Year-end 2018 Results and Guidance February 2019

4Q18 Actuals vs. Guidance www.nblenergy.com NYSE: NBL Strong finish to 2018 with volumes above, expenses below expectations Financial & Operating Metrics 4Q Guidance 4Q Actuals Adjusted Net Income 4Q ($MM) Total Sales Volumes (MBoe/d) 337 – 349 350 Net Loss Attributable to NBL (GAAP) (824) Oil (MBbl/d) 127 – 139 138 Adjustments to Net Loss, Before Tax 831 Natural Gas Liquids (MBbl/d) 57 – 62 67 Adjusted Net Income attributable to NBL, Before Tax 7 Natural Gas (MMcf/d) 880 – 910 876 Current Income Tax Effect of Adjustments (29) Organic Capital(1) ($MM) 625 – 700 643 Deferred Income Tax Effect of Adjustments 78 Lease Operating ($/BOE) 4.60 – 5.10 5.10 Adjusted Net Income Attributable to NBL(2) (Non-GAAP) 56 Gathering, Transportation & Processing ($/BOE) 3.20 – 3.50 3.13 Adjusted EBITDAX 4Q ($MM) Production Taxes (% Oil, NGL, Gas Revenues) 4.6 – 5.0 3.7 Net Loss Including Noncontrolling Interest(GAAP) (802) Marketing ($MM) 8 – 12 19 Adjustments to Net Loss, After Tax 880 DD&A ($/BOE) 15.25 – 16.25 16.02 DD&A 516 Exploration ($MM) 40 – 60 40 G&A ($MM) 110 – 120 69 Exploration 40 Interest, net ($MM) 65 – 75 66 Interest, net 66 Equity Investment Income ($MM) 30 – 45 32 Current Income Tax Expense, Adjusted 31 Midstream Services Revenue – Third Party ($MM) 18 – 28 29 Deferred Income Tax Benefit, Adjusted 2 Noncontrolling Interest – NBLX Public Unitholders ($MM) 18 – 28 22 Adjusted EBITDAX(2) (Non-GAAP) 733 (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. (2) Non-GAAP reconciliation to GAAP measure available in 4Q18 earnings release. 2

U.S. Onshore www.nblenergy.com NYSE: NBL Robust well performance driving record quarter 4Q18 Key Highlights DJ Basin 22 wells online; 10,090’ avg. lateral length Record U.S. Onshore Oil Volumes of 118 MBbl/d 2 avg. operated rigs; 1.5 frac crews • Record volumes from DJ and Delaware Basins • DJ driven by Mustang performance at 60%+ oil mix • Strong Wolfcamp A and Third Bone Spring wells in Delaware Basin Delaware, Permian Basin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 wells online; 9,680’ avg. lateral length Progressing Row Development 5 avg. operated rigs; 1 frac crew • Drilling initial rows in Delaware Basin, wells expected online in 1H19 DJ and Delaware Driving • Completed wells in second row of development in MBoe/d Mustang, wells anticipated online in 1Q19 Oil Growth MBbl/d • Completing Eagle Ford DUCs in 2019 300 140 Eagle Ford 250 120 4 wells online; 5,200’ avg. lateral length 200 100 4Q18 Sales Volumes DJ Delaware Eagle Ford Total 80 1 avg. operated rig; 1 frac crew 150 Oil (MBbl/d) 71 39 8 118 60 100 40 NGL (MBbl/d) 26 12 22 60 50 20 Gas (MMcf/d) 245 54 152 451 0 0 4Q16 (1) 4Q17 (1) 4Q18 Total Sales (MBoe/d) 138 60 55 253 Delaware DJ Basin Eagle Ford Total USO Oil Note: Activity represents NBL operated in 4Q. (1) Adjusted for divestitures. 3

