Energizing the World,Bettering People’s Lives ®

21st Credit Suisse Energy Summit

February 2016

Noble Energy’s Strategy and Purpose

2

Energizing the World, Bettering People’s Lives®

Premier Basins – U.S. Unconventional and Global Offshore

Deep Inventory of Proved Reserves and Resources

Investment Flexibility and Low Capital Intensity

Diversified Portfolio of

High Quality, Low-Cost

Assets

Onshore U.S. Drilling and Completion Innovation

Offshore Exploration and Major Project Execution

Proficient

Organization and

Capabilities

Total Cash Outflow Aligned to Cash Inflow

$5 Billion Liquidity

Portfolio Management Supports Delevering

Strong Financial

Liquidity and

Flexibility

Commitment to Stakeholder Engagement

Creating Positive Impact

Driven by Corporate

Values

Core operating areas

New ventures

DJ Basin

Marcellus Shale

Eagle Ford & Delaware

Gulf of Mexico

SurinameEquatorial Guinea

/ Cameroon

Gabon

Israel / Cyprus

Falkland

Islands

Premier Global Operations

3

Exceptional investment optionality

Reserves and 2016 Production Statistics

2015 Reserves 1.4 BBoe

2016E Production 390 MBoe/d

Location~ 72% U.S.

~ 28% Int’l

Composition

~ 45% Liquids

~ 35% U.S. Gas

~ 20% Int’l Gas

High-Quality, Diversified Asset Base

Balanced Mix of Geography and

Commodity Exposure

All Core Areas with Visible Long-

Term Growth Potential

Portfolio Provides High Capital

Efficiency

2015 Key Accomplishments

4

Capital Aligned with Cash Flow Plug

Protect Balance Sheet and Financial

Liquidity

Enhance Visibility of Long-Term

Value

Retain Capacity to Capitalize on

Market Conditions

3Q15 and 4Q15 Capital Less than

Generated Cash Flow

Maintained $5 Billion in Liquidity;

Significantly Lower Controllable

Unit Costs

Unlocked DJ Basin Production;

Executed GOM Major Projects;

Israel Natural Gas Framework

Expanded U.S. Unconventional

Portfolio with New Core Assets in

Eagle Ford and Delaware Basin

Delivered outstanding operational success and strategic execution

2015 Objectives 2015 Outcomes

Record safety and volume performance

Aligning Capital and Cost with Environment

5

Enhancing competitiveness for the future

* Non-GAAP reconciliation to GAAP measure available in respective earnings release

Note: Texas assets included as of July 20, 2015.

Activity Levels Reduced and

Focused on Highest Return Areas

DJ Basin activity in Wells Ranch and East

Pony IDPs with lowest costs and longer

lateral lengths

Suspended Marcellus drilling for the

foreseeable future

DCF Exceeded Capital for Second

Quarter in a Row

4Q15 lowest quarterly capital of the year

Unit Operating Costs Driven to

Lowest Level in Last 8 Years

LOE/BOE down more than 20% from 2014

0

250

500

750

1,000

1Q15 2Q15 3Q15 4Q15

Capital and Cash Flow

Capital Discretionary Cash Flow *

$MM

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

2013 2014 2015 2016E

Lease Operating Expense$/BOE

Robust Financial Position

6

2016 plans focused on maintaining financial strength

$5 Billion of Liquidity1

Debt-to-Capital 40%; Well Below

65% Covenant Level2

2016 Hedge Value Approximately

$700 MM3

38% of global oil and 26% of U.S. gas

volumes

$200 MM Proceeds in 1Q16 for Non-

Producing Eastern Med. Assets

Dividend Adjustment and Debt

Refinancing

Up to $200 MM annual cash benefit

Term loan provides deleveraging flexibility

1Liquidity defined as cash on hand plus unused credit capacity.2Adjusted for impairments to reflect debt facility calculation3Based on forward strip pricing as of January 25, 2016

0

1,000

2,000

3,000

4,000

2016 2017 2018 2019 2020 2021 2022+

Well Managed Maturity Profile

Bonds Term Loan

$ MM

Key 2016 Goals and Objectives

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Strengthen financial position and maintain capacity for long-term value

Protect the Balance Sheet

Disciplined and flexible investment plan

Ensure Total Cash Inflows Match or Exceed Total Cash Outflows

Capex program estimated at $1.5 billion, 50% lower than 2015 pro-forma

Average sales expected at 390 MBoe/d, up 10% from 2015 reported and flat pro-forma

Maintain Company Capabilities and Build Long-Term Optionality

Leverage Benefits of a Well-positioned and Diversified Portfolio

Optimize Returns With Enhanced Completions in Best Areas and Targeted

Cost Reductions

Portfolio Proceeds Become Opportunities for De-Levering

$1.5 Billion 2016 Capital Program

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Disciplined and prudent investment approach

