Noble Energy Overview

NBL

Noble Energy Overview

August 2014

© 2014 Noble Energy. All rights reserved. 1

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 exceptional

optionality

▪ Inventory of ultra-high return opportunities

▪ U.S. unconventional, global deepwater and

exploration 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 and

Marcellus 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 areas

New 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

300

feet

300

feet

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

Northern

Colorado

Wells

Ranch

Wells Ranch Facilities

Platteville

Facilities

Cushing

Oklahoma

Deepwater Gulf of Mexico


Deepwater Gulf of MexicoSustained value creation, significant visible growth

Proven track record of

exploration success

▪ Leading-edge technology

with discipline processes

Production and cash flow

increasing

▪ Oil-dominated production

delivers strong margins

Existing infrastructure

contributing

to 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

NBL

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, SWN

CHK, 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

NBL

Noble Energy

Delivering a unique future

UNIQUE

BY DESIGN.

Unique Purpose

Unique Strategy

Unique Assets

Unique Execution

Unique Growth

Unique Results

Unique Future


Presentations & Public Speaking

Noble Energy Overview