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Multi Year Outlook February 2018 – Noble Energy, Inc.

Noble Energy, Inc. · Feb 23, 2018 · 34 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. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 1
    www.nblenergy.com NYSE: NBL Multi-year Outlook February 2018
  2. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 2
    www.nblenergy.com NYSE: NBL Strategy to Enhance Value Blueprint to delivering leading total shareholder returns Peer-leading Cash Flow Per Debt-adjusted Share Growth…
  3. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 3
    NBL Strategy www.nblenergy.com NYSE: NBL Assets. Execution. Results. Maintain Top Tier, High-quality Portfolio of Investment Options Delivering Value to Shareholders Actively manage portfolio to capture full value Diversification of…
  4. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 4
    Portfolio Transformation www.nblenergy.com NYSE: NBL Enhanced focus on high-margin assets with strengthened financial position Strategic Actions Increased USO Liquids and EMed Mix Entered liquids-rich Eagle Ford and Delaware Basin from…
  5. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 5
    Multi-year Outlook Key Highlights www.nblenergy.com NYSE: NBL Delivering leading performance and strong returns to shareholders Enhanced Shareholder Return Board authorized 750 MM share repurchase program Progressive dividend growth…
  6. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 6
    Outlook Through 2020 www.nblenergy.com NYSE: NBL Key changes from January 2017 plan Planning for Liquids Now 70% USO Type Curves Average 50 long-term USO Volumes Decrease of 5 WTI/Brent Exited Marcellus Increase 15-25% Announced…
  7. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 7
    Portfolio Optimization and Execution Driving Margin Expansion www.nblenergy.com NYSE: NBL Substantial enhancement from January 2017 plan Capital Deployed to High-margin, High-return USO and EMed 2020 Outcomes Improved: Current vs.…
  8. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 8
    Total Company Outlook to 2020 www.nblenergy.com NYSE: NBL Cash flow accelerates faster than volumes Operating Cash Flow MM 4,500 % 35 at 50 3,000 1,500 Operating Cash % 40 at Strip Flow CAGR(2) 0 2017 2018E 2019E 2020E…
  9. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 9
    Focused and Disciplined Capital Deployment www.nblenergy.com NYSE: NBL USO and Leviathan driving growth to 2020 Over 95% of Total Capital Focused on High-margin, High-return USO and EMed Assets…
  10. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 10
    2018-2020 Cash Flow Sources and Uses Outlook www.nblenergy.com NYSE: NBL Returning substantial cash to shareholders Uses Include Current Dividend, 600 MM Cumulative Excess ExcessCash CashFlow FlowCreated Created Anticipate…
  11. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 11
    Evolution of Executive Incentive Plan www.nblenergy.com NYSE: NBL Compensation aligned with shareholder interests to drive superior returns Short-term Incentive Plan Quantitative Metrics (60%) Pre-downturn Current Cash Costs 15% 20%…
  12. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 12
    Sustainable Potential Beyond 2020 www.nblenergy.com NYSE: NBL Delivering long-term value for shareholders Focused Outcomes at 50 NBL in 2020 NBL 2021-2023(2) Organic Free Cash Flows(1) 750 MM 1.7 B annual average Double-digit…
  13. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 13
    www.nblenergy.com NYSE: NBL Operations Outlook 13
  14. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 14
    U.S. Onshore www.nblenergy.com NYSE: NBL Premier assets and proven operational execution Multiple Decades of High-return Inventory in Liquids-rich, Low Cost Basins DJ Basin…
  15. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 15
    Robust USO Portfolio Outlook 2018-2020 www.nblenergy.com NYSE: NBL 900 MM cumulative free cash flow(2) at 50; incremental 1 B at strip Asset-level Upstream Capital Allocation Volume CAGR(1) USO Asset Portfolio to 2020 Free Cash Flow…
  16. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 16
    Focused USO Portfolio Driving Capital Efficiency www.nblenergy.com NYSE: NBL Significant enhancement in Texas and Colorado Increased Productivity in DJ Basin Productivity Increases Driving Same USO Type curves up by 25% on average in…
  17. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 17
    Delaware Basin www.nblenergy.com NYSE: NBL Stacked pay development in peer-leading oil position Contiguous Acreage Position in Core of the Southern Delaware 70 NBL Oil Avg. % Ward…
  18. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 18
