Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 15, 2018

 http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=59

NOBLE ENERGY, INC.
(Exact name of Registrant as specified in its charter)
 
 
 
 
 
 
Delaware
 
001-07964
 
73-0785597
(State or other jurisdiction of
incorporation or organization)
 
Commission
File Number
 
(I.R.S. Employer
Identification No.)
 
 
1001 Noble Energy Way,
Houston, Texas
 
 
 
77070
(Address of principal executive offices)
 
 
 
(Zip Code)
Registrant’s telephone number, including area code: (281) 872-3100
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o





Item 2.02. Results of Operations and Financial Condition.
On February 20, 2018, Noble Energy, Inc. (the “Company”) issued a press release announcing results for the fiscal year and fiscal quarter ended December 31, 2017. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this Current Report and will be published on the Company's website at www.nblenergy.com.
The Company’s press release announcing its financial results for its fiscal year and fiscal quarter ended December 31, 2017 contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. The Company has provided quantitative reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
In accordance with General Instruction B.2. of Form 8-K, the information set forth herein and in the press release as Exhibit 99.1 is deemed to be "furnished" and shall not be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Item 7.01. Regulation FD Disclosure.
On February 20, 2018, we will present certain information in connection with our call with stockholders, analysts and others relating to our results of operations, discussed above, and 2018 guidance. Attached hereto as Exhibit 99.2 are the fourth quarter 2017 supplemental slides that will be presented at that time.
On February 20, 2018, the Company issued a press release with respect to it 2017 year-end reserves. A copy of the Company's press release is furnished as Exhibit 99.3 to this current report on Form 8-K and incorporated herein by reference.
On February 20, 2018, the Company issued a press release with respect to it 2018 capital budget and operational and financial guidance. A copy of the Company's press release is furnished as Exhibit 99.4 and supplemental slides as Exhibit 99.5 to this current report on Form 8-K and incorporated herein by reference.

On February 15, 2018, the Company issued a press release announcing that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $750 million of its outstanding common stock, such purchases to be from time to time on the open market or in negotiated transactions. A copy of the Company's press release is furnished as Exhibit 99.6 to this current report on Form 8-K and incorporated herein by reference.

On February 19, 2018, the Company issued a press release announcing execution of two independent gas sale agreements for export of natural gas to Egypt. A copy of the Company's press release is furnished as Exhibit 99.7 to this current report on Form 8-K and incorporated herein by reference.
The information included in this Current Report under Item 7.01, including Exhibits 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7, is deemed to be “furnished” and shall not be “filed” for purposes of Section 18 of the Exchange Act.
Item 8.01. Other Events.

On February 15, 2018, the Company announced that its Board of Directors authorized the repurchase of up to $750 million of its outstanding common stock. The authorization extends through the end of 2020.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits. The following exhibit is furnished as part of this Current Report on Form 8-K:
 
99.1
Press Release dated February 20, 2018 announcing results for the fiscal year and fiscal quarter ended December 31, 2017.
 
99.2
Fourth quarter 2017 supplemental slide presentation.
 
99.3
Press Release dated February 20, 2018 announcing 2017 year-end reserves.
 
99.4
Press Release dated February 20, 2018 announcing the 2018 capital budget and operational and financial guidance.
 
99.5
2018 capital budget and operation and financial guidance supplemental slide presentation.
 
99.6
Press Release dated February 15, 2018 announcing Noble Energy share repurchase program and divestiture of Gulf of Mexico assets.
 
99.7
Press Release dated February 19, 2018 announcing execution of gas sale agreements to Egypt.





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
NOBLE ENERGY, INC.
 
 
 
 
Date:
February 20, 2018
 
 
By: 
 
/s/ Kenneth M. Fisher
 
 
 
 
 
 
Kenneth M. Fisher
 
 
 
 
 
 
Executive Vice President, Chief Financial Officer





INDEX TO EXHIBITS
 
 
99.1
 
99.2
 
99.3
 
99.4
 
99.5
 
99.6
 
99.7


Exhibit


Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=58
  
 
NEWS RELEASE
 
 
 
 
 
 
 

NOBLE ENERGY ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2017 RESULTS

HOUSTON (February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the "Company”) today announced fourth quarter and full-year 2017 financial and operating results. Highlights include:

Strengthened the balance sheet through non-core asset divestitures and retired approximately $570 million of Noble Energy debt in the fourth quarter.
Delivered record quarterly U.S. onshore oil volumes and growth of over 40 percent(1) from first quarter to fourth quarter 2017.
Increased fourth quarter 2017 total company liquids composition to 56 percent compared to 46 percent in the fourth quarter 2016. U.S. onshore liquids grew to 67 percent of total U.S. onshore production.
Grew fourth quarter combined Texas volumes to 130 MBoe/d, and increased oil as a percentage of DJ Basin volumes to a record 55 percent.
Commenced operation at the Company’s second Central Gathering Facility in the Delaware Basin.
Reduced unit operating expenses eight percent from the third quarter 2017 to $8.10 per BOE in the fourth quarter.
Proved reserves added replaced approximately 625 percent of 2017 production.

David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “For Noble Energy, 2017 was a transformative year as we repositioned our portfolio and executed on our strategy to drive capital efficiency in our high-margin, high-return basins. We significantly advanced the development of our U.S. onshore assets as we reduced drilling costs and enhanced well productivity, while materially increasing the scale of our Texas operations. In addition, the value of our midstream business expanded through the build-out of multiple facilities to support the Company's future upstream production plans. Our world-class Leviathan project was one of the largest offshore projects sanctioned in 2017, and we commenced project execution, taking advantage of a low point in the cycle for offshore costs. All of this was accomplished with record safety performance across the Company. The results delivered in 2017 provide significant momentum as we enter 2018 and deliver growing value for shareholders."

Fourth Quarter and Full-Year 2017 Results

Fourth quarter net income attributable to Noble Energy totaled $494 million, or $1.01 per diluted share. The Company reported adjusted net income(2) and adjusted net income per share(2) attributable to Noble Energy for the quarter of $156 million, or $0.32 per diluted share, which excludes the impact of certain items typically not considered by analysts in formulating estimates. Adjusted EBITDAX(2) was $789 million.

During the fourth quarter, the Company invested $579 million in its upstream operations and funded $76 million for onshore midstream assets. Approximately 80 percent was deployed to our U.S. onshore plays and 17 percent was spent in Israel primarily for Leviathan development.

Total Company sales volumes for the fourth quarter 2017 were 380 thousand barrels of oil equivalent per day (MBoe/d), an increase of 25 MBoe/d from the third quarter 2017 and up nearly 50 MBoe/d(1) from the fourth quarter of last year. Volumes for the fourth quarter of 2017 were impacted by approximately 7 MBoe/d as a result of winter storms and third-party facility impacts in the Company's Texas operations. U.S. onshore volumes were up approximately 40 percent(1) from the fourth quarter of 2016 while combined sales volumes from the Gulf of Mexico and West Africa were down approximately 20 percent due to natural field decline. In Israel, net volumes were slightly lower than the fourth quarter of last year, driven by the impact of planned maintenance work in October 2017.

Unit operating expenses for the fourth quarter 2017 totaled $8.10 per BOE, including lease operating expenses (LOE), production taxes, gathering and transportation expenses and marketing costs. LOE decreased by three percent from third quarter 2017 to $4.49 per BOE. Production tax expense for the period totaled 1.7 percent of oil, gas, and NGL revenues and benefited from finalizing prior years’ property tax returns. Depreciation, depletion and amortization was reduced to $14.28 per BOE, down 11 percent from the fourth quarter of last year primarily as a result of increased reserve bookings from our enhanced onshore well performance.

Equity method and other income for the quarter of $59 million was greater than expected primarily due to the strength of liquids prices at the methanol and LPG plants in Equatorial Guinea.

Adjustments to net income attributable to Noble Energy for the quarter include the removal of the gain on the sale of mineral interests, unrealized mark to market loss on commodity hedges, and the net impact from the recently enacted Tax Cuts and Jobs Act, among other items. There is no significant near-term cash impact to Noble Energy resulting from the new tax law.


1



Full-year 2017 net loss attributable to Noble Energy totaled $1,118 million, or $2.38 per diluted share. The Company reported adjusted net income(2) and adjusted net income per share(2) attributable to Noble Energy for the year of $147 million, or $0.31 per diluted share. Adjusted EBITDAX(2) was $2,648 million for full-year 2017.

The Company achieved full year reported sales volumes of 381 MBoe/d, an increase of seven percent(1) from 2016. Organic upstream capital expenditures and midstream investments funded by the Company totaled $2,556 million for the year.

Strengthening the Balance Sheet

In November 2017, the Company closed the sale of non-core mineral and royalty interests, including approximately 4 MBoe/d of net production for $340 million. In December 2017, the Company closed the sale of approximately 30,200 net acres of its DJ Basin position in Weld County, Colorado, which included approximately 3 MBoe/d. Noble Energy received $568 million from the initial close of the DJ Basin sale and anticipates the remaining funds of approximately $40 million to be received in a final closing by mid-2018.

During the fourth quarter, the Company paid off its term loan balance of $550 million and certain legacy Rosetta Resources notes of approximately $20 million, bringing full-year 2017 Noble Energy debt retirement to approximately $1.2 billion, inclusive of Clayton Williams Energy debt retired at the time of acquisition. The Company ended 2017 with $4.5 billion in total financial liquidity, comprised of cash and Noble Energy's available credit facility borrowing capacity.

Significant U.S. Onshore Growth

Total sales volumes across the Company’s U.S. onshore assets averaged 249 MBoe/d in the fourth quarter 2017, up approximately 40 percent(1) from the fourth quarter of 2016. U.S. onshore oil volumes totaled a record 104 MBbl/d, up over 40 percent(1) from the first quarter 2017. Fourth quarter 2017 volumes reflect record quarterly volumes in the Company’s Eagle Ford and Delaware Basin assets. Texas volumes were reduced approximately 7 MBoe/d in the fourth quarter due to winter storms in December and third-party facility impacts.

The DJ Basin averaged 115 MBoe/d, an increase of three percent from the fourth quarter of last year driven by strong well performance in the Company’s Wells Ranch and East Pony areas. Oil volumes in the DJ Basin totaled 63 MBbl/d, or 55 percent of total basin production, up five percentage points from the fourth quarter of last year.



2



Noble Energy's Texas volumes increased by more than 75 MBoe/d in the fourth quarter as compared to the fourth quarter 2016. Production from the Eagle Ford doubled from the fourth quarter 2016 to an average of 92 MBoe/d through development of the Lower Eagle Ford in South Gates Ranch. Delaware Basin production of 38 MBoe/d was nearly four times that of the fourth quarter 2016 as the Company continued to accelerate the pace of development and delivered strong well performance. The second Delaware Basin central gathering facility, operated by Noble Midstream Partners, started up at the beginning of December 2017.

During the fourth quarter, the Company averaged eight operated drilling rigs (two DJ, five Delaware and one Eagle Ford) and four completion crews (two DJ and two Delaware). Fourth quarter operated wells brought online included 22 in the DJ Basin, 10 in the Eagle Ford and 21 in the Delaware.

Strong Performance in Israel

Net sales volumes totaled 262 million cubic feet of natural gas equivalent per day (MMcfe/d) during the fourth quarter of 2017. Gross production from the Company’s assets in Israel averaged 911 MMcfe/d. The Company completed planned maintenance at Tamar ahead of schedule in the early part of the fourth quarter, contributing to 98 percent uptime during the quarter.

Currently, development of the Leviathan project is approximately 40 percent complete. Construction of the production platform is underway, preparations to mobilize the drilling rig commenced and the project remains on budget and schedule with first gas sales anticipated by the end of 2019.

Offshore Assets

Sales volumes for West Africa were 64 MBoe/d (30 percent oil) which were equal to produced volumes. Quarterly sales volumes in the Gulf of Mexico averaged 23 MBoe/d, with 78 percent oil contribution, reflecting continued strong field performance and facility uptime.

Additional details for the fourth quarter and year-end results can be found in the quarterly supplement on the Company’s website, www.nblenergy.com.

(1)Pro forma for asset divestments.
(2)A Non-GAAP measure, please see the respective earnings release schedules included herein for reconciliations.

Webcast and Conference Call Information

Noble Energy, Inc. will host a live audio webcast and conference call at 8:00 a.m. Central Time on February 20, 2018. The webcast link is accessible on the 'Investors' page at www.nblenergy.com. A replay will be

3



available on the website. Conference call numbers for participation during the question and answer session are:

Toll Free Dial in: 800-289-0438
International Dial in: 323-994-2083
Conference ID: 4328087

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com.

Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com

Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com

Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com

Paula Beasley
(281) 876-6133
media@nblenergy.com

This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations.  No assurances can be given that the forward-looking statements contained in this news release 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government

4



regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.

This news release also contains certain historical non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see Noble Energy’s respective earnings release for reconciliations of the differences between any historical non-GAAP measures used in this news release and the most directly comparable GAAP financial measures.




5



Schedule 1
Summary Statement of Operations
(in millions, except per share amounts, unaudited) 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Revenues
 
 
 
 
 
 
 
Crude Oil and Condensate
$
709

 
$
564

 
$
2,346

 
$
1,854

Natural Gas Liquids
164

 
92

 
493

 
296

Natural Gas
269

 
323

 
1,221

 
1,239

Income from Equity Method Investees and Other
59

 
31

 
196

 
102

Total Revenues
1,201

 
1,010

 
4,256

 
3,491

Operating Expenses
 
 
 
 
 
 
 
Lease Operating Expense
157

 
130

 
571

 
542

Production and Ad Valorem Taxes
19

 
5

 
138

 
78

Gathering, Transportation and Processing Expense
99

 
126

 
432

 
480

Marketing Expense
8

 
19

 
47

 
58

Exploration Expense
52

 
549

 
188

 
925

Depreciation, Depletion and Amortization
499

 
595

 
2,053

 
2,454

General and Administrative
111

 
106

 
415

 
399

Loss on Marcellus Shale Upstream Divestiture
53

 

 
2,379

 

Asset Impairments
63

 
92

 
70

 
92

Other Operating Income, Net
(321
)
 
(249
)
 
(235
)
 
(161
)
Total Operating Expenses
740

 
1,373

 
6,058

 
4,867

Operating Income (Loss)
461

 
(363
)
 
(1,802
)
 
(1,376
)
Other Expense
 
 
 
 
 
 
 
Loss (Gain) on Commodity Derivative Instruments
82

 
87

 
(63
)
 
139

Loss (Gain) on Extinguishment of Debt

 

 
98

 
(80
)
Interest, Net of Amount Capitalized
83

 
86

 
354

 
328

Other Non-Operating Expense, Net
4

 
5

 

 
9

Total Other Expense
169

 
178

 
389

 
396

Income (Loss) Before Income Taxes
292

 
(541
)
 
(2,191
)
 
(1,772
)
Income Tax Benefit
(224
)
 
(301
)
 
(1,141
)
 
(787
)
Net Income (Loss) Including Noncontrolling Interests
516

 
(240
)
 
(1,050
)
 
(985
)
Less: Net Income Attributable to Noncontrolling Interests(1)
22

 
12

 
68

 
13

Net Income (Loss) Attributable to Noble Energy
$
494

 
$
(252
)
 
$
(1,118
)
 
$
(998
)
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Noble Energy Per Share of Common Stock
 
 
 
 
 
 
 
Income (Loss) Per Share, Basic and Diluted
$
1.01

 
$
(0.59
)
 
$
(2.38
)
 
$
(2.32
)
Weighted Average Number of Shares Outstanding
 
 
 
 
 
 
 
Basic
487


430


469


430

Diluted
488

 
430

 
469

 
430


(1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements.
  
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20, 2018.

6



Schedule 2
Condensed Balance Sheets
(in millions, unaudited) 
 
December 31, 2017
 
December 31, 2016
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
675

 
$
1,180

Accounts Receivable, Net
748

 
615

Other Current Assets
780

 
160

Total Current Assets
2,203

 
1,955

Net Property, Plant and Equipment
17,502

 
18,548

Goodwill
1,310

 

Other Noncurrent Assets
461

 
508

Total Assets
$
21,476

 
$
21,011

Liabilities and Shareholders' Equity
 
 
 
Current Liabilities
 
 
 
Accounts Payable - Trade
$
1,161

 
$
736

Other Current Liabilities
578

 
742

Total Current Liabilities
1,739

 
1,478

Long-Term Debt
6,746

 
7,011

Deferred Income Taxes
1,127

 
1,819

Other Noncurrent Liabilities
1,245

 
1,103

Total Liabilities
10,857

 
11,411

Total Shareholders' Equity
9,936

 
9,288

Noncontrolling Interests(1)
683

 
312

Total Equity
10,619

 
9,600

Total Liabilities and Equity
$
21,476

 
$
21,011


(1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements.

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20, 2018.

















7



Schedule 3
Condensed Statement of Cash Flows
(in millions, unaudited)
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Cash Flows From Operating Activities
 
 
 
 
 
 
 
Net Income (Loss) Including Noncontrolling Interests (1)
$
516

 
$
(240
)
 
$
(1,050
)
 
$
(985
)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
 
 
 
 
 
 
 
Depreciation, Depletion and Amortization
499

 
595

 
2,053

 
2,454

Asset Impairments
63

 
92

 
70

 
92

Loss on Marcellus Shale Upstream Divestiture
53

 

 
2,379

 

Deferred Income Tax Benefit
(239
)
 
(285
)
 
(1,227
)
 
(984
)
Dry Hole Cost
7

 
474

 
9

 
579

Undeveloped Leasehold Impairment
11

 
12

 
62

 
93

Loss (Gain) on Extinguishment of Debt

 

 
98

 
(80
)
Loss (Gain) on Commodity Derivative Instruments
82

 
87

 
(63
)
 
139

Net Cash (Used) Received in Settlement of Commodity Derivative Instruments
(5
)
 
114

 
13

 
569

Gain on Divestitures
(326
)
 
(261
)
 
(326
)
 
(238
)
Stock Based Compensation
21

 
16

 
104

 
77

Other Adjustments for Noncash Items Included in Income
(26
)
 
(18
)
 
(21
)
 
95

Net Changes in Working Capital
(123
)
 
(289
)
 
(150
)
 
(460
)
Net Cash Provided by Operating Activities
533

 
297

 
1,951

 
1,351

Cash Flows From Investing Activities
 
 
 
 
 
 
 
Additions to Property, Plant and Equipment
(693
)
 
(377
)
 
(2,649
)
 
(1,541
)
Proceeds from Divestitures
916

 
455

 
2,073

 
1,241

Clayton Williams Energy Acquisition

 

 
(616
)
 

Other Acquisitions

 

 
(327
)
 

Other - Investing
(19
)
 
(123
)
 
(87
)
 
(131
)
Net Cash Provided by (Used in) Investing Activities
204

 
(45
)
 
(1,606
)
 
(431
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
Dividends Paid, Common Stock
(49
)
 
(43
)
 
(190
)
 
(172
)
Proceeds from Revolving Credit Facility

 

 
1,585

 

Repayment of Credit Facility
(45
)
 

 
(1,355
)
 

Repayment of Clayton Williams Energy Long-term Debt

 

 
(595
)
 

Repayment of Term Loan Facility
(550
)
 
(850
)
 
(550
)
 
(850
)
(Repayment) Proceeds from Long Term Debt, Net
(18
)
 

 
(28
)
 
17

Proceeds from Noble Midstream Partners Revolving Credit Facility
80

 

 
325

 

Issuance of Noble Midstream Partners Common Units, Net of Offering Costs
(195
)
 

 
(240
)
 

Proceeds from Noble Midstream Partners Revolving Credit Facility
174

 

 
312

 
299

Other - Financing
(23
)
 
2

 
(114
)
 
(62
)
Net Cash Used in Financing Activities
(626
)
 
(891
)
 
(850
)
 
(768
)
Increase (Decrease) in Cash and Cash Equivalents
111

 
(639
)
 
(505
)
 
152

Cash and Cash Equivalents at Beginning of Period
564

 
1,819

 
1,180

 
1,028

Cash and Cash Equivalents at End of Period
$
675

 
$
1,180

 
$
675

 
$
1,180



8



(1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. For the quarter and year ended December 31, 2017 and 2016, Net Income (Loss) includes Net Income Attributable to Noncontrolling Interests in NBLX.

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 20, 2018.

9



Schedule 4
Volume and Price Statistics
(unaudited)
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
Sales Volumes
2017
 
2016
 
2017
 
2016
Crude Oil and Condensate (MBbl/d)
 
 
 
 
 
 
 
United States Onshore
104

 
74

 
90

 
74

United States Gulf of Mexico
18

 
28

 
21

 
25

Equatorial Guinea
17

 
27

 
18

 
26

Equity Method Investee - Equatorial Guinea
2

 
2

 
2

 
2

Total
141

 
131

 
131

 
127

Natural Gas Liquids (MBbl/d)
 
 
 
 
 
 
 
United States Onshore
62

 
49

 
56

 
53

United States Gulf of Mexico
2

 
1

 
2

 
1

Equity Method Investee - Equatorial Guinea
6

 
6

 
6

 
5

Total
70

 
56

 
64

 
59

Natural Gas (MMcf/d)
 
 
 
 
 
 
 
United States Onshore
494

 
784

 
586

 
861

United States Gulf of Mexico
22

 
32

 
21

 
20

Israel
260

 
272

 
272

 
281

Equatorial Guinea
236

 
250

 
239

 
235

Total
1,012

 
1,338

 
1,118

 
1,397

Total Sales Volumes (MBoe/d)
 
 
 
 
 
 
 
United States Onshore
249

 
254

 
244

 
271

United States Gulf of Mexico
23

 
33

 
26

 
30

Israel
44

 
46

 
46

 
47

Equatorial Guinea
56

 
69

 
57

 
65

Equity Method Investee - Equatorial Guinea
8

 
8

 
8

 
7

Total Sales Volumes (MBoe/d)
380

 
410

 
381

 
420

 
 
 
 
 
 
 
 
Total Sales Volumes (MBoe)
34,946

 
37,726

 
139,050

 
153,540

 
 
 
 
 
 
 
 
Price Statistics - Realized Prices(1)

 
 
 
 
 
 
Crude Oil and Condensate ($/Bbl)
 
 
 
 
 
 
 
United States Onshore
$
53.83

 
$
46.69

 
$
48.88

 
$
39.46

United States Gulf of Mexico
58.08

 
45.52

 
50.05

 
39.99

Equatorial Guinea
60.83

 
51.39

 
53.68

 
43.54

Natural Gas Liquids ($/Bbl)
 
 
 
 
 
 
 
United States Onshore
$
27.77

 
$
19.83

 
$
23.34

 
$
14.82

United States Gulf of Mexico
32.79

 
34.76

 
25.76

 
18.62

Natural Gas ($/Mcf)
 
 
 
 
 
 
 
United States Onshore
$
2.87

 
$
2.45

 
$
3.02

 
$
2.10

United States Gulf of Mexico
3.09

 
2.93

 
3.16

 
2.58

Israel
5.31

 
5.27

 
5.32

 
5.21

Equatorial Guinea
0.27

 
0.27

 
0.27

 
0.27


(1) Average realized prices do not include gains or losses on commodity derivative instruments.


10



Schedule 5
Reconciliation of Net Income (Loss) Attributable to Noble Energy and Per Share (GAAP) to
Adjusted Income (Loss) Attributable to Noble Energy and Per Share (Non-GAAP)
(in millions, except per share amounts, unaudited)

Adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income (loss) attributable to Noble Energy and per share (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe this Non-GAAP measure is used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) may be useful for comparison of earnings and per share to forecasts prepared by analysts and other third parties. However, our presentation of adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP), may not be comparable to similar measures of other companies in our industry.

