First Quarter 2019 Earnings May 3, 2019 www.nblmidstream.com
1Q19 and Recent Highlights In-line or Exceeded Guidance Across All Categories; Capturing Meaningful Capital Efficiencies in Base Business Net Adjusted EBITDA, in upper half of guidance Net Capital Expenditures below guidance and down…
First Quarter 2019 Actuals vs. Guidance Actuals 1Q Guidance 1Q v 4Q 1Q v 1Q 1Q18 4Q18 1Q19 Oil Gathered (MBbl/d) 134 233 228 225 - 235 -2% 70% Gross Volumes Gas Gathered (MMcf/d) 191 307 353 335 - 350 15% 85% MBoe/d 166 284…
5 Robust Gathering Segment Fundamentals in Delaware Basin Delaware Basin Oil, Gas and Water Gathering and Sales Throughput (MBoew/d) 182 - 211 200 180 166 160 155 135 140 120 100 87 80 60 45 39 40 20 12 +210% +18%…
6 Strong Customer Activity in DJ Basin Driving Growth DJ Basin Oil, Gas and Water Gathering and Sales Throughput (MBoew/d) 300 277-304 280 273 266 260 240 220 212 200 191 180 167 160 140 132 120 110 +21% +26% +15% +11%…
Maintain Strong Financial Framework While Executing on Opportunities Financial Focus on Maintaining Healthy Liquidity and Prudent Leverage Through Construction Period for EPIC and Delaware Crossing Investments Ended 1Q19 with…
Quarterly Fluctuations from Fresh Water Segment Record Gross Fresh Water Delivery Volumes in 1Q19 Reflect Delivery to 4 Completion Crews vs. 3 During 4Q18 On average, anticipate delivery to approximately 3 crews in 2019 in DJ Basin…
Strong 1Q Capital Performance Versus Guidance Enhances Flexibility Sustainable Savings from Cost Focus, Design Optimization and Supplier Negotiations Some changes in third-party activity timing Realizing Capital Efficiency with…
Second Quarter and Full-Year 2019 Volume Guidance 2Q Anticipated as Lowest Quarter for Operating and Financial Metrics in 2019 Colorado River gathering declines with lower 1H19 activity Fresh water delivery to 2 crews, down from 4…
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…
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…
Blanco River Backbone Infrastructure Complete Material Decline in 2019 Net Capital Gathering 95% of NBL Permian Production in 2019, 140 Requirements (MM) Compared to 70% in 2018 120 Blanco River Capital Down Nearly 60% in 2019 vs.…
Meaningful Progress on Transformational EPIC Investments Y-Grade Pipeline Crude Oil Pipeline Equity Ownership 15% 30% Specs 700+ miles, 24-inch 650+ miles, 30-inch 440 MPBD (transportation); 590 MBPD out of the Permian Capacity…
Continued Buildout of Delaware Intermediate Gathering Platform Trinity River Advantage Pipeline JV (50/50 JV with PAA) & Compression Trinity River Revenue (MM) 18 16 1Q19 Advantage Throughput 95 MBbl/d, up 11% year- 16 16…
Robust 2019 Financial Expectations 2019 Outlook Resilient Volume and Financial Growth in 50/Bbl Oil Net Adjusted EBITDA Up Price Environment 11% to 22% Benefiting from Increasing Exposure to NBLs Onshore Program Net Development…
2020 Preview and Outlook Through 2022 2020 Preview Customer Activity Levels Based on Net Adjusted EBITDA (MM) Represents Conservative Oil Price Assumption of 63%+ Growth vs. 2018 50/Bbl 350-370 Expect 2020 Net Adjusted EBITDA to…
2019 Guidance Detail Quarterly Full Year 1Q19A 2Q19E 2018 2019E Oil Gathered (MBbl/d) 228 217 227 177 235 255 Gross Volumes Gas Gathered (MMcf/d) 353 395 410 239 385 420 Oil and Gas Gathered (MBoe/d) 287 283 295 217 299 325…
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…
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…
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…
Non-GAAP Reconciliation Q2 2019E FY 2019E ( thousands) Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Low High Low High Reconciliation from Net Income Net Income 39,136 44,442 48,703 56,595 188,876 63,255 44,950 52,400 233,100…
Joint Venture Reporting Summary NBLX Controls and Consolidates NBLX Does Not Consolidate Black Diamond Gathering (Laramie River DevCo) Advantage Pipeline (Trinity River DevCo) EPIC Crude Pipeline (Dos Rios DevCo) Joint Venture EPIC…
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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