Houston, July 03, 2018 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today
announced that it has supplemented its Delaware Basin takeaway position with an additional firm sales agreement which will result
in the Company’s crude oil reaching the Gulf Coast. The five-year agreement provides for firm gross sales of at least 10
thousand barrels of oil per day (MBbl/d) beginning in July 2018, increasing to 20 MBbl/d beginning in October 2018 and for the
remainder of the agreement. Crude oil sold under the agreement will initially utilize the buyer's existing firm transport
capacity to Corpus Christi. Shortly following commencement of full service of the EPIC Crude Pipeline, it is anticipated that
crude oil sales under the agreement will be transported by way of the Company’s firm transportation capacity. Noble Energy
has secured 100 MBbl/d of firm transportation capacity on the EPIC Crude Pipeline for a 10-year period following project startup,
which is expected to be in the second half of 2019. Prior to the transaction announced today, the Company previously had executed
firm sales agreements to the Gulf Coast or Cushing markets for its Delaware crude oil covering gross oil volumes of 10 MBbl/d for
the second half of 2018 and 5 MBbl/d for 2019.
The Company also provided an update of its basis hedge position for the remainder of 2018 and 2019. For
the second half of 2018, Noble Energy has secured a total of 20 MBbl/d of Midland-Cushing basis swaps at a price differential of
$2.30 per barrel. For 2019, the Company has hedged 27 MBbl/d of Midland-Cushing basis at a price differential of $3.23 per
barrel.
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production
company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets.
Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the
World, Bettering People's Lives®. For more information, visit www.nblenergy.com.
This news release contains certain "forward-looking statements" within the meaning of federal securities
laws. 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. Such forward-looking statements may include, but are not limited to, future financial and
operating results, and other statements that are not historical facts, including 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 news release 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 and uncertainties 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 businesses that are
discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with
the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above.
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 any forward-looking statements should circumstances or management’s estimates or opinions
change.
Investor Contacts Brad Whitmarsh (281) 943-1670 Brad.Whitmarsh@nblenergy.com Megan Dolezal (281) 943-1861 Megan.Dolezal@nblenergy.com Media Contacts Reba Reid (713) 412-8441 media@nblenergy.com Paula Beasley (281) 876-6133 media@nblenergy.com