2018 Proved Reserves www.nblenergy.com NYSE: NBL Strong organic reserve replacement Total Proved Reserves Increased 5% Pro Forma for 1.97 Year-end NBL Reserves Divestments BBoe 1.93 2.0 (1) • Reserve additions replaced FY18 production by 171% 15-Year 1.5 • Gulf of Mexico and Tamar 7.5% WI primary divestments Reserve Life at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 2018 Volumes U.S. Onshore Reserve Additions Replaced FY18 0.5 Production by More Than 2X 0.0 2016 2017 2018 • Total U.S. onshore reserves increased by 12% pro forma Proved Reserves Divested Reserves for divestments • Delaware Basin reserves up more than 8%, DJ Basin YE 2018 Proved Reserves by Area reserves up 21%, Eagle Ford down 18% on lower activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Onshore U.S. Onshore Reserves F&D Cost of $11.86/BOE 1.93 Israel • Total company of $14.13/BOE, including capital spent on BBoe Equatorial Guinea Leviathan project (1) Represents additions, extensions, and revisions. 4

2018 Summary Review www.nblenergy.com NYSE: NBL Delivered significant strategic, operational and financial accomplishments • Received , supporting long-term DJ Basin development Achieved • Secured key long-term takeaway agreements for Delaware oil to Gulf Coast markets Strategic • Contracted natural gas sales of and executed agreements Objectives on multiple pipeline routes • Heads of Agreement established commercial terms for Alen gas monetization in E.G. • Delivered (1) over 2017 with strong safety performance Strong • U.S. onshore oil volumes grew 26%(1) over 2017 Operational • Completed initial row of development in Mustang delivering significant oil volumes Execution • Transitioned to row development in Delaware; key gathering infrastructure in place • Record gross Israel volumes ~1 Bcfe/d; Progressed • Returned including $208 MM in dividends, $295 MM in share Delivered repurchases and $609 MM reduction in debt Financial • Delivered $2 B in strategic portfolio proceeds from asset sales Outcomes • Exited 2018 with over $4.7 B in liquidity, agency credit rating outlook improved (1) Pro-forma for divestments. 5

Focused Strategy www.nblenergy.com NYSE: NBL NBL is well-positioned for success NBL to Drive Sustainability through Cycles Planning for $50-$55/Bbl WTI; Higher Prices Accelerate Returns to Investors Macro Environment Factors Transitional Year Positioning for Differentiated Future 2019 • Target USO asset-level free cash flow(1) by YE19 (2) • Significant E&P sector • Delivering production growth with capital down at midpoint vs. FY18 underperformance • Increased oil price (1) volatility Inflection in Free Cash Flow and Shareholder Returns • Free cash flow(1) returned to investors • Global capital markets 2020 • Capital(2) down , volumes up vs. 2019 volatility • Eroding industry (1) capital efficiency and Sustainable Free Cash Flow Growth (1) discipline • Continue to return significant free cash flow to investors Post 2020 • Position NBL upstream leverage net debt/EBITDA(1) • Target volume growth, before major projects Price deck defined in appendix. (1) Non-GAAP measure. Term defined in appendix. 6 (2) Represents NBL organic capital expenditures, including NBL-funded midstream capital.

2019 Key Goals and Objectives www.nblenergy.com NYSE: NBL Positioning NBL for the next decade and beyond Continue to Enhance Sustainability Culture within NBL • Maintain capital discipline, plan business activities for long-term $50 - $55 WTI environment • Continue partnerships with local communities and governments for responsible energy development • Promote transparency and responsibility with 8th Sustainability Report and 1st Climate Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maintain Significant Financial Capacity and Flexibility • Manage all-in cash sources above uses, protecting leverage and liquidity • Target $500 MM - $1 B in portfolio proceeds to support balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deliver Top-Tier U.S. Onshore Performance in NBL Basins • Maintain focus on high-return, capital-efficient row development • Well cost reductions, cycle time improvements and operating expense decreases • Maximize value of midstream business within NBL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Progress Value Recognition of World-Class Offshore Assets • Transform EMed region with Leviathan first gas sales by year-end • Sanction next leg of development in West Africa focused on LNG-linked natural gas • Enhance and mature low-cost, high-potential exploration portfolio 7

