change in debt into an equivalent amount of equity shares using an average stock price. The equivalent shares are netted with total shares outstanding which impacts the per share calculations of reserves, production and cash flow

Cash Flow at Risk (CFAR)The difference between NBL's base plan Cash Flow from Operations and NBL's Cash Flow from Operations at the 95% worst case scenario based on a simulation of commodity prices using a mean reversion model

Discretionary Cash Flow Cash Flow from Operations excluding working capital changes plus cash exploration expense

Funds from Operations (FFO) Cash Flow from Operations excluding working capital changes

Liquidity Cash and unused revolver capacity

Net Risked Resources Estimated gross resources multiplied by the probability of geologic success and NBL’s net revenue interest

Operating Cash Flow Revenue less lease operating expenses, production taxes, transportation, and income taxes

Organic Cash Capital Capital less capitalized interest, capital lease payments and acquisitions

Peers – Investment Grade – Non-Investment Grade

APA, APC, CLR, DVN, EOG, HES, MRO, MUR, PXD, SWNCHK, COG, RRC

Return on Average Capital Employed (ROACE)

Earnings before interest and tax (EBIT) plus asset impairments and unrealized mark to market derivatives divided by average total assets plus impairments less current liabilities


Noble EnergyDelivering a unique future

UNIQUEBY DESIGN.

Unique Purpose

Unique Strategy

Unique Assets

Unique Execution

Unique Growth

Unique Results

Unique Future

NBL Noble Energy Overview August 2014 © 2014 Noble Energy. All rights reserved. 1.

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