2Q19 Financial and Operational Results August 2019

2Q19 Key Highlights www.nblenergy.com NYSE: NBL Focus on capital discipline and execution driving 2019 success Strong Operational Execution and Cost Control • Capital expenditures lower than expected from U.S. onshore and offshore developments • Total Company volumes of 349 MBoe/d, above quarterly guidance, with oil volumes towards the high end • Unit production expenses benefitted from production outperformance and cost initiatives Accelerating Delivery of U.S. Onshore; Capital Efficiency >10% Ahead of Plan • All U.S. onshore wells commencing production ahead of plan with reduced drilling / completion times • Well cost reductions exceeding $1MM per well in DJ and $1.5MM per well in Delaware • Record DJ and Delaware Basin production, all BU’s contributing to 3Q19 production uplift Progressing Monetization of Low-cost, Offshore Discovered Resources • EMed natural gas sales nearly 1 Bcfe/d, gross; scheduled maintenance at Tamar completed ahead of plan • Completion of Leviathan platform construction; first gas delivery on schedule by the end of 2019 • Strong reservoir management in E.G.; commenced drilling oil development well at Aseng Financial Strength and Return of Capital to Investors • Exited 2Q19 with $4.4 B in liquidity, including cash and available NBL credit facility • On track for sustainable organic free cash flow delivery 2020 and beyond 2

2Q19 Actuals vs. Guidance www.nblenergy.com NYSE: NBL Continued cost performance and volume delivery better than plan Financial & Operating Metrics 2Q Guidance 2Q Actuals Adjusted Net Earnings 2Q ($MM) Organic Capital(1) ($MM) 675 – 750 618 Net Loss Attributable to NBL (GAAP) (10) Total Sales Volumes (MBoe/d) 332 – 347 349 Adjustments to Net Loss, Before Tax (63) Oil (MBbl/d) 122 – 132 130 Current Income Tax Effect of Adjustments 4 Total U.S. Onshore (MBoe/d) 250 – 262 263 Deferred Income Tax Effect of Adjustments 20 Oil (MBbl/d) 109 – 119 117 Adjusted Net Loss Attributable to NBL(3) (Non-GAAP) (49) Unit Production Expenses ($/BOE) 9.75 – 10.25 8.19 Lease Operating Expense ($/BOE) 3.86 Adjusted EBITDAX 2Q ($MM) Gathering, Transportation & Processing ($/BOE) 2.98 Production Taxes ($/BOE) 1.32 Net Income Including Noncontrolling Interest (GAAP) 8 Other Royalty ($MM) 1 Adjustments to Net Loss, After Tax (39) Marketing and Other(2) ($MM) 15 – 20 24 DD&A 528 DD&A ($/BOE) 16.64 Exploration 33 Exploration ($MM) 33 Interest, net 63 G&A ($MM) 105 Current Income Tax Expense, Adjusted 17 Interest, net ($MM) 63 Deferred Income Tax Benefit, Adjusted (21) Equity Investment Income ($MM) 20 – 30 16 Adjusted EBITDAX(3) (Non-GAAP) 589 Midstream Services Revenue – 3rd Party ($MM) 20 Noncontrolling Interest – NBLX Public Unitholders ($MM) 18 (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. (2) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales. 3 (3) Non-GAAP reconciliation to GAAP measure available in 2Q19 earnings release.

