June 14, 2013

Dan Kelly

Forward-looking Statements andNon-GAAP Measures

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,” 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. 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.

This presentation also contains certain historical and forward-looking 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 also see Noble Energy’s website at

http://www.nobleenergyinc.com under “Investors” for reconciliations of the differences between any historical non-GAAP measures used in this

presentation and the most directly comparable GAAP financial measures. The GAAP measures most comparable to the forward-looking non-GAAP

financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

The Securities and Exchange Commission 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 “net risked resources” and “gross mean

resources.” 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.

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Deepwater GOM

Equatorial GuineaCameroon

IsraelCyprus

New Ventures

Core Areas

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Noble Energy Global PortfolioDiversified and technically focused

Nicaragua

Nevada

Falkland Islnds.

Sierra Leone

Onshore US(DJ & Marcellus)

2013 Est. Prod. of ~275 MBoepd

Capital Spending of $3.9 Billion

Market Cap. of ~$20 Billion

Liquidity > $5 Billion

Wyoming Nebraska

GreaterWattenberg

NorthernColorado

NBL Acreage

Gas Window

Oil Window

230,000 Net Acres300 MMBoe NRR1,750 Locations

290,000 Net Acres1,400 MMBoe NRR

6,400 locations

120,000 Net Acres400 MMBoe NRR1,350 Locations

DJ Basin 2013 OperationsFocused on oil window with superior economics

Accelerating Development

300 actual wells or 350standardized on 4,500 ft. laterals

Added ninth rig in March;plan to add tenth in June

Expanding into NorthernColorado

Best economics with 85% liquids

Dramatic Growth in 2013

Production up 25%to 96 MBoe/d

Investing $1.7 Billion or45% of Total Capital Program

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DJ Basin Development ProgramA Premier Oil Play – Noble will double activity in two years

Increase of 1,100 Wells Over Next FiveYears vs. 2011 Plan

500 wells per year by 2016, more thandouble 2012 level

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Horizontal Wells

0

1,000

2,000

3,000

0

150

300

450

600

2011 2012 2013 2014 2015 2016 2017

CumWells

Wells

GWA N. Colorado2012 Cum 2011 Cum

DJ Compares Favorably to Eagle Ford andBakken

74 million barrels of oil equivalent persection - estimated original oil in place forDJ

30-50 MMBoe for Eagle Ford

10-15 MMBoe for Bakken

Noble’s Net Resources Now 2.1 BBoe

9,500 horizontal locations, 85% in oilwindow

Average horizontal well now at 335,000Boe total recovery

Oil production grows 3.5 times

Technical and Operational Excellencein All Phases

Exploration, drilling, completions andinfrastructure

Hydraulic Fracturing – A Game Changer

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Improved Drilling Technology, Combined with Hydraulic FractureStimulation, Led to Discovery of Vast Quantities of Shale Gas and Tight Oil

U.S. Oil and Natural Gas Production has Surged – Decreasing Prices forConsumers and Reducing Dependence on Foreign Oil

Hydraulic Fracturing is Used to Safely and Responsibly Produce EconomicQuantities of Oil and Natural Gas from 90% of U.S. Wells Today

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

1-0

6

1-0

7

1-0

8

1-0

9

1-1

0

1-1

1

1-1

2

1-1

3

1-1

4

MB

op

d

U.S Oil Production

U.S. Oil Production Now GrowingFirst material increase since late 1970’s

U.S. Oil Production

0

2,000

4,000

6,000

8,000

10,000

12,000

20

28

36

44

52

60

68

76

84

92

00

08

Year

MB

op

d

Hur. Ike

Source: EIA

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EIA 2014 Projection

New Technology Unlocking Oil Resources

Source: EIA 2012 Annual Energy Outlook

0

5

10

15

20

25

30

35

2006 2008 2010 2012

Bill

ion

Ba

rre

lsUnproved Technically Recoverable U.S. Tight Oil Resources

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When Is Hydraulic Fracture StimulationNecessary?

