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2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP

Noble Midstream Partners LP · May 23, 2018 · 24 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. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 1
    2018 MLP & Energy Infrastructure Conference May 2018 www.nblmidstream.com
  2. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 2
    Noble Midstream Investment Thesis www.nblmidstream.com 3
  3. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 3
    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…
  4. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 4
    Strong Track Record Since IPO Robust distribution growth and financial strength Quarterly Distribution per Unit (DPU) and Distribution Coverage Ratio1 0.55 3.0x 0.50 2.5x 2.0x 0.45 1.3x Coverage Fence Post 1.5x 0.40 1.0x…
  5. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 5
    Disciplined Financial Framework Funded 1.2 Billion in Net Organic Capital and 3 Accretive Acquisitions Since IPO 70% funded with cash and debt, including entire organic program 1Q 2018 NBLX Net EBITDA and Distribution Coverage 1,2…
  6. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 6
    Peer-Leading Metrics and Outlook Peer Peer Peer Peer Peer Peer Peer NBLX G A B C D E F 20%+ 2018E Distribution Growth 1.9x 2018E DCF…
  7. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 7
    2018 Growth Projects Update 2018 Net Capital1 (attributable to the Partnership) Delaware Basin Gathering Backbone Infrastructure Complete 5th central gathering facility (CGF) online in May Trinity Colorado River River 90 MBbl/d of…
  8. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 8
    Delaware Basin: Blanco River Significant 2018 growth driver 90 MBbl/d of Crude Oil Capacity (115 MBoe/d) from 5 CGFs Operational CGF Capacity Provides Long Runway for Sponsor Planned Volume Growth All CGFs Connected and Flowing…
  9. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 9
    DJ Basin: Green River Infrastructure build out to support NBLs Mustang area Mustang Infrastructure Design Mustang Area: 75,000 Highly Contiguous Net Acres Support Extensive Multi-Year Inventory for NBL Development Long Laterals…
  10. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 10
    DJ Basin: Colorado River Capital Efficiency Provides analog for other DevCo potential in 2019+ Wells Ranch Infrastructure Mature Infrastructure Highlights Capital Efficiency: Backbone infrastructure in place Activity highly…
  11. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 11
    Enhanced Completions Drive Strong Fresh Water Delivery Volumes Customers Continue to Focus on Enhanced Slickwater Completions in 2018, Driving Robust Fresh Water Demand per Well NBL Mustang and Wells Ranch standard design of 1,800…
  12. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 12
    Adding Significant Scale and Customer Diversification Adding significant scale and customer diversification Delaware and DJ Basin Gross Oil & Gas Throughput1 Mix Third Third Party Party 2016 2017 2018E 100% NBL 64% NBL 50% NBL…
  13. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 13
    Disciplined Third Party M&A Supplements Organic Program M&A Strategy Focused on acquiring assets that NBLX can bring more to than the competition NBLX ownership promote of 4.4% Post-close contract execution: Differentiated Value…
  14. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 14
    Black Diamond Gathering: Strategic DJ Basin Partnership Noble Midstream Formed Black Diamond Gathering with Greenfield Midstream to Acquire Saddle Butte Pipeline Acquisition Closed and Integrated During 1Q18 NBLX operates and controls…
  15. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 15
    Black Diamond Gathering Early Commercial Success Strategic positioning of asset thesis materializing with new customer agreements Secured Additional Long-Term Dedications Representing More Than 200 Wells Across 17k Acres 12%…
  16. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 16
    Positive Delaware Commercial Developments Leveraging existing asset footprint to drive upside Advantage Pipeline Oil Throughput (MBbl/d) Leveraging CWEI Acreage Dedication and Additional Existing Footprint into Additional…
  17. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 17
    Leading Long-Term Outlook Substantial organic growth with upside potential Organic No Drop Downs 2017-2020E 2018E 2019-2022E Material Upside to Old New New Outlook Distribution per Unit 20% 20% 20% Prudent Commodity Price View:…
  18. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 18
    Noble Midstream Investment Thesis www.nblmidstream.com 19
  19. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 19
    Appendix www.nblmidstream.com 20
  20. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 20
    2Q18 and 2018 Guidance Detail Quarterly Full Year 1Q 2Q 2017 Updated Actuals Estimate Actuals 2018E Oil Gathered (MBbl/d) 130 160 - 175 66 165 - 190 Gross Volumes Gas Gathered (MMcf/d) 191 195 - 215 139 215 - 265 Oil and…
  21. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 21
    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…
  22. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 22
    Non-GAAP Reconciliation 2016 2017 2018 in millions 4Q 1Q 2Q 3Q 4Q FY 1Q 2QE FYE Net Income 35 35 39 44 46 164 39 34 - 39 175 - 210 Add: Depreciation and Amortization 2 2 2 4 4 13 11 4 75 - 80 Add: Interest Expense, Net of Amount…
  23. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 23
    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…
  24. 2018 MLP and Energy Infrastructure Conference – Noble Midstream Partners LP – slide 24
    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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