Wells Fargo Pipeline, MLP and Utility...

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Wells FargoPipeline, MLP and Utility Symposium

December 6 & 7, 2016


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-lookingstatements are not statements of historical fact and reflect Noble Midstream Partners LP’s (“the Partnership” or “Noble Midstream”) current views aboutfuture events. No assurances can be given that the forward-looking statements contained in this presentation will occur as projected, and actual results maydiffer materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number ofrisks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, Noble Energy Inc.’sability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actionstaken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, thePartnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, theprice 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 alternativeand competing fuels, and other risks inherent in the Partnership’s business that are discussed in its most recent registration statement on Form S-1 and inthe Partnership’s other reports on file with the Securities and Exchange Commission (“SEC”). These reports are also available from the Partnership’s office orwebsite, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements aremade. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances or management's estimates oropinions change.

This presentation also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and theinvestment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAPfinancial 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, this reflects the results of the Partnershipas if it had been in existence for the entire second and third quarters of 2016 and excludes the non-controlling interests in the development companies(“DevCos”) retained by Noble Energy in connection with the closing of our IPO on September 20, 2016. We believe the results “attributable to thePartnership” provide the best representation of the ongoing operations from which our unitholders will benefit. Unless otherwise noted herein, all otherresults included in this presentation reflect the results of our predecessor for accounting purposes (our “Predecessor”), for periods prior to the closing of theIPO, as well as the results of our Partnership, for the 10 day period subsequent to the closing of the IPO.

2


Noble Midstream Partners LP Overview

3

Noble Midstream Partners (“NBLX”) is a midstream MLP formed by sponsor, Noble Energy (“NBL”), to support the development of its leading liquids shale plays

NBLX provides a diverse set of midstream services

Crude oil gathering and treating

Natural gas gathering

Produced water and freshwater delivery

NBLX’s development company (“DevCo”) structure provides multiple avenues for organic and drop down growth

NBLX holds significant dedications in two leading U.S. oil shale basins

NBLX 12/2/2016

Unit Price $32.15

Market Cap ($B) $1.0

Yield 4.7%

Partnership Overview Premier E&P Sponsorship

Noble Midstream GP LLC

(NYSE: NBL)

(NYSE: NBLX)

Noble Midstream Services, LLC

DevCos

Public Unitholders

NBLX Unit Information

0-95%Non-Controlling Interests

100%

100%

~45% LP Interest

~55% LP Interest / IDRs

Non-economic GP Interest

5-100% Controlling InterestsDJ Basin

300,000 net acres

Delaware Basin40,000 net acres


Diverse Midstream Platform in DJ and Delaware Basins

4

Dedicated Service

DevCo

NBLX Controlling

Interest IDP OperatorDedicated Acres (~)

Crude OilGathering

GasGathering

Prod. WaterGathering

Fresh WaterDelivery

Colorado River 80%Wells Ranch NBL 78k

East Pony NBL 44k

Blanco River 25% Delaware Basin NBL 40k

Laramie River 100% Greeley CrescentSYRG 33k

NBL 32k

Green River 25% Mustang NBL 75k

San Juan River 25% East Pony NBL 44k

Gunnison River 5% Bronco NBL 36k

Structured for long-term growth; drop-down optionality from ROFRs on NBL retained interests


Leading global exploration and production company with premier U.S. onshore footprint

U.S. onshore net unrisked resources of ~7 BBoe

7,000 future drilling locations with avg. lateral length of 8,000 ft.

DJ and Delaware combined CAGR of nearly 20% 2016-2020E on base plan

Robust preliminary 2017 outlook

2017E total volumes raised nearly 10% from original expectations to 400-410 MBoe/d

Over 70% of 2017E total capital allocation to U.S. onshore

DJ Basin, Delaware Basin and Eagle Ford Shale volumes up 25% 2H17E from 2H16

Strong financial position and flexibility

Investment grade credit rating at all three rating agencies

>$5B of liquidity

About Our Sponsor (1)

5

Noble Energy’s Core Operating Areas

Investing in low cost / high value horizontal programs in the DJ Basin, Delaware Basin, Eagle Ford Shale and Marcellus Shale

