Investor Presentation September 2017 www.nblmidstream.com Noble - PowerPoint PPT Presentation

Investor Presentation September 2017 www.nblmidstream.com

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 50.1% LP  Crude oil gathering, treating and transmission Interest / IDRs GP LLC  Natural gas gathering Non-economic  Produced water gathering and freshwater delivery GP Interest Public Unitholders 49.9% LP  NBLX’s development company (“DevCo”) structure Interest 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 Services, LLC shale basins Acreage Dedications 5-100% Controlling Interests DevCos DJ Basin 300,000 net acres Delaware Basin 111,000 net acres 2 www.nblmidstream.com

Midstream Services Portfolio DJ Basin Delaware Basin Laramie River Blanco River 100% Interest 40% Interest San Juan River 25% Interest Colorado River Trinity River 100% Interest 100% Interest NBL Acreage 3 rd Party Acreage NBL ROFR Acreage Existing NBLX Pipelines Planned NBLX Pipelines Gunnison River Central Gathering Facility 5% Interest Oil Treating Facility Green River Integrated Development Plan Areas (“IDPs”) 25% Interest 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 78k     Colorado River 100% NBL East Pony 44k  Blanco River 40% Delaware Basin    NBL 111k Trinity River 100% Delaware Basin  * SRCI 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    * 64k acres acquired by NBL from CWEI is dedicated to NBLX; NBL’s legacy Delaware Basin acres (~47k) dedicated to the Advantage Pipeline JV 3 www.nblmidstream.com

Recent Highlights Growth Projects and Well Performance Driving 3Q Guidance Increases Following Record 2Q Results Actuals 3Q Guidance % Change Setting Records in 2Q 2017 to Mid- 1Q 2Q Record Prior Current Gross Volumes Point Record Results in Volumes and  Oil Gathered Financial Metrics Ahead of Key 44 54  56 – 62 68 – 72 19% (MBbl/d) Gathering Growth Projects Commencing in 3Q Gas Gathered  112 122 130 – 144 142 – 148 6% (MMcf/d) 2Q Annualized Leverage: 1.4x  Oil and Gas Gathered  63 74 78 – 86 92 – 97 15% (MBoe/d) Closed Advantage JV and  Inaugural Dropdown Produced Water  9 13 18 – 22 25 – 27 30% Gathered (MBw/d) 8.5% DPU Growth Above 1Q DPU  Fresh Water Delivered 129 184  100 – 130 170 – 180 52% 2.3x DCF Coverage Pro Forma for (MBw/d)  Full Second Quarter Dropdown Interest Financials ($MM)  Net Income $35 $39 $33 – $36 $42 – $43 23% 3Q 2017 Guidance Raised Gross Strong Well Performance and  EBITDA 1 $37 $42 $35 – $41 $45 – $49 24%  Fresh Water per Well Demand  Continuing in 3Q Attributable to EBITDA 1 $26 $34 $32 – $39 $43 – $47 27% the Partnership Distributable Successful Startup of 1 st   $24 $30 $27 – $33 $37 – $40 32% Cash Flow 1 Delaware Basin CGF and DJ Basin Third-Party Gathering System DCF Coverage 1,2 1.8x 1.9x 1.6x – 1.9x 2.2x – 2.4x 32% 1. Non-GAAP measures; see reconciliation to GAAP measures in Appendix 2. Estimates include forecasted DPU growth of 4.7% quarterly, or 20% annual 4 4 www.nblmidstream.com

Building for Sustainable, Long-Term Growth Gross Oil & Gas Gathered (MBoe/d) 2017 Growth Projects: 95 2Q SRC fresh water system online +29% 74 75 63 1 st Delaware Basin CGF online & connected to Advantage 3Q DJ Basin third-party gathering system online 25 1Q 2Q 3Q (E) 2017 2017 Midpoint 2 nd Delaware Basin CGF 4Q Net EBITDA and DCF Coverage 1 2.3x 60 2.5x 2017 – 2020 + Pro Forma Current Outlook 1.9x 1.8x CAGR Drop Down 50 2.x $45 Net EBITDA 1 > 20%  40 1.5x +33% $34 Distributable Cash Flow 1 > 20%  30 $26 1.x Distribution per Unit 2 20%  20 .5x DCF Coverage 1,2 (in all years) > 1.3x  10 .x 1Q 2Q 3Q (E) Leverage (in all years) < 2.5x  2017 2017 Midpoint 1. Non-GAAP measures; see reconciliation to GAAP measures in Appendix Net EBITDA ($MM) DCF Coverage 2. Estimates include forecasted DPU growth of 4.7% quarterly, or 20% annual 5 www.nblmidstream.com