11



 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Net Income (Loss) Attributable to Noble Energy (GAAP)
$
494

 
$
(252
)
 
$
(1,118
)
 
$
(998
)
Adjustments to Net Income (Loss)
 
 
 
 
 
 
 
Loss on Marcellus Shale Upstream Divestiture
53

 

 
2,379

 

Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements
77

 
201

 
(50
)
 
708

Leasehold Impairment
11

 
484

 
62

 
591

Gain on Divestitures
(324
)
 
(261
)
 
(326
)
 
(238
)
Clayton Williams Energy Acquisition Expenses
2

 

 
100

 

Asset Impairments
63

 
92

 
70

 
92

Other Adjustments
14

 
(3
)
 
139

 
(21
)
Total Adjustments Before Tax
(104
)
 
513

 
2,374

 
1,132

Current Income Tax Effect of Adjustments (1)

 
(66
)
 

 
45

Deferred Income Tax Effect of Adjustments (1)
36

 
(82
)
 
(839
)
 
(427
)
Adjustments to Net Income (Loss), After Tax
$
(68
)
 
$
365

 
$
1,535

 
$
750

Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP), Before Tax Reform Impact
426

 
113

 
417

 
(248
)
Tax Reform Impact (2)
(270
)
 

 
(270
)
 

Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)
$
156

 
$
113

 
$
147

 
$
(248
)
Net Income (Loss) Attributable to Noble Energy Per Share, Basic and Diluted (GAAP)
$
1.01

 
$
(0.59
)
 
$
(2.38
)
 
$
(2.32
)
Loss on Marcellus Shale Upstream Divestiture
0.11

 

 
5.05

 

Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements
0.16

 
0.46

 
(0.11
)
 
1.65

Leasehold Impairment
0.02

 
1.13

 
0.13

 
1.37

Gain on Divestitures
(0.67
)
 
(0.61
)
 
(0.70
)
 
(0.55
)
Clayton Williams Energy Acquisition Expenses

 

 
0.21

 

Asset Impairments
0.13

 
0.21

 
0.15

 
0.21

Other Adjustments
0.04

 

 
0.32

 
(0.05
)
Current Income Tax Effect of Adjustments (1)

 
(0.15
)
 

 
0.10

Deferred Income Tax Effect of Adjustments (1)
0.07

 
(0.19
)
 
(1.79
)
 
(0.99
)
Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP)
$
0.87

 
$
0.26

 
$
0.88

 
$
(0.58
)
Tax Reform Impact (2)
(0.55
)
 

 
(0.57
)
 

Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP)
0.32

 
0.26

 
0.31

 
(0.58
)
Weighted Average Number of Shares Outstanding, Basic
487

 
430

 
469

 
430

Incremental Dilutive Shares
1

 
3

 
2

 

Weighted Average Number of Shares Outstanding, Diluted
488

 
433

 
471

 
430


(1) Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities and the change in the indefinite reinvestment assertion related to accumulated undistributed earnings of foreign subsidiaries.

(2) On December 22, 2017, U.S. Congress enacted the Tax Cuts and Jobs Act (Tax Reform Legislation), making significant changes to U.S. federal income tax law impacting us. Provisions of the Tax Reform Legislation include, among others: a decrease in the federal corporate tax rate to 21% beginning in 2018, a transition tax on a one-time “deemed repatriation” of accumulated foreign earnings, repeal and carryover of the corporate alternative minimum tax (AMT), and a phase-down of the bonus depreciation percentage. There is no significant near-term cash impact to Noble Energy resulting from the new tax law.

12



Schedule 6
Reconciliation of Net Income (Loss) Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP) and Adjusted EBITDAX (Non-GAAP)
(in millions, unaudited)

Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and Amortization, and Exploration Expenses (Adjusted EBITDAX) (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income (loss) attributable to Noble Energy (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that Adjusted EBITDAX (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe these Non-GAAP measures are used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, Adjusted EBITDAX (Non-GAAP) may be useful for comparison to forecasts prepared by analysts and other third parties. However, our presentation of Adjusted EBITDAX (Non-GAAP) may not be comparable to similar measures of other companies in our industry.
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Net Income (Loss) Attributable to Noble Energy (GAAP)
$
494

 
$
(252
)
 
$
(1,118
)
 
$
(998
)
Adjustments to Net Income (Loss), After Tax (1)
(338
)
 
365

 
1,265

 
750

Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)
156

 
113

 
147

 
(248
)
 
 
 
 
 
 
 
 
Adjustments to Adjusted Income (Loss) Attributable to Noble Energy
 
 
 
 
 
 
 
Depreciation, Depletion, and Amortization
499

 
595

 
2,053

 
2,454

Exploration Expense(2)
41

 
65

 
126

 
334

Interest, Net of Amount Capitalized
83

 
86

 
354

 
328

Current Income Tax Expense(3)
15

 
50

 
86

 
152

Deferred Income Tax Benefit(3)
(5
)
 
(203
)
 
(118
)
 
(557
)
Adjusted EBITDAX (Non-GAAP)
$
789

 
$
706

 
$
2,648

 
$
2,463


(1) See Schedule 5: Reconciliation of Net Income (Loss) Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP).
(2) Represents remaining Exploration Expense after reversal of Adjustments to Net Income (Loss), After Tax, above.
(3) Represents remaining Income Tax Expense (Benefit) after reversal of Adjustments to Net Income (Loss), After Tax, above.

Capital Expenditures
(in millions, unaudited)
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Organic Capital Expenditures, Attributable to Noble Energy (Accrual Based)
$
655

 
$
404

 
$
2,556

 
$
1,339

Marcellus Shale Acreage Exchange Consideration

 
234

 

 
234

Acquisition Capital (4)
2

 

 
2,740

 

NBLX Funded Capital Expenditures (5)
61

 

 
294

 

Increase in Capital Lease Obligations

 

 

 
5

Total Reported Capital Expenditures (Accrual Based)
$
718

 
$
638

 
$
5,590

 
$
1,578


(4) Acquisition costs for the three months ended December 31, 2017 include purchase price adjustments related to the Clayton Williams Energy Acquisition.
(5) NBLX Funded Capital Expenditures for the twelve months ended December 31, 2017 include capital related to Advantage Pipeline.


13



Schedule 7
Supplemental Data
(in millions, unaudited)
2017 Costs Incurred in Oil and Gas Activities
 
United States
 
Int’l(1)
 
Total
 
 
 
 
 
 
 
Proved property acquisition costs
 
$
839

 
$

 
$
839

Unproved property acquisition costs
 
1,817

 

 
1,817

Exploration costs
 
59

 
100

 
159

Development costs(2)
 
1,870

 
477

 
2,347

Total costs incurred
 
$
4,585

 
$
577

 
$
5,162

 
 
 
 
 
 
 
Reconciliation to Capital Spending (accrual basis)
 
 
 
 
 
 
Total costs incurred
 
 
 
 
 
$
5,162

Exploration overhead
 
 
 
 
 
(76
)
Lease rentals
 
 
 
 
 
(24
)
Asset retirement obligations
 
 
 
 
 
39

Total oil and gas spending
 
 
 
 
 
5,101

Midstream capital spending
 
 
 
 
 
481

Investment in equity method investee
 
 
 
 
 
68

Corporate and other capital
 
 
 
 
 
(60
)
Total capital spending (accrual basis)
 
 
 
 
 
$
5,590

 
 
 
 
 
 
 
Proved Reserves(3)
 
United States
 
Int’l(1)
 
Total
Total Barrel Oil Equivalents (MMBoe)
 
 
 
 
 
 
Beginning reserves - December 31, 2016
 
976

 
461

 
1,437

Price-related revisions
 
26

 
4

 
30

Other non-price-related revisions
 
56

 
49

 
105

Extensions, discoveries and other additions
 
185

 
551

 
736

Purchase of minerals in place
 
57

 

 
57

Sale of minerals in place
 
(261
)
 

 
(261
)
Production
 
(99
)
 
(40
)
 
(139
)
Ending reserves - December 31, 2017
 
940

 
1,025

 
1,965

Proved Developed Reserves (MMBoe)
 

 

 

December 31, 2016
 
554

 
397

 
951

December 31, 2017
 
458

 
410

 
868


(1) International primarily includes Israel and Equatorial Guinea.
(2) Includes decrease of $17 million in ARO costs due to revisions for United States and excludes capital expenditures from our midstream segment.
(3) Netherland, Sewell & Associates, Inc. performed a reserves audit for 2017 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers.




14
a4q17supplementalmateria
NBL Fourth Quarter 2017 Supplement February 2018


 
2 NBL OUTPERFORMED 2017 GOALS Accelerate Onshore Activities and Drive Capital Efficiencies Delivered > 40% U.S. Onshore oil growth from 1Q17 to 4Q17(1) Increased operating cash flow per BOE ~80% from 2016 Improved returns from drilling efficiencies and productivity Demonstrated leading safety and environment performance Goals Accomplishments Successful Integration of CWEI into NBL Commence Leviathan Development Target Over $1 Billion in Portfolio Proceeds Focus Exploration on Long-term Value Creation Established the largest Southern Delaware acreage position Commenced full development plan and captured synergies Enhanced midstream value through NBLX acreage dedication Sanctioned one of the largest 2017 offshore projects Completed > 40% of Phase I development currently Expanded midstream throughput in 2017 through NBL development and third-party business expansion Commenced operation of 2 Delaware CGFs Completed attractive drop down to NBLX Grow Value of Midstream to NBL Continued to mature portfolio, progressing low-cost, long- term opportunities Delivered > $2.3 B in proceeds and retired ~$1.2 B NBL debt Divested non-strategic Marcellus, royalty and other assets Focused portfolio on high-margin, high-return assets (1) Adjusted for divestments. Transformative year as NBL sharpened focus


 
3 NBL Delaware up 190% DJ up 15% SUBSTANTIAL INCREASE IN PROVED RESERVES Note: The 2017 price deck for calculating proved reserves, before adjusting for differentials, was $51.34/Bbl WTI crude oil and $2.98/MMBtu Henry Hub natural gas. (1) Includes additions, extensions, discoveries, performance and price revisions. (2) Excludes Marcellus proved reserves. 0.5 1.0 1.5 2.0 YE 2016 Divestments Production Additions Performance Revisions Acquisitions Price Revisions YE 2017 1.97 1.44 Proved Reserves BBoe Key Highlights • Nearly 2 BBoe Proved Reserves with an Organic Reserve Replacement Ratio(1) of ~625%  Composition is 35% liquids, 15% U.S. gas and 50% int’l gas • Organic Reserve Additions and Revisions(1) of 871 MMBoe at Low Cost of ~$2.90/BOE  6.3x 2017 production • U.S. Onshore Business:  Increase of 30% in U.S. onshore liquids  265 MMBoe additions and revisions(1)  ~300% organic reserve replacement at a cost of ~$7.00/BOE  Texas proved reserves increased > 60% from year-end 2016 • Israel Business:  ~3.3 Tcfe natural gas added as a result of the Leviathan sanction  292 Bcfe natural gas added due to Tamar performance 37% growth in proved reserves driven by high-return U.S. Onshore and Israel assets Delaware DJ Eagle Ford 685 MMBoe Proved Reserves YE16(2) U.S. Onshore Reserves 913 MMBoe Proved Reserves YE17


 
4 NBL 4Q17 KEY HIGHLIGHTS Exceptional and differential operational execution Significant Liquids Growth Exceptional Increase in Proved Reserves to Nearly 2 BBoe Midstream Integration Providing Operational Advantages Improved Operating Expenses and Balance Sheet • Total volumes of 380 MBoe/d, an increase of nearly 50 MBoe/d from 4Q16(1) and 25 MBoe/d from 3Q17 • Delivered U.S. onshore oil growth of > 40% from 1Q – 4Q 2017(1) • Record overall company liquids composition of 56% compared to 46% in 4Q16 • Organic reserve additions, including performance and price revisions of 871 MMBoe at ~$2.90/BOE • 265 MMBoe of the additions from U.S. Onshore and 600 MMBoe from world-class EMed • Value of future cash flows from proved reserves, discounted at 10% increased ~100% from YE16 to ~$11B • Strengthened balance sheet through non-core asset divestitures and retired ~$570 MM of NBL debt • Reduced operating expenses 8% from 3Q17 to $8.10/BOE • Reduced DD&A to $14.28/BOE primarily driven by increased reserve bookings • Second central gathering facility (operated by NBLX) online in Delaware Basin in December 2017 with 11 wells currently flowing through the system • Record 122 MBoe/d oil and gas gathering volumes from NBLX operated systems including 3rd party (1) Adjusted for divestments.


 
5 NBL 4Q17 ACTUALS VS. GUIDANCE Beat vs. expectation on revenues and lower costs Financial & Operating Metrics 4Q Guidance 4Q Actuals Total Sales Volumes (MBoe/d) 380 – 390 380 Oil (MBbl/d) 140 – 146 141 Natural Gas Liquids (MBbl/d) 69 – 74 70 Natural Gas (MMcf/d) 1,005 – 1,045 1,012 Organic Capital(1) ($MM) 600 – 700 655 Equity Investment & Other Income ($MM) 40 – 45 59 Lease Operating ($/BOE) 4.30 – 4.60 4.49 Gathering, Transportation & Processing ($/BOE) 3.00 – 3.25 2.83 DD&A ($/BOE) 15.00 – 16.00 14.28 Production Taxes (% Oil, NGL, Gas Revenues) 4.0 – 4.5 1.7 Marketing ($MM) 10 – 20 8 Exploration ($MM) 40 – 60 41(2) G&A ($MM) 95 – 110 111 Interest, net ($MM) 80 – 90 83 Earnings Reconciliation 4Q ($MM) Net Income attributable to NBL (GAAP) 494 Adjustments to Net Income, Before Tax (104) Adjusted Net Income attributable to NBL, Before Tax 390 Current Tax Effect of Adjustments - Deferred Tax Effect of Adjustments 36 Tax Reform Impact (270) Adjusted Net Income Attributable to NBL(3) (Non-GAAP) 156 Adjusted EBITDAX 4Q ($MM) Adjusted Net Income Attributable to NBL(3) (Non-GAAP) 156 Interest, net 83 Current Tax Expense, Adjusted 15 Deferred Tax Benefit, Adjusted (5) DD&A 499 Exploration 41(2) Adjusted EBITDAX(3) (Non-GAAP) 789 (1) Excludes NBLX funded capital expenditures. (2) Excludes certain expiring leases in the Gulf of Mexico. (3) Non-GAAP reconciliation to GAAP measure available in 4Q17 earnings release.


