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3Q 2019 Earnings Presentation – Noble Midstream Partners LP

Noble Midstream Partners LP · Nov 7, 2019 · 17 slides

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Slides

  1. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 1
    Third Quarter 2019 Results November 7, 2019 www.nblmidstream.com
  2. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 2
    Capital Efficiency Gains Driving 3Q and Full Year Execution Met or Exceeded All Operational and Financial Guidance Metrics Oil and gas gathering outperformed with record gross gathering throughput of 319 MBoe/d, up 8% sequentially;…
  3. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 3
    Operational Momentum Entering 2020 DJ and Delaware Basin Throughput Ramp on Track Wells Ranch/East Pony 2H focus for NBL and overall mix shift driving volume growth into 2020; Customer activity levels based on conservative oil price…
  4. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 4
    Third Quarter 2019 Actuals vs. Guidance 3Q19 Met or Exceeded All Operational and Financial Guidance Metrics Actuals 3Q Guidance 3Q18 2Q19 3Q19 Oil Gathered (MBbl/d) 183 226 240 230 - 240 Gross Volumes Gas Gathered (MMcf/d)…
  5. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 5
    Delivering Lower Capital Costs despite Record Throughput Lowered Net Capital Guidance for 2nd time in 2019, Updated 2019 Net Capital Guidance Net Capital Expenditures Trending Represents 25% Reduction Versus Original MM Materially…
  6. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 6
    Green River: Row Development Drives Future Capital Efficiencies Robust Growth at Mustang Continued in Green River per Well Capital Percent of 4Q18 Well Connection Capital 3Q19, 15 wells connected in July 100% Mustang per well…
  7. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 7
    Growing Third Party Position in DJ Basin Laramie River Oil Throughput Anticipated up 30% Year-over-Year led by Black Diamond 3Q19 period with most well connections Additional Third-party Gas Processing Capacity Anticipated…
  8. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 8
    Delaware Basin: Increasing Gathering Volumes on Less Capital Material Decline in 2019 Net 3Q19 Oil and Gas Throughput up 20% compared to Capital (MM) 2Q19 with volume growth continuing into 4Q19, 140 connected 26 wells to sales (17…
  9. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 9
    Pipeline Projects Approaching Cash Flow Inflection EPIC Pipeline System Interim Service Online, Crude line Nearing Completion Funded 80% of EPIC crude mainline equity investments, majority of remaining capital in fourth quarter…
  10. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 10
    Maintaining Financial Framework While Investing in High Return Projects Investment Discipline Conservative Distribution Policy Prudent Use of Balance Sheet Year-end Leverage1 Corporate ROACE1,3 Distribution Coverage Ratio 1 5x…
  11. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 11
    4Q19 Financials on Track for Full Year Guidance and Outlook 4Q19E Net Income of 56 - 61 MM 2019 Outlook Anticipate sequential Gathering Gross Throughput Net Adjusted EBITDA1 Up growth in 4Q19E, driven by Blanco River and Colorado…
  12. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 12
    Updated 2019 Guidance Detail Quarterly Full Year 2019E y/y4 1Q19A 2Q19A 3Q19 A 4Q19E 2018 (updated) % Oil Gathered and Sales 228 226 240 248 258 177 236 238 34% (MBbl/d) Gas Gathered (MMcf/d) 353 413 475 482 502 239 430 435 81%…
  13. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 13
    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…
  14. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 14
    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…
  15. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 15
    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…
  16. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 16
    Non-GAAP Reconciliation Q4 2019E FY 2019E ( thousands) Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Low High Low High Reconciliation from Net Income Net Income 39,136 44,442 48,703 56,595 188,876 63,255 53,198 66,383…
  17. 3Q 2019 Earnings Presentation – Noble Midstream Partners LP – slide 17
    Contact Information Tom Christensen Park Carrere 1001 Noble Energy Way Chief Financial Officer Investor Relations Houston, TX 77070 tom.christensennblmidstream.com park.carrerenblenergy.com 832.639.7524 281.872.3208…

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