2019 Capital and Volume Outlook www.nblenergy.com NYSE: NBL Capital discipline drives long-term free cash flow(1) 2019E Organic Capital(2): $2,400-$2,600 MM Managing 2019 Capital Expenditures Towards Cash Flow • Capital ~17% lower from 2018 level USO • Moderating U.S. onshore activity level EMed EG • 10% U.S. onshore growth(3) Midstream . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Focusing on USO Capital Efficiencies and Returns • Progressing row development in high-return DJ and Delaware (3) • Identified $0.5-$1.5 MM per well savings to-date from lower 2019E Sales Volumes Growth from 2018 service costs and operational efficiencies MBoe/d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) % U.S. Onshore 400 339 345-365 ~10 Advancing International Major Project Developments 300 Yielding Long-term Cash Profiles 200 ~13% U.S. Onshore Oil • Leviathan first gas sales on-schedule for start-up by YE 19 100 • Progressing Alen gas monetization, 2-year cycle time to first 0 % Total Company production post sanction 2018 2019E ~5 USO EG EMed (1) Non-GAAP measure. Term defined in appendix. (2) Represents NBL organic capital expenditures, including NBL-funded midstream capital. Excludes EMG pipeline acquisition, NBLX-funded capital, as well as costs associated with NBLX acquisition of EPIC pipeline interest 8 (3) Pro-forma for divestments. Assumes midpoint of 2019 guidance.

Portfolio Combination Provides Competitive Advantage www.nblenergy.com NYSE: NBL Step change in sustainable production profile with Leviathan start-up Eastern Mediterranean World-class natural gas reservoirs with low decline profile Leviathan online by YE19, material cash flow increase NBL vs. Onshore Basin 2018 Base Decline Rates High-margin, capital-efficient expansion opportunities Annual Diverse Portfolio Drives Lower Corporate Decline Rate Decline 50% 40% U.S. Onshore Aligning near-term activity to drive USO growth within cash flows 30% DJ Basin: Delivering growth while generating significant cash flows Delaware: Oil growth driver, majority linked to Gulf Coast pricing by 2H19 20% Eagle Ford: Cash engine 10% West Africa Delivering substantial cash flows from Brent-linked oil and condensate 0% Alen gas monetization drives Eagle Delaware DJ Scoop Bakken Appalachia NBL NBL NBL high-margin growth linked to global Ford Stack Current Post EMed LNG markets Base Leviathan Source: RS Energy Group, Inc. analysis of aggregate basin-level base production declines from Dec. 2018 to Dec. 2019, as of February 2019. NBL data based on company estimates. 9

2020 and Beyond www.nblenergy.com NYSE: NBL Low maintenance capital allows for sustainable free cash flow(1) $200-300 MM Target Free Cash Flow(1) Over $500 MM in 2020 Capital(2) Drives 5-10% Growth Anticipate All FCF(1) Returned to Shareholders $200-300 MM Major Projects and Exploration • Fund current dividend Growth Capital Expands Growth • Dividend growth • Opportunistic repurchase of shares U.S. Onshore ~$1.6 B Growing Free Cash Flow(1) Post 2020 Total Production (1) Maintenance Capital(2) Continue to Return Significant FCF to Investors • Dividend grows with cash flow growth • Opportunistic repurchase of shares International • Target NBL upstream <1.5x net debt/EBITDA(1) $2.0-2.2 B Early 2020 Capital(2) Outlook Price deck defined in appendix. (1) Non-GAAP measure. Term defined in appendix. 10 (2) Represents NBL organic capital expenditures, including NBL-funded midstream capital.

U.S. Onshore www.nblenergy.com NYSE: NBL Relentless focus on capital efficiencies Driving Towards USO Asset-level Free Cash Flow(1) By Enhancing U.S. Onshore Capital Efficiencies Capital Down >25%, Production Up 10%(3) vs. 2018 Year-end 2019 MBoe/d $ B • Significant core asset production growth 300 244 262-278 2.5 250 207 . 2.0 DJ and Delaware up ~15-20% combined FY19 vs. FY18 200 • ~165-175 wells planned to commence production 150 1.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 1.0 Focusing on High-margin DJ and Delaware Basins 50 0 0.5 (3) (3) 2017 2018 2019E • Nearly 90% of 2019 upstream capital allocated to high-return (2) DJ and Delaware Basins Delaware DJ Basin Eagle Ford Total USO Capital • Eagle Ford activity optimized for cash flow generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Driving Efficiencies in 2019 Capital and Operating Cost Management Drive % reduction in 2019 well costs Efficiencies 10-15 versus 2H18 • Drilling, completion and facilities initiatives underway higher stages pumped per day in 1.5X Delaware and DJ vs. 2018 • Operating expenses improve with development maturity % improvement in capital efficiency(1) 20+ FY19E vs. FY18 (1) Non-GAAP measure. Term defined in appendix. (2) Represents NBL organic capital expenditures, including NBL-funded midstream capital. 11 (3) Pro-forma for asset divestitures and ASC 606.

