Fourth Quarter Earnings Call February 2018 Fourth Quarter and Full Year 2017 Results 2018 Guidance Extended and Enhanced Long-Term Outlook www.nblmidstream.com
Fourth Quarter 2017 Highlights Gathering business drives growth in key financial metrics Strong Execution Financial Discipline 4Q Gathering Volumes vs 3Q 4Q Distribution Coverage Ratio 2.2x/2.4x 1 Oil & Gas +28% 4Q Annualized…
Adding Significant Scale and Customer Diversification Advantage and Black Diamond Gathering JVs materially enhance 3rd party business Delaware and DJ Basin Gross Oil & Gas Throughput1 Mix Third Third Party Party 2016 2017…
Peer-Leading Distribution Growth and Financial Strength 20% distribution growth, low leverage and high coverage 3-Year Distribution CAGR 2017-2020E 2018E Distribution Coverage Ratio 2.5x 30% 2.0x 25% 1.5x 1.0x 20% 0.5x…
2018 Goals and Objectives Growth with a focus on execution and financial strength Continue to Provide Safe and Reliable Service to Our Sponsor and Other Customers 2.4x Continue to Extend 20% Distribution per Unit Growth 20% 4Q…
2018 Capital Budget Detail Growth capital focused on Blanco River and Laramie River DevCos Net Capital1 Gross Capital1 (attributable to the Partnership) Colorado Trinity Colorado Trinity River River River River 8% 8% 4% 15%…
Project Startups and Activity Ramp Driving 2018 Growth Consistent milestones and catalysts throughout the year Commence Mustang Equivalent Wells Connections1 1Q FWD in Late 1Q 1500 Oil and Gas Gathering MBoe/d 300 Black Diamond…
2018 Growth in Adjusted EBITDA and Distributions 2H18 growth reflects Delaware CGF and customer activity timing Net Income Guidance of 220 - 260 MM, or 46% Above 2017 45% Annual Adjusted Net EBITDA1 Growth Anticipated at Guidance…
Extending 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 Improved Outlook Old New New Prudent Commodity Price…
Advantage Pipeline: Rapid Integration and Value Creation Highlighting recent commercial success and the benefits of a Sponsor MLP Recent Developments Advantage Pipeline Oil Throughput (MBbl/d) Additional 4Q17 Volumes of 60 MBbl/d,…
Blanco River Projects Update Significant 2018 growth driver Daily Capacity Near-Term 4Q Oil and Gas Gathering Volumes of Delaware Basin Oil Gas PW Est. CGF Projects (MBbl/d) (MMcf/d) (MBw/d) Online 15 MBoe/d, 3x volumes in 3Q 1…
Black Diamond Gathering Strong base project returns with upside potential Acquisition of Saddle Butte Pipeline Closed on January 31st Highly Strategic Asset Complementary to existing infrastructure Connectivity to every DJ…
DJ Basin Projects Update LARAMIE RIVER DEVCO Laramie River and Green River drive 2018 throughput growth Legacy Third-Party Greeley Crescent (Laramie River DevCo): Acreage Dedication Third-Party 4Q Oil Gathering Averaged 16 MBbl/d,…
Distribution Coverage1 of 4Q Distribution Conservative planning for Fresh Water 4Q Gathering EBITDA1 of 37 MM, a 19% Increase Above 3Q 1.6x Distribution Coverage Ratio1 excluding Fresh Water Gathering EBITDA attributable to the…
2018 Guidance Detail 2017 2018 Estimates1 4Q Full Year 1Q Full Year Oil Gathered (MBbl/d) 93 66 120 -135 160 - 190 Gross Volumes Gas Gathered (MMcf/d) 175 139 190 - 200 220 - 270 Oil and Gas Gathered (MBoe/d) 122 89 152 - 168…
2018 Gross Volume Guidance Project start-ups in 2H 2018 driving full year growth 2017 2018 (E) 1 Produced Fresh Produced Fresh Oil & Gas Water Water Oil & Gas Water Water Gathered Gathered Delivered Gathered Gathered Delivered…
Significant Dropdown Inventory Supplements Organic Growth Continue to target one dropdown per year from significant inventory Current Status of Asset Acreage NBL Blanco River (Delaware Basin) 60% Operational 111,000 Retained…
Strategy Continuous focus on Safety safety culture Customer service mentality for Customer Service NBL and 3rd parties Execute on back-yard Increase 3rd Party Business opportunities Disciplined Financial Preserve prudent…
About Our Sponsor Robust NBL upstream outlook reinforces NBLX long-term objectives 4+ BBoe Net Unrisked Resources in Top Tier U.S. Unconventional Basins 6,500 future drilling locations Robust 2018 Outlook US Onshore volumes up 20%…
Appendix www.nblmidstream.com 22
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 1 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 2018E in millions 1Q 2Q 3Q 4Q FY 1Q FY Net Income 35 39 44 46 164 42-48 220 - 260 Add: Depreciation and Amortization 2 2 4 4 13 6 35 - 36 Add: Interest Expense, Net of Amount Capitalized 0 0 1 1 1…
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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