Third Quarter Supplement November 2018

3Q Key Highlights www.nblenergy.com NYSE: NBL Strong operational performance and advancing shareholder return initiatives Strong natural gas demand drove Record USO liquids volumes record sales volumes of $103 MM 172 MBbl/d directed to NBL stock repurchase ~1.1 Bcfe/d program; $233 MM repurchased in led by Delaware and DJ Basin growth gross, from Israel 2018 YTD Operating cash flow Financial liquidity at end of 3Q of Announced acquisition of Up Nearly 30% $4.7 B 10% interest 3Q18 vs. 3Q17 driven by improved oil including $4 B undrawn credit facility (indirect) in EMG Pipeline, providing access for price, portfolio optimization and lower and $720 MM cash Tamar and Leviathan exports to Egypt expenses 2

3Q18 Actuals vs. Guidance www.nblenergy.com NYSE: NBL Volumes at high end with capex and total operating expenses at low end Financial & Operating Metrics 3Q Guidance 3Q Actuals Adjusted Net Income 3Q ($MM) Total Sales Volumes (MBoe/d) 335 – 345 345 Net Income Attributable to NBL (GAAP) 227 Oil (MBbl/d) 125 – 132 123 Adjustments to Net Income, Before Tax (121) Natural Gas Liquids (MBbl/d) 59 – 64 68 Adjusted Net Income attributable to NBL, Before Tax 106 Natural Gas (MMcf/d) 880 – 910 922 Current Income Tax Effect of Adjustments (1) Organic Capital(1) ($MM) 700 – 775 716 Deferred Income Tax Effect of Adjustments 24 Lease Operating ($/BOE) 3.90 – 4.30 3.91 Adjusted Net Income Attributable to NBL(2) (Non-GAAP) 129 Gathering, Transportation & Processing ($/BOE) 3.10 – 3.40 3.06 Adjusted EBITDAX 3Q ($MM) Production Taxes (% Oil, NGL, Gas Revenues) 4.6 – 5.0 4.1 Net Income Including Noncontrolling Interest(GAAP) 248 DD&A ($/BOE) 15.25 – 16.25 15.29 Adjustments to Net Income, After Tax (98) Marketing ($MM) 8 – 12 11 DD&A 485 Exploration ($MM) 30 – 50 25 G&A ($MM) 100 – 110 107 Exploration 25 Interest, net ($MM) 70 – 80 70 Interest, net 70 Equity Investment Income ($MM) 30 – 45 44 Current Income Tax Expense, Adjusted 46 Midstream Services Revenue – Third Party ($MM) 10 – 20 21 Deferred Income Tax Benefit, Adjusted (10) Noncontrolling Interest – NBLX Public Unitholders ($MM) 15 – 25 21 Adjusted EBITDAX(2) (Non-GAAP) 766 (1) Includes only NBL-funded organic capital expenditures. (2) Non-GAAP reconciliation to GAAP measure available in 3Q18 earnings release. 3

3Q18 Portfolio Summary www.nblenergy.com NYSE: NBL Advancing developments for sustained value creation U.S. Onshore: Extensive High-margin, High-return Inventory in Liquids-rich, Low-cost Basins Eastern Mediterranean • Progressing Mustang IDP development in DJ Basin, gas 3Q18 Sales Volumes: 242 MMcfe/d processing diversification supporting volume growth 3Q18 Realized Gas Price(1): $5.49/Mcf DJ Basin • Transitioned to row development in Delaware Basin, driving Israel operating efficiencies Delaware Eagle Ford • Strong cash flow contribution from the Eagle Ford U.S. Onshore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Q18 Sales Volumes: 249 MBoe/d Equatorial Guinea Eastern Mediterranean: World-class Assets in 3Q18 Realized Oil Price(1): $65.54/Bbl Undersupplied Regional Market West Africa • Leviathan ~67% complete, on track for first gas sales by YE19 3Q18 Sales Volumes: 55 MBoe/d • ~1 Bcfe/d record sales volumes in 3Q18 from Israel demand 3Q18 Realized Oil Price(1): $73.70/Bbl • Egypt pipeline agreements further solidify robust cash flow outlook 3Q18 Capital Expenditures(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $716 MM West Africa: Cash Flow Generation USO: $505 MM • Brent-linked oil and strong global methanol pricing driving substantial cash flow from West Africa EMed: $172 MM • Progressing high-return Alen gas monetization towards Midstream: $29 MM sanction early 2019 Other: $10 MM (1) Average realized prices do not include impacts of hedges. (2) Includes only NBL-funded organic capital expenditures. 4

