Investor Handout December 2018 www.nblmidstream.com
Noble Midstream Investment Thesis Premier Basin Exposure Focused on Delaware Basin and DJ Basin Differentiated Long-Term Organic 20% distribution per Outlook unit growth rate through 2022 Disciplined Financial Prudent…
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 100% (NYSE: NBL) Development of…
Strong 2018 Execution Quarterly Results In-line or Exceeding Guidance Net Adjusted EBITDA (MM) 2018 Major Growth Projects Delivered 250 +106% 219-225 200 155 Black Diamond Gathering Integration Complete 150 108 and Results…
Visible Catalysts Drive Future Momentum and Value Near Term Catalysts Superior Operational Execution Anticipate 11% growth in oil and gas gathering throughput in 4Q18 vs. 3Q18 Enhanced Future Capital Efficiency With 4Q18 Activity…
Durable Distribution Supported by Ample Coverage Gathering Segment Alone Provides Ample Distribution Coverage 1.4x Distribution Coverage Ratio excluding Fresh Water in 3Q18 Gathering Segment Represented Approximately 75% of 3Q18 Net…
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…
NBLX Asset Map: Delaware Basin Advantage JV (50%) Trinity River DevCo (100%) Oil Transmission Area: Delaware Basin Blanco River DevCo (40%) Oil Gathering Gas Gathering PW Gathering Trinity River DevCo (100%) LOI For SCM JV…
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 Decision on Equity Investment Options expire February 2019 Operational and Capital…
DJ Basin- Solid Performance and Outlook DJ Basin Oil, Gas and Water Gathering and Sales Throughput (MBoew/d) 220 212 200 191 180 167 160 140 132 120 110 +21% +26% +15% +11% 100 3Q17 4Q17 1Q18 2Q18 3Q18 Recent Highlights…
DJ Customer Acreage Trade Creates Positive Value for NBLX NBL Received 12,900 Net Acres from PDCE in Exchange for 12,300 Net Acres in an All Undeveloped Acreage Transaction Majority of inbound NBL (outbound PDCE) acreage adds…
NBLX Asset Map: DJ Basin Area: Wells Ranch Colorado River DevCo (100%) Black Diamond (54.4%) Oil Gathering Laramie River DevCo (100%) Gas Gathering Oil Gathering PW Gathering FW Delivery Area: East Pony Area: Greeley Crescent…
Healthy Fresh Water Segment Complements Core Gathering Business Record Fresh Water Delivery Volumes in 3Q18 Reflect Delivery to 5 Completion Crews Sponsor resumed completions at Wells Ranch (Colorado River, 100% owned) and continued…
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 71…
Leading Organic 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…
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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