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Fractures

SiltGrains

LimitedPoreSpace

Single Well Vertical Pad

Access multiple pay zonesvertically at single point

Multi-Well Directional Pad

Access multiple pay zonesvertically

Cover broad aerial extent fromsingle surface location

Horizontal Pad

Equivalent to several verticalwells in one zone only

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Reducing Our Footprint

Reducing Our FootprintMulti-well pad drilling practices

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1 Mile

Vertical Single Well Pads

Multi-Well Horizontal Pad

Multi-Well

Directional Pads

New Technology

Evolution of Total System ResourceThree-fold increase in original oil in place (OOIP) – Wells Ranch Example

Coring Program

Spacing Tests

“In-Situ UndergroundLaboratory”

Recovery Factor: ~5% of 24 MMBoe

Codell

Niobrara D

Niobrara C

Niobrara B

Niobrara A

24

MMBoe/Section

Ft Hayes

4 Wells

Recovery Factor: ~7% of 74 MMBoe

Fort HayesNiobrara D

Niobrara C

Niobrara B

Niobrara A 24

24

20

6

74

16 Wells

30 Wells

Recovery Factor: ~14% of 74 MMBoe

MMBoe/Section

30

0ft

.7

5ft

.

12

2009 – 2011

2012+

75

ft.

30

0ft

.3

00

ft.

Codell

Optimizing DJ Basin Resource RecoveryPotential for over 30 wells per section

Testing Three 40-Acre DevelopmentConcepts/Patterns

North Pad – multiple target zones

Center Pad – spacing of B bench

South Pad – spacing of B and C bench

All 15 Wells Completed and inVarious Production Stages

No interference detected

North Pad – 5 wellsCenter Pad – 4 wellsSouth Pad – 6 wells

BC

A AC C

B B B B

South North

330ft. 330ft. 330ft. 330ft. 330ft. 330ft. 330ft. 330ft. 300ft.300ft.300ft.360ft. 380ft.

EcoNodeFacility

One Section (One Square Mile)

North Pad5 Wells

South Pad6 Wells

Center Pad4 Wells Niobrara B

Niobrara B, Niobrara C

Niobrara A, Niobrara B, Codell

Cross-section View of Pads

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B B BCdllCdll

Wells Ranch Section 24

Protecting the GroundwaterDJ Basin Horizontal Well Example

* This graphic represents ageneric depiction of our onshorewell depth and casing.

At various stages of the drillingand completion process,mechanical integrity of the casingand cement are tested to ensureproper installation. We use bestmanagement practices installingand cementing the multiple stringsof casing necessary to preventgas migration or drinking watercontamination.

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Protecting the Groundwater (Close Up)DJ Basin Wellbore Example

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Reducing our FootprintState-of-the-art technology and development application

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EcoNodes and Centralized Facilities

Reduced capital, operating expenses,surface disturbance reduced by 60-80%

Increased operating efficiency, liquids, andflash gas recovery

Infield Infrastructure

Efficient transport of produced fluids and fracwater

Major reduction in oil and water trucking

Life Cycle Water Management Program

Frac water self-sourced, strategically located, atreduced prices

Water recycling and re-use

State-of-the-Art Production Technology

Largest application of facility and well automation

Immediate response to interruptions

24/7 production optimization

EcoNode

Central Processing Facility

Operations Control Center

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Niobrara Horizontal Play – We’re in this together.Significant Job and Revenue Stream

Industry Potential for 10,000+ New Jobs Created

Each New Drill Rig Creates 120 Direct and In-Direct Jobs (annual employeewages = $7.0 – $8.5 million per rig)

Industry Currently Employs 240,000+ Direct and In-Direct Jobs

Average DJ Basin horizontal well economic impacts

• $2.7MM in royalties over the life of a well

• $1.1MM in taxes over the life of a well

• First year of ad valorem tax = 1 yr property tax of 50 one-million dollar homes

• 41% of ad valorem taxes directly funded K-12 education, according to 2011Weld County Abstract of Assessment

New Annual Severance and Ad Valorem Tax Revenues$350+ Million

Noble is largest taxpayer in Weld County

Over $200MM in production taxes paid in Colorado last 3 years

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