DJ Basin www.nblenergy.com NYSE: NBL Strong delivery, positioned for inflection in 2019 CO Continued Volume Growth, up 7% vs 3Q17(1) DJ Basin Activity 3Q18 • Operated 2 rigs and 3 frac crews in 3Q Oil (MBbl/d) 61 Weld (1) • Substantial volume ramp through 3Q18 from Mustang IDP NGL (MBbl/d) 26 East Pony (1) • NGL and natural gas volumes driven by incremental gas Gas (MMcf/d) 235 (1) processing and high GOR Bronco wells Total Sales (MBoe/d) 126 Wells Ranch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operated Rigs 2 (2) Material Gas Processing Expansion Ongoing Wells Drilled 28 Wells Completed(2) 24 Mustang • NBL benefits by gas processing diversification and protected Wells Brought Online(2) 37 through compression NBL Acreage Municipalities Avg. Lateral Length (ft) 10,275 GOR: Low Mid High • Discovery plant expected online in 4Q18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) MBoe/d DJ Basin Net Production MBbl/d Anticipate Continued Volume Growth in 4Q18 Despite 130 Volumes up 7% 3Q18 vs. 3Q17 70 Non-core Acreage Divestment 120 65 110 60 • ~25 wells planned to come online in Wells Ranch 100 55 • ~4 MBoe/d divested late 3Q18 with Greeley Crescent 2nd 90 50 close 3Q16 3Q17 3Q18 Total Oil (1) Pro-forma for divestitures and reflects the current presentation of sales volumes, post-implementation of ASC 606 accounting standard. (2) Represents NBL operated activity. 5

DJ Basin Activity www.nblenergy.com NYSE: NBL Robust new well performance Substantial Volume Growth from Initial Row in Mustang MBoe/d Strong Results from Mustang Row Development 30 cum. 30 wells online • Total 31 wells online testing multiple completion designs 20 cum. to maximize returns and value 20 wells online 10 cum. • Significant growth throughout 3Q after moderated initial 10 wells online ramp in July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 7/1 7/16 7/31 8/15 8/30 9/14 9/29 10/14 Mustang Infrastructure Maximizing Gas Processing Gross 3-Stream Production Flexibility NBL Acreage Mustang IDP Development • Diversified processing capacity across 3 providers with wells online in lower GOR 31 Row 1; 10,555 ft. avg. lateral multiple offload points Bronco DP • Well positioned to benefit from near-term processing MBoe/d current gross rate expansions 27 60+% oil mix; avg. 98% WI Mustang . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bronco Development Strong Well Performance from Enhanced Completions wells online in high GOR area, in Bronco Area Row 1: 10 9,520 ft. avg. lateral 2018 • Tested up to 1,800 lbs/ft in high GOR area, wells MBoe/d gross after 70 days performing above expectations 11 online, ~35% oil mix; 92% WI 6

Delaware Basin www.nblenergy.com NYSE: NBL 115% production growth year-over-year TX Solid Operations in 3Q with Sales Volumes of 58 MBoe/d Delaware Activity 3Q18 Reeves Ward • Continued strong volume growth, up 11 MBoe/d from 2Q18 Oil (MBbl/d) 38 • Oil volumes up 15% 3Q18 vs. 2Q18 NGL (MBbl/d) 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas (MMcf/d) 52 Transitioned to Row Development Total Sales (MBoe/d) 58 Operated Rigs 6 • Currently operating 6 rigs and 1 frac crew, anticipate 10-15 (1) wells to come online in 4Q Wells Drilled 21 Wells Completed(1) 22 • Focusing row development around CGFs, primarily in (1) Pecos Wolfcamp A and Third Bone Spring zones Wells Brought Online 20 Avg. Lateral Length (ft) 7,420 NBL Acreage • Anticipate adding completion activity early in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Basin Net Production MBoe/d Volumes more than doubled 3Q18 vs. 3Q17 Early Crude Service from EPIC NGL Pipeline Anticipated 60 in 3Q19; Providing Access to Gulf Coast Markets 45 • Timing coincides with row development 30 • 85 MBbl/d capacity for interim crude service, 100 MBbl/d 15 capacity on EPIC Oil Pipeline 0 3Q16 (2) 3Q17 3Q18 Total Oil (MBbl/d) (1) Represents NBL operated activity. (2) Includes impact of CWEI acquisition which closed in 3Q17. 7

Noble Midstream (NBLX) www.nblenergy.com NYSE: NBL Peer-leading distribution growth and growing third-party services 20% 225 22% 2.1x targeted MBoe/d record increase in fresh water distribution coverage annual distribution gathered quarterly oil delivery volumes with a strong growth and gas volumes in 3Q vs. 2Q balance sheet Delaware Basin Highlights DJ Basin Highlights • Oil and Gas Gathering Throughput Increased 63% Over 2Q • Combined NBL and Third-party Oil and Gas Gathering . Gathering substantially all NBL new wells with all 5 Throughput up 9% over 2Q CGFs operational . Reflects additional basin gas processing and gas offload capacity Strong Average CGF Availability of 98% During 3Q • • Growing Contribution from Mustang IDP Oil, Gas and Produced Water Gathering • Advantage Pipeline Capacity Expansion to 200 MBbl/d from . Fresh water infrastructure for row 2 development 150 MBbl/d Completed in July completed during 2Q • LOI with Salt Creek Midstream, LLC (“SCM”) for JV • Strong Growth at Black Diamond Gathering development of crude oil gathering and transportation . 3Q18 throughput up 23% over 2Q18 and 29% from system time of acquisition close • Will enhance customer market optionality with route to Wink 8

