First Quarter Earnings Call May 2017 www.nblmidstream.com Forward - PowerPoint PPT Presentation

First Quarter Earnings Call May 2017 www.nblmidstream.com

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, www.nblmidstream.com. 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. www.nblmidstream.com 2

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 www.nblmidstream.com 3

Midstream Services Portfolio Continue to expand service portfolio and acreage exposure in the Delaware Basin Delaware Basin DJ 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 NBLX Dedicated Crude Oil Gas Prod. Water Fresh Water Crude Oil DevCo Ownership IDP Producer Acres (~) Gathering Gathering Gathering Delivery Transmission Wells Ranch NBL 78k     Colorado River 80% East Pony NBL 44k  Trinity River 100%  * Legacy NBL 47k    Delaware Basin Blanco River 25% Acq. CWEI 64k     SYRG 33k    Laramie River 100% Greeley Crescent 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 www.nblmidstream.com 4

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

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