Dan Kelly. June 14, 2013

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1 Dan Kelly June 14, 2013

2 2 Forward-looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the federal securities law. Words such as anticipates, believes, expects, intends, will, should, may, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy s current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this presentation will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy s business that are discussed in its most recent Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy s offices or website, Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. This presentation also contains certain historical and forward-looking non-gaap measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy s overall financial performance. These non-gaap measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please also see Noble Energy s website at under Investors for reconciliations of the differences between any historical non-gaap measures used in this presentation and the most directly comparable GAAP financial measures. The GAAP measures most comparable to the forward-looking non-gaap financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort. The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and possible reserves in our filings with the SEC. We use certain terms in this presentation, such as net risked resources and gross mean resources. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy s offices or website,

3 Noble Energy Global Portfolio Diversified and

of ~$20 Billion Liquidity > $5 Billion Core Areas New

3 3 Noble Energy Global Portfolio Diversified and technically focused 2013 Est. Prod. of ~275 MBoepd Capital Spending of $3.9 Billion Market Cap. of ~$20 Billion Liquidity > $5 Billion Core Areas New Ventures Onshore US (DJ & Marcellus) Nevada Deepwater GOM Sierra Leone Israel Cyprus Nicaragua Equatorial Guinea Cameroon Falkland Islnds.

4 DJ Basin 2013 Operations Focused on oil window with superior economics Accelerating Development 300 actual wells or 350 standardized on 4,500 ft.

4 4 DJ Basin 2013 Operations Focused on oil window with superior economics Accelerating Development 300 actual wells or 350 standardized on 4,500 ft. laterals Added ninth rig in March; plan to add tenth in June Expanding into Northern Colorado Best economics with 85% liquids Dramatic Growth in 2013 Production up 25% to 96 MBoe/d Investing $1.7 Billion or 45% of Total Capital Program Wyoming Northern Colorado 120,000 Net Acres 400 MMBoe NRR 1,350 Locations 290,000 Net Acres 1,400 MMBoe NRR 6,400 locations 230,000 Net Acres 300 MMBoe NRR 1,750 Locations Nebraska Greater Wattenberg NBL Acreage Gas Window Oil Window

5 5 DJ Basin Development Program A Premier Oil Play Noble will double activity in two years Wells Horizontal Wells Cum Wells 3,000 2,000 1,000 DJ Compares Favorably to Eagle Ford and Bakken 74 million barrels of oil equivalent per section - estimated original oil in place for DJ MMBoe for Eagle Ford MMBoe for Bakken Noble s Net Resources Now 2.1 BBoe GWA N. Colorado 2012 Cum 2011 Cum 0 9,500 horizontal locations, 85% in oil window Average horizontal well now at 335,000 Boe total recovery Increase of 1,100 Wells Over Next Five Years vs Plan 500 wells per year by 2016, more than double 2012 level Oil production grows 3.5 times Technical and Operational Excellence in All Phases Exploration, drilling, completions and infrastructure

6 Hydraulic Fracturing A Game Changer Improved Drilling Technology, Combined with Hydraulic Fracture Stimulation, Led to Discovery of Vast Quantities of Shale Gas and Tight Oil U.S. Oil and Natural Gas Production has Surged Decreasing Prices for Consumers and Reducing Dependence on Foreign Oil Hydraulic Fracturing is Used to Safely and Responsibly Produce Economic Quantities of Oil and Natural Gas from 90% of U.S. Wells Today 6

7 7 U.S. Oil Production Now Growing First material increase since late 1970 s 12,000 10,000 U.S. Oil Production 8,500 8,000 7,500 U.S Oil Production EIA 2014 Projection MBopd 8,000 6,000 4,000 2,000 MBopd 7,000 6,500 6,000 5,500 5,000 Hur. Ike ,500 Year Source: EIA

8 8 New Technology Unlocking Oil Resources 35 Unproved Technically Recoverable U.S. Tight Oil Resources Billion Barrels Source: EIA 2012 Annual Energy Outlook

9 When Is Hydraulic Fracture Stimulation Necessary? Fractures Limited Pore Space Silt Grains 9

Reducing Our Footprint Single Well Vertical Pad Access multiple pay zones vertically at single point Multi-Well Directional Pad Access multiple