U.S. Onshore Global OffshoreEastern Mediterranean

Delivering natural gas in Israel and positioned to provide regional gas needs via Tamar expansion and Leviathan development

Oil-levered assets in the GOM and West Africa providing meaningful cash flow and production

USO

EMED &

Global Offshore

2016E Capital <$1.5B

*Adjusted for divestitures

USO

EMED &

Global Offshore

2016E MBoe/d

400*

(1) Based on NBL publically available information


Investment Thesis

Large-Cap, investment grade E&P sponsor

Strategic midstream vehicle for NBL

Incentivized to support NBLX through significant post-IPO ownership (including the General Partner and Incentive Distribution Rights)

Strong Sponsor Commitment

StrategicallyPositioned Assets

Visible, Long-TermGrowth Opportunities

Long-Term, Fixed-Fee Contracts

Financial Flexibility and Strong Capital Structure

Significant dedications in DJ Basin and Delaware Basin

Aligned with NBL capital allocation priorities

Diverse midstream services portfolio

Targeting long-term 20% distribution per unit growth

Significant drop down inventory

Contractual ROFR on NBL retained midstream assets (1) and future services

15-year, fixed fee contracts

Annual rate escalators

Undrawn $350 MM revolving credit facility

Conservative distribution coverage and leverage ratio

6

1. Excluding Marcellus Shale


3Q Highlights and Takeaways

7

Record gathering volumes; oil and gas of 63.0 MBoe/d and produced water of 11.6 MBw/d

Connected 45 equivalent wells to gathering system in the quarter (1)

Record fresh water delivery volumes of 136.0 MBw/d

Nearly 3.0x more per lateral foot than average of prior six quarters

Nearly all of the 42 equivalent wells completed in the quarter were enhanced slickwater completions

Net Income and Net Cash Provided by Operating Activities of $22.4 million and $33.6 million, respectively, on a gross basis

Gross EBITDA (2) of $38.2 million, with $29.6 million attributable to NBLX, up 63% from prior quarter

DCF (2) attributable to NBLX of $27.7 million (2.3x cash coverage), with $3.1 million for 10 day post IPO period

Oil and gas gathered volumes up 7% from 2Q ’16 on $8.0 million of capital

Primarily gathering system extensions in East Pony and Wells Ranch

First quarterly distribution will be declared following the conclusion of the fourth quarter (3)

1. Normalized to 4,500’ lateral length2. EBITDA and DCF are not measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Definitions and reconciliations of these non-GAAP measures to GAAP reporting

measures appear in the Appendix.3. Initial distribution will include adjustment for the 10 day period from the closing of the initial public offering to the start of the fourth quarter

Strong 3Q 2016 Financial and Operational Performance Across All Business Segments


Gathering Increasing Share of NBL DJ Horizontal Volumes

8

0

25

50

75

100

125

Gross Volumes

(MBoe/d)

NBLX Gathered Volumes NBL Gross Horizontal Volumes

NBLX Gathered Volumes as % of NBL Gross Hz. Production

4Q ’13 4Q ’14 4Q ’15 1Q ’16 2Q ’16 3Q ‘16

20% 30% 49% 51% 52% 53%

NBLX Gathered Volumes and NBL DJ Basin Gross Horizontal Production (1)

1. NBL gross volumes assume 78% NBL net revenue interest


3Q 2016 Results and Coverage

Gathering EBITDA

MQD Coverage of 2.3x; MQD Coverage of 1.7x with normalized freshwater use

3Q 2016 NBLX Net EBITDA (1,2)

$17.1

$22.2

$29.6

$0.0

$10.0

$20.0

$30.0

$40.0

Normalized Freshwater Delivery EBITDA (3)

Actual Freshwater Delivery EBITDA

Implied DCF Coverage at MQD

x

1.7x

2.3x

Note: MQD refers to Minimum Quarterly Distribution; coverage based on 3Q 2016 unit count1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix2. G&A allocated to gathering and freshwater delivery based on proportionate share of EBITDA; coverage figures reflect full net G&A and net maintenance capital totals3. Assumes 1H 2016 average water volumes / equivalent well and 3Q16 wells completed

