Investment Energy

Summit Greece,

Cyprus, Israel Athens, March 28th–29th 2012

Noble Energy and Levant Basin Gas

Dr, Jim Demarest Director, International Exploration

Noble Energy Inc,

Noble Energy Positioned for a decade of growth

Diversified and Focused Asset Portfolio

Offers stability and superior returns

Industry-leading Exploration Program

Yields significant discovered resources

Portfolio of High Return Reinvestment Opportunities

Provides sustainable and visible growth

Organizational Strength

Capability to deliver results

Disciplined Financial Strategy

Ensures ability to support business value creation

2

International

United States

Reserves

Volumes

Liquids

International Natural Gas

U.S. Natural

Gas

Balanced and Diversified Portfolio Provides stability and strength

Leverage to U.S. and International

Exposure to Crude Oil and Natural Gas

Access to premium markets

Quality Asset Foundation

Low cost structure

Extensive low-risk drilling inventory

Major projects lineup

Five Core Operating Areas

All with significant, visible growth

3

4 4

Major Development Project Line-up High value growth

Horizontal

Niobrara

Marcellus

Galapagos

Gunflint

Tamar

Leviathan

Aseng

Alen

DiegaWA Gas

2010 2011 2012 2013 2014 2015 2016 2017 2018

Re

so

urc

es

Bubble Size Represents Relative Full-cycle NPV

Gas

Oil

LNG

Predominant

Product …

Year of First Significant Production

Eastern US,

Western US, Israel,

Israel,

EG,

US GOM, EG,

EG,

US GOM,

Cyprus, Aphrodite

5

Industry-leading Exploration Program Yielded significant discovered resources

Discovered 2.3 BBoe in Last 5 Years

Replaces 29 times annual production

Finding cost under $1.35/Boe

Inventory of 3 BBoe Net Risked Resource

Core area acreage positions

84% of risked inventory

E. Med, W. Africa, DW GoM, Niobrara, Marcellus

Maturing undeveloped acreage

16% of risked inventory

Nicaragua, Senegal, U.S. Onshore

Global new venture opportunities

W. Africa, Mediterranean, U.S. Onshore

0

300

600

900

1,200

2007 2008 2009 2010 2011

0

1

2

3

4

Resources Found Finding Costs

Resources

Found (MMBoe)

Finding

Costs ($/Boe)

6

Noble Energy Exploration World-class exploration performance

Uncovering Opportunities Missed by Others

Thoughtful and Disciplined Approach

Incorporating exploration technology and processes in all aspects of our business

Full integration of data, technologies and interpretation

A learning process incorporating peer reviews and root cause analysis

Committed to Significant Investments in Seismic

A Culture Focused on Delivering Material New Resources with Strong Financial Returns

0

1

2

3

4

5

6

0% 20% 40% 60% 80% 100% 120%

5 YR Resources Discovered / 12-31-10 2P Resources

Exploration Peer Group Super Major NBL

Source: Wood Mackenzie

Finding Cost

($/Boe)

2006 - 2010

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Key Operating Areas Sustaining and transforming NBL

Onshore United States

Large inventory of low-risk projects

Substantial exposure to liquid-rich Niobrara and Marcellus shale gas

Gulf of Mexico – Deepwater

South Raton start-up expected 1Q 2012; Galapagos start-up expected 2Q 2012

Extensive exploration portfolio

West Africa – Offshore EG and Cameroon

Aseng online, Alen development underway

Additional liquid and gas projects on the horizon

Eastern Mediterranean – Offshore Israel and Cyprus

Tamar development in progress

Additional discoveries being appraised

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Cameroon

Equatorial

Guinea

Tilapia 50% WI

YoYo 50% WI

Block I 40% WI

Block O 45% WI

Trema

West Africa Exploration Multi-year inventory of prospects

7 Discoveries Out of 8 Prospects

1.1 BBoe gross resources, 350 MMBoe net

Recent Carla Discovery

35 – 100 MMBoe gross resources, 80% liquids

Inventory of 900 MMBoe Net Unrisked Resources

Multiple prospects and play types

Plan to Drill Trema in 2H 2012

Oil target

75 – 230 MMBoe gross unrisked resources

38% geologic chance of success

Aseng Field Breakthrough execution increases project value

Development Cycle Times

Discovery to production < 5 years

Sanction to production < 3 years

First Oil Seven Months Ahead of Schedule

AT NPV10 enhanced $80 MM, net

Capital 13% under Approved Levels

$70 MM net capital savings

Resources 30% above Initial Estimates

Brent Oil Price 43% Higher than Sanction Economics

Best-in-class Safety Performance

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Safety Record

Over 10.5 MM man hours with no major accidents

Total recordable incident rate (TRIR) of 0.21

Only 408 total man hours lost for all incidents

Aseng FPSO

10

Levant Basin Recent Exploration Success

SC November Analyst Presentation (updated)

