Noble Energy Overview August 2014 1 2014 Noble

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 2 © 2014 Noble Energy. All rights reserved.

Noble Energy snapshot Independent oil and gas producer Reserves ▪ 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 3 © 2014 Noble Energy. All rights reserved. 55% United States International 45%

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 4 ▪ Offshore Israel and Cyprus ▪ Tamar in progress © 2014 Noble Energy. All rights reserved. Core operating areas New ventures

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

DJ Basin operations Premier acreage position Greater Wattenberg Area (GWA) Production up 20% Strong well performance and lower well costs Nebraska Wyoming Colorado East Pony Basin-wide downspacing (24 - 32 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 6 © 2014 Noble Energy. All rights reserved. Wells Ranch DJ Basin Colorado

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

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

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

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

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

Market export opportunities: Israel/Cyprus Available for export Government export decision Resource (Tcf) Export % Export volume (Tcf) Tamar 20 20% 1. 0 Dalit 2. 5 45% 0. 6 Leviathan 16 30% 8. 0 Dolphin 0. 1 50% 0. 6 ▪ Leviathan export quota Tanin 1. 2 40% 1. 4 ▪ Tamar is allowed to export Karish 1. 8 25% 0. 7 Tamar SW 0. 7 35% 1. 2 5 80% 4 upheld by Israel supreme court Approximately 40% of Israel discovered resources exportable Export volumes include regional and LNG markets Cyprus Total 12 © 2014 Noble Energy. All rights reserved. 34. 6 21. 2

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

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

Appendix Term 15 Definition 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 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 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 © 2014 Noble Energy. All rights reserved.

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