 
6 NBL U.S. ONSHORE Executing to plan, delivering robust volume and cash flow growth 4Q17 Activity DJ Basin Delaware Eagle Ford Other Total Oil (MBbl/d) 63 26 13 2 104 NGL (MBbl/d) 19 6 37 1 63 Gas (MMcf/d) 199 34 253 8 494 Total Sales (MBoe/d) 115 38 92 4 249 Upstream Capital ($MM) 175 215 57 - 447 Midstream Capital(2) ($MM) 18 58 - - 76 Avg. Operated Rigs 2 5 1 - 8 Wells Drilled(3) 24 20 8 - 52 Avg. Lateral Length (ft) 10,900 9,300 6,000 - 9,500 Wells Completed(3) 20 14 5 - 39 Wells Brought Online(3) 22 21 10 - 53 Avg. Lateral Length (ft) 9,600 7,200 7,100 - 8,200 DJ Basin Delaware Basin Eagle Ford 4Q17 Key Highlights • Operating Cash Flow per BOE up ~40% from 3Q17 and ~80% from Full-year 2016 • U.S. Onshore Oil Record of 104 MBbl/d  Delivered > 40% oil growth from 1Q17 to 4Q17(1) • Grew Texas Volumes to a Record 130 MBoe/d  Robust Eagle Ford ramp with volumes up 21% from 3Q17  4Q17 Texas volumes reduced by ~7 MBoe/d due to weather and third-party facility impacts • Sales Volumes in Wells Ranch and East Pony in DJ Basin Grew to 85 MBoe/d; Total Basin Record High Oil Mix of 55% • Executed Non-core Divestitures in 4Q17, Strengthening the Balance Sheet  Closed minerals and royalty sale for $340 MM and DJ Basin sale of 30,200 net acres for $568 MM  Announced sale of 50% interest in CNXM general partner for $305 MM (1) Adjusted for divestments. (2) Excludes NBLX funded capital expenditures. (3) Represents NBL operated activity.


 
7 NBL 0 5 10 15 20 25 0 5 10 15 20 25 30 35 40 1Q17 2Q17 3Q17 4Q17 Volume Wells Online Per Qtr. DELAWARE BASIN Focused on full development mode Delaware Basin Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) 27 38 Upstream Capital ($MM) 214 215 Avg. Operated Rigs 5 5 Wells Drilled(1) 17 20 Avg. Lateral Length (ft) 8,300 9,300 Wells Completed(1) 14 14 Wells Brought Online(1) 14 21 Avg. Lateral Length (ft) 7,300 7,200 Cash Flow and Volume Growth • Exited 4Q17 with record production > 45 MBoe/d • 4Q17 sales volumes up > 40% from 3Q17 • Strong operating cash flow growth • Calamity Jane 7-well pad online with strong early performance Progressing Midstream Build-out Supports Upstream Growth TX Executing to Plan Four-fold increase from 4Q16 MBoe/d 2017 Wells Online (1) Represents NBL operated activity. 0 25 50 75 100 1 2 3 4 Central Gathering Facility (CGF) Gross Oil Capacity NBL owns 60% of Delaware Midstream Infrastructure MBbl/d 3Q17 4Q17 Mid-2018E 15 30 90


 
8 NBL TX DELAWARE BASIN Results demonstrate confidence in development plan Highlights • Current Development Plan Supported by Strong 2017 Results  Calamity Jane 7-well pad outperforming expectations  Early data showing no evidence of communication between wells  Micro seismic indicating highly effective containment within 3rd Bone Spring and Wolfcamp A  Extended production history on Monroe and Trigger spacing tests confirm current development plan  Longer laterals continue to exhibit flatter declines • Cole Younger Wolfcamp B Achieving Equivalent Rate to Wolfcamp A Upper  3,800 foot lateral, online late 3Q17  90 day cumulative production of 119 MBoe • Laura Wilder Wells Exhibiting Top Tier Results Reeves Jesse James CGF  2nd CGF online 4Q17 Trigger 3 Well Pad  2 Wolfcamp A Upper, 90- day avg. IP ~2,100 Boe/d  1 Wolfcamp A Lower, 90- day avg. IP ~1,600 Boe/d  Online late 3Q17, 7,900 avg. lateral length, 72% oil Laura Wilder 2 Well Pad  Wolfcamp A Upper, 30-day IP ~3,400 Boe/d  Wolfcamp A Lower, 30-day IP ~2,300 Boe/d  Online 4Q17, 8,400’ avg. lateral length, 67% oil Calamity Jane 7 Well Pad  2 3rd Bone Springs, 30-day avg. IP ~2,600 Boe/d  3 Wolfcamp A Upper, 30- day avg. IP ~2,000 Boe/d  2 Wolfcamp A Lower, 30- day avg. IP ~1,000 Boe/d  Online late 4Q17, 7,000’ avg. lateral length, 70% oil Wolfcamp A Upper Wolfcamp A Lower Lower 3rd Bone Spring Calamity Jane Multi-zone Spacing Development 880’ 880’ 1,320’ } } 130’ 100’


 
9 NBL DJ BASIN Focus areas driving sustained higher oil mix DJ Basin Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) 112 115 Upstream Capital ($MM) 206 175 Avg. Operated Rigs 2 2 Wells Drilled(1) 32 24 Avg. Lateral Length (ft) 8,200 10,900 Wells Completed(1) 17 20 Wells Brought Online(1) 32 22 Avg. Lateral Length (ft) 9,200 9,600 CO 0 15 30 45 60 75 90 4Q16 1Q17 2Q17 3Q17 4Q17 Wells Ranch and East Pony More than 35% growth over last year Continued Strong Productivity • Driven by high-margin new well performance and low GOR development • 4Q17 oil volumes up 14% from 1Q17 • Combined Wells Ranch and East Pony volumes up 12% from 3Q17 to 85 MBoe/d Activity in Mustang Executing to Plan • Exited the year with > 30 wells drilled • First wells to sales by mid-year 2018 • Timing Mustang wells in coordination with infrastructure build-out (1) Represents NBL operated activity. MBoe/d 50% 52% 53% 54% 55% 46% 48% 50% 52% 54% 56% 4Q16 1Q17 2Q17 3Q17 4Q17 Growing DJ Basin Oil Mix


 
10 NBL NOBLE MIDSTREAM (NBLX) Top-tier distribution growth with strong coverage and low leverage • Full Quarter Contribution from Billy Miner I CGF  2nd NBLX operated CGF online early December • 4Q17 Average Throughput on Advantage Crude Oil System of 60 MBbl/d; January 2018 Nominations of 90 MBbl/d  Jesse James CGF connection to Advantage Pipeline commenced operation in 4Q17 • Significant 2018 Volume Throughput Growth Anticipated from NBL Development  Construction of 3 additional CGFs expanding crude oil capacity to 90 MBbl/d by mid-2018 • Wells Ranch and East Pony Oil and Gas Gathering Volumes Grew Throughout 2017 • Gathering and Fresh Water Delivery Systems Online for Third-party Customers • Construction Underway on Mustang IDP Gathering Infrastructure, Online by Mid-2018  Fresh water system operational late 4Q17 • Formed Black Diamond JV to Acquire Saddle Butte Rockies Midstream in 4Q17 • NBL and Third-party Well Connections Drive Further Gathering Growth in 2018 DJ Basin Highlights Delaware Basin Highlights 29% increase in 4Q17 oil and gas gathering volume compared to 3Q17 81% produced water gathering growth in 4Q17 compared to 3Q17 20% targeted annual distribution growth 2.4x distribution coverage with a strong balance sheet


 
11 NBL EAGLE FORD SHALE Solid execution delivering cash flow ramp TX Eagle Ford Activity 3Q17 4Q17 Total Sales Volume (MBoe/d) 76 92 Upstream Capital ($MM) 73 57 Avg. Operated Rigs - 1 Wells Drilled(1) - 8 Avg. Lateral Length (ft) - 6,000 Wells Completed(1) 11 5 Wells Brought Online(1) 12 10 Avg. Lateral Length (ft) 6,100 7,100 Delivered Substantial Production Ramp 0 5 10 15 20 25 0 20 40 60 80 100 1Q17 2Q17 3Q17 4Q17 Volume Wells Online Per Qtr. MBoe/d Wells Online Highly-prolific South Gates Ranch Development • Record quarterly sales volumes of 92 MBoe/d • 10 wells online in 4Q17 driving significant volume ramp • Volumes more than doubled from 4Q16 North Gates Ranch Co-development Results • Continue to co-develop Upper and Lower Eagle Ford wells • Lower Eagle Ford performance consistent with expectations • Upper Eagle Ford wells significantly outperforming historical completions Added 2 Rigs Late in 2017 • New wells online 2Q 2018 • Focusing on co-development in North Gates Ranch (1) Represents NBL operated activity.


 
12 NBL EASTERN MEDITERRANEAN Strong natural gas demand in Israel with a stable long-term cash flow profile Israel 3Q17 4Q17 Net Gas Sales (MMcfe/d) 285 262 Gross Gas Sales (MMcfe/d) 997 911 Organic Capital ($MM) 126 112 4Q17 Key Highlights • Gross Sales Volumes of 911 MMcfe/d; Net 262 MMcfe/d  Completed maintenance at Tamar ahead of schedule  Strong price realizations of $5.31/Mcf • Leviathan Development Progressing  ~40% complete with zero recordable incidents  Construction of the platform is underway  Commenced preparations to mobilize drilling rig  Project remains on schedule and on budget • Announced 7.5% Tamar Divestiture for Total Consideration of ~$800 MM in January 2018  Closing expected by the end of 1Q18 (1) Represents working interest as of December 31, 2017. Construction of Leviathan Platform Tamar 32.5% WI(1) Tamar SW 32.5% WI(1) Tel Aviv Ashdod Israel Egypt Aphrodite 35% WI Leviathan 39.7% WI Dor Discovery Existing Pipeline Planned Pipeline Field Development NBL Interests Producing


 
13 NBL 50 75 100 1Q17 2Q17 3Q17 4Q17 2017 Quarterly Sales Volumes OTHER GLOBAL OFFSHORE Continued exceptional operational and safety performance Key Highlights • High-margin, Premium-priced Oil Production  Represented ~25% of total company oil volumes • Aseng Field Reached Cumulative Oil Production Milestone of 90 MMBbls • Continued Exceptional Safety Performance  3+ years without lost-time incident in West Africa  One million man hours without a recordable incident in Gulf of Mexico Gulf of Mexico Equatorial Guinea 3Q17 4Q17 3Q17 4Q17 Oil (MBbl/d) 21 18 13 17 Equity Method - - 2 2 NGL (MBbl/d) 1 2 - - Equity Method - - 7 6 Gas (MMcf/d) 20 22 246 236 Total Sales (MBoe/d) 25 23 63 64 Organic Capital ($MM) 3 - - 3 Note: Produced volumes differ from sales in Equatorial Guinea due to the timing of liftings. Alen Platform, West Africa MBoe/d


 
14 NBL Forward-Looking Statements and Other Matters This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes“, "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change. This presentation also contains certain historical non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see Noble Energy’s respective earnings release for reconciliations of the differences between any historical non-GAAP measures used in this presentation and the most directly comparable GAAP financial measures.


 
Exhibit

Exhibit 99.3
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=58
  
 
NEWS RELEASE
 
 
 
 
 
 
 

NOBLE ENERGY INCREASES PROVED RESERVES 37 PERCENT TO TOTAL NEARLY 2 BBOE
HOUSTON (February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) today announced total proved reserves of 1.965 billion barrels of oil equivalent as of December 31, 2017, a net increase of 528 million barrels of oil equivalent (MMBoe) versus year-end 2016. Organic reserve additions, comprised of extensions, discoveries and performance and price revisions, totaled 871 MMBoe and were added at a cost of approximately $2.90 per barrel of oil equivalent (BOE). These additions represent approximately 6.3 times 2017 production. The value of future after-tax net cash flows from the Company’s proved reserves, according to U.S. Securities and Exchange Commission price guidelines and discounted at 10 percent, increased to more than $11 billion, up nearly 100 percent from 2016.