U.S. Onshore www.nblenergy.com NYSE: NBL Lower costs, higher volumes - resulting from ongoing efficiency improvements USO Net Production and Capex 2Q19 Key Highlights MBoe/d Capex ($MM) 300 $1,000 U.S. Onshore Efficiencies Trending above Projection $750 • USO capital below estimates for third quarter in a row 200 • Continued efficiency improvements and design changes driving $500 100 quicker cycle times and cost savings $250 • Unit operating costs below guidance on higher production and 0 $0 lower LOE 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19E • 2Q19 total and oil production nearly 3% above midpoint Oil NGL Gas CAPEX Maintaining Capital Discipline while Accelerating TILs 2Q19 Activity DJ Basin Delaware Eagle Ford Total • All 1H wells TIL’d at or ahead of schedule Oil (MBbl/d) 68 40 9 117 • 2019 USO savings driving lower revised capital guidance NGL (MBbl/d) 30 13 22 64 • Gas (MMcf/d) 286 65 143 495 No meaningful adjustment to 2019 USO production exit rate Total Sales (MBoe/d) 145 64 54 263 All Three Onshore Basins Contributing to 3Q Ramp Organic Capital (1) ($MM) 213 164 76 453 • 2Q TIL count highest in 2019 activity Operated Rigs (2) 2 4 0 6 Wells Drilled (2) 26 16 0 42 • USO July production rate of ~285 MBoe/d, 125 MBbl/d oil Wells Completed (2) 33 17 9 59 Wells Brought Online (2) 36 25 16 77 Avg. Working Interest 100% 96% 100% Avg. Lateral Length (ft) 10,051 9,012 9,427 (1) Excludes NBL funded midstream of $23 MM (2) Activity represents NBL operated only 4

U.S. Onshore www.nblenergy.com NYSE: NBL Well costs lower than budget $ MM Efficiency Gains Driving Savings across USO 9,500’ Lateral • Reducing cycle time and drilling, completion and facilities costs in all three basins ~$0.5 MM ▪ Record drill times set in Delaware (17 days) for a below budget ~10,000’ lateral and in the DJ (<5 days) for 9,500’ ▪ Hours pumped increased across USO by 10-15% in 1H19 ▪ Record completion time per well reduced to 4 days in DJ Basin for lower fluid designs $ MM 7,500’ Lateral Row Development Driving Infrastructure and ~$0.5 MM Design Savings below budget • Row development requires significantly less surface equipment • Modular equipment design reduces installation timing and standardizes well design Note: Well costs include allocated facilities and exclude water handling fees 5

USO Oil Takeaway www.nblenergy.com NYSE: NBL Significant pipeline expansions improving oil netbacks DJ Basin – Securing Long-Term Takeaway at Lower Cost • NBL has entered into a new contract with Saddlehorn Pipeline, which increases NBL’s overall capacity at a reduced transportation rate • Extends current contract and assures volume delivery to Cushing (in addition to other takeaway agreements) • Significantly reduces NBL basin transportation cost longer term Saddlehorn Pipeline • Currently negotiating other pipeline contracts for lower cost arrangements Delaware Basin - Access to Gulf Coast Pricing in 2H19 Cushing • EPIC interim crude service line fill started in July and NBL will begin transporting barrels in August and transition NBL pricing from Midland more towards MEH • Crude volumes transported to EPIC via the Advantage Pipeline and Delaware Crossing pipelines, providing redundancy Advantage • Contracted sales agreements of 35,000 Bbl/d in 2H19 with end-point customer Pipeline and access to dock space and storage EPIC Pipeline • NBLX has a 15% equity ownership in EPIC Y-Grade and 30% in Crude Pipeline CorpusCorpus ChristiChristi NBL Acreage 6

DJ Basin www.nblenergy.com NYSE: NBL Improving execution and efficiencies NBL Acreage Municipalities Continued Outperformance Delivered from DJ Basin GOR: Low Mid High East Pony Weld • 1H19 operations generating cash flow above capital expenditures • Base production management and new well performance driving production of 145 MBoe/d in 2Q19, eclipsed 150+ MBoe/d late in quarter • ~30 to 35 TILs anticipated in 3Q, 2 rigs and 1 frac crew currently operating Wells Ranch Long-Term Development Planning • 550+ permits in hand across DJ position, working with all stakeholders on Mustang long term planning and regulatory rulemaking 349,000 net acres • Submitted application for North Wells Ranch CDP, potential for 250 86% avg. WI additional permits MBoe/d Net Production TILs 150 50 Mustang Driving Sustainable Energy Development in CO 100 25 • CDP reduces surface impact and eliminates 152 million truck miles over the 50 development 0 0 • Signed joint venture to electrify Mustang field, providing opportunity for 2Q18 3Q18 4Q18 1Q19 2Q19 electric rigs and fleet use Oil NGL Gas TILs 7

