First Quarter 2018 Earnings Call May 2018 www.nblmidstream.com
First Quarter 2018 Highlights Strong Execution Financial Discipline 1Q1 Volumes vs 4Q: 1Q Distribution Coverage Ratio 2.3x 2 Oil, Gas & Produced Water Gathering +22% 1Q Annualized Leverage 2.0x 2, 3 Fresh Water Delivery +24%…
First Quarter 2018 Results In-line or exceeding guidance across the majority of categories Actuals 1Q Guidance 1Q v 4Q Gross Volumes: 4Q17 1Q18 Oil Gathered (MBbl/d) 93 130 120 - 135 40% Gas Gathered (MMcf/d) 175 191 190 - 200…
Peer-Leading Distribution Coverage1 Continues Gathering volumes driving growth 1Q Gathering Net EBITDA1 of 40 MM, an 8% Increase Above 4Q 1.6x Distribution Coverage Ratio1 excluding Fresh Water Gathering net EBITDA represented 74%…
Strong Execution Driving Visible Growth Consistent milestones and catalysts throughout the year Operational Scorecard Close and Integrate Black Diamond Gathering Oil and Gas Gathering MBoe/d Commence Delaware Basin Compression…
1H18 Capital Drives Expected Robust 2H18 Performance 2H18 expected growth reflects growth project and customer activity timing Net Income Guidance of 175 - 210, or 17% Above 2017 Revised net income reflects higher expected DD&A due…
2018 Capital Budget Detail Growth capital focused on Blanco River and Laramie River DevCos Gross Capital1 Net Capital1 (attributable to the Partnership) Trinity Colorado Trinity Colorado River River River River 8% 4% 15% 8%…
Delaware Basin: Blanco River Significant 2018 growth driver 90 MBbl/d of Crude Oil Capacity (115 MBoe/d) from 5 CGFs Planned to be Operational by Mid-2018 5th planned CGF, Collier, nearing completion CGF Capacity at Mid-Year…
Delaware Basin: Trinity River Value creation continues at Advantage with record volumes Advantage Pipeline Advantage Pipeline Oil Throughput (MBbl/d) Additional April Nominations of 108 MBbl/d; May 120 upside Nominations of 120…
DJ Basin: Laramie River Significant third-party activity acceleration underway Black Diamond Gathering Successful Integration of Black Diamond Gathering Operations Tallgrass Outlet In-Service, Completing Connectivity to Every DJ…
DJ Basin: Colorado River Significant free cash generation DevCo Represents 4% of Gross 2018E Capital Budget and 55% of 2018E Gross EBITDA1 Backbone infrastructure in place Activity highly focused on capital efficient well…
DJ Basin: Green River Infrastructure build out to support NBLs Mustang Area Fresh Water Delivery Began in March Two NBL completion crews operating in Mustang during 2Q18 Spec Oil, Gas and Produced Water Backbone Gathering…
Fresh Water Mix Creates Quarterly Fluctuations in Net Financials Zero Colorado River fresh water delivery volumes anticipated in 2Q18 Enhanced Completions Continue to Drive Robust Fresh Water Demand per Well NBL Mustang and Wells…
Leading Long-Term Outlook Substantial organic growth with large existing drop-down inventory Organic No Drop Downs 2017-2020E 2018E 2019-2022E Material Upside to Old New New Improved Outlook Distribution per Unit 20% 20% 20%…
Steel Tariff and FERC Tax Allowance Policy Change: Immaterial Impact U.S. Steel Tariff Current Tariff: 25% on Steel, 10% on Aluminum Domestic and foreign line pipe pricing increase following announcement Remaining uncertainty around…
Appendix www.nblmidstream.com 18
NBLX Asset Map: DJ Basin Area: Wells Ranch Dedicated Acres: 78k Black Diamond (54.4%) 1 Colorado River DevCo (100%) Dedicated Acres: 141k2 Oil Gathering Laramie River DevCo (100%) Gas Gathering Oil Gathering PW Gathering FW…
NBLX Structure Noble Energy NYSE: NBL 100% 45.5% Limited Noble Midstream GP LLC Partner Interest ROFR Assets: Non-Economic General East Pony Gas Gathering Partner Interest East Pony Gas Processing Eagle Ford Shale Midstream…
Non-GAAP Financial Measures This presentation includes Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE, all of which are non-GAAP measures which may be used periodically by management when discussing our…
Non-GAAP Reconciliation 2017 2018 in millions 1Q 2Q 3Q 4Q FY 1Q 2QE FY Net Income 35 39 44 46 164 39 34 - 39 175 - 210 Add: Depreciation and Amortization 2 2 4 4 13 11 19 75 - 80 Add: Interest Expense, Net of Amount Capitalized…
Contact Information Megan Repine 1001 Noble Energy Way Investor Relations Houston, TX 77070 megan.repinenblmidstream.com 832.639.7380 www.nblmidstream.com
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