Noble Energy 2016 credit suisse

1. Energizing the World,
Bettering People’s Lives ®
21st Credit Suisse Energy Summit
February 2016

2. 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

3. Core operating areas
New ventures
DJ Basin
Marcellus Shale
Eagle Ford & Delaware
Gulf of Mexico
Suriname
Equatorial 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

4. 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

5. 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

6. 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 calculation
3Based 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

7. Key 2016 Goals and Objectives
7
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

8. $1.5 Billion 2016 Capital Program
8
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

9. Onshore U.S. Unconventional Operations
9
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

10. 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
Ranch
Noble Acreage
2016 Development

11. 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

12. 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 Position
Noble’s First Completions
Noble Acreage

13. 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

14. 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
Gunflint
31% WI
Troubadour
60% WI
Big Bend
54% WI
Dantzler
45% WI
Ticonderoga
50% WI
Swordfish
85% WI
Galapagos
26% Avg WI
Katmai
50% WI
Silvergate
50% WI
Producing
Under development
NBL Interests
Discovery
Exploration

15. 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

16. 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 PSC
47% WI
YoYo License
50% WI
Producing
Discovery
NBL Interests
Exploration

17. 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
AOT
47% WI
Tamar
36% WI
Tamar SW
36% WI Tel Aviv
Ashdod
Israel
Egypt
Producing
Discovery
NBL Interests
Cyprus
35% WI
Leviathan
40% WI

18. 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

19. 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

20. 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.

21. Energizing the World,
Bettering People’s Lives ®
21st Credit Suisse Energy Summit
February 2016