DJ Basin: 2019 Mustang Activity www.nblenergy.com NYSE: NBL Improving capital efficiency with design changes MBoe/d Mustang Production, Gross Mustang Driving Significant Volume Growth 60 (Row 1 and 2) • Mustang Row 2 had 20 TILs in 2Q, Rows 1 and 2 now 45 producing over 55 MBoe/d (~60% oil) in just 1 year of development 30 • Anticipate ~15 wells online from Mustang in 3Q19 15 • 0 Benefitting from gas processing optionality to multiple 7/12/2018 10/10/2018 1/8/2019 4/8/2019 providers MBoe Mustang DP 408 Per Well Cumulative Production 75 12 Lower Fluid Wells and 12 Standard Wells (9,900’ avg. lateral length) Lower Fluid Completion Design Providing Further Lower Fluid (Oil) 50 Standard (Oil) Lower Fluid (Boe) Cost Savings Standard (Boe) • Latest design, first tested in 2018, focuses on lower fluid 25 volumes downhole and the incorporation of high viscosity friction reducers 0 0 15 30 45 60 • Less fluid allows for quicker cleanup of new wells, increases Days Online early time cash flows Driving Efficiency through Design ReductionReduction in FewerFewer ~100k660k 30%30% -- PerPer well well cost waterwater usageusage completioncompletion $500k costsavings savings barrel perper wellwell 50%50% daysdays per per wellwell 8

Delaware Basin www.nblenergy.com NYSE: NBL Realizing the benefits of row development Reeves 10-well Base Performance and TIL Acceleration Calamity • Record production as efficiencies accelerated 7 TILs into 2Q19 . Jane Row • Currently running 4 rigs and 2 completion crews, dropping to 1 crew in 3Q • Recent wells in southern acreage producing an average 80% oil cut Carolina Reaper 4-Well On Target for Second Half Volume Ramp Pad • Overall 25 wells online in 2Q, 50% of wells commenced production in June, accentuating 2H ramp NBL Acreage • Anticipating ~15 wells TIL in 3Q19 94,000 net acres 2Q19 TILs 82% avg. WI 3Q19 TILs . . . . . . . . . .. . . . . . . Row Development Improving Operational Efficiency MBoe/d Net Production TILs 75 30 • Row development improving cycle times and consistency of well delivery 60 20 • CGF connections providing necessary infrastructure to bring wells online 45 with water gathering and takeaway 30 10 • Calamity Jane Row online in June with 10 wells from three zones 15 0 0 2Q18 3Q18 4Q18 1Q19 2Q19 Oil Gas NGL TILs 9

Delaware Basin www.nblenergy.com NYSE: NBL Leveraging row development to drive results Calamity Jane Development Highlights Execution Improvements • 10 well row development driving drilling and completion efficiency gains ▪ Drilling and completion time lowered ~1 week or 10% per well ▪ Average drilling cost down 10% to 15% ▪ 2 crews completed the 10 wells with an average of less than 7 Existing Well Row Development Well days per well Gross Production – Calamity Jane • Production from the 10 wells ramped to over 20 MBoe/d in 7 weeks . . MBoe/d (9,150’ avg. lateral) TILs . . . . . . . . . 25 15 Operational Improvements in the Permian Production Well count 20 Drilling and Completion Timing (weeks) 1 2 3 4 5 6 Drilling and Completion Time (per week) 10 2018 Average per Well 15 10 Calamity Jane Average per Well 5 5 2019 1H Well Average per Well 0 0 11-Jun 18-Jun 25-Jun 2-Jul 9-Jul 16-Jul 10