    Exceptional Delaware Basin Economics www.nblenergy.com NYSE: NBL Enhanced completions driving type curve increase 3rd Bone Spring Wolfcamp A Upper Wolfcamp A Lower 1.1 MMBoe Type Curve Up 20% 1.4 MMBoe Type Curve Up 25% 1.1 MMBoe Type…
  19. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 19
    Driving Value from Delaware Expansion www.nblenergy.com NYSE: NBL Delivering above CWEI acquisition case NBL Execution Driving More Value per Well Increased Wolfcamp A Recovery (MBoe) Message Enhanced 1 delivering increased recovery…
  20. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 20
    DJ Basin www.nblenergy.com NYSE: NBL Contiguous, liquids-rich position Strategically Focused in Liquids-rich Area, Ideal for IDP Development Weld Acreage trades since 2013 blocked up core position in rural areas 1 B divestment…
  21. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 21
    Increased DJ Basin Productivity www.nblenergy.com NYSE: NBL Enhanced completions driving type curve increase Type Curves Increased Across All Development Focus Areas Cum. MBoe Wells Ranch: 1.2 MMBoe Type Curve Up 20% 200 Wells Ranch…
  22. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 22
    Eagle Ford www.nblenergy.com NYSE: NBL Multi-zone development driving free cash flow(1) Maximizing Cash Flows for USO Capital Deployment Dimmit 370 MM cumulative asset-level free cash flow(1) through 2020…
  23. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 23
    Integrated Business Approach Drives Low-risk, High-value Growth www.nblenergy.com NYSE: NBL Midstream synergies + significant embedded midstream value potential in NBL Low-cost, reliable water infrastructure supports efficient…
  24. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 24
    EMed Outlook through 2020 www.nblenergy.com NYSE: NBL Exceptional assets, margins and growth Aphrodite Tamar Long-life Assets with Minimal Decline in High-demand Region 35% WI 32.5% WI(1)…
  25. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 25
    EMed Regional Demand Outpaces Supply www.nblenergy.com NYSE: NBL World-class resources in a high-demand region Bcfe/d Historic Israel Use Unfulfilled Regional Demand 7 Gas Production Displacing Reliance % of Power Significant…
  26. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 26
    EMed Regional Marketing Progress www.nblenergy.com NYSE: NBL Executed Tamar and Leviathan export contracts to Egypt Secured New Volume Commitments to Egypt with Dolphinus Platforms Existing INGL Combined up to 700 MMcf/d for 10 years…
  27. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 27
    West Africa Outlook through 2020 www.nblenergy.com NYSE: NBL Maximizing value with new project upside Significant Cumulative Asset-level Free Cash Flow(1) of 600 MM through 2020 at 50 Alba Field 33% WI Equatorial Cameroon Incremental…
  28. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 28
    2018 Capital and Volume Outlook www.nblenergy.com NYSE: NBL High-margin, high-return investment focus 2018 Capital(1) Program 2018 Capital Program In-line with 2017, Excluding 2.7 - 2.9 B Leviathan USO 750 MM EMed program more than…
  29. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 29
    www.nblenergy.com NYSE: NBL Enhancing Value Delivering leading performance Committed to Return Value to Shareholders Over 1.3 B to shareholders through dividend and share repurchases additional dividend potential Additional…
  30. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 30
    www.nblenergy.com NYSE: NBL Appendix 30
  31. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 31
    www.nblenergy.com NYSE: NBL Price Deck Assumptions And Defined Terms Period Base Plan Strip Plan as of end January, 2018 WTI, Brent (/Bbl) Henry Hub (/Mcf) WTI, Brent (/Bbl) Henry Hub (/Mcf) 2018 50, 53 3 63, 68 2.90 2019 50, 53 3…
  32. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 32
    www.nblenergy.com NYSE: NBL Divestment Adjusted Volumes (2017 and 2018) 2018 Midpoint Impact of Impact of Guidance Pro-Forma 2017 Actuals Pro-Forma Volumes (MBoe/d) Reported Divestments 2018 Reported Volumes Divestments 2017…
  33. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 33
    www.nblenergy.com NYSE: NBL 2018 Full-Year Guidance Crude Oil and Natural Gas Liquids Natural Gas Total Equivalent Full Year 2018 Sales Volume Condensate (MBbl/d) (MBbl/d) (MMcf/d) (MBoe/d) Low High Low High Low High Low High…
  34. Multi Year Outlook February 2018 – Noble Energy, Inc. – slide 34
    www.nblenergy.com NYSE: NBL 2018 First Quarter Guidance Crude Oil and Natural Gas Liquids Natural Gas Total Equivalent First Quarter 2018 Sales Volume Condensate (MBbl/d) (MBbl/d) (MMcf/d) (MBoe/d) Low High Low High Low High Low…

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