9

Ample 3Q ‘16 Coverage in Normalized Freshwater Environment

3Q 2016 Net EBITDA of $29.6 million and DCF of $27.7 million, with implied coverage of 2.3x the MQD

Driven by strong underlying gathering business performance and significant increases in freshwater delivery volumes

Normalizing the 3Q 2016 freshwater delivery volumes to 1H 2016 average volumes / equivalent well results in $22.2 million in Net EBITDA and DCF that covers the MQD by 1.7x

Gathering segment alone covers the MQD by greater than 1.2x

Expect freshwater delivery segment to continue to exceed historical volume levels per equivalent well


4Q Guidance

10

Continued volume outperformance driving projected >2.0x Coverage

4Q expected equivalent wells completed in excess of previous guidance

Anticipate 4Q average water per equivalent well of ~250 MBw

150% above 1Q ’15 – 2Q ’16 Average

Majority of 4Q Completions in East Pony

Lower controlling interest in San Juan River DevCo reduces EBITDA as % attributable to the Partnership

3Q 2016Actuals

4Q 2016Current Est.

Gro

ss V

olu

me

s

Oil Gathered (MBbl/d) 44.8 44 – 46

Gas Gathered (BBtu/d) 141.6 139 – 147

Oil and Gas Gathered (MBoe/d) 63.0 62 – 65

Produced Water Gathered (MBw/d) 11.6 10 – 12

Fresh Water Delivered (MBw/d) 136.0 125 – 150

Fin

an

cia

ls (

$M

M)

(1) Gross EBITDA $38.2 $36 – $40

Net EBITDA $29.6 $26 – $29

Distributable Cash Flow* $27.7 $24 – $27

Implied Cash Coverage (at MQD)* 2.3x 2.0x – 2.2x

Total Capital Spending $8.0 $20 – $25

Act

ivit

y Eq. Wells Connected 45 32 – 36

Eq. Wells Completed 42 46 – 55

1. Includes Non-GAAP measures; see reconciliation to GAAP measures in Appendix

Continued Outperformance In All Segments as Key 2017 Growth Projects Progress

* Assumes no additional common units issued during 4Q 2016


3.7

2.7

5.6

8.7

10.3 9.5

11.6 10 – 12

0

2

4

6

8

10

12

14

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

Gathering Volumes Ahead of Initial Forecast

31.3

41.1

46.3

61.0 62.9

58.9 63.0

62 – 65

0

10

20

30

40

50

60

70

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

28

43

70

50

43

28

45

32 – 36

0

10

20

30

40

50

60

70

80

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

Average = 44

Oil and Gas Gathered (MBoe/d)

Produced Water Gathered (MBw/d)

Equivalent Wells Connected (1)

1. Normalized to 4,500’ lateral length

11


30 34

72 69

44 43 42

46 – 55

0

20

40

60

80

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

Recent trending in fresh water per well expected to continue into 4Q as NBL continues to focus on enhanced slickwater completions

S-1 forecast assumed water per equivalent well in line with early 2015 use

Estimated increased completion activity in 4Q

Average = 48

Equivalent Wells Completed (1)


12

4Q daily fresh water volumes relatively flat on increased completion activity with lower per well use

27 30

72 78

58 57

136

125 – 150

0

25

50

75

100

125

150

175

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

Fresh Water Delivered (Mbw/d)

82 80 91

104 120 120

294

250

0

50

100

150

200

250

300

350

1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 (E)

~200% Higher than 1Q15 – 2Q16 Average

Fresh Water Delivered (MBw/equivalent well) (1)

1Q ’15 – 2Q ‘16 Average = 100

Fresh Water Delivery Volumes Remain Strong


NBL Accelerating Activity on NBLX Dedicated Acreage

13

NBL activity plans well ahead of NBLX assumption through 2020

On NBLX dedicated acreage, NBL Base Case(1) is ~ 2 rigs above prior NBLX estimate in 2017 and 2020

Increase of 49% for 2017 vs. prior expectations

Upside Case(2) has 3 additional rigs in 2020 on NBLX acreage

90% of NBL USO Capital focused on NBLX dedicated acreage (DJ and Delaware) and ROFR acreage (Eagle Ford)