LEVANT BASIN

GAZA

KTIMA

DUMYAT

ASHDOD

HADERA

NICOSIA

KYRENIA

EL'ARISH

TEL-AVIV

ASHKELON

LIMASSOL

FAMAGUSTA

EL-HADDADI

ALEXANDRIA

Block 1

Block 2

Block 6 Block 8Block 7Block 5 Block 9

Block 12

Block 3

Block 4

Block 11

Block 10

Block 13

RIV

ER

NILE

JO

RD

AN

NA

HR

AL A

SI

DE

AD

SE

A

SU

EZ

CA

NA

L

NAHR A

L LI

TANI

RIV

ER

JO

RD

AN

RIV

ER

NIL

E

JO

RD

AN

RIV

ER

NIL

E

NA

HR

AL

AS

I

SU

EZ

CA

NA

L

NAHR AL LITANI

0 50 100 150 20025Kilometers

.CYPRUS

EGYPT

NILE DELTA

ERATOSTHENES

HIGH HERODOTUS

BASIN LEVANT BASIN

NILE CONE

Leviathan Tamar

Dalit Dolphin

Tanin

Mari-B

Noa

Discoveries

Dalit 0.5 TCF

Tamar 9 TCF

Leviathan 17 TCF

Dolphin 0.1 TCF

Cyprus 7 TCF

Tanin 1.2 TCF

35 TCF

Cyprus A

11

Discovery Thinking The Tamar opportunity

Previous Operator Withdrew from Block

Saw high operational and technical risks

Did not recognize upside

Being the Partner of Choice

Importance of local partners and existing relationships

Reputation as reliable, effective operator

Keeping the Possibility Alive

Tenacity of individuals - partners and Noble Energy

Other Factors

Familiarity with Israel market

Regional and local geologic knowledge

Successful operations in the past

Levant Basin virtually undrilled

12

Miocene Gas Plays Series of successes at Tamar, Dalit, Leviathan, Dolphin, Cyprus A, Tanin

3D Prospects

Discoveries

35°0'0"E34°0'0"E33°0'0"E

33°0

'0"N

32°0

'0"N

440000 510000 580000 650000 720000

350

000

03

60

000

03

70

000

0

Cyprus A

Tamar

Dalit

Cross

section (Displayed above)

Leviathan

13

Eastern Mediterranean Exploration Unlocking the emerging Levant basin

35°0'0"E34°0'0"E33°0'0"E

33°0

'0"N

32°0

'0"N

440000 510000 580000 650000 720000

350

000

03

60

000

03

70

000

0

35°0'0"E34°0'0"E33°0'0"E

33°0

'0"N

32°0

'0"N

440000 510000 580000 650000 720000

350

000

0360

000

0370

000

0

Six Consecutive Discoveries

3 world-class in resource size

Over 35 Tcf gross resources,

12 Tcf net

Cyprus Gas to be appraised in

2012 and 2013

Pursuing LNG Export Options

Substantial Exploration Potential

Extensive inventory of natural gas

prospects

3.7 BBoe gross unrisked resources

in deep oil play

High-quality and Diversified Portfolio

Sustainable Industry-leading Exploration

Organizational Capability to Execute

Robust Financial Framework

Highly Transparent Path Toward Value Creation

Noble Energy Capitalizing on success – driving multi-year value creation

Noble Energy: Energizing the World, Bettering People’s Lives

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Forward-looking Statements and Non-GAAP Measures

This presentation contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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. They include 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 include, without limitat ion, 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 business that are discussed in its most recent Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy’s offices or website, http://www.nobleenergyinc.com. 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 forward-looking statements should circumstances or management's estimates or opinions change.

This presentation also contains certain historical and forward-looking 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 also see the Appendix to this presentation and Noble Energy’s website at http://www.nobleenergyinc.com under “Investors” for reconciliations of the differences between any historical non-GAAP measures used in this presentation and the most directly comparable GAAP financial measures. The GAAP measures most comparable to the forward-looking non-GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

The Securities and Exchange Commission 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 “gross mean resources” and “unrisked resource potential.” These estimates 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 most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy’s offices or website, http://www.nobleenergyinc.com.

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Noble Energy:

Energizing the World, Bettering People’s

Lives