EPIC Secures Strategic Partnerships for Permian Basin-to-Corpus Christi Crude Oil Pipeline

EPIC Midstream Holdings, LP (“EPIC”) announced today that it has secured
strategic partnerships for the EPIC Crude Oil Pipeline, which will run
side-by-side with the EPIC Natural Gas Liquids (“NGL”) Pipeline for 730
miles from southeastern New Mexico to Corpus Christi, Texas. The EPIC
Pipelines are backed by capital commitments from funds managed by the
Private Equity Group of Ares Management, L.P. (NYSE: ARES).

Apache Corporation (NYSE, NASDAQ: APA) and Noble Energy (NYSE:NBL) have
committed to anchor the EPIC Crude Oil Pipeline, which will have an
initial total capacity of 590 thousand barrels of oil per day (MBbl/d),
including 440 MBbl/d from the Permian Basin and 150 MBbl/d from the
Eagle Ford. Apache and Noble Energy have secured 75 MBbl/d and 100
MBbl/d of firm capacity, respectively. More than 500,000 acres have been
dedicated to the EPIC Crude Oil Pipeline, including dedications from
Apache and Noble Energy. At least 10 percent of system capacity will be
reserved for Uncommitted Shippers.

Additionally, EPIC is engaged in ongoing commercial negotiations
representing at least 500 MBbl/d in potential volume commitments and
acreage dedications for the crude pipeline, in addition to 175 MBbl/d
capacity provided to Apache and Noble Energy. Pending the final result
of the commercial process, the EPIC Crude Oil Pipeline may be upsized to
a 30-inch line, expanding Permian Basin capacity from 440 MBbl/d to 675
MBbl/d.

“As one of the largest acreage holders in the Permian Basin, Apache’s
participation in the EPIC Crude Oil Pipeline helps to ensure takeaway
capacity for our production from the region. The partnership enhances
our long-term operational flexibility and market optionality in our
Delaware and Midland Basin focus areas,” said Brian Freed, Apache’s
Senior Vice President, Midstream and Marketing. He noted that the EPIC
crude oil partnership aligns with previously contracted shipping from
the region and complements the significant field infrastructure being
built for the development of Alpine High, a world-class oil, natural gas
liquids and gas field the company discovered in 2016.

“Noble Energy’s strategic agreement with EPIC provides long-term flow
assurance for our rapidly growing Delaware Basin oil volumes. With this
agreement, we have further diversified our onshore marketing outlets
with access to the Gulf Coast and global markets,” said Gary W.
Willingham, Noble Energy’s Executive Vice President, Operations.

“Partnering with Apache and Noble Energy adds tremendous strategic value
to EPIC as we build out our crude footprint,” said Phillip Mezey, Chief
Executive Officer of EPIC Pipeline.

“We are excited to be partnering with some of the leading energy
companies in the world to develop these critical infrastructure assets,”
said Nate Walton, Partner and Co-Head of North American Private Equity
at Ares Management.

As part of their EPIC strategic partnerships, Apache will have an option
to acquire up to 15% of the equity in the EPIC Crude Oil Pipeline, and
Noble will have an option to acquire up to 30% of equity in the EPIC
Crude Oil Pipeline, as well as up to 15% of the EPIC NGL Pipeline. All
options expire in the first quarter of 2019.

The EPIC Crude Oil Pipeline will extend from Orla,Texas to the Port of
Corpus Christi, Texas. The project includes terminals in Orla, Pecos,
Saragosa, Crane, Wink, Midland, Helena and Gardendale, with Port of
Corpus Christi connectivity and export access. It will service the
Delaware, Midland and Eagle Ford Basins. Right of way is 100 percent
secured for the first two phases of the system and construction is
expected to commence in the fourth quarter of 2018. The crude system is
expected to be in service in the second half of 2019.

The EPIC NGL Pipeline has previously signed definitive agreements with
BP Energy Company to anchor the pipeline and has also entered into a
strategic arrangement with Salt Creek Midstream. Phase One of the EPIC
NGL Pipeline is currently in operation, and it extends from DLK Black
River Midstream to Delaware Basin Midstream. Phase Two, which will run
from Delaware Basin Midstream to Benedum, Texas, is currently under
construction with an expected in-service date of June 2018. Phase Three,
which will run from Benedum to Corpus Christi is expected to be in
service by the second half of 2019.

About EPIC Pipeline

EPIC was formed in 2017 to build, own, and operate midstream
infrastructure in both the Permian and Eagle Ford Basins. EPIC’s first
two projects, the EPIC Crude Oil Pipeline and the EPIC NGL Pipeline,
will transport crude and NGL across Texas for delivery into the Corpus
Christi market. For more information, visit www.epicmid.com.

About Apache

Apache Corporation is an oil and gas exploration and production company
with operations in the United States, Egypt and the United Kingdom.
Apache posts announcements, operational updates, investor information
and copies of all press releases on its website, www.apachecorp.com,
and on its Media and Investor Center mobile application, which is
available for free download from the Apple App Store and the Google Play
store.

About Noble Energy

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.

About Salt Creek Midstream

Formed in 2017, Houston-headquartered Salt Creek Midstream, LLC (“Salt
Creek”) is a joint venture of ARM Energy Holdings LLC and funds managed
by Ares Management, L.P. Salt Creek is a full service midstream
provider, offering gas and crude gathering, compression, cryogenic
processing and treating services. The greenfield development project
spans more than 250,000 acres across Culberson, Reeves, Ward, Winkler,
Lea, Pecos, and Eddy Counties within the Delaware Basin.

About BP

BP Energy Company is part of the BP p.l.c. group of companies. BP's
marketing and trading business delivers energy supplies around the
world, while offering financial services that help investors guard
against fluctuations in energy prices. It works with a wide range of
companies, as well as other BP businesses, to buy, sell and transport
commodities such as natural gas, natural gas liquids, power, crude oil,
chemicals, sulphur and refined products. For more information about BP's
NGLs business, please contact Steve Hanan, SVP Business Development (steve.hanan@bp.com).

About Ares Management

Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $112.5 billion of assets under
management as of March 31, 2018 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.

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