Formal 2017 Budget and Capital Program is expected to be finalized early in 2017

2.3 2.5

4.45.0

1.4

3.0

3.6

5.0

3.7

5.5

8.0

10.0

NBLX Prior

Estimate

NBL Updated

Base Case

NBLX Prior

Estimate

NBL Updated

Base Case

DJ Basin Delaware Basin

2017(E) 2020(E)

(3)

Rig Assumptions (3)

+49%

+25%

1. Base Case Assumes $50 WTI in 20172. Upside Case $60 WTI in 20173. Excludes 3rd party rigs on dedicated acreage


DJ Basin: Foundational Asset for NBL USO(1)

14

IDP

3 Stream EUR

(MBoe)

LateralLength

(ft.)Commodity Mix %

(Oil / NGL / Gas)Gross

LocationsEquivalent

Locations (2)

NBLXDedicated

DJ

Ba

sin

Wells Ranch 1,000 9,500 40 / 30 / 30 540 1,140

East Pony 570 7,500 75 / 10 / 15 160 267

Mustang 975 9,500 40 / 30 / 30 910 1,921

Bronco 900 7,500 20 / 30 / 50 640 1,067

Greeley Crescent 900 9,500 30 / 30 / 40 510 1,077

1. Based on NBL publically available information2. Normalized to 4,500’ lateral length

2 BBoe with large, high-quality, contiguous acreage position

Creating differential value with long laterals, midstream advantage and high liquids content

2016 well performance 15% above 2015

2017 2.5 rigs delivers same lateral footage as 9 rigs in 2014

50 wells on average per rig year (based on actual lateral lengths)

Continued expansion of necessary NBLX infrastructure to support growth


Delaware Basin: Long-term Growth Engine for NBL

15

IDP3 Stream

EUR (MBoe)Lateral

Length (ft.)Commodity Mix %

(Oil / NGL / Gas)Gross

LocationsEquivalent

Locations (1)

NBLXDedicated

De

law

are

Ba

sin 3rd Bone Spring 920 7,500 70 / 15 / 15 215 358

Wolfcamp A(Lower & Upper)

1,200 7,500 70 / 15 / 15 695 1,158

Wolfcamp B 1,135 7,500 70 / 15 / 15 385 642

Wolfcamp C 900 7,500 70 / 15 / 15 380 633

1 BBoe in the heart of the Delaware

WCA Type Curve Up 20% per lateral foot

NBL Accelerating into Full Development Mode

0.5 rigs in 2016 to 3 rigs in 2017(E)

15 wells on average per rig year (based on actual lateral lengths)

NBLX facility startup 2Q 2017(E)

Significant Improvements from Initial NBL Wells

Stronger well performance with higher proppant loading and shorter stages

Testing higher proppant concentration upside



Asset Overview & Projects Update

DJ Basin Updates

Greeley Crescent infrastructure(3Q ’17)

Wells Ranch Produced Water Expansion (1Q ’17)

Mustang infrastructure (YE 2017)

Delaware Basin Updates

Oil and Produced Water Systems & 1st

Central Gathering Facility (2Q ’17)

2nd Central Gathering Facility (4Q ’17)

Delaware Basin

Blanco River

25% Interest

Laramie River

100% Interest

Gunnison River

5% Interest

Green River

25% Interest

San Juan River

25% Interest

EASTPONY

MUSTANG

BRONCO

GREELEYCRESCENT

WELLSRANCH

Colorado River

80% Interest

DJ Basin

Reeves County, TX

Weld County, CO

16

Growth projects remain on schedule for 2017 startups


Appendix

17


Strong 3Q Results and Exceptional Future Growth Runway

18

Colorado River(Wells Ranch and

East Pony)

Green River(Mustang)

San Juan River(East Pony)

Laramie River(Greeley Crescent)

Blanco River(Delaware Basin)

Gunnison River(Bronco)

NBLX’s development company (“DevCo”) structure provides multiple avenues for organic and drop down growth