DJ Basin www.nblenergy.com NYSE: NBL Differentiated oil-levered position, basin-leading performance NBL Acreage Municipalities GOR: Low Mid High East Pony Strategically Focused in Liquids-rich, Rural Areas Weld • Enhanced scale in core position through series of acreage trades • Focused in large ranches away from communities and urban development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wells Ranch Gas Processing Diversification • NBL well-positioned to benefit from substantial near-term processing expansions Mustang • Mustang infrastructure built to maximize gas processing flexibility 342,000 net acres . Multiple offload points provide flow assurance across three providers 78% avg. WI • Expanding multiple Wells Ranch offloads to add capacity Boe/d per Continued Basin-Leading 3-Month 1,000 ft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Oil Productivity(1) in 2018 Comprehensive Drilling Plan (CDP) Secures Mustang Development 75 NBL Nearly 90% Above Peer Oil Average • Establishes NBL as only operator over 100 square mile area 50 • Provides control for the pace of development, mitigates impact from offset 25 operator completion cadence 0 • 400+ permits in hand over Mustang, majority with 6-year expiration window NBL Oil Production Total Equivalent (6:1) (1) Source: RS Energy Group, Inc. analysis of public independent E&P operators 2018 wells in Weld County with 3 months production in currently available state data. Reflects gross 2-stream production data. DJ Basin Peers: APC, BCEI, HPR, PDCE, SRCI, WLL, XOG 12

DJ Basin www.nblenergy.com NYSE: NBL Exceptional execution in 2018 Delivered Asset-level Free Cash Flow(1) and Production Above Plans in 2018 DJ Basin Production Growth Mustang Driving 2H18 Growth • 4Q18 production up >10% from 4Q17 and >15% from 1Q18 driven Wells by strong well performance in Mustang and Wells Ranch MBoe/d Online 150 100 • Capital and operating cost under expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 80 Benefitted by Gas Processing Diversification 100 60 • Experienced minimal volume curtailments in 2018 75 40 • Flowing gas to multiple providers and protected through 50 compression 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 0 0 Proposition 112 Defeated in 2018 (2) 4Q17 1Q18 2Q18 3Q18 4Q18 • Bi-partisan support for oil and gas industry in November election Oil NGL Gas TILs • Focus shifted to legislative process to develop long-term energy framework for Colorado (1) Non-GAAP measure. Term defined in appendix. (2) Adjusted for ASC 606. 13

DJ Basin 2019 Activity www.nblenergy.com NYSE: NBL Building on 2018 successes Focused on Delivering Growth within Asset-Level FCF(1) • ~95-100 wells online in 2019, majority in Mustang area . Over 9,500 ft. avg. lateral length Mustang IDP • 2019 activity includes some Wells Ranch and East Pony wells 55+ • Anticipate running 1-2 rigs and 2-3 frac crews in 2019 Mustang Row 2 wells • Driving capital efficiencies with row development online in 2019 . Cycle times improved by 15% in 2H18 Row 2: 2019E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mustang Primary Growth Driver for DJ Basin in 2019 ~26 Row 1: MBoe/d gross 4Q18 avg. • Currently completing Row 2 wells 2018 rate at ~60+% oil from 31 . Expect full-life oil mix in range of 40-50% wells online in 2H18 • Mustang gathering infrastructure in place, 75% NBL-owned . Significant retained EBITDA(1) growth (1) Non-GAAP measure. Term defined in appendix. 14

