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Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP

Noble Midstream Partners LP · Jun 21, 2017 · 13 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 1
    Inaugural Drop Down Transaction Overview June 21, 2017 www.nblmidstream.com
  2. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 2
    Acquisition Summary NBLX is acquiring the remaining 20% interest in Colorado River DevCo LP and an additional 15% interest in Blanco River DevCo LP from NBL 270mm purchased price; expected to close concurrent with PIPE offering 143mm…
  3. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 3
    Transaction Rationale Accretive Transaction Provides Scale and Additional Delaware Basin Exposure Immediately accretive to distributable cash flow per unit Drop down of interest from both Colorado River DevCo and Blanco River Devco…
  4. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 4
    NBLX Structure (Pro Forma Drop Down) Drop down assets Noble Energy NYSE: NBL 100% 50.1% Limited Noble Midstream GP LLC Partner Interest ROFR Assets: Non-Economic General East Pony Gas Gathering Partner Interest East Pony Gas…
  5. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 5
    2017 Guidance Detail Revised Prior Guidance (May 1) 1Q 2017 Guidance Actuals 2Q 2017 (E) FY 2017 (E) FY 2017 (E) Gross EBITDA 37 33 36 146 162 155 168 Financials (MM) (1) Net EBITDA 26 25 28 110 122 130 145 Distributable…
  6. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 6
    2017 Capital Budget Gross Capital * Trinity River* DevCo 6% Associated with Expected 2017 Net Capital increases Drop Down approximately 30MM for acquired DevCo interest adjustments Green River Blanco 21% Expected net capital…
  7. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 7
    2020 Outlook Growth outlook is reaffirmed following inaugural drop down transaction Distribution / L.P. Unit 2H 2017 - Pro Forma 2020 CAGR(1) Drop Down 3.50 Net EBITDA 20% P 3.16 Distributable Cash Flow 20% P 3.00 2.63…
  8. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 8
    Consistently Enhancing Top-Tier Growth Outlook 2017 2020 DPU Growth Objective (Sep. 2016) 20% Enhancements Since IPO: Fresh Water Delivery Per Well Demand Nearly Triples Sep. 16 Extends 20% Enhanced completions driving increased…
  9. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 9
    Appendix www.nblmidstream.com 10
  10. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 10
    Pro Forma Financial Overview Sources and Uses (1) Debt and Liquidity (1) Sources NBLX 6/30/2017 (E) PIPE Offering Proceeds 143 Common Units Issued to NBL 25 Status Pro Revolver Borrowings 102 ( in millions) Quo Adj. Forma Cash 20…
  11. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 11
    Midstream Services Portfolio DJ Basin Delaware Basin Laramie River 100% Interest EAST PONY Blanco River San Juan River 40% Interest 25% Interest GREELEY WELLS CRESCENT RANCH Colorado River 100% Interest Advantage BRONCO…
  12. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 12
    EBITDA Reconciliation Non-GAAP Financial Measures This presentation includes EBITDA, Distributable Cash Flow, and Distribution Coverage, all of which are non-GAAP measures that management believes are good tools for internal use and…
  13. Inaugural Drop Down Transaction Overview – Noble Midstream Partners LP – slide 13
    Contact Information Chris Hickman 1001 Noble Energy Way VP, Investor Relations Houston, TX 77070 chris.hickmannblmidstream.com 281.943.1622 www.nblmidstream.com www.nblmidstream.com

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