J.P. Morgan Conference June 2020 www.nblmidstream.com NASDAQ: NBLX 1
Experienced Management Team in Place Brent Smolik, Chief Executive Officer Appointed Chief Executive Officer of Noble Midstream in August 2019 and serves as President and Chief Operating Officer of Noble Energy, since November 2018…
Noble Midstream Building Sustainable Value Pursuing vision to be the midstream solution provider and partner of choice recognized for safe operations, reliability and relationships Noble Midstream Strategic Principles 2020…
Sizeable Business Expansion NBLX Has Built a Resilient Third Party and Long-Haul Business and Growth Engine since IPO in 2016 2016 IPO to 2020 Customer Customers Noble Midstream Event Timeline 1 at IPO 35+ in 2Q20 Delaware…
Successes Pave the Way for the Next Decade Corporate Acquired 2.4 billion in assets since IPO in 2016, expanded into the Delaware Basin and further Development diversified into the logistics and transportation business Building Core…
Adapting Cost Structure to Current Environment Self Funding in 2Q20 and Beyond Cash cost reductions enable Noble Midstream 7 to self-fund beginning in 2Q20 MM Cash Flow less Total Capital Distributions 50 Aligning Costs to Current…
Adjusting to Uncertain Times, Revising 2020 Outlook Minimal Organic Capital Remaining; Equity Investment 2020 Revised Outlook Capital Declining 2020E organic capital reduced by 65% with 30 million remaining Net Organic Capital…
dd Noble Midstream Diversified across Three Business Lines EBITDA Growth Gathering Business Positioned for Activity Rebound Foundational revenue and cash flow driver for Noble Midstream 500 Gathered more 230,000 Bo/d of crude oil,…
Asset and Customer Diversification Differentiates Noble Midstream Diversified Portfolio with Multiple Cash Flow Drivers 2020E EBITDA1,2 Composition Intermediate and long-haul pipeline startups bolster cash flow By Service By Customer…
Strong Sponsor Noble Energy Provides Commercial Confidence 2020E NBL Organic Capital: 750 to 850 Million Focused on High Margin DJ and Delaware Basins 70%+ Allocated to U.S. Onshore Nearly all of Noble Energys 2020 onshore upstream…
November 2019 Acquisition Simplified Structure and Increased Sponsor Alignment Drop Down Assets Aligned with NBL Growth Areas Transaction Further Aligns Management with Investors Drop Down Assets Eliminated IDRs and acquired…
Building upon ESG Successes Emphasizing Safety with Performance ISNetworld 2019 Midstream Incident Rate TRIR Noble Midstream employee and stakeholder safety has been a 1.5 priority since IPO Total recordable incidents more than 50%…
Revised Distribution Policy Improves Leverage and Coverage Transitioning to Self-Funding Business Model Distribution Coverage Ratio1 75% distribution reduction preserves approximately 200 million in annual cash flow and accelerates…
JV and Equity Investments www.nblmidstream.com NASDAQ: NBLX 15
Corporate Development Success Leads to Low-Cost Backyard Opportunities Highgrading Portfolio with Diversification Leveraging gathering system across multiple basins and extensive pipeline network for low cost business development…
Saddlehorn: Highly Accretive Investment with Diversified Cash Flows Leverage-Neutral Option Exercised in Early 2020 Saddlehorn Pipeline is a crude takeaway pipeline originating in the PRB and the DJ Basin (Platteville) and delivering…
Permian Equity Investment Inflection in 2Q20 EPIC Pipeline System EPIC Crude Volumes Rebounding EPIC Crude placed into full service April 1 and all open season contracts went into effect Nominations troughed in April and have…
Intermediate Pipelines Provide Access to Delaware and Midland Basin Market Hubs Advantage Pipeline Delaware Crossing Pipeline 50% interest joint venture with PAA and includes 50% interest joint venture with Salt Creek annual volume…
Gathering and Processing www.nblmidstream.com NASDAQ: NBLX 20
Gathering Segment Supported by Core Acreage and Strong Customers Infrastructure Build-Out and Core Acreage Boost DJ Basin Future Project Returns 550,000 core net acre dedication and 15 customers 375 21 16 additional Mustang…
DJ Basin: Leveraging Extensive Footprint for Economic Opportunities Largest oil gatherer in DJ Basin with majority of customers and activity focused Wells Ranch in Weld County Oil Gathering Keota Plant 545,000 Total Dedicated…
DJ Basin: Expanding Our Commanding Footprint Noble Energy Activity Focused on Row Development Areas DJ Basin 2020E TIL Count 350,000 net acres position in Weld County Noble Energy Mustang CDP allows NBLX to design and implement a…
Diversified Permian Business with Access to Gulf Coast Core footprint in the southern Delaware EPIC Crude(30%) & EPIC Y-Grade (15%) Basin, mostly situated in Reeves County Oil and NGL Transmission Delaware Basin 118,000 Total…
Delaware Basin: Growing Throughput with Less Capital Noble Energy Backbone Gathering Infrastructure in Place Permian 2020E TIL Count NBLX provides three stream crude, gas and produced water Noble Energy 28 gathering services…
Appendix www.nblmidstream.com NASDAQ: NBLX 26
November 2019 Acquisition and Simplification Transaction Overview Simplification Details Organizational Structure Changes 1 NBLX acquired 100% of the outstanding incentive distribution rights (IDRs) held by Noble Energy Nasdaq: NBL…
Pro Forma Structure Noble Energy Nasdaq: 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…
Contact Information Park Carrere 1001 Noble Energy Way Investor Relations Houston, TX 77070 park.carrerenblmidstream.com 281.872.3208 www.nblmidstream.com NASDAQ: NBLX 30
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