Delaware Basin www.nblenergy.com NYSE: NBL 2018 transitional year for NBL Permian program Delaware Basin Production Wells Early 2018 Activity Highly Concentrated on Appraisal MBoe/d Doubled Volumes FY18 vs. FY17 Online 60 60 • Results of wells drilled in southwest area led to monetization of lower tier acreage in 1Q19 45 45 • Wells completed near existing producers performed below plan 30 30 . Mitigated by transition to row development 15 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 2H18 Delivered Improved Well Results and Returns 4Q17 1Q18 2Q18 3Q18 4Q18 Oil NGL Gas TILs • Production accelerated in 3Q18 and 4Q18 despite fewer wells online Upper Tier Wolfcamp A Oil Productivity(1) • Solid well results in 4Q18: Reeves County 3-Month Production 2017-2018 . Wolfcamp avg. IP-30: 182 Boe/d per 1,000 ft (~70% oil) Bbl/d per NBL Nearly 40% Above Oil Mix . 1,000 ft 2 wells in 3rd Bone Spring avg. IP-30: 210 Boe/d per 1,000 ft 150 Peer Oil Average 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80% 100 Key Infrastructure In-place for Long-term Development 60% • Completed build-out of 3 additional CGFs in 2018 40% 50 20% • Infrastructure in-place to transport nearly 100% of oil volumes via pipe 0 0% NBL • Achieved YE18 target of 30% recycled water in new well completions Oil Production Oil Mix (1) Source: RS Energy Group, Inc. analysis of public independent E&P operators 2017-2018 wells in Reeves County with 3 months production in currently available state data. Reflects gross 2-stream production data. Delaware Basin Peers: APA, APC, CDEV, CRZO, CXO, EOG, FANG, OXY, PDCE, PE, REN, WPX, XEC 15

Delaware Basin 2019 Activity www.nblenergy.com NYSE: NBL Further maturing development to deliver improved value 2019 Row Development in Core Areas Near Infrastructure Reeves • Anticipate running 4 rigs and 2 crews on average in 2019 • ~50-55 wells online in 2019 at over 8,700 ft. avg. lateral length • 95% of activity focused in northern core acreage near CGFs on highly-productive Wolfcamp A and 3rd Bone Spring zones • Minimal 2019 oil volume exposure to Mid-Cush differential, primarily Gulf Coast waterborne pricing Billy Miner CGF 2 Frac Crews in NBL Acreage Row Development CGFs 94,000 net acres 2019 Drills 72% avg. WI 2019 TILs 16

Material Midstream Imbedded Value www.nblenergy.com NYSE: NBL NBLX delivering significant operating and financial synergies Majority of Infrastructure Necessary to Support Growth in DJ and Delaware Basin is Completed $628 MM $572 MM • Wells Ranch and Mustang infrastructure in DJ Basin provide cash proceeds NBL ownership optionality and flow assurance received to-date of LP units(1) • Five central gathering facilities online in Delaware Basin with oil capacity of 90 MBbl/d • Access to multiple markets through NBLX pipeline JVs Billy Miner – Delaware CGF (NBL owns 60%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NBLX Annual Distribution Growth Target of 20% Through 2022 • 2019E distributions to NBL of ~$70 MM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Significant Retained Midstream Value at NBL • Anticipate significant growth in throughput in Delaware (60% retained) and DJ Basin (Mustang 75% retained) • 2019 4Q annualized rate NBL retained EBITDA(2) of ~$160 MM (including other assets outside of DevCo structure) (1) Represents NBL’s ownership of NBLX LP unit at market value as of 1/31/19 closing price. (2) See appendix for definition of this non-GAAP measure. 17

West Africa www.nblenergy.com NYSE: NBL Strong cash flow profile from existing production and project developments Maximizing Brent-linked Production from Existing Fields • Improved base production declines in 2018, delivering FY18 volumes Alba Field 33% WI above high-end of guidance Cameroon Equatorial Guinea Alen . Improved flow at Aseng and Alen via exceptional reservoir 45% WI management Methanol Plant 45% WI LPG Plant 28% WI . Nearly 100% uptime at operated fields NBL Interests Bioko Producing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Island Discovery Aseng Proposed Additional Well in 2019 at Aseng Further Mitigates Base Decline 40% WI Pipeline • Connecting 6P well to existing infrastructure anticipated in 2H19 West Africa Sales Volumes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MBoe/d 100 Anticipated lower in 2019 from natural Anticipate Alen Gas Monetization Project Sanction in 1H19 declines and LNG maintenance • Capital-efficient development accessing global LNG markets 75 • Approximately 600 Bcfe gross recoverable resources 50 • First gas sales anticipated 1H21 25 • Utilizes open capacity at E.G. LNG plant resulting from Alba declines 0 FY 2017 FY 2018 FY 2019E Oil NGL Gas 18