Consistently Enhancing Top-Tier Growth Outlook 2017 – 2020 DPU Growth Objective at IPO (September 2016) 20% Enhancements Since IPO: Fresh Water Delivery Per Well Demand Nearly Triples Sep. ‘16  Extends 20% Growth  Enhanced completions driving increased fresh water demand Horizon NBL USO Update Nov. ‘16  Higher activity + increased type curves in both DJ and Delaware Durability to  Distribution Through Advantage Pipeline JV Acquisition Feb. ‘17  Commodity Cycles Delaware Basin crude transmission added to portfolio Delaware Basin Gas Gathering Dedication Apr. ‘17 Improves Already   NBL’s legacy 47,000 Delaware Basin acres Strong Coverage and Leverage Outlook Clayton Williams Gathering Dedication Apr. ‘17  Oil, gas and produced water gathering on 64,000 Delaware Basin acres Provides Financial  Inaugural Dropdown Transaction Jun. ‘17 Flexibility for  Accretive transaction providing additional exposure to Permian Basin Complementary Growth Opportunities Record Oil and Gas System Throughput 2Q ‘17  NBL’s DJ horizontal wedge production driving record gathering throughput 2017 – 2020 DPU Growth Objective (September 2017) 20% 6 www.nblmidstream.com

Recent Acquisitions Two Acquisitions Closed in 2Q Totaling $337mm  2017 M&A and net capital spending estimated to total approximately $530mm;  funded with ~30% equity (June 2017 PIPE) Southern Delaware Basin Balance sheet remains strong with 2Q annualized leverage at 1.4x  Crude Oil Pipeline 50/50 JV with PAA 2018 EBITDA Multiple Expected to be 6.8x – 7.8x From Acquired Assets  $133mm ($66.5 mm net) Significant Steps Toward 2020 Goal of ~50% of Partnership EBITDA From  70 miles the Permian Basin 150 MBbl/d Capacity Closed April 3, 2017 Dropdown and Private Placement (PIPE) Review Acquired 20% of Colorado River DevCo and 15% of Blanco River DevCo from NBL  $270mm purchase price; funded by $143mm PIPE, approximately $25mm in units to NBL and  $102mm borrowing under credit facility Inaugural Dropdown Priced $143mm PIPE on June 20, 2017 at 80% Premium to IPO Price  Additional DevCo Interests Acquired for $270mm Execution Despite Challenging Market Backdrop  First MLP PIPE since Jan. 2017 and first PIPE to fund a dropdown since Nov. 2015  DJ & Delaware Basin MLP Investor Participation (6 Existing Investors, 2 New Investors)  Closed June 27, 2017 Transaction Merited in Upside and Defensive Commodity Price Curves  7 www.nblmidstream.com

Conservative Financial Management of Freshwater Segment NBL Fresh Water per Equivalent Well 2Q 2017 NBLX Net EBITDA and Distribution Coverage (1,2) 350 2.3x 294 300 ~200% Higher than 1Q15 – 2Q16 Average 250 1.8x 1.9x 250 227 217 1Q ’15 – 2Q ‘16 $34 200 Average = 100 1.2x 1.5x 150 120 120 $27 104 91 100 82 80 1.0x 50 $20 2Q Pro Forma for Full Quarter 0 x Including Drop Down 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Implied Distribution '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 x Coverage of 2Q Distribution Actual Freshwater Delivery EBITDA 2Q 2017 Average Fresh Water per Equivalent Well (MBw) Normalized Freshwater Delivery EBITDA (3) Wells Ranch 268 Gathering EBITDA East Pony federal Gathering EBITDA Normalized FW Actual FW 126 0 50 100 150 200 250 300 1. Non-GAAP measures; see reconciliation to GAAP measures in Appendix 2. G&A allocated to gathering and freshwater delivery based on proportionate share of EBITDA; coverage figures reflect full net maintenance capital totals 3. Assumes 1H 2016 average water volumes / equivalent well 8 www.nblmidstream.com