Eastern Mediterranean www.nblenergy.com NYSE: NBL Growing natural gas demand and increasing cash flows Aphrodite Tamar Record Gross Sales Volumes 1,090 MMcfe/d; Net 242 MMcfe/d 35% WI 25% WI • Driven by strong electricity demand and coal displacement Leviathan 39.7% WI Dor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tamar SW 25% WI Leviathan 67% Complete, Remains on Budget and On Schedule Tel Aviv NBL Interests for First Gas Sales by YE19 Producing Discovery Ashdod • Recent milestones: Field Development Existing Pipeline • Finished 2 well completions, flow tests confirm deliverability Planned Pipeline Israel Egypt • Completed installation of subsea trees Israel Gross Production • Completed floating of the main deck MMcfe/d All-time Record in 3Q18 1,090 MMcfe/d 1,200 • Upcoming key milestones before YE18: 1,000 • Finish all well completions and flowline installation 800 • Complete jacket fabrication and sail-away 600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 Completed Required Tamar Sell-down, $10.3 B Tamar Valuation 200 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 9

EMed Regional Update www.nblenergy.com NYSE: NBL Multiple pathways to deliver Tamar and Leviathan natural gas exports to Egypt EMG Pipeline Agreements – Low Cost Access to Growing INGL Pipelines Regional Demand Via Existing Infrastructure Under Construction INGL Arab Gas Pipeline • 90-km 26” offshore pipeline with ~700 MMcf/d capacity, assessing Under Construction Arab Gas Pipeline expansion capability EGAS Pipelines EMG Pipeline • Technical evaluation and flow reversal underway Aqaba-El Arish Pipeline • NBL and partners secure operatorship and full capacity at closing • ~$200 MM net acquisition costs (10% indirect NBL interest) including EMG Pipeline pipeline reversal work, payable at closing anticipated early 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anticipate Closing EMG Transaction in 1H19 • Closing contingent upon confirmed Tamar gas flow Israel • At least 350 MMcf/d firm when Leviathan commences in late 2019 Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aqaba-El Arish Jordan Aqaba-El Arish Agreement Provides for Additional Pipeline Pipeline Route Within Egypt • LOI to transport gas will provide incremental capacity to sell gas 10

Exploration Program www.nblenergy.com NYSE: NBL Materially enhanced, high-quality portfolio with 1-2 drilling prospects anticipated per year Exploration Resource Eastern Mediterranean BBoe Portfolio • ~470 K gross acres 4 • 25-40% WI, NBL operated • Deep oil potential 3 Newfoundland 2 New Ventures • ~2.3 MM gross acres Captured >100 K acres with • • 25% WI, non-operated substantial resource 1 potential in U.S. onshore • Interpretation / (low cost entry / high liquids maturation of prospects prospectivity) 0 Net Net Potential Unrisked Risked Tested in • Signed agreement for Gabon Resources Resources 2019-2020 operatorship of >2 MM gross • ~670 K gross acres acres in new country • 60% WI, NBL operated offshore • Processing 3D seismic 11

www.nblenergy.com NYSE: NBL Fourth Quarter 2018 Guidance Crude Oil and Natural Gas Liquids Natural Gas Total Equivalent 4Q 2018 Sales Volume Condensate (MBbl/d) (MBbl/d) (MMcf/d) (MBoe/d) Low High Low High Low High Low High United States Onshore(1) 109 119 52 57 455 485 242 252 Israel - - - - 220 240 37 40 Equatorial Guinea 15 20 - - 185 205 47 54 Equatorial Guinea - Equity method investment 1 2 5 5 - - 6 7 Total Company 127 139 57 62 880 910 337 349 Capital & Cost Metrics Capital Expenditures(2) ($MM) Total Company Organic Capital $625 - $700 Cost Metrics LOW HIGH Lease Operating Expense(3) ($/BOE) 4.60 5.10 Gathering, Transportation & Processing ($/BOE) 3.20 3.50 Production Taxes (% Oil, Gas, NGL Revenues) 4.6 5.0 Marketing ($MM) 8 12 DD&A(3) ($/BOE) 15.25 16.25 Exploration ($MM) 40 60 G&A ($MM) 110 120 Interest, net ($MM) 65 75 Other Guidance Items ($MM) Equity Investment Income 30 45 Midstream Services Revenue – Third Party 18 28 Non-Controlling Interest – NBLX Public Unitholders 18 28 (1) Reflects 4 MBoe/d reduction from Greeley Crescent divestiture in the DJ Basin, closed in September of 2018. (2) Includes only NBL-funded portion of midstream capital expenditures. (3) Reflects lifting schedule in Equatorial Guinea. 12

www.nblenergy.com NYSE: 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", "plans", "estimates", "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 report on Form 10-K, quarterly report on Form 10-Q, 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 may use certain terms in this presentation, such as “net unrisked resources”, which by their nature are 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 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. 13

Investor Relations Contacts Brad Whitmarsh Park Carrere Megan Dolezal 281.943.1670 281.872.3208 281.943.1861 brad.whitmarsh@nblenergy.com park.carrere@nblenergy.com megan.dolezal@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com