SECOND QUARTER 2016 SUPPLEMENTAL INFORMATION

SECOND QUARTER 2016 SUPPLEMENTAL INFORMATION August 3, 2016

Energizing the World, Bettering People’s Lives ®

2Q16 Key Messages and Highlights Operational records and leading execution across the business Continuing to Drive Capital and Operating Efficiencies 

Quarterly capital expenditures of $262 MM, significantly below low end of guidance



Reduced LOE on a BOE basis to $3.07, or 30% versus 2Q15

Record Company Sales Volumes of 427 MBoe/d 

Record U.S. Onshore and 2Q Israel volumes



Every commodity above expectation

Enhanced Completions Driving 15% Pro-Forma U.S. Onshore Growth Versus 2Q15 

3rd Noble operated Delaware completion the best well yet (more than 75% above type curve)



Eagle Ford wells, testing various lateral and cluster spacing designs, are outperforming type curves



DJ Basin and Marcellus continue to improve and outperform historical type curves

Offshore Major Project Start-Ups Contribute to 2H16 Capital Efficiency 

Gunflint start-up represents 3rd GOM field to commence production in last 12 months



Alba compression project complete in West Africa

Outstanding Tamar Performance and Leviathan Moving Forward in Israel 

Coal displacement strong contributor to 28% gas sales volume growth versus 2Q15



Leviathan progress realized across critical paths for sanction

Increased Full-Year Production Outlook With No Change in Capital 2

2Q16 Outperformance Versus Expectation Strong capital efficiency and cost control Financial and Operating Metric

2Q Guidance

2Q Actuals

Total Sales Volumes (MBoe/d)

405 - 415

427

Product Mix (Oil / NGL / Gas)

30% / 14% / 56%

29% / 15% / 56%

350 - 400

262

15 - 25

24

Lease Operating ($/Boe)

3.90 - 4.20

3.07

Transportation, Gathering ($/Boe)

2.90 - 3.10

2.97

16.00 - 16.50

15.99

Production Taxes (% Oil, NGL, Gas Revenues)

4.5 - 5.0

4.8

Marketing & Processing ($MM)

20 - 25

15

Exploration ($MM)

60 - 75

89*

100 - 110

107

75 - 85

78

Organic Capital ($MM) Equity Investment Income ($MM)

DD&A ($/Boe)

G&A ($MM) Interest, net ($MM)

*Includes $27 million related to expiration of Dolphin license (2011 discovery offshore Israel) 3

Active Portfolio Management Portfolio high-grading generating substantial cash flows $3.7 B of Cumulative Asset Monetizations $B 1.5 EMed, U.S. Onshore

U.S. Onshore, North Sea 1.0

0.5

0.0 2011

2012

Onshore

4

2013

2014

CONE MLP

Int'l

2015



Non-producing EMED assets



Established strong valuation marker for Tamar asset of $12.3 Billion, gross, with 3% working interest sale



$5.3 B of liquidity end of 2Q16



Creates deleveraging opportunity

Positioned for Additional Value-Creating Asset Monetization

Ecuador 2010

Accelerated value of long-dated DJ inventory

Focused Capital Allocation to Long-Term Core Assets

U.S. Onshore

U.S. Onshore



Ensuring Robust Liquidity and Supporting Balance Sheet

CONE MLP, U.S. Onshore, China

U.S. Onshore

Over $1 B of Divestment Proceeds Announced Year-to-Date

2016



Onshore midstream potential



EMED farm-downs

Delaware Basin: Third Noble Completion Best performing well ever drilled on NBL Permian position Outstanding NBL Operated CJ2101H Well Testing Slickwater and Higher Frac Intensity  IP-30 of 2,541 Boe/d, more than 75% above type curve after 30 days

Soapy Smith and CJ2001H Outperformance Widening Versus Type Curve Accelerating Drilling and Completion Activity in 2H16; Drilling Program Includes Long Laterals Cum. MBoe

Soapy Smith 36 1H Calamity Jane 2001H Calamity Jane 2101H

NBL Acreage

Delaware Basin Well Performance Soapy Smith 36 1H

160

Completion Specifications

Calamity Jane 2001H

Soapy Smith

CJ 2001

CJ 2101

IP-30 (Boe/d)

728

1,599

2,541

80

Lateral Length (ft.)

