Investor Handout October 2018 www.nblmidstream.com
Whats New New Permian Basin opportunities Additional progress towards goal of 50% net EBITDA contribution from the Permian Basin by the end of 2020 1 LOI with Salt Creek Midstream, LLC (SCM) for 50/50 Joint Development of…
Enhancing Noble Midstreams Permian Opportunities Infield In-Basin Transportation Long-haul / Fractionation Entity Blanco River Trinity River Trinity River SCM JV EPIC Crude EPIC Y-Grade NGL Long-haul Crude gathering Advantage…
Strategic Delaware Basin Partnership Opportunity with Salt Creek Agreement Summary Proposed Joint Venture Structure Signed a Letter of Intent with Salt Creek to Form a 50/50 Partnership on a Delaware Crude Oil 730 Miles of Pipeline…
Expanding Delaware Basin Footprint with JV System System Details System Map SCM Commenced Construction on Newbuild 730 Miles of Pipeline with Targeted 2Q19 In-service Date Pipe 95-Mile, 20 Inch Crude Oil Trunk Line 200 MBbl/d…
Expanded NBLX Permian Basin Footprint 730 Miles of Pipe www.nblmidstream.com 7
EPIC Crude (NBL) and Y-Grade Pipeline (NBLX) Opportunities Option Period Allows for More Construction and Commercial Progress Before Making Equity Investment Options expire February 2019 Operational and Capital Synergies from Shared…
Peer-Leading Metrics and Outlook Peer Peer Peer Peer Peer Peer Peer NBLX G A B C D E F 20%+ 2018E Distribution Growth 2.1x 2018E DCF…
Significant Financial Flexibility and Strength 2Q18 Pro-Forma Liquidity of 780 Million, Including 770 Million Undrawn on 800 Million Revolving Credit Facility Accordion feature to 1.15 billion Low Organic Leverage Target…
Durable Distribution Supported by Ample Coverage Secure dividend with coverage nearly double that of peers Distribution per Unit (DPU) and Distribution Coverage Ratio Sensitivity Analysis: 2Q18 Distribution Coverage Ratio 2Q18…
Colorado Regulatory Environment 2,500 ft setback measure would be a huge setback for Colorado Statutory Proposition 112 is an Attempt to Eliminate Oil and Gas Development in Colorado Up to 217 B Increases setback zone from…
Transformational Business Development Enhances Portfolio Resiliency Growing service, customer and geographic diversification provides flexible growth pathway 1 20 Customers 0% 50% Throughput from 3rd Parties 2.5 15…
Significant Built-in Delaware Basin Organic Growth and Scale Blanco River Oil, Gas and Water Gathering Blanco River Gathering Throughput (MBoew/d) 117 All 5 CGFs Connected and Flowing through Advantage Pipeline 120 90 MBbl/d of…
DJ Basin: Green River Gathering commences for Noble Energy Delivered Fresh Water to Two NBL Completion Crews Operating in Mustang During 2Q18 Spec Oil, Gas and Produced Water Backbone Gathering Infrastructure Completed System…
DJ Basin: Laramie River Third-party activity acceleration underway Black Diamond Gathering Third-party DJ Basin 2H18 Activity Increase Underway with 200 MMcf/d Additional Basin Gas Processing Online 2nd frac crew added by 3rd-party…
DJ Basin: Colorado River Significant free cash generation Oil and Gas Gathering Volumes Roughly Flat in 2Q18 Despite 65% Sequential Decline in Well Connections Minimal Fresh Water Delivery Volumes in 2Q18 Due to NBL Activity Shift…
2018 Capital Budget Detail Material Decline in 2H18E Net Capital 250 Requirements (MM) Major Growth Projects Complete, 200 Reducing Future Capex Needs -60% 2H18E capital down 60% from 1H18 150 100 Focus Shifts to Capital…
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% Conservative Upstream…
NBLX Asset Map: DJ Basin Area: Wells Ranch Dedicated Acres: 78k Black Diamond (54.4%) Colorado River DevCo (100%) Dedicated Acres: 158k Oil Gathering Laramie River DevCo (100%) Gas Gathering Oil Gathering PW Gathering FW Delivery…
NBLX Structure Noble Energy NYSE: NBL 100% 45.5% Limited Noble Midstream GP LLC Partner Interest ROFR/Wholly Owned Assets: Non-Economic General East Pony Gas Gathering Partner Interest East Pony Gas Processing Noble…
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…
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