Gary W. Willingham, Noble Energy’s Executive Vice President, Operations, commented, “We had an exceptionally strong year for reserves growth in 2017 with an organic replacement ratio(1) of approximately 625 percent and extremely low finding and development costs. Sanctioning and commencing development of the Leviathan project was a major accomplishment in 2017. Our reserve bookings reflect positive performance improvements in all three U.S. onshore business units. Our reserve life has increased to more than 10 years in the onshore business and to over 14 years for the total company, providing a strong visibility of long-term value growth.”

Changes in the Company’s proved reserves are summarized below:

1




Proved Reserves (MMBoe)
United States

Israel
West Africa

Total
Beginning as of December 31, 2016
976
334
127
1,437
Revisions of previous estimates
56
49
-
105
Price-related revisions
26
-
4
30
Extensions, discoveries and other additions
185
551
-
736
Acquisitions
57
-
-
57
Divestitures
(261)
-
-
(261)
Production
(99)
(17)
(23)
(139)
Proved reserves as of December 31, 2017
940
917
108
1,965

The composition of reserves was approximately 35 percent liquids, 50 percent international natural gas and 15 percent U.S. natural gas. Proved developed reserves totaled 868 MMBoe, an increase of nearly 15 percent from the end of 2016, excluding Marcellus Shale reserves which were divested in 2017.

In the Company’s U.S. onshore business, organic reserve additions and revisions excluding acquisitions, totaled 265 MMBoe. U.S. onshore reserve replacement(1) was approximately 300 percent at a cost of approximately $7.00 per BOE. The composition of U.S. onshore reserves was approximately two-thirds liquids in 2017, up from 50 percent at the end of 2016.

The Company’s onshore reserve additions were primarily driven by activity and performance in the DJ Basin and Delaware Basin. Reserve replacement(1) in the DJ Basin and Delaware Basin was approximately 285 percent and 1,135 percent, respectively. Improved well performance drove DJ Basin reserve additions and revisions of 146 MMBoe, before the removal of 31 MMBoe associated with legacy vertical wells. Excluding acquisitions, reserve additions and revisions totaled 108 MMBoe in the Delaware Basin driven by the pace of development and enhanced completion results.

The Company also added 57 MMBoe to its Delaware Basin reserves primarily through the acquisition of Clayton Williams Energy in 2017. Several non-core asset sales were completed in 2017, including the divestment of the Marcellus upstream assets, non-core acreage in the DJ Basin and various mineral interests, resulting in a total reduction of 261 MMBoe.

In the Company’s Israel business, 3.3 trillion cubic feet of natural gas reserves were added as a result of the sanction of the Company’s world-class Leviathan project. An additional 292 billion cubic feet of natural gas reserves was added from performance revisions at the Tamar field.


2



The 2017 price deck for calculating proved reserves, before adjusting for differentials, was $51.34 per barrel of WTI crude oil and $2.98 per million British thermal unit of Henry Hub natural gas. Total development and exploration costs incurred for upstream oil and gas activities, excluding acquisitions, was approximately $2.5 billion for full-year 2017.

(1)
Calculated as extensions, discoveries, and performance and price revisions divided by production.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com.

Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com

Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com

Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com

Paula Beasley
(281) 876-6133
media@nblenergy.com




3

Exhibit


Exhibit 99.4
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=58
  
 
NEWS RELEASE
 
 
 
 
 
 
 

NOBLE ENERGY PROVIDES UPDATED OUTLOOK THROUGH 2020
FOCUSED ON CASH FLOW GROWTH AND SHAREHOLDER RETURN

HOUSTON (February 20, 2018) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) today provided an updated outlook through 2020, including detailed guidance for 2018.

Outlook Through 2020
The Company provided an updated outlook through 2020, including scenarios at a $50 per barrel WTI oil price with $3 Henry Hub natural gas, as well as at recent strip pricing(1). Key highlights and outcomes include:
The Company expects to generate a cumulative total of $1.5 billion of excess cash flows(2) through 2020 in the $50 scenario, and an additional $1.5 billion at strip pricing.
Board-authorized $750 million share repurchase program and current dividend payout will result in more than $1.3 billion in direct shareholder return over the plan period.
Capital expenditures are estimated to be approximately $2.8 billion annually through 2020 in both pricing scenarios, with no changes in activity levels assumed. More than 80 percent of total capital is planned for U.S. onshore assets and in excess of 15 percent will be allocated to the Eastern Mediterranean, primarily for the Leviathan project.
Estimated cash flow from operations is anticipated to grow at a 35 percent compound annual growth rate(3) in the $50 scenario and 40 percent at strip pricing as compared to 2017.
Estimated volumes are anticipated to grow to approximately 525 thousand barrels of oil equivalent per day (MBoe/d) in 2020, a 20 percent compound annual growth rate(3) from 2017. Oil volumes grow at more than a 25 percent compound annual growth rate(3).
Type curves in near-term development areas have been increased by an average of 25 percent in the DJ Basin and 15 percent in the Delaware Basin. As compared to the Company’s January 2017 plan, increased productivity has led to similar anticipated production growth for the Texas and Colorado assets with $500 million less in expected capital expenditures through 2020.

1



Leverage (net debt to EBITDA(4)) is anticipated to be reduced below 1.5 times in 2020 in the $50 scenario, or in 2019 in the strip pricing scenario.

David L. Stover, Noble Energy's Chairman, President and CEO, commented, "The transformative portfolio repositioning we have executed over the last several years, along with increased capital efficiency and enhanced well productivity, has positioned Noble Energy to deliver attractive multi-year volume growth and even more attractive cash flow growth. Today’s updated outlook demonstrates the Company’s high-quality portfolio, operational excellence and financial strength, which will drive top-tier, debt-adjusted per share growth and create substantial value for our shareholders in 2018 and beyond.”

Mr. Stover continued, “The combination of our recently-announced share repurchase program and current dividend is expected to return over $1.3 billion to shareholders over the next three years. With substantial cash flow growth, we anticipate additional return to shareholders through future dividend growth. The strength of our Company extends well beyond 2020. The high-quality nature and depth of our investment opportunities across our U.S. onshore and Eastern Mediterranean assets, combined with superior operational execution and financial strength, provide a differential long-term value proposition for our shareholders.”

2018 Guidance
Key highlights and outcomes include:
Capital expenditures are expected to total between $2.7 and $2.9 billion, with nearly 70 percent allocated to the U.S. onshore program and over 25 percent to the Eastern Mediterranean.
Full-year sales volumes, at the midpoint of the Company’s expected range, are approximately 12 percent higher than 2017(3).
U.S. onshore volumes are expected to increase more than 20 percent(3) and U.S. onshore oil volumes are anticipated to be up nearly 30 percent(3) with upstream capital investments essentially flat to 2017 levels.

For 2018, U.S. onshore upstream capital investments are expected to be approximately $1.8 billion at the midpoint of the Company’s annual range. Noble Energy plans to invest approximately $165 million for midstream infrastructure buildout. In the Eastern Mediterranean, the Company’s expected capital expenditures are $750 million to progress the Leviathan development towards first production late next year. The remaining $85 million is primarily related to exploration.

Full-year 2018 reported sales volumes are expected to average between 343 and 353 MBoe/d. The 2018 expected volume range is consistent with the Company’s prior plan outlined in January 2017, after adjusting

2



for divestments. Noble Energy has provided a divestment-adjusted volumes table reflecting the impact for all transactions in 2017 and 2018 in the appendix of the Company’s Multi-year Outlook presentation deck.

The Company expects to average nine operated onshore rigs throughout 2018 (1.5 DJ Basin, 6 Delaware Basin, and 1.5 Eagle Ford Shale), with approximately 200 operated wells across the U.S. onshore business anticipated to commence production. The majority of the U.S. onshore growth will be driven by the Delaware Basin development program, which should result in Delaware Basin production growth and U.S. onshore oil growth every quarter. Full-year Eagle Ford Shale volumes are expected to be similar to full year 2017 volumes, although decline is expected through 2018. In the DJ Basin, production in the second half of 2018 is expected to be higher than the first half of the year, reflecting third-party gas processing expansion and Mustang development.

Gross sales volumes at Tamar are anticipated to increase slightly from 2017. Reported net volumes in Israel are anticipated to be slightly lower than 2017, reflecting the Tamar 7.5 percent working interest divestiture, which is anticipated to close late in the first quarter of 2018. The divestment of the Gulf of Mexico assets announced early in 2018 is anticipated to close in the second quarter of 2018. West Africa volumes are lower by approximately 20 percent. 

First quarter volumes are anticipated to be between 358 MBoe/d and 368 MBoe/d. As compared to the fourth quarter 2017, first quarter volumes are anticipated lower by 11 MBoe/d due to the impact of divestitures in the U.S. onshore (8 MBoe/d) and the previously announced divestiture of Tamar (3 MBoe/d). First quarter 2018 West Africa volumes are lower due to maintenance downtime at the Alba field. Additional full-year and first quarter 2018 guidance details are available in the Multi-year Outlook presentation deck provided on the ‘Investors’ page of the Company’s website, www.nblenergy.com.

(1)
Strip pricing as of the end of January 2018.
(2)
Excess cash flow is defined as GAAP cash flow from operations plus anticipated portfolio proceeds less capital investments less dividends/distributions.
(3)
Pro forma for asset divestments.
(4)
GAAP earnings before interest, taxes, depreciation, depletion and amortization.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets.  Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives®. For more information, visit www.nblenergy.com.

Investor Contacts

3



Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com

Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com

Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com

Paula Beasley
(281) 876-6133
media@nblenergy.com

This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations.  No assurances can be given that the forward-looking statements contained in this news release 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.

4





5
ex995multiyearoutlookcom
www.nblenergy.com NYSE: NBL Multi-year Outlook February 2018


 
www.nblenergy.com NYSE: NBL 2 Strategy to Enhance Value Blueprint to delivering leading total shareholder returns Peer-leading Cash Flow Per Debt-adjusted Share Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Relentless Focus on Capital Efficiency and Corporate Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Incentive Plans Aligned with Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial Strength – Low Leverage and High Flexibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Committed to Stakeholders and the Environment


 
www.nblenergy.com NYSE: NBL 3 NBL Strategy Assets. Execution. Results. Delivering Value to Shareholders • Peer-leading Debt-adjusted Per Share Growth • Double-digit Corporate Returns from High-margin Assets • Reduce Outstanding Shares Through Repurchase Program • Dividend Growth with Cash Flow • Compensation Plans Aligned with Shareholders Maintain Top Tier, High-quality Portfolio of Investment Options • Actively manage portfolio to capture full value • Diversification of play type and geography for investment flexibility • High-impact exploration portfolio with low capital commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deliver Industry-leading Development of U.S. Onshore Assets (USO) • Double-digit annual USO growth from multiple oil basins • Superior performance relative to peers • Enhanced value through midstream integration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maximize Value From World-class EMed Assets • Doubling EMed volumes and cash flows by 2020 • Fully funded Leviathan and generating asset-level free cash flow(1) • Visibility for capital efficient expansion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Ensure Robust Financial Capacity • Disciplined capital investment to high-margin, high-return opportunities • Investment Grade Credit rating • Sustainable organic free cash flows(1) (1) Term defined in appendix.


