Third Quarter 2018 Earnings Call November 1, 2018 www.nblmidstream.com
3Q18 Highlights In-line or Exceeded Guidance Across All Categories Net Income and Net Adjusted EBITDA, 3 above guidance Delivered Strong Throughput Growth Across All Segments Combined oil, gas and produced water gathering and sales…
Third Quarter 2018 Results In-line or exceeding guidance across all categories 3Q Actuals Guidance 3Q v 2Q 1Q18 2Q18 3Q18 Oil Gathered (MBbl/d) 135 158 183 165 - 180 16% Gross Volumes Gas Gathered (MMcf/d) 191 206 249 210 -…
Robust Fundamentals Across Both Delaware and DJ Basins Delaware Basin Oil, Gas and Water Gathering and Sales DJ Basin Oil, Gas and Water Gathering and Sales Throughput Throughput* (MBoew/d) (MBoew/d) 140 135 220 212 120 200 191 100…
Peer-Leading Distribution Coverage1 Continues Conservative distribution policy supported by solid gathering segment contribution Gathering Segment Alone Provides Ample Distribution Coverage 1.4x Distribution Coverage Ratio excluding…
Fourth Quarter 2018 Guidance Gross Fresh Water Delivery (MBw/d) 195 180-220 4Q18E Net Income of 52-57 MM 168 160 Anticipate Oil and Gas Gathering Gross Throughput Growth in 4Q18E Over 3Q18 Driven by Green River and Laramie…
Updated 2018 Capital Budget Detail Material Decline in 2H18E Net Capital 128 130 Requirements (MM) 3Q18 Gross Capital at High-end While Net Capital 110 at Low-end of Guidance 90 Higher Blanco River and Green River infrastructure…
Healthy Fresh Water Segment Complements Core Gathering Business Quarterly fluctuations in activity and DevCo mix Record Fresh Water Delivery Volumes in 3Q18 Reflect Delivery to 5 Completion Crews Sponsor resumed completions at Wells…
Delaware Basin: Blanco River Backbone infrastructure complete Throughput Inflection With 5 CGFs Online Oil and gas gathering volumes up 60% over 2Q18 Produced water volumes up 50% over 2Q18 Strong Average CGF Availability of 98.4%…
Delaware Basin: Trinity River Outperforming Advantage Pipeline acquisition case Advantage Pipeline Oil Throughput (MBbl/d) 3Q18 Advantage Throughput up 3x from Acquisition Closing Date 140 115-125 120 106 105 October Throughput…
DJ Basin: Green River Gathering for NBLs row development at Mustang well underway Substantial Gathering Volume Growth During the Quarter Exit 3Q18 oil and gas gathering throughput at over 20 MBoe/d Oil, Gas and Produced Water…
DJ Basin: Laramie River Solid third-party throughput growth Third-party DJ Basin 3Q18 Activity Timed with New 200 MMcf/d Basin Gas Processing Plant Conservative assumptions around line pressure relief Additional longer-term…
DJ Basin: Colorado River Significant free cash generation Decline in Oil and Gas Gathering Volumes Reflects Zero Well Connections During the Quarter 25 Wells Planned to Come Online in 4Q18 in Wells Ranch for Oil, Gas and…
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…
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…
Leading Long-Term Outlook Substantial organic growth with upside potential Organic No Drop Downs 2018E 2019-2022E Material Upside to Outlook Distribution per Unit 20% 20% Prudent Commodity Price View: Based on 50/Bbl and 3/Mcf…
Appendix www.nblmidstream.com 21
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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