• 63.0 MBoe/d oil and gas gathered

• 11.6 MBw/d produced water gathered

• 113.5 MBw/d FW Delivered

• $4.7mm Capex


• $0.4mm Capex


• $0.2mm Capex

• $2.1mm Capex• Service begins 3Q ‘17

• $0.6mm Capex• Service beings 2Q ‘17

$40.8

($2.6)

$38.2

$29.6

($1.9)

$27.7

2.3x

Net Capex

3Q 2016 Cash Balance

RCF Balance Outstanding

RCF Capacity

Total Liquidity

$6.2

$47.5

-

$350.0

$397.5

Gross EBITDA (Pre-G&A)

G&A Expense

Gross EBITDA

Net EBITDA

Maintenance Capex

Distributable Cash Flow

Implied Cash Coverage (at MQD)

$ in million (1)

• Future development• No development

assumed in 5 years

• ~$1.1mm income from equity investment

Anchor Business

White Cliffs

Organic Growth Opportunities

Crude oil and natural gas gathering

Water services (WR)

Crude oil and natural gas gathering

Water services

Water Services Crude oil gathering Water services

Crude oil gathering Produced water

services

Crude oil gathering Water services

Dedicated Service

~3.3% Equity Interest

80% 25% 25% 100% 25% 5%

Drop down flexibility through NBL’s retained DevCo interests and other midstream assets

NBLX Ownership %

Note: MQD refers to Minimum Quarterly Distribution; coverage based on 3Q 2016 unit count1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix


EBITDA Reconciliation

19

$ in millions4Q '16

Current Est.3Q '16Actual

Net Income $34 - $37 $22.4

Add: Depreciation and Amortization 2 – 3 2.3

Add: Interest Expense, Net of Amount Capitalized 0 2.5

Add: Income Tax Provision 0 11.1

EBITDA $36 - $40 $38.2

Less: EBITDA Attributable to Noncontrolling Interests 10 – 11 8.6

EBITDA Attributable to NBLX $26 - $29 $29.6

Less: Maintenance Capital Expenditures 2 1.9

Distributable Cash Flow of NBLX $24 - $27 $27.7

Non-GAAP Financial Measures

This presentation includes EBITDA and Distributable Cash Flow, both of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts. 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. 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 (the “Board”) to help determine the amount of available cash that is available to our unitholders for a given period.

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 measure most directly comparable to EBITDA and Distributable Cash Flow is net income. 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, and these measures may vary from those of other companies. As a result, EBITDA and Distributable Cash Flow as presented herein 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.


IDP/DevCo/Dedication Table

NBLX Asset Overview

DevCo Areas Served NBLX Dedicated Service Current Status of Asset

Dedicated Net

Acreage

Existing / Planned System

Capacity

NBLX

Ownership

Gross Capital

Spent to Date

Gross S-1 Forecast

Period / 5-yr Capital

Wells Ranch IDP

• Crude Oil Gathering

• Natural Gas Gathering

• Water Services

• Operational 79,000(4)

• Oil: 50 MBbl/d

• Gas: 165 MMcf/d

• Saltwater: 30 MBw/d

East Pony IDP • Crude Oil Gathering • Operational 44,000 • 40 MBbl/d

All Noble DJ Basin

Acreage• Crude Oil Treating • Operational N/A

(1) • ~4,600 MBbl per year

Green River Mustang IDP(2)


• Natural Gas Gathering

• Water Services

• Under Construction

• Under Construction

• Partially Operational

75,000

• Oil: 50 MBbl/d

• Gas: 275 MMcf/d

• Saltwater: 20 MBw/d

• 25% $16mm $29mm / $153mm

Blanco River Delaware Basin• Crude Oil Gathering

• Produced Water Services• Under Construction 40,000

(5) • Oil: 60 MBbl/d

• Saltwater: 75 MBw/d• 25% $0mm $31mm / $106mm

Laramie River Greeley Crescent

IDP(3)


• Water Services• Under Construction 65,000

(3) • Oil: 60 MBbl/d

• Saltwater: 20 MBw/d• 100% $0mm $48mm / $100mm

San Juan River East Pony IDP(6) • Water Services

• Freshwater Operational

• Produced Water Planned44,000 • ~10 mi. of FW delivery pipe • 25% $15mm $10mm / $22mm