Eagle Ford www.nblenergy.com NYSE: NBL Harvesting cash flows MBoe/d Net Production TILs 80 20 Production Uplift in 3Q 16 60 • 54 MBoe/d in 2Q19 12 • Brought online 16 DUCs (12 in June) in N. Gates Ranch, 40 codeveloping Upper and Lower Eagle Ford 8 20 4 Generating Significant Cash Flows for USO Business 0 0 2Q18 3Q18 4Q18 1Q19 2Q19 • Eagle Ford asset generating cash flow in excess of capital in 2019, Oil NGL Gas TILs critical to balancing USO capital MBoe/d 2Q19 TIL Gross Production TILs • No further 2019 drilling and completion activity planned, focused (9,427’ avg. lateral) 36 20 on LOE management and driving base performance improvements Production TIL Count 30 Testing Upside Potential in 2H19 15 24 Thousands • Testing refrac opportunities in the S. Gates Ranch area, with potential to unlock 75 to 100 refrac candidates 18 10 12 5 6 0 0 3-Apr 3-May 2-Jun 2-Jul 11

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 0% from Brent-linked oil and condensate 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. 12

Eastern Mediterranean www.nblenergy.com NYSE: NBL World-class assets continue to provide differentiated outlook Tamar Continues to Sell Near 1 Bcfe/d Leviathan Tamar • 2Q19 volumes higher than expected due to strong demand; planned (22 Tcfe, 39.7% WI) (11 Tcfe, 25% WI) maintenance completed ahead of schedule Lev. Pipeline 2.1 Bcfe/d • Performance continues to highlight value of low decline assets Dor Leviathan Now 88% Complete; on Schedule, on Budget • First gas sales still on target for year-end 2019, modeling ~800 MMcfe/d gross volume avg. in 2020. . • Major Milestones Accomplished ▪ Platform jacket installation completed in February; subsea pipelines and production manifold successfully installed in 1Q ▪ Umbilical installation and offshore/onshore pipeline connections in 2Q ▪ Production decks shipped in July, currently in route to Israel, Tamar Pipeline Ashdod anticipate arrival in Israel late August. . 1.6 Bcfe/d Ashkelon Future Monetization of World-Class Natural Gas Resources Tamar – commenced production in 2013 • ~37 Tcf of low-cost discovered resource in the region Leviathan – first production expected by YE 2019 13

Leviathan www.nblenergy.com NYSE: NBL Progressing towards first gas sales Under Construction Loading for Sail On Route to Israel Project Execution Continues with Sailing of Production Decks • Project is on time and trending under budget at 88% complete Regional Infrastructure Progressing to Completion • EMG Pipeline due diligence completed, close on acquisition of interest expected in 3Q Technical Continued Gas Contracting Assessment of EMG • Firming up volumes for Tamar and Leviathan contracts into Egypt Pipeline 14

West Africa www.nblenergy.com NYSE: NBL Active production management, near-term developments, long-term potential Operational Execution Major Projects Future Opportunities • 99% uptime YTD at Aseng, • Aseng 6P production well spud • Alen natural gas infrastructure Alen and Alba early July, first production unlocks regional resources October 2019 • PUA executed by E.G. and • Alen injection management Cameroon allows for cross- leading to higher and more • Alen Gas Monetization border development stable condensate rates ▪ 1H 2021 start up; global gas • Aseng active reservoir prices • Existing Aseng infrastructure management continues to ▪ $165 MM net capital; 75- provides exit route for mitigate production declines 115 MMcfe/d net discovered oil resources production Alba Platforms Aseng FPSO Alen Platform 15

West Africa www.nblenergy.com NYSE: NBL Exceptional operational execution and reservoir management at Aseng Cumulative Production of 100 MMBo Consistent with Sanction Model Over Initial 8 Years Aseng 6P – Another Example of Capital Efficient Development 6P well, • Subsea tie-back of well to existing Aseng FPSO allows for additional capital- targeting edge efficient reservoir recovery resources • High ROR project designed to mitigate field decline rate Aseng Reservoir Model Aseng Reservoir Model Leveraging Subsurface Technical Work to Target Unswept Pay • Estimated increase in field recovery of >10% MBbl/d Aseng Gross Production 25 • Initial production anticipated to be ~10 MBbl/d, gross • Well will provide additional subsurface data, further refining models with 20 the possibility of identifying further development potential 15 10 First Production Expected Early 4Q • Rig spud Aseng 6P early July, expected drilling time is 40 – 50 days, 5 Forecast expected completion time is 30 – 40 days Historical Volumes Volumes 0 Jan-18 Jan-19 Jan-20 16