Represents a 50% Reduction to

2015 Program While Maintaining

Agility and Flexibility

Majority of asset positions held by production

Limited committed capital

U.S. Onshore: Focus On Best

Return Areas and Maximize Use of

Existing Infrastructure

Progress Existing Major Projects

Gunflint project complete mid-2016

Alba compression project completion

Position for EMED FID

Exploration Focused on U.S. GOM

Drilling and Int’l Seismic

Silvergate prospect and Katmai appraisal

DJ Basin

Texas

Marcellus

GOM

EMed

West Africa

Other

$1.5 Billion Capex

390 MBoe/d Volumes

DJ Basin Program

Focus on Wells Ranch

and East Pony IDPs

Marcellus Program

Activity limited to

working down a portion

of DUC inventory in dry

gas area

GOM Program

Focus on Gunflint

development,

Katmai appraisal,

Silvergate prospect

Texas Program

Eagle Ford development

drilling in Gates Ranch

and Delaware appraisal

Onshore U.S. Unconventional Operations9

Integrate learnings between basins to unlock resource value

2016 Activity

Capital: ~ $1 Bn

Spud ~115 Wells

TIL ~ 210 Wells

2015 Production

~ 255 MBoe/d PF

Significant Positions in Four

Premier, Low-Cost U.S Basins

Leveraging Core

Competencies to Deliver

Material Capital Efficiencies

Drilling time reductions

Completion enhancement techniques

Infrastructure strategy

Disciplined Capital Allocation

Focus on best value opportunities

$2.50

$3.50

$4.50

$5.50

$6.50

2014 2015 2016E

Onshore Lease Operating Expense$/BOE

DJ Basin Focus on Wells Ranch and East Pony

10

Highest value areas and leveraging existing infrastructure

Operating Two Drilling Rigs

During 2016

2016 lateral length average of 7,600’ up

materially from 2015

Realizing Normalized Costs for

Long Laterals Under $3 MM in

Wells Ranch

Drilling costs per lateral foot down 40%

from 2014

2016 Capital Spend is ~$600 MM

Drill 155, TIL 205 equivalent wells

Approximately 35% Volume

Growth in Wells Ranch and East

Pony in 2015

East

Pony

Wells

RanchNoble Acreage

2016 Development

Enhancing DJ Completions in Wells Ranch and East Pony

11

New completion designs focus on higher proppant and slickwater

Advanced Completions with

Higher Proppant Concentration

Testing range of 1,100-1,800 pounds

per foot

Early Results Encouraging

20%+ initial production uplift versus

standard slickwater with flattened

decline observed

Capitally efficient design as volume

uplift exceeds incremental cost

Enhanced Slickwater Design

Standard for 2016 Program

Majority of 2016 program focused on

Wells Ranch long laterals

2015 Actuals w/ Enhanced Proppant

(~1,100 – 1,800 pounds per lateral ft.)

150-day avg. 465 - 545 Boe/d

2015 Actuals w/ Standard Proppant

(~700 pounds per lateral ft.)

150-day avg. 375 Boe/d

Note: Normalized to 4,500’ laterals and gross three-stream volumes.

Cum. MBoe

Delaware Basin Operated Program

12

Appraisal program underway

NBL’s Initial Completions

Anticipated in Early 2016

Testing slickwater and hybrid gel

completion designs

2016 activity – 13 new drills and 10 TILs

Focused on Wolfcamp A

Delineated Core Position

45,000 contiguous acreage position

Average WI 72%

Production mix: 71% oil, 12% NGL and

17% gas

Stacked pay potential

Previous Drilling and Nearby

Competitor Well Results

Validate Tier 1 PositionNoble’s First Completions

Noble Acreage

Impressive Results In the Eagle Ford

13

New completion designs ahead of expected performance

NBL Drilling and Completing

Some of the Most Productive

Wells in the Eagle Ford

Combination of tier-1 acreage with NBL

enhanced completions

Drilling times materially reduced

Very Encouraging Well Results

on Tighter Lateral Spacing

500 foot lateral spacing results

outperforming wider spacing type curve

2016 Plan Focused on Gates

Ranch and Testing Enhanced

Completions in New Areas

2016 activity – Drill 13 wells, TILs 24

Eagle Ford Production Mix: 22%

Oil, 38% NGL and 40% Gas

Note: Normalized to 5,000’ lateral and gross three-stream volumes.