 
www.nblenergy.com NYSE: NBL 4 Portfolio Transformation Enhanced focus on high-margin assets with strengthened financial position Strategic Actions Entered liquids-rich Eagle Ford and Delaware Basin through ROSE Merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Achieved Core Delaware Scale with CWEI Acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Optimized DJ Basin Position through Acreage Exchanges and Generated Over $1 B in Tail Inventory Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sanctioned Initial Phase of Leviathan Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exited Marcellus Upstream and Midstream, Accelerating Value of Assets Not Attracting Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exited Gulf of Mexico, Accelerating Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maintained Investment Grade Credit Rating 2020E 2018E 2015 0% 25% 50% 75% 100% USO Liquids EMed USO Gas Other Increased USO Liquids and EMed Mix from 40% to 70% of Total Production Reduced Debt ~$2 B Since 2015 2 4 6 8 10 YE15 YE17 $B CWEI Assumed Debt Debt Retirement


 
www.nblenergy.com NYSE: NBL 5 Multi-year Outlook Key Highlights Delivering leading performance and strong returns to shareholders See price deck in appendix. (1) Term defined in appendix. (2) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. Enhanced Shareholder Return • Board authorized $750 MM share repurchase program • Progressive dividend growth with cash flow expansion Leading Performance Outcomes (2018-2020) Cumulative Excess Cash Flow(1) Cash Flow From Operations CAGR(2) 2020 Sales Volumes Net Debt / EBITDA(1) ROACE(1) in 2020 At $50 ~$1.5 B ~35% ~525 MBoe/d < 1.5x in 2020 ~10% At Strip ~$3.0 B ~40% ~525 MBoe/d < 1.5x in 2019 ~11%


 
www.nblenergy.com NYSE: NBL 6 Outlook Through 2020 Key changes from January 2017 plan (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. Planning for $50 long-term Decrease of $5 WTI/Brent Liquids Now ~70% USO Volumes Exited Marcellus Sanctioned Leviathan Increased 2020 gross volumes to ~800 MMcf/d Announced Share Repurchase Program Totaling $750 MM USO Type Curves Average Increase 15-25% 2018-2020 Cash Flow From Operations CAGR(1) Up ~10% points


 
www.nblenergy.com NYSE: NBL 2020 Outcomes Improved: Current vs. Prior Plan Price normalized to $50 Current Plan January 2017 Plan ~25% Reduction ~30% Increase Total Company Cash Margin(1) USO Liquids + EMed Volume (% of Total) ~20% Increase Unit Operating Costs(2) 7 Portfolio Optimization and Execution Driving Margin Expansion Substantial enhancement from January 2017 plan Capital Deployed to High-margin, High-return USO and EMed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Divestment of Lower-margin Marcellus Assets Which Comprised 12% of 2020 Volumes in Prior Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease Operating Expense Trends Significantly Below $4 per BOE from USO Efficiencies and EMed Mix (1) Term defined in appendix. (2) Includes lease operating expenses, gathering and transportation, production taxes and marketing expenses. 6.0 6.5 7.0 0 150 300 450 Productivity Increases Driving Same USO Volume on $500 MM Less Capital (Excludes Marcellus from all periods)MBoe/d $ B 2018E 2019E 2020E 2018E 2019E 2020E January 2017 Plan Current Plan Total USO Volumes 2018-2020 Cumulative Upstream Capital


 
www.nblenergy.com NYSE: NBL 8 Total Company Outlook to 2020 Cash flow accelerates faster than volumes Price deck defined in appendix. (1) See proforma divestment table in appendix. (2) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. 0 1,500 3,000 4,500 Operating Cash Flow $MM 2017 Proforma(1) 2018E 2019E 2020E At $50 At Strip Pricing 0 150 300 450 600 Total Company Volumes MBoe/d 2017 Proforma(1) 2018E Guidance Midpoint 2019E 2020E 35% at $50 40%Operating Cash Flow CAGR(2) at Strip 20% 26% OilSales Volume CAGR(2) Total ~400 ~525 348303


 
www.nblenergy.com NYSE: NBL 9 Focused and Disciplined Capital Deployment USO and Leviathan driving growth to 2020 Over 95% of Total Capital Focused on High-margin, High-return USO and EMed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Planned Capital Spend Assumes Same Activity at $50 and at Strip Pricing Scenarios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USO Volumes Expected to Grow at a 25% CAGR(1) to ~400 MBoe/d in 2020, Led by Delaware and DJ Basins MBoe/d (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Excludes NBLX-funded capital. (3) See proforma divestment table in appendix. 0 125 250 375 500 2017 Proforma 2018E 2019E 2020E USO and EMed Volumes 25% CAGR(1) USO Upstream EMed Other USO EMed 0 1,000 2,000 3,000 2017 2018E 2019E 2020E NBL Capital(2)$MM (3)


 
www.nblenergy.com NYSE: NBL 10 2018-2020 Cash Flow Sources and Uses Outlook Returning substantial cash to shareholders Price deck defined in appendix. (1) Term defined in appendix. Excess Cash Flow Created Sources at $50 ~$11.5 B Uses Excess Cash Flow(1) $1.5 B at $50 ~$10 B Included in Consolidated Sources and Uses Sources Cash Flow From Operations (including existing hedges), Planned Asset Proceeds and Midstream Monetizations Uses NBL Capital, NBLX Capital, Dividends/Distributions $3 B at Strip Uses Include Current Dividend, ~$600 MM Cumulative • Anticipate dividend growth with cash flow growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.5 B Excess Cash Flow(1) at $50 WTI • Returning 50% to shareholders through Board approved $750 MM share repurchase plan • $600 MM NBL debt reduction planned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Actively Hedging Crude for 2018 and 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . With Additional Cash Flow, Will Prioritize Opportunities to Maximize Shareholder Value: • Additional share repurchases and dividend increases • Incremental activity that increases cash flow per debt- adjusted share growth and NAV Excess Cash Flow Created


 
www.nblenergy.com NYSE: NBL Sales Volumes Cash Costs Discretionary Cash Flow Current Free Cash Flow 20% Pre-downturn Relative TSR Onshore Rate of Return 10% 0% 15% 15% 0% 15% 15% 15% 0% 0% 15% 11 Evolution of Executive Incentive Plan Compensation aligned with shareholder interests to drive superior returns Quantitative Metrics (60%) Qualitative Metrics (40%) Include: • Safety / Environmental Performance • Total / Relative Shareholder Return • ROACE / CROCI • Cash Flow per Debt-adjusted Share • Strategic Initiatives • Reserves / Exploration Long-term Incentive Plan Based on Relative Total Shareholder Return • Payout limited if no positive absolute TSR generated • Increased performance unit weighting to 50% Short-term Incentive Plan See proxy for further details.


 
www.nblenergy.com NYSE: NBL 12 Sustainable Potential Beyond 2020 Delivering long-term value for shareholders NBL in 2020 ~$750 MM ~10% ROACE(1) Double-digit Corporate Returns Focused Outcomes at $50 ~525 MBoe/d Organic Free Cash Flows(1) Estimated Sales Volumes NBL 2021-2023(2) ~$1.7 B annual average 11-15% ROACE(1) annually Balance Sheet Strength < 1.5x net debt to EBITDA(1) < 1.5x net debt to EBITDA(1) Price deck defined in appendix. (1) Term defined in appendix. (2) Does not currently include potential impact from additional offshore major project investments. ~625 MBoe/d in 2023


 
www.nblenergy.com NYSE: NBL 13 Operations Outlook


 
www.nblenergy.com NYSE: NBLU.S. Onshore Premier assets and proven operational execution Multiple Decades of High-return Inventory in Liquids-rich, Low Cost Basins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Industry-leading Well Performance: 2,000+ Horizontal Wells and Continuous Improvement Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Integrated Upstream and Midstream Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Safety and Environmental Stewardship 4+ BBoe net unrisked resources ~6,500 future drilling locations ~45-85% BTAX ROR at $50 across near-term development areas 31% oil CAGR(1) to 2020 33,000 net acres; 100% avg. WI 320 gross locations 6,400’ average lateral length 400 MMBoe net unrisked resources Eagle Ford 117,000 net acres; 73% avg. WI 3,800 gross locations 7,800’ average lateral length 2 BBoe net unrisked resources Delaware, Permian Basin 335,000 net acres; 79% avg. WI 2,350 gross locations 9,800’ average lateral length 1.7 BBoe net unrisked resources DJ Basin 14 Price deck defined in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome.


 
www.nblenergy.com NYSE: NBL 15 Robust USO Portfolio Outlook 2018-2020 ~$900 MM cumulative free cash flow(2) at $50; incremental > $1 B at strip Asset-level Free Cash Flow (2) Cum. 2018-2020 Volume CAGR(1) to 2020 Delaware: Growth Engine > 75% Neutral DJ Basin: Growth While Generating Cash > 15% ~$500 MM Eagle Ford: Cash Engine Flat ~$370 MM Delaware DJ Basin Eagle Ford Upstream Capital Allocation ~$6.5 B Cumulative 2018-2020 Total USO CAGR(1) to 2020 25 % USO Oil CAGR(1) to 2020 31 % USO Asset Portfolio Price deck defined in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Term defined in appendix.


 
www.nblenergy.com NYSE: NBL 16 Focused USO Portfolio Driving Capital Efficiency Significant enhancement in Texas and Colorado 6.0 6.5 7.0 0 150 300 450 MBoe/d $ B 2018E 2019E 2020E 2018E 2019E 2020E January 2017 Plan Current Plan Total USO Volumes 2018-2020 Cumulative Upstream Capital Increased Productivity in DJ Basin • Type curves up by 25% on average in near-term focus areas • Optimizing completion design, cluster and stage spacing • Achieving same annual volume targets from significantly fewer wells online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enhanced Delaware Basin Capital Efficiency • 20-25% increase in 3rd Bone Spring and Wolfcamp A Upper type curves • Maintained Wolfcamp A well costs, offsetting inflation and higher concentration with efficiencies and use of local sand • Achieved operational efficiencies through development mode Productivity Increases Driving Same USO Volume on $500 MM Less Capital (Excludes Marcellus from all periods)


 
www.nblenergy.com NYSE: NBL 17 Delaware Basin Stacked pay development in peer-leading oil position Contiguous Acreage Position in Core of the Southern Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Near-term Focus on Wolfcamp A & 3rd Bone Spring Co-development • Strong results from initial multi-zone tests confirm lateral and vertical spacing • Continue to test Wolfcamp B & C, encouraging initial results • 9,000 ft average lateral length over plan period • Integrated midstream supports upstream growth plans while increasing retained value Boe/d per 1,000 ft Basin Leading Oil Productivity Reeves County Wolfcamp A 3-Month Production(1) Total Equivalent Production (20:1)Oil Production (1) Source: RS Energy Group, Inc. analysis of public operators 2017 wells with 3 months production in currently available state data. Reflects gross 2-stream production data. Delaware Peers: BHP, CDEV, CXO, EOG, OXY, PDCE, PE, and REN 0 50 100 150 200 NBL NBL 58% Above Peer Oil Average 117,000 net acres; 73% avg. WI 3,800 gross locations 7,800’ average lateral length 2 BBoe net unrisked resources Delaware, Permian Basin Ward Pecos Reeves NBL Acreage 70% NBL Oil Avg.


 
www.nblenergy.com NYSE: NBL 0 50 100 150 200 0 20 40 60 80 100 Days on Production 2017 Average New Type Curve 1,400 MBoe Prior Blended Type Curve 1,100 MBoe 0 50 100 150 200 0 20 40 60 80 100 Days on Production 2017 Average New Type Curve 1,100 MBoe Prior Blended Type Curve 1,100 MBoe 0 50 100 150 200 0 20 40 60 80 100 Days on Production 2017 Average New Type Curve 1,100 MBoe Prior Type Curve 920 MBoe 18 Exceptional Delaware Basin Economics Enhanced completions driving type curve increase Well economics based on 100% WI, 75% NRI. Well costs and economics fully burdened with allocated facilities. Wolfcamp A assumes 3,000 lbs/ft proppant and slickwater completion. 3rd Bone Spring assumes 800 lbs/ft proppant and hybrid gel completion. (1) Drilling and completion capital. (2) Blended Wolfcamp A type curve from CWEI and legacy NBL acreage. 3rd Bone Spring 1.1 MMBoe Type Curve – Up 20% Wolfcamp A Upper 1.4 MMBoe Type Curve – Up 25% Wolfcamp A Lower 1.1 MMBoe Type Curve Cum. MBoe ~80% BTAX ROR at $50 7,500 ft lateral; 70% Oil $6.5 MM D&C(1) Cum. MBoeCum. MBoe (2) (2) ~50% BTAX ROR at $50 7,500 ft lateral; 70% Oil $8.2 MM D&C(1) ~85% BTAX ROR at $50 7,500 ft lateral; 70% Oil $8.2 MM D&C(1)


 
www.nblenergy.com NYSE: NBL 19 Message #1 NBL Execution Driving More Value per Well • Enhanced completions delivering increased recovery and lower development cost per BOE • Increased BTAX NPV10 > 20% since CWEI acquisition (at $50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Achieving Significant Operating Efficiencies in Development Mode • Reduced completion cost per foot by 10% while increasing proppant concentration(1) • Reduced drilling cost per lateral foot(1) by 17% while increasing average lateral length(1) by ~60% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Infrastructure Build-out Supports Capital-efficient Growth • 3 new CGFs online in 2018 (2 located in legacy CWEI acreage) including integrated water recycling and disposal • Locked in competitive rates for long-haul crude transfer to premium-priced markets, without volume commitments Driving Value from Delaware Expansion Delivering above acquisition case (1) Compares NBL 2017 drilling data on CWEI acreage vs. pre-acquisition CWEI wells. (2) Normalized to 7,500 ft lateral. 825 1,000 1,100 1,400 CWEI Acquisition Type Curves Increased Wolfcamp A Lower Type Curve Increased Wolfcamp A Upper Type Curve ROSE Acquisition Type Curves(2) Increased Wolfcamp A Recovery (MBoe) While Maintaining Well Costs Drilling Advancements since CWEI Acquisition 0 1 2 3 4 5 CWEI(1) NBL Drilling days per 1,000 ft lateral 50% Reduction


