2017 MLPA Investor Conference May 31 June 2, 2017 - PowerPoint PPT Presentation

2017 MLPA Investor Conference May 31 – June 2, 2017 www.nblmidstream.com

Forward Looking Statements and Non-GAAP Measures This presentation contains certain “forward -looking statements” within the meaning of the federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimate” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Midstream Partners LP’s (“the Partnership” or “Noble Midstream”) current views about future events. 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 include, without limitation, the ability of Noble Energy, Inc. (“NBL”) to meet its drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward -Looking Statements” in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in the other reports the Partnership files with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. This presentation also contains certain measures of financial performance that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) that management believes are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. In this presentation, we refer to certain results as “attributable to the Partnership. ” Unless otherwise noted herein, all results included in this release reflect the results of our predecessor for accounting purposes, for periods prior to the closing of our initial public offering (“IPO”) on September 20, 2016, as well as the results of our Partnership, for the period subsequent to the closing of the IPO. We refer to certain results as “attributable to the Partnership,” which excludes the non-controlling interests in the development companies (“ DevCos ”) retained NBL. We believe the results “attributable to the Partnership” provide the best representation of the ongoing operations from which our unitholders will benefit. www.nblmidstream.com 2

Noble Midstream Partners LP Overview Partnership Overview Premier E&P Sponsorship  Noble Midstream Partners LP (“NBLX”) is a midstream MLP formed by sponsor, Noble Energy, Inc. (“NBL”), to support the development of its leading liquids shale plays 100% (NYSE: NBL)  NBLX provides a diverse set of midstream services Noble Midstream ~55% LP  Crude oil gathering, treating and transmission Interest / IDRs GP LLC  Natural gas gathering Non-economic  Produced water gathering and freshwater delivery GP Interest Public Unitholders ~45% LP  NBLX’s development company (“ DevCo ”) structure Interest 0-95% (NYSE: NBLX) Non-Controlling provides multiple avenues for organic and drop down Interests growth 100%  NBLX holds significant dedications in two leading U.S. oil Noble Midstream shale basins Services, LLC Acreage Dedications 5-100% Controlling Interests DevCos DJ Basin 300,000 net acres Delaware Basin 111,000 net acres www.nblmidstream.com 3

Consistently Enhancing Top-Tier Growth Outlook 2017 – 2020 DPU Growth Objective (Sep. 2016) 20% Extends 20%  Enhancements Since IPO: Growth Horizon Sep. ’16 Fresh Water Delivery Per Well Demand Nearly Triples  Accelerating activity + Increased Type Curves Durability to  Distribution Nov. ’16 NBL USO Update  Through Accelerating Activity + Increased Type Curves in both DJ and Delaware Commodity Cycles Feb. ’17 Advantage Pipeline JV Acquisition  Improves Already Delaware Basin Crude Transmission Added to Portfolio  Strong Coverage Apr. ’17 Delaware Basin Gas Gathering Dedication  and Leverage NBL’s legacy 47,000 Delaware Basin acres Outlook Apr. ’17 Clayton Williams Gathering Dedication  Provides Financial  Oil, gas and produced water gathering on 64,000 Delaware Basin acres Flexibility for May ‘17 Record Oil and Gas System Throughput Complementary  Enhanced Completions Driving Record May Throughput Growth Opportunities 2017 – 2020+ DPU Growth Objective (May 2017) 20% www.nblmidstream.com 4

Increasing 2Q 2017 Volume Guidance Enhanced Completion Performance Driving Record Throughput  3 consecutive months with record throughput (March, April, May 2017)  Significant Growth Through Existing Infrastructure  2Q oil and gas gathering volumes expected to grow ~15% vs. 1Q before new growth projects begin  Fresh Water Outperformance Continues  Fresh water demand from existing customers exceeding expectations  2Q 2017 Gross Volume Guidance Oil and Gas Gathered Produced Water Gathered Fresh Water Delivered (MBoe/d) (MBw/d) (MBw/d) 125 - 175 70 - 75 65 - 70 100 - 150 11 - 13 10 - 12 Prior Current Prior Current Prior Current www.nblmidstream.com 5

Gathering Increasing Share of NBL DJ Horizontal Volumes NBLX Gathered Volumes and NBL DJ Basin Gross Horizontal Production Gross Volumes NBLX Gathered 4Q 4Q 4Q 4Q 1Q 2Q (MBoe/d) ’13 ’14 ’15 ’16 ’17 ’17 (E) Volumes as % of 125 Est. NBL Gross Hz. 20% 30% 49% 53% 55% ~ 60% Production 100 2Q ’17 (E) 70 - 75 MBoe/d 75 50 25 0 NBLX Gathered Volumes Est. NBL Gross Horizontal Volumes www.nblmidstream.com 6

Midstream Services Portfolio Delaware Basin DJ Basin Blanco River 25% Interest Advantage Pipeline NBL Acreage 3 rd Party Acreage Trinity River NBL ROFR Acreage Existing NBLX Pipelines 100% Interest Planned NBLX Pipelines Central Gathering Facility Oil Treating Facility Integrated Development Plan Areas (“IDPs”) Dedicated Service NBLX Dedicated Crude Oil Gas Prod. Water Fresh Water Crude Oil DevCo Ownership IDP Producer Acres (~) Gathering Gathering Gathering Delivery Transmission Wells Ranch NBL 78k     Colorado River 80% East Pony NBL 44k  Trinity River 100%  * Legacy NBL 47k    Delaware Basin Blanco River 25% Acq. CWEI 64k     SYRG 33k    Laramie River 100% Greeley Crescent NBL 32k    Green River 25% Mustang NBL 75k     San Juan River 25% East Pony NBL 44k  Gunnison River 5% Bronco NBL 36k     Post IPO additions * Dedicated to Advantage Pipeline JV www.nblmidstream.com 7

Significant Activity and Scale Added in Delaware Basin Clayton Williams Acreage Dedication Anticipated NBL Rigs on NBLX Delaware Basin Dedicated Acreage  NBL dedicated acquired acreage in Reeves County, 10 Texas (64k net) for crude oil and produced water gathering and substantially all of the acquired 8 acreage dedicated for gas gathering 7 6  NBL’s acreage position ranks second largest in southern Delaware Basin  NBL’s Delaware Basin rig count expected to increase to 6 operated rigs by YE 2017  Planning for two additional central gathering facilities YE2017 (E) 2018 (E) 2019 (E) 2020 (E) to support Clayton Williams acreage activity; expected Noble Energy’s Base Plan (Jan. 2017) facility start up in 1H 2018 Source: Clayton Williams Acquisition Announcement Presentation (Jan. 2017) Southern Delaware Basin Net Acreage (000s) Legacy Gas Gathering Dedication 150  Added gas gathering dedication on substantially all of 125 NBL’s legacy 47k net acres to complement existing oil and produced water gathering dedication 100  System continuity across NBL’s southern Delaware 75 Basin acreage 50 25 0 OXY NBL FANG CXO CDEV JAG PDCE PE CPE Source: review of public disclosures www.nblmidstream.com 8