Investor Presentation January 2018 www.nblmidstream.com Forward - PowerPoint PPT Presentation

Investor Presentation January 2018 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 integrate acquired businesses, the Partnership’s ability to fully realize anticipated synergies and other benefits from acquisitions, 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. We refer to certain results as “attributable to the Partnership,” or “net,” 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

Noble Midstream Partners LP Overview Partnership Overview Premier E&P Sponsorship  Noble Midstream Partners LP (“NBLX”) is a midstream MLP formed by sponsor, Noble Energy, Inc. (“NBL”), to support the development of its leading liquids shale plays 100% (NYSE: NBL)  NBLX provides a diverse set of midstream services Noble Midstream 45.5 % LP  Crude oil gathering, treating and transmission Interest / IDRs 1 GP LLC  Natural gas gathering Non-economic  Produced water gathering and freshwater delivery GP Interest Public Unitholders 54.5% LP  NBLX’s development company (“ DevCo ”) structure Interest 1 0-95% (NYSE: NBLX) Non-Controlling provides multiple avenues for organic and drop down Interests growth 100%  NBLX holds significant dedications in two leading U.S. oil Noble Midstream shale basins Services, LLC 5-100% Controlling Interests DJ Basin 300,000 net acres + DevCos 141,000 2 acres on Saddle Butte System 3 Delaware Basin 111,000 net acres 1. As of 12/31/2017 2. Reflects anticipated expansion of PDC Energy acreage dedication to Saddle Butte System 3. Acquisition anticipated to close 1Q18 www.nblmidstream.com 3

Exceeding 2017 Goals and Objectives Strong Execution: Consecutive Quarterly Records for Volumes & Key Financial Figures  NBL activity acceleration and strong enhanced completion performance  2017 growth projects on schedule and within budget  Active Business Development with 3 M&A Transactions Totaling $649 mm (Net)  Additional 3rd party business and exposure further downstream through Advantage Pipeline and  Black Diamond JVs Executed first accretive drop-down  Extended Best-in-Class Distribution Growth of 20% Beyond 2020  High distribution coverage of 2.4x 1 for Q3  Strong Financial Position and Capital Discipline  Low leverage ratio of 1.1x 3 for Q3 annualized  Differentiated capital markets access supports compelling financial and strategic investments  1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix 2. Estimates include forecasted DPU growth of 4.7% quarterly, or 20% annual 3. Defined as 3Q Debt / 3Q EBITDA * 4 ($200 million / $46 million *4); EBITDA is a Non-GAAP measure, see reconciliation to GAAP measures in Appendix www.nblmidstream.com 4

Gathering Business Drives Strong Momentum into 2018 3Q17 Net Income of $44mm, or $42mm Attributable to the Partnership 2017 Growth Projects:  Distribution Coverage 1 & DPU Net EBITDA ($mm) 1 DJ Basin third-party fresh 2Q water system online 3.3x $0.488 0.55 Contribution from $0.467 $45 - $52 $0.446 0.50 June 2017 3.x $0.411 $46 Dropdown 0.45 2.8x 2.2x - 2.5x 2.4x 1 st Delaware Basin CGF online 0.40 2.5x $34 0.35 & connected to Advantage 2.3x 3Q 1.9x 0.30 $26 1.8x 2.x 0.25 DJ Basin third-party gathering 1.8x 0.20 system online 1.5x 0.15 1.3x 0.10 1.x 0.05 4Q 2 nd Delaware Basin CGF .8x 0.00 1Q 2Q 3Q 4Q (E) 1Q 2Q 3Q 4Q (E) Oil and Gas Gathering Produced Water Gathering Fresh Water Delivery MBoe/d MBw/d MBw/d 184 175 110 - 120 38 - 48 110 - 150 95 129 74 63 27 13 9 1Q 2Q 3Q 4Q (E) 1Q 2Q 3Q 4Q (E) 1Q 2Q 3Q 4Q (E) 1. Figures are Non-GAAP; see reconciliation to GAAP measures in Appendix www.nblmidstream.com 5

Transformational Business Development Extends Growth Runway Advantage Pipeline JV Acquisition Feb. ’17  Delaware Basin crude transmission added to portfolio Pro-Forma 2017 Average USO Delaware Basin Gas Gathering Dedication Apr. ’17   Rig Exposure Increases to > 15 NBL’s legacy 47,000 Delaware Basin acres NBLX Third-Party Acreage Mix  Clayton Williams Gathering Dedication Apr. ’17  from ~20% to ~45% of DJ Basin Oil, gas and produced water gathering on 64,000 Delaware Basin acres Dedicated Acres Commitment to 50% / 50% DJ  Inaugural Dropdown Transaction Jun. ’17  Basin / Delaware Basin EBITDA Accretive transaction providing additional exposure to Permian Basin Mix by 2020 Enhanced Operating Leverage Delaware Basin Gas Compression Services Announced Oct. ’17   Added complementary service to existing and planned CGFs Extended 20% DPU Growth  Horizon Beyond 2020 SRC Acquires 30k Acres in DJ Basin from NBL Nov. ‘17  Expected to accelerate development of NBLX dedicated acreage Black Diamond JV to Acquire Saddle Butte System Dec. ‘17  Strategic asset will add significant third-party customers and operational synergies www.nblmidstream.com

Third Party M&A: NBLX Playbook M&A Strategy Focused on acquiring assets that NBLX can bring more to than the competition NBLX ownership promote of 4.4% • ~300K existing dedicated acres to NBLX in SBP • Post-close contract execution: Differentiated Value catchment area NBL Rosetta acreage dedication • Creation Anticipated expansion of existing SBP dedication • Plains Transportation Agreement (PDC) • Capital avoidance opportunities • Attractive entry multiple for high-growth asset in • premier oil basin; expected to compress to organic Attractive Acquired at near new build cost • build-like multiples without incremental Transaction Metrics contribution from NBLX / PDC Immediately accretive to DCFPU • Expected to be accretive to DCFPU in Year One • Core DJ Basin asset adjacent to substantially all • Enhancing Third- Core Delaware Basin asset positioned for third- • major operating areas Party Customer party success Six third-party contracted customers with 141K • Platform Blue chip midstream partner in Plains All American • dedicated acres 1 Preservation of Maintains NBLX’s differentiated status on coverage, leverage and growth Organic Story December 2017 nominations of ~60 MBbl/d • Greater than 100% above April 2017 volumes  Results Anticipated closing in 1Q18 • (initial month following transaction close) Greater than 33% above acquisition case  1. Reflects anticipated expansion of PDC Energy acreage dedication to Saddle Butte System www.nblmidstream.com 7

Introducing Black Diamond JV www.nblmidstream.com 8