 
www.nblenergy.com NYSE: NBL Weld Wells Ranch East Pony Mustang 0 25 50 75 100 20 DJ Basin Contiguous, liquids-rich position Strategically Focused in Liquids-rich Area, Ideal for IDP Development • Acreage trades since 2013 blocked up core position in rural areas • > $1 B divestment proceeds since 2016, accelerated value from tail-inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enhanced Completions Increasing Recovery and Driving Oil Outperformance • Maximizing oil production in Wells Ranch and East Pony federal development • First Mustang wells online mid-year 2018, focused on low GOR areas Boe/d per 1,000 ft Total Equivalent Production (20:1)Oil Production NBL > 150% Above Peer Oil Average NBL Basin Leading Oil Productivity Weld County 3-Month Production(1)NBL Acreage Municipalities LowGOR: Mid High (1) Source: RS Energy Group, Inc. analysis of public operators 2017 wells with 3 months production in currently available state data. Reflects gross 2-stream production data. DJ Basin Peers: APC, BBG, PDCE, SRCI, WLL, and XOG 335,000 net acres; 79% avg. WI 2,350 gross locations 9,800’ average lateral length 1.7 BBoe net unrisked resources DJ Basin


 
www.nblenergy.com NYSE: NBL 0 50 100 150 200 250 0 50 100 150 200 Days on Production New Type Curve 1,300 MBoe Prior Type Curve 975 MBoe 2016 Average - Moser Pad 0 50 100 150 200 0 50 100 150 200 Days on Production New Type Curve 1,200 MBoe Prior Type Curve 1,000 MBoe 2016 Average 2017 Average 21 Increased DJ Basin Productivity Enhanced completions driving type curve increase Type Curves Increased Across All Development Focus Areas • Wells Ranch type curve in-line with 2017 enhanced completion results • Increased Mustang type curve from Moser results (prior design) and learnings from similar reservoir characteristics in Wells Ranch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2018-2020 Activity Focused in Wells Ranch and Mustang • Concentrated in low GOR areas, maintain 50+% DJ oil mix • Oil recovery per foot similar to or better than East Pony • Expect significant volume ramp late 2018 and through 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mustang IDP Will Be Culmination of USO Learnings to Date • Utilizing row development concept executed in Eagle Ford • Best in class, tankless facility design • Gas system protected through compression, applying Wells Ranch learnings Mustang: 1.3 MMBoe Type Curve – Up 30% Cum. MBoe Wells Ranch: 1.2 MMBoe Type Curve – Up 20%Cum. MBoe ~50% BTAX ROR at $50 9,500 ft lateral; 45% Oil $6.7 MM D&C(1) ~45% BTAX ROR at $50 9,500 ft lateral; 45% Oil $6.9 MM D&C(1) Well economics based on 100% WI, 80% NRI. Well costs and economics fully burdened with allocated facilities. Type curves assume 1,800 lbs/ft proppant and slickwater completion. (1) Drilling and completion capital.


 
www.nblenergy.com NYSE: NBL 22 Eagle Ford Multi-zone development driving free cash flow(1) (1) Term defined in appendix. Maximizing Cash Flows for USO Capital Deployment • $370 MM cumulative asset-level free cash flow(1) through 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Production Flat Year Over Year Through 2020 • Cash flows benefitted by significant volume growth delivered in 2017 • Volumes expected to decline throughout 2018, and increase through 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlocking Upper Eagle Ford • 2017 tests performing in-line with expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Near-term Activity Focused in North Gates Ranch • Co-development of Lower and Upper Eagle Ford 33,000 net acres; 100% avg. WI 320 gross locations 6,400’ average lateral length 400 MMBoe net unrisked resources Eagle Ford Dimmit Gates Ranch NBL Acreage Webb


 
www.nblenergy.com NYSE: NBL 23 Integrated Business Approach Drives Low-risk, High-value Growth Midstream synergies + significant embedded midstream value potential in NBL • Low-cost, reliable water infrastructure supports efficient development • NBL’s ownership provides attractive drop down optionality • Delaware: 60% NBL ownership produced water gathering • NBL implementing fresh water delivery, water disposal and recycling • DJ: 75% NBL ownership of water infrastructure in Mustang; 75% NBL ownership in East Pony • Diversified marketing approach provides access to premium priced markets • DJ Basin: • NBLX connects to key takeaway outlets • Delaware: • NBLX’s Advantage crude pipeline provides access to Crane, TX and multiple downstream outlets • Acreage dedication to EPIC crude pipeline with access to Corpus Christi • NBL retains 30% / 15% option for ownership stakes in crude pipeline and NGL pipeline • Enables scalable growth at strategic aggregation points • Planned in-sync with upstream development, ensuring deliverability • NBL’s ownership provides attractive drop down optionality • Delaware: 60% NBL ownership • DJ: 75% NBL ownership in Mustang; 100% East Pony gas processing Water Services Business Centralized Gathering & Processing Basin Takeaway Capacity


 
www.nblenergy.com NYSE: NBL 24 EMed Outlook through 2020 Exceptional assets, margins and growth Long-life Assets with Minimal Decline in High-demand Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tamar Reliably Fueling ~60% of Israel Power, with Leviathan Providing Additional Gas Source by End of 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increased Leviathan Gross Volume Expectation to 800 MMcf/d in 2020 Tamar 32.5% WI(1) Tamar SW 32.5% WI(1) Tel Aviv Ashdod Israel Egypt Aphrodite 35% WI Leviathan 39.7% WI Dor Discovery Existing Pipeline Planned Pipeline Field Development NBL Interests Producing 0 200 400 600 2017 2018E 2019E 2020E Israel Net Production Outlook Through 2020 MMcfe/d Net Production Divestiture Adjustment (1) Working interest as of February 20, 2018. Working interest will be 25% upon closing of the 7.5% sale by the end of the first quarter 2018. (2) Working interest of 39.66% in Leviathan and 25% in Tamar. (3) Term defined in appendix. (1,000) (500) - 500 1,000 1,500 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Long-term Net Cash Flow Profile from Tamar and Leviathan(2) Capex Corporate Tax Profit Tax BTAX Operating Cash Flow $MM (3) 7.5% Tamar Sale ATAX


 
www.nblenergy.com NYSE: NBL 25 EMed Regional Demand Outpaces Supply World-class resources in a high-demand region Note: Data represents NBL estimates. Egypt forecast accounts for announced developments and discoveries. Israel Currently Utilizing Alternative Fuels (Coal, LNG, Diesel, HFO) for Power, Transportation and Industrial; Potential for Significant Increased Gas Demand • Conversion of existing fuels to natural gas could add up to ~350-500 MMcf/d • Additional ~100-200 MMcf/d anticipated in industrial and power demand market growth within the next 3-5 years 30% 40% 50% 60% 0 200 400 600 800 1,000 1,200 2013 2014 2015 2016 2017 Historic Israel Use Gas Production Displacing Reliance on Coal-fired Power DispatchMMcfe/d % of Power From Coal Existing Regional Discoveries Do Not Meet Projected Demand Growth • > 2 Bcf/d deficit in Egypt in 2020 growing to > 6 Bcf/d by 2025, despite recent developments • Latent Egypt domestic demand emerging • ~0.5 Bcf/d deficit in Jordan through 2025 Bcfe/d 0 1 2 3 4 5 6 7 2019E 2020E 2021E 2022E 2023E 2024E 2025E Unfulfilled Regional Demand Significant Regional Deficit Beyond Announced Developments Leviathan Contracts Israel Deficit Egypt Deficit Cyprus Deficit Jordan Deficit Leviathan Contracts Additional Regional Demand Gross Production % Power Supplied by Coal


 
www.nblenergy.com NYSE: NBLEMed Regional Marketing Progress Executed Tamar and Leviathan export contracts to Egypt [90]% Contracted 1,000 875 Target Contracted Targeting 1 Bcf/d at Leviathan Start-up 26 Secured New Volume Commitments to Egypt with Dolphinus • Combined up to 700 MMcf/d for 10 years and will supply industrial and petrochemical customers, and power generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leviathan Contract for Firm 350 MMcf/d at Start-up; Total Leviathan Volumes Under Contract Now 875 MMcf/d • First sales agreement with Egyptian customer • Total of all Leviathan contracts now estimated to be > $20 B in gross revenues or > 5x expected capital invested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tamar Agreement Interruptible Up to 350 MMcf/d • Seller’s option to convert to firm contract, significant take or pay • Dependent upon gas availability beyond existing customer obligations in Israel and Jordan • Provides ability to fully utilize current installed Tamar capacity with pipeline connection Israel Jordan Egypt Platforms Existing INGL Under Construction INGL Existing Tamar Pipeline Existing Arab Gas Pipeline Under Construction Arab Gas Pipeline Existing EGAS Pipeline Existing EMG Pipeline


 
www.nblenergy.com NYSE: NBLWest Africa Outlook through 2020 Maximizing value with new project upside 0 15 30 45 60 75 2017 2018E 2019E 2020E Net Volume Outlook Through 2020 MBoe/d Liquids Natural Gas Significant Cumulative Asset-level Free Cash Flow(1) of ~$600 MM through 2020 at $50 • Incremental > $200 MM at strip pricing • Strong global markets for methanol and liquefied products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2018 Maintenance at Alba Impacting 1Q18 Volumes • Gas decline in EG following peak production from the Alba compression project in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Progressing Negotiations with all Stakeholders to Monetize Significant Discovered Gas in EG and Cameroon • Potential monetization through existing or new regional LNG infrastructure (1) Term defined in appendix. 27 Equatorial Guinea Cameroon Aseng 40% WI Methanol Plant 45% WI LPG Plant 28% WI Bioko Island Alen 45% WI Alba Field 33% WI Producing NBL Interests Yoyo Yolanda Discoveries


 
www.nblenergy.com NYSE: NBL2018 Capital and Volume Outlook High-margin, high-return investment focus 2018 Capital Program In-line with 2017, Excluding Leviathan • ~$750 MM EMed program more than covered by Tamar cash flows and divestiture proceeds • Midstream capital more than covered by drop down plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USO Volumes(2) Up > 20% on Flat Capital and USO Oil(2) Up ~30% • Growth driven primarily by Delaware Basin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2018 Proforma Volumes In-line With Prior Expectations • Announced divestitures account for 78 MBoe/d impact to 2017 reported volumes • West Africa lower by ~20% • Israel sales volumes up slightly, after adjusting for divestiture 0 100 200 300 400 2017 Actuals Divestment Impacts 2017 Proforma 2018 Proforma Divestment Impacts 2018 Guidance 2018 Volumes up 12% Proforma MBoe/d (78) 381 303 343-353 $2.7 - $2.9 B 2018 Capital(1) Program (1) Excludes NBLX funded capital expenditures. (2) See proforma divestment table in appendix. (3) Reflects full year impact of volumes through anticipated transactions closings. Marcellus 34 GOM 26 Other USO 6 Tamar 7.5% 10 EG Unitization 2 USO EMed Other USO EMed Other Midstream 28 333-343 Tamar 7.5% 2 GOM 8 10 (3)


 
www.nblenergy.com NYSE: NBL 29 Enhancing Value Delivering leading performance Committed to Return Value to Shareholders • Over $1.3 B to shareholders through dividend and share repurchases – additional dividend potential • Additional shareholder return potential at prices above $50 • 35% cash flow from operations CAGR(1) to 2020 at $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Superior Operational Execution • Improving ROACE(2) to ~10% in 2020 and growing • 25% USO volume CAGR(1) to 2020, supported by peer-leading well performance • Leviathan tracking on time and on budget for start-up late next year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High-quality Portfolio with Extensive Inventory Beyond 2020 • ~6,500 high-return, high-margin locations in onshore shale • World-class EMed assets with expansion opportunities See price deck in appendix. (1) For purposes of CAGR calculation, divestment-adjusted 2017 represents base for three-year plan outcome. (2) Term defined in appendix.