2,790

4,109

4,859

40

Product Mix % (Oil / NGL / Gas)

68 / 16 / 16

49 / 26 / 25

57 / 22 / 21

Fluid

Slickwater

Hybrid Gel

Slickwater

Proppant (lbs./ft.)

1,800

1,700

3,000

Cluster Spacing (ft.)

60

60

40

Target Interval

Wolfcamp A

Wolfcamp A

Wolfcamp A

Calamity Jane 2101H

120

NBL 700 MBoe Type Curve

0 0

30

60

Days on Production 5

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

90

Eagle Ford: Impressive Results Continue in Gates Ranch Increase in recovery from enhanced completions 32% Eagle Ford Volume Increase from 1Q16 Production History Supports Downspacing to at least 750’ from 1,000’ at South Gates Ranch (Row 4) Gates North Wells Tracking Above 3 MMBoe Type Curve, More Than 3X Planned Type Curve Continuous Drilling and Completion Program in 2H16 Cum. MBoe

Gates South 1,000’ Spaced Gates South 500’ Spaced Gates North

Gates Ranch Lower Eagle Ford Performance Gates South 1,000' Spaced

Completions Post Acquisition

400 Gates South 500' Spaced

Gates South 1000’ Wells

Gates South 500’ Wells

Gates North Wells

Well Count

8

8

2

Avg. IP-30 (Boe/d)

4,827

3,999

2,565

Avg. Lateral Length (ft.)

5,528

7,056

4,281

Product Mix % (Oil / NGL / Gas)

16 / 46 / 38

18 / 44 / 38

19 / 45 / 36

Proppant (lbs./ft.)

2,200

2,000

2,000

Cluster Spacing (ft.)

20

40

20

Target Interval

Lower EF

Lower EF

Lower EF

Gates North

300

NBL Gates South Type Curve (3 MMBoe EUR)

200 100

0 0

30

60

Days on Production 6 Note: Normalized to 5,000’ lateral and gross three-stream volumes.

90

DJ Basin: Enhancing Margins Standout quarter for DJ Basin capital and operating cost optimization Over 40% Reduction in Well Costs Since Early 2015 

Including enhanced completion (1,000 lbs/ft), costs down 37%

Greater Than 50% of Cost Reductions Sustainable   

2016 drilled lateral length average of 7,300’ up 18% from 2015 Nearly all monobore drilling in 2Q16 Fluid design changes and infrastructure optimization

Reduced Drilling Cost Per Total Foot to by Nearly 20% Versus 1Q16 and 35% Versus 2015 Focused Current Activity in Wells Ranch and East Pony

$MM 8.5

Wells Ranch Long Lateral Well Cost $8.2 $3.4MM Savings Breakdown: 62% Completion 25% Drilling 13% Facilities

7.5 6.5 5.5

$5.2

$4.8

4.5 3.5

1Q15

Structural

Cyclical

2Q16 Standard

Sand, Stages

2Q16 Enhanced

DJ Basin Drilling Cost Per Foot $/Total Ft. $160

$140

$120

$104 $85 $69

$80 $40 $0 2014

7

2015

1Q16

2Q16

DJ Basin: Enhanced Completions Optimizing well results with higher proppant concentration and slickwater Well Outperformance Versus Historical Type Curve by 35% in East Pony and 15% in Wells Ranch  Enhanced completions include higher proppant (> 1,000 lbs/ft), slickwater and tighter clusters

Delivering Production Expectations Despite Fewer Equivalent First Gas Sales Than Original Plan  Experiencing longer cycle times and cleanup periods with bigger jobs

Higher Percentage of Enhanced Completions Turned Online in 2H16

8

Note: Normalized to 4,500’ lateral; gross two-stream 2013 analyst day type curve converted to gross three-stream