Gunnison River Bronco IDP(2) • Crude Oil Gathering

• Water Services• Future Development 36,000

(4) • TBD • 5% $0mm $0mm / $0mm

Total ~340,000 $292mm $165mm / $536mm

$48mm / $156mmColorado River • 80% $249mm

20

1. Crude oil treating fee is not acreage based. NBLX receives monthly fee for each Noble operated well producing in paying quantities in Weld County not connected to NBLX crude oil gathering systems during each month, which was 4,480 wells as of June 30, 2016.

2. NBLX currently has limited midstream infrastructure assets in the Mustang IDP and no midstream infrastructure assets in the Bronco IDP. The assets in these IDP areas currently consist primarily of dedications to us from Noble for future production in these IDP areas. In the Mustang IDP, NBLX also owns one fresh water storage pond and certain rights-of-way and surface rights. NBLX anticipates the first centralized facility servicing the Mustang IDP and related gathering infrastructure to be in service by the end of 2017.

3. NBLX assets in Greeley Crescent IDP currently consist of dedications from Noble and an unaffiliated third party. On May 3, 2016, Noble announced a sale of approximately 33,000 net acres to such third party. All acreage in the Greeley Crescent IDP remains subject to the dedication in favor of NBLX for crude oil gathering, produced water services and fresh water services.

4. On June 15, 2016, Noble entered into an acreage swap pursuant to which Noble will increase its holdings in the Wells Ranch IDP by approximately 11,700 net acres in exchange for reducing its interest in the Bronco IDP by approximately 13,500 net acres. Upon completion, all of the outbound acreage in the Bronco IDP will be released from the prior dedications to NBLX, and the inbound acreage in the Wells Ranch IDP will become dedicated to NBLX. After giving effect to this acreage swap, the dedication in the Wells Ranch IDP is approximately 79,000 net acres and the dedication in the Bronco IDP is approximately 36,000 net acres.

5. Includes acreage currently dedicated to other providers for produced water services and committed to NBLX upon expiration of existing dedications. The majority of these dedications will expire or are expected to be terminated by Noble by the time NBLX’s planned infrastructure is operational in 2017.

6. NBLX currently provides produced water services through third party transportation providers and saltwater disposal facilities, and may provide additional produced water services in the future.


NBLX Structure

Public

Unitholders (LP)

Noble Midstream

GP LLC

Noble Midstream

Partners LP

NYSE: NBLX

Noble Energy, Inc.

NYSE: NBL

100%

Noneconomic general partner interest

Noble Midstream

Services, LLC

[TBD]% limited partner interest

100%

White Cliffs

Pipeline, L.L.C.

3.33% nonoperatingmembership interest

Colorado

River

Green

River

Gunnison

River

Laramie

River

San Juan

River

Wells Ranch IDP

Crude Oil Gathering Natural Gas Gathering

Water Services

East Pony IDP

Crude Oil GatheringOther DJ Basin Facilities

Crude Oil Treating Facilities

Mustang IDP Future

Development Crude Oil Gathering

Natural Gas Gathering

Water Services

Bronco IDP Future

Development Crude Oil Gathering

Water Services

Greeley Crescent IDP

Crude Oil Gathering Water Services

East Pony IDP

Water Services

80% controlling

interest

25% controlling

interest

5% controlling

interest100% controlling

interest

25% controlling

interest

[TBD]% limited

partner interest

20% non-

controlling interest

75% non-


95% non-

controlling interest75% non-


Blanco

River

25% controlling

interest

75% non-


Delaware Basin

Crude Oil Gathering Produced Water Services

ROFR Assets:• East Pony Gas Gathering• East Pony Gas Processing• Eagle Ford Shale Midstream• Additional DJ Acreage• Additional Delaware Basin

Services

21

54.8% limited partner interest

45.2% limitedpartner interest


John BookoutChief Financial Officer

[email protected]


1001 Noble Energy WayHouston, TX 77070

Contact Information

Chris HickmanVP, Investor Relations

[email protected]

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