10 Reducing Our Footprint Single Well Vertical Pad Access multiple pay zones vertically at single point Multi-Well Directional Pad Access multiple pay zones vertically Cover broad aerial extent from single surface location Horizontal Pad Equivalent to several vertical wells in one zone only 10

11 Reducing Our Footprint Multi-well pad drilling practices New Technology Multi-Well Directional Pads Vertical Single Well Pads Multi-Well Horizontal Pad 1 Mile 11

12 Evolution of Total System Resource Three-fold increase in original oil in place (OOIP) Wells Ranch Example Niobrara A MMBoe/ Section 2009 2011 4 Wells 300 ft. 75 ft.

12 12 Evolution of Total System Resource Three-fold increase in original oil in place (OOIP) Wells Ranch Example Niobrara A MMBoe/ Section Wells 300 ft. 75 ft. Niobrara B Niobrara C Niobrara D Ft Hayes Codell Niobrara B Niobrara C Niobrara D Fort Hayes Codell 24 Niobrara A 24 MMBoe/ Section Recovery Factor: ~5% of 24 MMBoe Coring Program Spacing Tests In-Situ Underground Laboratory Wells Recovery Factor: ~7% of 74 MMBoe 30 Wells Recovery Factor: ~14% of 74 MMBoe 75 ft. 300 ft. 300 ft.

13 13 Optimizing DJ Basin Resource Recovery Potential for over 30 wells per section Testing Three 40-Acre Development Concepts/Patterns North Pad multiple target zones Center Pad spacing of B bench South Pad spacing of B and C bench All 15 Wells Completed and in Various Production Stages No interference detected North Pad 5 Wells EcoNode Facility South Pad 6 Wells Wells Ranch Section 24 Niobrara A, Niobrara B, Codell Center Pad 4 Wells Niobrara B Niobrara B, Niobrara C South South Pad 6 wells Cross-section View of Pads Center Pad 4 wells One Section (One Square Mile) North Pad 5 wells North C B B B C C B B B B A Cdll B A Cdll 330ft. 330ft. 330ft. 330ft. 330ft. 330ft. 330ft. 360ft. 300ft. 330ft. 380ft. 300ft. 300ft.

Protecting the Groundwater DJ Basin Horizontal Well Example * This graphic

At various stages of the drilling and completion process, mechanical

14 Protecting the Groundwater DJ Basin Horizontal Well Example * This graphic represents a generic depiction of our onshore well depth and casing. At various stages of the drilling and completion process, mechanical integrity of the casing and cement are tested to ensure proper installation. We use best management practices installing and cementing the multiple strings of casing necessary to prevent gas migration or drinking water contamination. 14

15 Protecting the Groundwater (Close Up) DJ Basin Wellbore Example 15

16 Reducing our Footprint State-of-the-art technology and development application EcoNodes and Centralized Facilities EcoNode Reduced capital, operating expenses, surface disturbance reduced by 60-80% Increased operating efficiency, liquids, and flash gas recovery Infield Infrastructure Efficient transport of produced fluids and frac water Major reduction in oil and water trucking Central Processing Facility Life Cycle Water Management Program Frac water self-sourced, strategically located, at reduced prices Water recycling and re-use State-of-the-Art Production Technology Largest application of facility and well automation Immediate response to interruptions 24/7 production optimization Operations Control Center 16

17 Niobrara Horizontal Play We re in this together. Significant Job and Revenue Stream Industry Potential for 10,000+ New Jobs Created Each New Drill Rig Creates 120 Direct and In-Direct Jobs (annual employee wages = $7.0 $8.5 million per rig) Industry Currently Employs 240,000+ Direct and In-Direct Jobs Average DJ Basin horizontal well economic impacts $2.7MM in royalties over the life of a well $1.1MM in taxes over the life of a well First year of ad valorem tax = 1 yr property tax of 50 one-million dollar homes 41% of ad valorem taxes directly funded K-12 education, according to 2011 Weld County Abstract of Assessment New Annual Severance and Ad Valorem Tax Revenues $350+ Million 17 Noble is largest taxpayer in Weld County Over $200MM in production taxes paid in Colorado last 3 years

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Fracking Safety & Economics November 9, 2017 America 1 st Energy Conference, Houston Tx.

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