NBL Noble Energy Overview August 2014 © 2014 Noble Energy. All rights reserved. 1

Noble Energy Execution delivering a unique future  Outstanding growth agenda ▪Production expected to double ▪Cash flow to increase ▪Returns to reach record levels  Diversified portfolio provides exceptional optionality ▪Inventory of ultra-high return opportunities ▪U.S. unconventional, global deepwater and exploration all play material roles  Proved reserves and discovered unbooked resources fueling growth © 2014 Noble Energy. All rights reserved. 2

Noble Energy snapshot  Independent oil and gas producer ▪Headquarters: Houston, TX ▪Employees: 1,761 ▪Fortune 500 company ▪NYSE stock symbol: NBL  Five core operating areas all with significant, visible growth ▪DJ Basin, Marcellus Shale, Deepwater GOM ▪Eastern Mediterranean, West Africa © 2014 Noble Energy. All rights reserved. 3 United States International 55%45% Reserves

Key operating areas Sustaining and transforming NBL  Onshore United States ▪Large inventory of low-risk projects ▪Liquids-rich Niobrara and Marcellus shale gas  Gulf of Mexico – Deepwater ▪Galapagos start-up ▪Extensive exploration portfolio  West Africa ▪Offshore EG and Cameroon ▪Aseng and Alen online  Eastern Mediterranean ▪Offshore Israel and Cyprus ▪Tamar in progress © 2014 Noble Energy. All rights reserved. 4 Core operating areas New ventures

DJ Basin © 2014 Noble Energy. All rights reserved. 5

DJ Basin operations Premier acreage position  Production up 20%  Strong well performance and lower well costs  Basin-wide downspacing ( wells per section) ▪Over 30% of 2014 well count  Accelerating extended reach lateral program ▪20% of 2014 well count  IDPs Maximizing Value While Reducing Impacts © 2014 Noble Energy. All rights reserved. 6 Greater Wattenberg Area (GWA) Wells Ranch East Pony Nebraska Wyoming Colorado DJ Basin Colorado

DJ Basin downspacing Increasing the wells per section © 2014 Noble Energy. All rights reserved. 7 Niobrara A Bench Niobrara B Bench Niobrara C Bench Codell 16 Wells Less than 8% 1 Mile 24 Wells + More than 12% Niobrara A Bench Niobrara B Bench Niobrara C Bench Codell 300 feet 300 feet

DJ Basin oil infrastructure Over 80 percent of NBL oil exports the basin  Growing oil takeaway capacity ▪Wattenberg Oil Trunkline online ▪Tampa Rail system online ▪White Cliffs expanding ▪N. CO. gathering pipeline ▪Pony Express N. CO lateral © 2014 Noble Energy. All rights reserved. 8 White Cliffs Pipeline Plains Rail Terminal Briggsdale Facilities Wattenberg Oil Trunkline Tampa Pipeline Multiple Market Outlets Northern Colorado Wells Ranch Wells Ranch Facilities Platteville Facilities Cushing Oklahoma

Deepwater Gulf of Mexico © 2014 Noble Energy. All rights reserved. 9

Deepwater Gulf of Mexico Sustained value creation, significant visible growth  Proven track record of exploration success ▪Leading-edge technology with discipline processes  Production and cash flow increasing ▪Oil-dominated production delivers strong margins  Existing infrastructure contributing to significant value creation  Four recent discoveries © 2014 Noble Energy. All rights reserved. 10 Louisiana Gunflint Dantzler Big Bend Producing Sanctioned Discovery NBL Interests Galapagos

Eastern Mediterranean © 2014 Noble Energy. All rights reserved. 11

Market export opportunities: Israel/Cyprus Available for export  Government export decision upheld by Israel supreme court  Approximately 40% of Israel discovered resources exportable ▪Leviathan export quota ▪Tamar is allowed to export  Export volumes include regional and LNG markets © 2014 Noble Energy. All rights reserved. 12 Resource (Tcf) Export % Export volume (Tcf) Tamar2020%1.0 Dalit2.545%0.6 Leviathan1630%8.0 Dolphin0.150%0.6 Tanin1.240%1.4 Karish1.825%0.7 Tamar SW0.735%1.2 Cyprus580%4 Total

Regional market opportunities Cost-effective pipeline export options  Regional pipeline exports ▪Jordan power and industrial needs ▪Egypt existing LNG facilities ▪Cyprus domestic market  Regional agreements signed ▪Customers in Jordan and the Palestinian Authority ▪Egypt / Union Fenosa LOI for Tamar and Tamar SW  Expecting pricing above domestic average Israel price © 2014 Noble Energy. All rights reserved. 13 Egypt Turkey Syria Lebanon Jordan Israel Cyprus PA Vasilikos Potential pipeline Existing LNG facilities

NBL Appendix © 2014 Noble Energy. All rights reserved. 14

Appendix © 2014 Noble Energy. All rights reserved. 15 TermDefinition Debt-adjusted per Share Calculations Normalizes growth funded through debt by converting the change in debt into an equivalent amount of equity shares using an average stock price. The equivalent shares are netted with total shares outstanding which impacts the per share calculations of reserves, production and cash flow Cash Flow at Risk (CFAR) The difference between NBL's base plan Cash Flow from Operations and NBL's Cash Flow from Operations at the 95% worst case scenario based on a simulation of commodity prices using a mean reversion model Discretionary Cash Flow Cash Flow from Operations excluding working capital changes plus cash exploration expense Funds from Operations (FFO) Cash Flow from Operations excluding working capital changes Liquidity Cash and unused revolver capacity Net Risked Resources Estimated gross resources multiplied by the probability of geologic success and NBL’s net revenue interest Operating Cash Flow Revenue less lease operating expenses, production taxes, transportation, and income taxes Organic Cash Capital Capital less capitalized interest, capital lease payments and acquisitions Peers – Investment Grade – Non-Investment Grade APA, APC, CLR, DVN, EOG, HES, MRO, MUR, PXD, SWN CHK, COG, RRC Return on Average Capital Employed (ROACE) Earnings before interest and tax (EBIT) plus asset impairments and unrealized mark to market derivatives divided by average total assets plus impairments less current liabilities

NBL Noble Energy Delivering a unique future UNIQUE BY DESIGN. Unique Purpose Unique Strategy Unique Assets Unique Execution Unique Growth Unique Results Unique Future © 2014 Noble Energy. All rights reserved. 16