IDR Simplification & Acquisition November 2019 www.nblmidstream.com
Experienced Management Team in Place Brent Smolik, Chief Executive Officer, Noble Midstream Appointed Chief Executive Officer of Noble Midstream in August 2019 and serves as President and Chief Operating Officer of Noble Energy, since…
NBLX Announces Acquisition of IDRs and Midstream Assets from NBL Transaction Structured to Address Investor Concerns about Structure, IDRs, Future Growth and Alignment With NBL Transaction Overview Benefits to NBLX Benefits to Noble…
Transaction Overview Transaction Creates a Leading Sponsor-aligned, Multi-basin Midstream Platform With Significant Third-Party Capabilities Acquired Assets DJ Basin Permian Basin IDRs Remaining 75% Remaining 75% East Pony Gas…
Transaction Overview NBLX Acquiring Substantially All of NBLs Remaining Midstream Interests and IDRs Simplification Details New Organizational Structure 1 NBLX will acquire 100% of the outstanding incentive distribution Noble…
Simplifying Corporate Structure and Enhancing Equity Market Liquidity Transactions Increase Public Float of NBLX by 55%; NBL Increases Ownership to 63% Financing Details Transaction Financing NBLX will acquire the IDRs and…
Transaction Simplifies Story, Fully Aligns NBLX with NBL Attractive Valuation Supports Long-Term Value Creation Drop Down Assets Aligned Immediately Accretive to NBLX Unitholders With NBL Growth Areas Distributable Cash Flow per…
Current Transaction Maximizes NBLs Objectives for Strategic Review Increases Strategic Alignment between NBLX and NBL; Preserves Operational Synergies Accretive drop down / simplification at an attractive multiple Elimination of…
Resilient Growth, Stronger Business Mix 2016 IPO Current Significantly Improved Business Profile Since 2016 IPO Pathway to Future Organic Growth Current Customer Business expanded to over 30 new customers since 2016 IPO 1 at IPO…
Asset Acquisition Summary, Leading DJ and Permian Basin Positions Pro-Forma NBLX Will Own Substantially All of NBLs Onshore Midstream Assets DJ Basin Permian Basin Largest Oil Gatherer in DJ Basin with 10+ With backbone…
Addition of New Assets to Portfolio Free Cash Flow1 Assets With Additional Third-Party Opportunities East Pony Gas Gathering Complex NBL Acreage East Pony Assets Generating Cash Flow The East Pony gas gathering system includes…
NBL Upstream Activity Drop Down Assets in NBLs Primary U.S. Onshore Growth Areas 2019E Organic Capital: 2.3 Bn Driving Towards USO Asset-level Free Cash 70% Allocated to U.S. Onshore Flow1 By Year-end 2019 Significant core asset…
Operational Momentum and Cash Flow Inflection Building into 2020E Guidance Highlighted by 75% Reduction in Equity Investment Capital and Strong Annual Volume Growth Q4 2019 Guidance Full Year 2019 Previously 2019 Pro Forma5…
Long-Term Targets Offer Compelling Financial Profile Substantial Organic Growth With Upside Potential; Focus on Long-Term Investment Grade Leverage Targets Long term exposure and runway to organic growth in DJ and Delaware Basins…
Top-Tier Cash Flow Profiles in MLP Sector Self-Funding Business, Strong Balance Sheet and NBL Support With Additional Upside 2019E 2022E 2020E DCF Yield 1,2 2020E Leverage Ratio 1,2 Distribution Growth per Unit 1,2 NBLX has peer…
NBLX Equity Story Reinvigorated With Announced Transactions Significant Stand-Alone Organic Potential for Growth With Enhanced Clarity on Structure Key Transactional Highlights: NBL reaffirms support and commitment to NBLX Unique…
Appendix www.nblmidstream.com 18
Pro Forma Structure Noble Energy NYSE: NBL 100% 63% Limited Noble Midstream GP LLC Partner Interest ROFR/Wholly Owned Assets: Non-Economic General Eagle Ford Shale Midstream Partner Interest Noble Midstream Additional DJ…
NBLX DJ Basin Overview Largest Oil Gatherer in DJ Basin With Majority of Customers and Activity Focused in Weld County Area: Wells Ranch Colorado River DevCo (100%) Black Diamond (54.4%) Oil Gathering Keota Laramie River DevCo…
NBLX Permian Basin Overview Scalable Platform With Best-in-Class Connectivity EPIC Crude(30%) & EPIC Y- Grade (15%) Area: Delaware Basin Dos Rios DevCo (100%) Oil and NGL Transmission Blanco River DevCo (100%) Oil Gathering Gas…
NBLX Has Built a Resilient Third Party and Long-Haul Business Significant Third-Party Growth Since IPO Advantage Pipeline Laramie River Green River Saddle Butte Acquisition Delaware Crossing JV Acquisition Online Buildout 50/50…
Contact Information Tom Christensen Chief Financial Officer 1001 Noble Energy Way Houston, TX 77070 tom.christensennblmidstream.com 832.639.7524 www.nblmidstream.com
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