Eastern Mediterranean www.nblenergy.com NYSE: NBL Differentiated high-margin, long-life assets delivering sustained cash flows Aphrodite Tamar Maintaining Plateau Production at Tamar Near ~1 Bcf/d Gross 35% WI 25% WI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leviathan Finalizing Gas Transportation to Egypt 39.7% WI Dor Tamar SW • Anticipate EMG pipeline acquisition to close mid-year 2019 25% WI Tel Aviv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NBL Interests Leviathan Cash Flow Quickly Approaching Producing Ashdod Discovery • First gas sales expected by year-end 2019, modeling ~800 MMcf/d gross Field Development Israel volumes in 2020 Existing Pipeline Egypt • Leviathan asset-level free cash flow(1) expected to increase by nearly MMcfe/d Israel Sales Volumes ~$1 B in FY20 vs. FY19 from project capital spend completion and full-year 1,100 of cash flows Record 2018 Gross Production 1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 Progressing Future Monetization of Robust Natural Gas Inventory 800 Aligned with Substantial Regional Demand 700 • Continuing negotiations for additional gas sales contracts for future 600 phases of development 500 • Minimal spend in near-term limited to FEED activities FY 2016 FY 2017 FY 2018 FY 2019E (1) Non-GAAP measure. Term defined in appendix. 19

Eastern Mediterranean Leviathan Development www.nblenergy.com NYSE: NBL Project ~75% complete; first gas sales on schedule for year-end 2019 Leviathan Major Project Development Remains On Schedule and On Budget • Wells completed and flow tested confirming world class deliverability of over 300 MMcf/d from each of the 4 wells • Jacket installation completed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over 900 MMcf/d Gross Volume Under Contract for Leviathan • Total of all Leviathan contracts now estimated to be > $20 B in gross revenues or > 5x expected capital invested Platform Deck Construction • Continue marketing negotiations to increase phase 1 Leviathan to 1 Bcf/d Project Phase 2017 2018 2019 Sanction Order Critical Path Equipment Detail Design and Engineering Equipment Manufacturing Drilling and Completions Pipeline Manufacturing Offshore Platform Installation Jacket Installation Commissioning and First Gas 20

International Inventory www.nblenergy.com NYSE: NBL Significant depth of high-return major projects driving long-term value Progressing Natural Gas Monetization Opportunities • Leviathan and Alen projects provide near-term impacts • Marketing progress and desire to balance total company cash flow priorities will drive timing of longer-term developments . Multiple low decline, capital-efficient EMed expansion projects deliver sustained free cash flow(1) profile . Accessing global LNG markets with low-cost development in E.G. leveraging existing infrastructure YE19 1H21 Future Opportunities Leviathan Alen Gas Monetization Modular Eastern Mediterranean Expansion: Bcfe/d gross capacity from • Tamar expansion up to 2 Bcf/d Bcfe gross recoverable 4 development wells • Leviathan expansion up to 2.1 Bcf/d 1.2 resources to be monetized 600 • Aphrodite development of 4 Tcfe gross years maintaining plateau recoverable resources (Cyprus) 10+ production West Africa: years sanction to sales • Over 2 Tcfe additional gross recoverable resources (EG/Cameroon) $ swing in asset-level free ~2 from capital-efficient use ~ 1 B cash flow(1) 2019 vs. 2020 of existing infrastructure (1) Non-GAAP measure. Term defined in appendix. 21