0

60

120

180

240

300

360

0 10 20 30 40 50 60 70 80 90

Cum. MBoe

Days on Production

S. Gates Ranch Lower Eagle Ford Performance

Avg. of 2 Wells at 500' Spacing

Avg. of 3 Wells at 1,000' Spacing

NBL 3MMBoe Type Curve

Gulf of Mexico Program

14

Sustained value creation with visibility for significant growth

Leveraging Benefits of New

Project Startups

2016 sales volumes nearly double 2015

50% reduction in capital versus 2015

Gunflint Oil Development Planned

for Mid-2016 Startup

Two-well subsea tieback

Silvergate Drilling Ongoing

Gross mean resource of between 30 –

100 MMBoe

Middle Miocene oil target

Katmai Appraisal

Discovered 40 – 60 MMBoe, testing

upside to 100 MMBoe total gross

resources

Louisiana

Gunflint31% WI

Troubadour60% WI

Big Bend54% WI

Dantzler45% WI

Ticonderoga50% WI

Swordfish85% WI

Galapagos26% Avg WI

Katmai50% WI

Silvergate50% WI

Producing

Under development

NBL Interests

Discovery

Exploration

Deepwater Major Projects

15

Proven track record of exploration and development success

Leading-edge Technology with Disciplined

Processes

Short Discovery to Production Cycle Times;

Delivered Within Budget

Integrated approach including exploration, appraisal, and

development teams

Leveraging existing third-party infrastructure; Big Bend and

Dantzler online in 3 and 2 years from discovery

Favorable Cash Operating Margins

Primarily oil development

Attractive cost structure

High per-well deliverability

Discovery 2013 2014 2015 2016

Rio Grande

Big Bend

Dantzler

Gunflint

Sanction First Oil

West Africa Operations

16

Substantial cash-flow with material upside

Alba Compression Installation in

First Half 2016

Increases flow of gas; primarily

condensate to onshore facilities

Extends the economic life of the field

Maximizing and Sustaining

Current Production

Relatively low declines at Alba and Aseng

Recent production enhancements at Alen

3D Seismic Processing of Blocks

O and I Offshore Equatorial

Guinea is Underway

Beginning Gabon Seismic

Acquisition

Equatorial

Guinea

Cameroon

Aseng

40% WI

Methanol Plant 45% WI

LPG Plant 28% WI

Bioko

Island

Alen

45% WI

Alba Field

34% WI

Tilapia PSC47% WI

YoYo License50% WI

Producing

Discovery

NBL Interests

Exploration

Eastern Mediterranean

17

Strategic assets positioned to meet regional market demand

Tamar Performance Continues to

Exceed Expectations

2015 average daily production of ~800 MMcf/d

Average uptime of 99%

Government of Israel Implemented

Natural Gas Framework

Provides regulatory clarity and stability to

progress with Leviathan/Tamar development

2016 efforts focused on securing gas sales

contracts, development concept selection and

contracting

Monetization of Non-Producing

Assets of ~$200 MM

Cyprus farm out to BG

Tanin and Karish sale

AOT47% WI

Tamar36% WI

Tamar SW36% WI Tel Aviv

Ashdod

Israel

Egypt

Producing

Discovery

NBL Interests

Cyprus35% WI

Leviathan40% WI

Eastern Mediterranean Gas Opportunities

18

Current and expected demand far exceeds supply

Significant Regional Export Potential

4 Bcf/d deficit growing to 9 Bcf/d led by Jordan, Egypt and Turkey demand

Robust and Increasing Israel Demand

Potential expansion of natural gas usage in power generation and industrial sectors

Marketing Leviathan gas in Israel

Progressing Projects to FID Late 2016

Securing gas contracts to anchor development

Finalizing and costing technical designs

Obtaining project financing

Maturing Options for Leviathan Development

Including FPSO and Fixed-Platform Concepts

Match capital and first gas sales with timing of demand

Potential to accelerate production

Lower pre-production capital

Noble Energy Beyond 2016

19

As the energy world continues to evolve

Keys to Success:

Remain Flexible and Agile

Continue Operational Execution and

Financial Strength

Maintain High Quality Diversified Portfolio

that Provides Investment Choices

Leverage Exploration and Major Project

Capabilities

Forward-looking Statements and Other Matters

20

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,” “estimate,” 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 (“SEC”). These reports are

also available from Noble Energy’s offices or website, http://www.nobleenergyinc.com. 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.

The SEC 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

“MMBoe type curve”. 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,

http://www.nobleenergyinc.com.

This presentation also contains certain historical 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 see the Noble Energy’s respective earnings release for reconciliations of the differences between any historical non-GAAP measures used in

this presentation and the most directly comparable GAAP financial measures.

Energizing the World,Bettering People’s Lives ®

21st Credit Suisse Energy Summit

February 2016