Permian Basin, Texas

·  40,000 net acres in Reeves County
·  2016 production: 9 MBoe/d
·  Strong positions in oil-rich acreage with multiple horizon potential
·  Accelerated drilling and completion activity with two rig additions in late 2016
·  Noble Midstream Partners increasing value by developing critical gathering infrastructure

Eagle Ford Shale, Texas
·  50,000 net acres, primarily in Dimmit and Webb Counties
·  2016 production: 54 MBoe/
·  Leveraging onshore technical and operational expertise from other plays to materially improve efficiency       and productivity
·   Applying learnings from Lower Eagle Ford enhanced completions to Upper Eagle Ford

Noble Energy entered the Eagle Ford Shale and Permian Basin and added diversity and optionality to its onshore portfolio with the acquisition of Rosetta Resources in the third quarter of 2015. In the Eagle Ford Shale, we are well positioned with 50,000 net acres primarily in Dimmit and Webb Counties. Our Permian Basin position is primarily in the oil-weighted Reeves County with 40,000 net acres. In early 2017, we announced a definitive agreement to acquire Clayton Williams Energy. The Rosetta and Clayton Williams Energy transactions increase our exposure to high margin liquids production with net unrisked resources of 2 billion barrels of oil equivalent in the Delaware Basin and 460 million barrels of oil equivalent in the Eagle Ford.

Activity in the Permian Basin is focused primarily in the Delaware Basin. We initiated production on our first two completions in Reeves County during the first quarter of 2016 and a third well in second quarter 2016. The latest well has achieved a maximum IP-30 rate of 2,541 Boe/d (or 523 Boe/d per thousand lateral feet) with 57 percent oil. On a normalized basis (5,000 foot lateral well), the well is outperforming the 700 MBoe type curve by more than 75 percent.

Leveraging our onshore technical and operational expertise, we commenced production on five wells in the Lower Eagle Ford Shale, averaging a 30-day initial production of approximately 5 MBoe/d in the fourth quarter of 2015. The most recent wells brought online were designed to test enhanced completions on tighter lateral spacing. We are optimizing the performance of these assets by testing new completions techniques with wider lateral spacing and higher proppant concentrations. On average, drilling times have been reduced significantly versus prior performance. The first three Noble-designed completions are among the most productive Eagle Ford wells ever completed.