Marcellus: Outstanding Well Performance Exceeding production goals with fewer completions Operated Rich Hill 23 Pad Produced 95 MMcf/d After 6 Months From 8 Wells 

Average lateral length >10,000’



Cost advantaged with ability to produce into dry gas system without processing

Strong Non-Operated Pad Performance  

GH53 pad with 9 wells on production has averaged 80 MMcf/d over the first 60 days

GH46 GH53

GH46 pad with 12 wells has averaged 117 MMcf/d over the first 90 days

4,000 3,000

80

2,000 40

1,000

0

0 0

30

60

90

Wellhead Gas Equiv. 9

RHL23

120

120

150

180

Avg. Casing Pressure

Average Casing Pressure (PSI)

Wellhead Gas (MMcfe/d)

RHL23 Pad Production Performance

2Q16 Ending Marcellus DUC Count of 79 Provides Options and Flexibility into 2017

Offshore Major Project Execution Gunflint and Alba compression contribute to 2H16 capital efficiency

GOM Gunflint Oil Development Commenced Production in Mid-July

10



Project capital below budget

Commenced Production in Mid-July from the Compression Platform at the Alba Field in Equatorial Guinea



Subsea tie-back to third party Gulfstar One facility





Enhances full field recovery; sustaining field production of approximately 200 MBoe/d, gross

Field ramping to minimum gross production of approximately 20 MBoe/d (5 MBoe/d net)



Project executed on time and on budget



Several technical firsts and accomplishments



Converted approximately 70 MMBoe from PUD to PDP

Israel: Robust Demand and Exceptional Performance Record 2Q sales volumes and cash flows 2Q16 Israel Natural Gas Sales Volumes of 276 MMcf/d, Net  Represents nearly 30% growth over 2Q15

Coal Power Dispatch in Israel Down 22% versus 2Q15  More displacement expected in 2H16 as power producers comply with the Government’s mandate

Tamar Net Sales Volumes

MMcf/d 350

1.1 Bcf/d Gross Peak Capacity

300 250 200 150 1Q

MW 4,500

Average Coal Dispatch

4,000 3,500

% of 2015 100% 85%

(8%) (14%)

3,000

80% 70%

(22%)

(20%)

2,500

60% 50%

2,000

40%

1,500

30%

1,000

20%

500

10%

-

Q1

2015 11

90%

Q2

2016

Q3

Q4

Cumulative % of 2015 Coal

Source: Historical data from IEC; 3Q16 and 4Q16 coal dispatch based on NBL estimates

2Q 2014

3Q 2015

4Q

2016

Sale of 3% Tamar Working Interest Establishes $12.3 B Gross Valuation  Remaining 7-8% working interest expected to be sold over 3-year Leviathan funding period

Significant Progress Toward Leviathan Sanction  100 MMcf/d contracted to domestic market  POD approved  Entered FEED

Israel: Leviathan Road Map to Sanction Momentum on critical project work streams continues

Initial Capacity: 1.2 Bcf/d

12

Strong 2H16 Operational Lineup Enhanced 2016 outlook and strong positioning for 2017 28 MBoe/d Volume Increase, DivestitureAdjusted, or 10 MMBoe, With No Change to Total Capital Accelerating Texas Program 

MBoe/d 420

405 400 390 390



Exit with substantial momentum in Eagle Ford with several completions near year-end

380



Doubling of first oils in the Delaware Basin versus 1H16

360



2015 ProForma Divestitures

Original

Prior

Current

Full-Year 2016 Guidance

Incremental production history and new well results

Offshore Major Project Start-Ups Contribute to 2H16 Cash Flows 

415

Continuous 2 rig drilling program for majority of 2H16

Progressing Enhanced Completions in the DJ Basin

2016 Full-Year Production

Expected lower capital going forward

3Q Seasonal Demand Peak in Israel Positioning For Significant Offshore Cost Savings With Leviathan Sanction

2016 Full-Year Capital

$MM 4,000 3,000

3,048

2,000

1,500