 
www.nblenergy.com NYSE: NBL 30 Appendix


 
www.nblenergy.com NYSE: NBL This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes“, "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and possible reserves in our filings with the SEC. We use certain terms in this presentation, such as “net unrisked resources” and “type curve” which are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our and Clayton Williams’ most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy’s offices or website, http://www.nblenergy.com. This presentation also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see the attached schedules for reconciliations of the differences between any historical non-GAAP measures used in this presentation and the most directly comparable GAAP financial measures. This presentation also contains a forward-looking non-GAAP financial measure, EBITDA (earnings before interest, taxes, depreciation and amortization). Due to the forward-looking nature of the aforementioned non-GAAP financial measure, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure at this asset level. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure. Amounts excluded from this non-GAAP measure in future periods could be significant. Management believes the aforementioned non-GAAP financial measure is a good tool for internal use and the investment community in evaluating Noble Energy’s overall financial performance. This non-GAAP measure is broadly used to value and compare companies in the crude oil and natural gas industry. Forward-Looking Statements and Other Matters 31


 
www.nblenergy.com NYSE: NBL 32 Period Base Plan Strip Plan – as of end January, 2018 WTI, Brent ($/Bbl) Henry Hub ($/Mcf) WTI, Brent ($/Bbl) Henry Hub ($/Mcf) 2018 $50, $53 $3 $63, $68 $2.90 2019 $50, $53 $3 $58, $64 $2.80 2020 $50, $54 $3 $55, $61 $2.80 2021-2023 Avg. $52, $56 $3.10 $53, $58 $2.90 Price Deck Assumptions And Defined Terms Term Definition Excess Cash Flow GAAP cash flow from operations plus planned portfolio proceeds less organic capital investments less dividends/distributions less capital lease payments Free Cash Flow GAAP cash flow from operations less capital investments less dividends/distributions Asset-level Free Cash Flow Before tax operating cash flow (not including corporate burden) less capital investments EBITDA GAAP earnings before interest, taxes, depreciation, depletion, and amortization ROACE Return on average capital employed. GAAP earnings before interest and taxes divided by (shareholders’ equity plus long-term debt plus long-term capital leases). Company Cash Margin (Revenues less lease operating expenses, production taxes, transport and gathering costs, marketing expenses, general and administrative, and interest) divided by total volumes.


 
www.nblenergy.com NYSE: NBL 33 Investor Relations Contacts Divestment – Adjusted Volumes (2017 and 2018) Brad Whitmarsh Megan Dolezal Lauren Brown 281.943.1670 281.943.1861 281.872.3208 brad.whitmarsh@nblenergy.com megan.dolezal@nblenergy.com lauren.brown@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com Volumes (MBoe/d) 2018 Midpoint Guidance – Reported Volumes Impact of Divestments – FY Avg. Pro-Forma 2018 2017 Actuals – Reported Volumes Impact of Divestments – FY Avg. Pro-Forma 2017 US Onshore 248 248 244 (40) 204 Marcellus – closed mid 2017 (34) Minerals – closed end 2017 (4) Other(1) (2) Gulf Of Mexico 8 (8) 0 26 (26) 0 Close mid-2018 (8) (26) Israel 38 (2) 36 46 (10) 36 Close 1Q 2018 (2) (10) EG – Including Equity Method 54 54 65 (2) 63 Unitization – closed mid 2017 (2) Total Company 348 (10) 338 381 (78) 303 (1) Other includes (3) MBoe/d for DJ Basin divestment, (2) MBoe/d for Permian non-core asset sale in January 2018 and +3 MBoe/d proforma for full-year Clayton Williams acquisition.


 
www.nblenergy.com NYSE: NBL 34 2018 Full-Year Guidance Capital & Cost Metrics Capital Expenditures(2) ($MM) Total Company Organic Capital $2,700 - $2,900 Cost Metrics LOW HIGH Lease Operating Expense ($/BOE) 3.90 4.30 Gathering, Transportation & Processing ($/BOE) 3.25 3.60 Production Taxes (% Oil, Gas, NGL Revenues) 4.7 5.1 Marketing ($MM) 35 50 DD&A ($/BOE) 14.50 15.25 Exploration ($MM) 125 150 G&A ($MM) 400 430 Interest, net ($MM) 260 300 Other Guidance Items ($MM) Equity Investment Income 160 200 Midstream Services Revenue – Third Party 60 80 Non-Controlling Interest – NBLX Public Unitholders 100 125 Full Year 2018 Sales Volume Crude Oil and Condensate (MBbl/d) Natural Gas Liquids (MBbl/d) Natural Gas (MMcf/d) Total Equivalent (MBoe/d) Low High Low High Low High Low High United States Onshore 111 117 57 62 430 460 243 253 United States Gulf of Mexico(1) 5 7 1 1 5 10 7 9 Israel(1) - - - - 215 240 36 40 Equatorial Guinea 13 17 - - 185 210 45 50 Equatorial Guinea - Equity method investment 1 2 5 5 - - 6 7 Total Company 133 139 64 68 865 890 343 353 (1) U.S. Gulf of Mexico and Tamar 7.5 interest (Israel) volumes divested are included in sales guidance through anticipated closing: GOM –mid 2Q, Tamar – late 1Q (2) Capital expenditures guidance excludes NBLX-funded expenditures although consolidated into NBL financials.


 
www.nblenergy.com NYSE: NBL 35 2018 First Quarter Guidance First Quarter 2018 Sales Volume Crude Oil and Condensate (MBbl/d) Natural Gas Liquids (MBbl/d) Natural Gas (MMcf/d) Total Equivalent (MBoe/d) Low High Low High Low High Low High United States Onshore 103 109 58 62 455 475 238 248 United States Gulf of Mexico(1) 17 21 1 2 18 23 22 26 Israel(1) - - - - 245 270 41 45 Equatorial Guinea 13 17 - - 180 200 44 48 Equatorial Guinea - Equity method investment 1 2 5 5 - - 6 7 Total Company 137 144 64 68 925 950 358 368 (1) U.S. Gulf of Mexico and Tamar 7.5 interest (Israel) volumes divested are included in sales guidance through anticipated closing: GOM –mid 2Q, Tamar – late 1Q. (2) Capital expenditures guidance excludes NBLX-funded expenditures although consolidated into NBL financials. Capital & Cost Metrics Capital Expenditures(2) ($MM) Total Company Organic Capital $750 - $850 Cost Metrics LOW HIGH Lease Operating Expense ($/BOE) 4.40 4.70 Gathering, Transportation & Processing ($/BOE) 3.20 3.50 Production Taxes (% Oil, Gas, NGL Revenues) 4.4 4.8 Marketing ($MM) 8 12 DD&A ($/BOE) 14.00 14.75 Exploration ($MM) 40 60 G&A ($MM) 100 110 Interest, net ($MM) 70 85 Other Guidance Items ($MM) Equity Investment Income 35 50 Midstream Services Revenue – Third Party 10 20 Non-Controlling Interest – NBLX Public Unitholders 25 35


 
Exhibit

Exhibit 99.6
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=58
  
 
NEWS RELEASE
 
 
 
 
 
 
 

NOBLE ENERGY ANNOUNCES $750 MILLION SHARE REPURCHASE PROGRAM
Company also announces divestment of U.S. Gulf of Mexico business

HOUSTON (February 15, 2018) – Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today announced that its Board of Directors has authorized a $750 million share repurchase program. In addition, the Company has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC (“Fieldwood”) for a total value of $710 million.

David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “While continuing to deliver outstanding performance and execution across the business, we have strategically repositioned our portfolio over the last couple of years. The sale of our Gulf of Mexico business represents the last major step in our portfolio transformation. This has been done to focus our go-forward efforts on those assets that will rapidly grow our cash flows and margins, primarily the U.S. onshore business and the Eastern Mediterranean. I appreciate the efforts of the many employees who have contributed to our strong legacy of exploration discovery and successful resource development in the Gulf of Mexico. Going forward, we are concentrating the Company’s exploration capabilities on higher-impact opportunities that can drive substantial long-term value creation.”

Mr. Stover continued, “Supported by the proceeds from this transaction, along with strong projected cash flow growth, the Board of Directors has authorized a $750 million share repurchase program to enhance and accelerate value return to our shareholders. We view the opportunity to repurchase Noble Energy stock to be an attractive return, as the current stock price does not yet fully reflect the long-term value of our assets.”

U.S. GOM Divestment
Cash proceeds included in the transaction total $480 million, and Fieldwood will assume all abandonment obligations associated with the properties, which the Company recorded at a book value of approximately

1



$230 million as of December 31, 2017. In addition, a cumulative contingent payment of up to $100 million is payable to Noble Energy from closing of the transaction through the end of 2022, determined quarterly at a rate of $2 per barrel produced when the average Light Louisiana Sweet oil price exceeds $63 per barrel.

The effective date of the transaction is January 1, 2018, with closing anticipated during the second quarter 2018, contingent upon Fieldwood successfully implementing its contemplated restructuring process. Included in the transaction is the Company’s interest in six producing fields and all undeveloped leases. Noble Energy estimates net production from these assets for 2018 to average slightly more than 20 thousand barrels of oil equivalent per day for the year. Total proved reserves in the Gulf of Mexico as of year-end 2017 for the Company were 23 million barrels of oil equivalent.

Share Repurchase Program
The Board of Directors has authorized a $750 million share repurchase program during the period of 2018 through 2020. All purchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time. At today’s share price, the program covers approximately six percent of the Company’s outstanding shares.

Upcoming Conference Call
The Company will host a conference call and webcast for investors and analysts on Tuesday, February 20, beginning at 8:00 a.m. Central Time. Senior management will review year-end 2017 results as well as provide 2018 guidance and an updated multi-year outlook. Supporting materials will be made available prior to market open on the date of the conference call.

Date: Tuesday, February 20, 2018
Time: 8:00 a.m. C.T.
Toll Free Dial in: 800-289-0438
International Dial in: 323-994-2083
Conference ID: 4328087

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the company is committed to safely and responsibly delivering

2



our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit http://www.nblenergy.com.

Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com

Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com

Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com

Paula Beasley
(281) 876-6133
media@nblenergy.com

Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations.  No assurances can be given that the forward-looking statements contained in this news release 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

3



those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, third party judicial proceedings, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.


4

Exhibit


Exhibit 99.7
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12068269&doc=58
  
 
NEWS RELEASE
 
 
 
 
 
 
 

NOBLE ENERGY ANNOUNCES EXECUTION OF GAS SALES AGREEMENTS
FOR EXPORT OF GAS TO EGYPT

HOUSTON (February 19, 2018) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) announced today that it has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt. These agreements, one for natural gas from Leviathan and one for Tamar, each provide for total contract quantities of 1.15 trillion cubic feet of natural gas. The natural gas is anticipated to supply industrial and petrochemical customers as well as future power generation in Egypt.

Sales volumes under the agreement associated with the Leviathan field are anticipated to begin at a firm rate of approximately 350 million cubic feet of natural gas per day (MMcf/d) at the startup of the Leviathan project at the end of 2019. For the Tamar agreement, sales volumes are anticipated to begin at an interruptible rate of up to 350 MMcf/d, dependent upon gas availability beyond existing customer obligations in Israel and Jordan. Noble Energy will have an option to convert the Tamar interruptible quantity to a firm-basis with a significant take or pay commitment. Both contracts are for a 10-year term.

Gary W. Willingham, Noble Energy’s Executive Vice President, Operations, commented, “These agreements continue to demonstrate the strength of the regional market for our natural gas in the Eastern Mediterranean. At Leviathan, we have executed agreements totaling nearly 900 MMcf/d and are closing in on our targeted sales volume amount of 1 Bcf/d. For Tamar, we now have a contract to sell any excess gas beyond current customer needs in Israel and Jordan to Egypt. The continued progress in regional gas marketing, along with our previously announced divestiture at Tamar, are major deliverables for 2018 and we are accomplishing them very early in the year. This provides even further clarity and confidence in our expected cash flow profile for 2018 and beyond.”

The gas price formula is the same under both agreements with linkage to Brent oil prices, similar to our other regional agreements. The Leviathan contract represents expected total gross revenue approaching

1



$7 billion at recent Brent prices, with Tamar potential revenues up to a similar amount, dependent on actual volumes sold. Both agreements are subject to closing obligations including regulatory approvals and licenses, and finalizing gas transportation agreements.

Noble Energy operates the Leviathan and Tamar gas fields with a 39.66 percent working interest and 32.5 percent working interest, respectively. Earlier in 2018, the Company announced a 7.5 percent working interest divestment in the Tamar field which is anticipated to close in the first quarter of 2018, at which time the Company’s interest in Tamar will reduce to 25 percent.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit http://www.nblenergy.com.

Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com

Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com

Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com

Paula Beasley
(281) 876-6133
media@nblenergy.com

Forward Looking Statements

This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar

2



expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations.  No assurances can be given that the forward-looking statements contained in this news release 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.



3