Third Quarter and Updated 2019 Guidance www.nblenergy.com NYSE: NBL Capital and costs lowered; volumes raised Crude Oil and Natural Gas Total Natural Gas Third Quarter 2019 Guidance Condensate Liquids Equivalent Full-Year 2019 (MMcf/d) Sales Volume (MBbl/d) (MBbl/d) (MBoe/d) Sales Volumes LOW HIGH Total Company Equivalent (MBoe/d) 370 385 Low High Low High Low High Low High Total U.S. Onshore (MBoe/d) 282 294 United States Onshore 119 125 63 66 500 525 268 276 Total Company Oil (MBbl/d) 139 149 Israel - - - - 215 225 36 38 Total U.S. Onshore Oil (MBbl/d) 122 132 Equatorial Guinea 12 14 - - 175 190 41 45 (1) Equatorial Guinea – Equity Capital Expenditures ($MM) 1 2 4 5 - - 5 7 Method Investment Total Company Organic Capital $600 - $675 Total Company 133 140 67 71 895 935 353 363 Cost Metrics LOW HIGH Unit Production Expenses(2) ($/BOE) 9.05 9.55 Marketing and Other(3) ($MM) 20 30 Full-Year 2019 Capital & Cost Metrics Equity Investment Income ($MM) 20 30 Capital Expenditures(1) ($MM) Total Company Organic Capital $2,300 - $2,500 Guidance Commentary: Cost Metrics LOW HIGH • Capital – $100 MM reduction from original full-year guidance Unit Production Expenses(2) ($/BOE) 9.15 9.55 • Unit production expenses – midpoint of full-year guidance reduced $0.15/ Marketing and Other(3) ($MM) 90 110 BOE; 3Q19 unit rate includes impact from uptick in West Africa liftings DD&A ($/BOE) 16.50 17.25 • Sales volumes – full-year midpoint raised from U.S. Onshore and West Africa Exploration ($MM) 110 140 asset performance G&A ($MM) 400 420 Interest, net ($MM) 245 265 ▪ U.S. Onshore 3Q – substantial oil (10 MBbl/d) and total volume Other Guidance Items ($MM) (25 MBoe/d) increase from 2Q19 driven by mid-year TILs Equity Investment Income 80 95 ▪ Israel 3Q – expect quarterly high for 2019 based on seasonal Midstream Services Revenue – Third Party 100 120 demand Non-Controlling Interest – NBLX Public Unitholders 75 90 ▪ E.G. 3Q – oil sales expected higher than production (liftings timing) (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. (2) Includes lease operating expenses, production and ad valorem taxes, gathering , transportation and processing expenses, and other royalty. Production taxes reflect current commodity 17 pricing. (3) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales.

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” or “net risked resources” or “discovered 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 contains certain non-GAAP financial measures, such as Adjusted Net Income and Adjusted EBITDAX. Reconciliations of these non-GAAP measures to the most comparable financial measure calculated in accordance with GAAP can be found in our most recent earnings release covering the relevant reporting period. 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. This presentation also contains a forward-looking non-GAAP financial measure of free cash flow, which we define as cash flow from operations (the most comparable GAAP measure) less consolidated capital investments. Because we provide this measure on a forward-looking basis, however, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, 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 measure to its most directly comparable forward-looking GAAP financial measure. Management believes this forward-looking non-GAAP measure is a useful tool for the investment community in evaluating Noble Energy’s future liquidity. As with any non-GAAP measure, amounts excluded from such measure may be significant and such measure is not a substitute for the comparable measure calculated in accordance with GAAP. 18

Investor Relations Contacts Brad Whitmarsh Park Carrere Kim Hendrix 281.943.1670 281.872.3208 281.943.2197 brad.whitmarsh@nblenergy.com park.carrere@nblenergy.com kim.hendrix@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com