Exploration Program www.nblenergy.com NYSE: NBL Anticipate testing ~1 BBoe in 2020, less than $100 MM annually Exploration Resource Newfoundland BBoe Portfolio 4 • ~2.3 MM gross acres • 25% WI, non-operated • Interpretation / 3 New Ventures maturation of prospects • Captured >100 K acres in U.S. onshore with 2 substantial resource potential (low cost entry / Eastern Mediterranean ~470 K gross acres high liquids prospectivity) • 1 • Captured >2 MM gross acres • 25-40% WI, NBL operated offshore in new venture • Deep oil potential country 0 Net Net Potential Unrisked Risked Tested Gabon Resources Resources in 2020 • ~670 K gross acres • 60% WI, NBL operated • Processing 3D seismic 22

www.nblenergy.com NYSE: NBL Appendix 23

2019 Guidance www.nblenergy.com NYSE: NBL Full-Year and First Quarter Crude Oil and Natural Gas Total Natural Gas First Quarter 2019 Guidance Full-Year 2019 Condensate Liquids Equivalent (MMcf/d) Sales Volumes LOW HIGH Sales Volume (MBbl/d) (MBbl/d) (MBoe/d) Total Company Equivalent (MBoe/d) 321 336 Low High Low High Low High Low High Total U.S. Onshore (MBoe/d) 240 252 United States Onshore 117 127 61 66 485 525 262 278 Total Company Oil (MBbl/d) 120 130 Israel - - - - 210 230 35 39 Total U.S. Onshore Oil (MBbl/d) 107 117 Equatorial Guinea 11 15 - - 160 190 38 47 (1) Equatorial Guinea – Equity Capital Expenditures ($MM) 1 2 4 5 - - 5 7 Method Investment Total Company Organic Capital $725 - $800 Total Company 130 143 65 71 865 935 345 365 Cost Metrics LOW HIGH Unit Production Expenses(2) ($/BOE) 10.00 10.50 Full-Year 2019 Capital & Cost Metrics 1Q 2019 Guidance Commentary: Capital Expenditures(1) ($MM) • U.S. Onshore – anticipate continued natural decline in Eagle Ford Total Company Organic Capital $2,400 - $2,600 volumes and lowest quarterly USO TIL count for the year Cost Metrics LOW HIGH Unit Production Expenses(2) ($/BOE) 9.40 9.90 • Offshore – E.G. volumes down ~15 MBoe/d, primarily impacted by oil DD&A ($/BOE) 16.90 17.90 liftings and downtime at Alba field for 3rd party LNG turnaround Exploration ($MM) 150 175 . Alba field offline for 10 days; partial rate for 20 days in March G&A ($MM) 400 430 . Natural gas and NGL volumes anticipated lower than 4Q18 Interest, net ($MM) 245 265 . Oil sales volumes anticipated less than production (liftings) Other Guidance Items ($MM) . Equity investment income approximately half the normal rate Equity Investment Income 95 115 Midstream Services Revenue – Third Party 120 140 • Capital - 1Q19 anticipated to be highest quarter of year due to timing Non-Controlling Interest – NBLX Public Unitholders 80 105 of U.S. onshore drill/complete activity and Leviathan project spend (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. Excludes NBLX-funded capital and EMG pipeline acquisition capital, as well as costs associated with NBLX acquisition and funding of EPIC pipeline interest. 24 (2) Includes lease operating expenses, production and ad valorem taxes, gathering , transportation and processing expenses, other royalty and marketing expenses

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 forward-looking non-GAAP financial measures, including return on average capital employed, net free cash flow, operating cash flow margin, EBITDA and net debt. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward- looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant. Management believes the aforementioned non-GAAP financial measures 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. 25

www.nblenergy.com NYSE: NBL Defined Terms and Price Deck Terms Definition Free Cash Flow (FCF) GAAP cash flow from operations less consolidated capital investments Asset-level Free Cash Flow Before income tax operating cash flow less capital investments EBITDA GAAP earnings before interest, taxes, depreciation, depletion, and amortization Net Debt Total debt less cash on balance sheet Capital Efficiency Capital investments ($MM) per thousand barrels of oil equivalent per day (MBoe/d) added year over year Maintenance Capital Capital investments required to hold total company full year average sales volumes flat year over year Benchmark Prices 2019 2020 WTI $50/Bbl $55/Bbl Brent $60/Bbl $65/Bbl Henry Hub $3/Mcf $3/Mcf 26