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4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP

Noble Midstream Partners LP · Feb 19, 2019 · 28 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. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 1
    Fourth Quarter 2018 Earnings & 2019 Guidance Call February 19, 2019 www.nblmidstream.com
  2. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 2
    4Q18 and Recent Highlights Net Income and Net Adjusted EBITDA, Within Guidance Set Quarterly Records Across All Product Streams in the Gathering Segment Combined oil, gas and produced water gathering and sales volume up 24% from…
  3. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 3
    Continued Strong Execution Track Record in 2018 Goals Accomplishments Deliver 2018 Major Completed 3 central gathering facilities (CGFs) in the Permian Growth Projects Commenced spec gathering at NBL Mustang development Expanded…
  4. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 4
    Fourth Quarter 2018 Actuals vs. Guidance 4Q Actuals Guidance 4Q v 3Q 4Q v 4Q 4Q17 1Q18 2Q18 3Q18 4Q18 Oil Gathered (MBbl/d) 93 135 158 183 233 200 - 215 27% 151% Gross Volumes Gas Gathered (MMcf/d) 175 191 206 249 307 245 -…
  5. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 5
    6 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) 166 266 170 260 150 135…
  6. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 6
    Distribution Policy Supported by Solid Gathering Segment Results Gathering Segment Alone Provides Ample Distribution Coverage 1.6x Distribution Coverage Ratio excluding Fresh Water Gathering Segment Net Adjusted EBITDA Grew 7 Million…
  7. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 7
    Expanded Platform From Recent Transformational Portfolio Additions Focused Strategy on Extending Growth 1 Runway and Enhancing Portfolio Resiliency: Customer 30 Customers at IPO in 2019 Executed on backyard opportunities…
  8. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 8
    EPIC Crude and Y-Grade Pipeline Investments Unique Scale and Investment Opportunity for NBLX in Newbuild Permian Takeaway Pipelines to Gulf Coast Participating in Growing Demand for Permian Crude Oil and NGL Takeaway and Export…
  9. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 9
    Robust 2019 Financial Expectations Resilient Volume and Financial Growth in 50/Bbl Oil Price Environment with Lower Customer Activity 2019 Outlook 2019 plan assumes conservative customer activity Net Adjusted EBITDA Up Assumes No…
  10. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 10
    2020 Preview and Outlook Through 2022 Customer Activity Levels Based on Conservative 2020 Preview Oil Price Assumption of 50/Bbl Net Adjusted EBITDA (MM) Represents 63%+ Growth Expect 2020 Net Adjusted EBITDA to Exceed vs. 2018…
  11. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 11
    2019 Capital Budget Detail 2019 Total Net Capital and Equity Investments MM 800 Base Business Gross Base Business Net Capital1 w/ 200 MM external Capital1 (attributable to the Partnership) 600 financing in EPIC Crude Trinity…
  12. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 12
    Maintaining Strong Financial Framework While Executing on Opportunities Prudent Use of Investment Conservative Balance Sheet Discipline Distribution Policy Temporary Increase in Annualized Annual DPU Growth of 20% Long-term…
  13. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 13
    Robust Core Gathering Business Drives 2019 Growth 40% - 60% Annual Growth in Gross Oil, Gas and Produced Water Gathering Throughput Anticipate 500 Well Connections Across DJ and Delaware Basins Activity roughly balanced between…
  14. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 14
    2019 Fresh Water: Healthy Customer Activity Conservative Forecasting on Fresh Gross Fresh Water Delivery Volumes Mix Water Segment 176 150 - 190 MBw/d MBw/d 100% 25% Owned 100% Owned Anticipate Fresh Water Delivery to 75%…
  15. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 15
    Solid Foundation in DJ Basin Gathering Infrastructure Total DJ Basin Gathering Throughput Up 40% in 2019 vs. 2018 at Guidance Midpoint Continued Basin-wide Processing Additions in 2019 Support Growth and Position Basin For the…
  16. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 16
    Supporting NBLs 2019 DJ Basin Program Green River DevCo (25% Owned) Mustang Continues to be a Focus Area for NBL in 2019 Anticipate 55 wells online compared to 30 in 2018 Diversified Gas Outlets with Delivery to 3 Processing…
  17. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 17
    Strong Third-Party Activity in 2019 at Laramie River Black Diamond Gathering (54.4% NBLX) Strategically Positioned Oil Gathering Asset with Access to All Four Long-haul Outlets in the DJ Basin 12% Increase in Black Diamond System…
  18. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 18
    Permian: Scalable Platform with Best-in-Class Connectivity Total Blanco River Gathering Throughput Estimated up 80% in 2019 vs. 2018 at Guidance Midpoint Gathering 95% of NBL Permian production, compared to 70% in 2018 50-55 NBL…
  19. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 19
    Enhancing Noble Midstreams Permian Platform Infield In-Basin Transportation Long-haul / Fractionation Delaware Crossing EPIC Crude EPIC Y-Grade Entity Blanco River Trinity River Trinity River JV JV JV NGL Long-haul Crude…
  20. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 20
    Delaware Crossing: Strategic Expansion of Delaware Footprint to Wink Agreement Summary Delaware Crossing Joint Venture Structure Formed a 50/50 Partnership with Salt Creek Midstream on a Delaware Crude Oil 730 Miles of Pipe…
  21. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 21
    2019 Guidance Detail Assumes no impact from EPIC projects to 2019 financial guidance with the exception of incremental debt and interest expense from project investment 2018 2019 Estimates 4Q Full Year 1Q Full Year Oil Gathered…
  22. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 22
    2019 Gross Volume Guidance 2018 2019 (E) Produced Fresh Produced Fresh Oil & Gas Water Water Oil & Gas Water Water Gathered Gathered Delivered Gathered Gathered Delivered (MBoe/d) (MBw/d) (MBw/d) (MBoe/d) (MBw/d) (MBw/d) Colorado…
  23. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 23
    Appendix www.nblmidstream.com 24
  24. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 24
    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…
  25. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 25
    NBLX Asset Map: Delaware Basin EPIC Crude(30%) & EPIC Y-Grade (15%) Area: Delaware Basin Dos Rios DevCo (100%) Blanco River DevCo (40%) Oil and NGL Transmission Oil Gathering Gas Gathering PW Gathering Trinity River DevCo…
  26. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 26
    NBLX Structure Noble Energy NYSE: NBL 100% 45.4% Limited Noble Midstream GP LLC Partner Interest Non-Economic General ROFR/Wholly Owned Assets: Partner Interest East Pony Gas Gathering Noble Midstream East Pony Gas Processing…
  27. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 27
    Non-GAAP Reconciliation 2016 2017 2018 2019 in millions 4Q 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q FY Net Income 35 35 39 44 46 164 39 44 49 57 189 60-67 229-268 Add: Depreciation and Amortization 2 2 2 4 4 13 11 16 18 19 65 20 85-90…
  28. 4Q 2018 Earnings and 2019 Guidance Call Presentation – Noble Midstream Partners LP – slide 28
    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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