Noble Midstream Partners Provides Fourth Quarter Guidance in Advance of the Wells Fargo Pipeline, MLP and Utility Symposium

Noble Midstream Partners LP (NYSE: NBLX) (“Noble Midstream” or
“the Partnership”) today provided fourth quarter guidance for volumes
and select financial metrics.

Fourth Quarter 2016 Guidance

• Oil and Gas gathering volumes of 62 – 65 thousand barrels of oil
  equivalent per day (MBoe/d)
• Produced water gathering volumes of 10 – 12 thousand barrels of water
  per day (MBw/d)
• Fresh water delivery volumes of 125 – 150 (MBw/d)
• Net Income of $34 - $37 million
• EBITDA⁽¹⁾ of $36 - $40 million, or attributable to the
  Partnership of $26 - $29 million
• Distributable Cash Flow (“DCF”) ⁽¹⁾ of $24 - $27 million

Terry R. Gerhart, Chief Executive Officer of Noble Midstream added, “We
are pleased with the operational momentum that has carried over from the
third quarter when new volumetric records were set in all segments. The
business continues to significantly exceed our IPO forecast and activity
levels on dedicated acreage are already ahead of our expectations.”

Wells Fargo Conference

Noble Midstream today announced that it will participate in the Wells
Fargo Pipeline, MLP and Utility Symposium in New York City, on Tuesday,
December 6 and Wednesday, December 7, 2016. An investor presentation to
be used at the Symposium, which includes additional fourth quarter
guidance, has been made available on the Investors page of the
Partnership’s website at www.nblmidstream.com.

About Noble Midstream Partners LP

Noble Midstream is a growth-oriented Delaware master limited partnership
formed by our sponsor, Noble Energy, Inc. (“Noble Energy”), to own,
operate, develop and acquire a wide range of domestic midstream
infrastructure assets. We currently provide crude oil, natural gas, and
water-related midstream services for Noble Energy in the DJ Basin in
Colorado. Our areas of focus are in the DJ Basin in Colorado and the
Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.

Non-GAAP Financial Measures

This news release includes EBITDA and Distributable Cash Flow, both of
which are non-GAAP measures which may be used periodically by management
when discussing our financial results with investors and analysts. The
following presents a reconciliation of each of these non-GAAP financial
measures to their nearest comparable GAAP measure.

We define EBITDA as net income before income taxes, net interest
expense, depreciation and amortization. EBITDA is used as a supplemental
financial measure by management and by external users of our financial
statements, such as investors, industry analysts, lenders and ratings
agencies, to assess:

• our operating performance as compared to those of other companies in
  the midstream energy industry, without regard to financing methods,
  historical cost basis or capital structure;
• the ability of our assets to generate sufficient cash flow to make
  distributions to our partners;
• our ability to incur and service debt and fund capital expenditures;
  and
• the viability of acquisitions and other capital expenditure projects
  and the returns on investment of various investment opportunities.

We define Distributable Cash Flow as EBITDA less estimated maintenance
capital expenditures. Distributable Cash Flow is used by management to
evaluate our overall performance. Our partnership agreement requires us
to distribute all available cash on a quarterly basis, and Distributable
Cash Flow is one of the factors used by the board of directors of our
general partner to help determine the amount of available cash that is
available to our unitholders for a given period.

We believe that the presentation of EBITDA and Distributable Cash Flow
provide information useful to investors in assessing our financial
condition and results of operations. The GAAP measure most directly
comparable to EBITDA and Distributable Cash Flow is net income. EBITDA
and Distributable Cash Flow should not be considered alternatives to net
income, net cash provided by (used in) operating activities or any other
measure of financial performance or liquidity presented in accordance
with GAAP.

EBITDA and Distributable Cash Flow exclude some, but not all, items that
affect net income, and these measures may vary from those of other
companies. As a result, EBITDA and Distributable Cash Flow as presented
herein may not be comparable to similarly titled measures of other
companies.

EBITDA and Distributable Cash Flow should not be considered as
alternatives to GAAP measures, such as net income, operating income,
cash flow from operating activities, or any other GAAP measure of
financial performance.

This news release contains certain “forward-looking statements” within
the meaning of federal securities law. Words such as “anticipates”,
“believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”,
and similar expressions may be used to identify forward-looking
statements. Forward-looking statements are not statements of historical
fact and reflect the Partnership’s current views about future events. 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 include, without
limitation, Noble Energy’s ability to meet their drilling and
development plans, changes in general economic conditions, competitive
conditions in the Partnership’s industry, actions taken by third-party
operators, gatherers, processors and transporters, the demand for crude
oil and natural gas gathering and processing services, the Partnership’s
ability to successfully implement its business plan, the Partnership’s
ability to complete internal growth projects on time and on budget, the
price and availability of debt and equity financing, the availability
and price of crude oil and natural gas to the consumer compared to the
price of alternative and competing fuels, and other risks inherent in
the Partnership’s business that are discussed in its most recent
registration statement on Form S-1 and in the Partnership’s other
reports on file with the Securities and Exchange Commission (“SEC”).
These reports are also available from the Partnership’s office or
website, www.nblmidstream.com.
Forward-looking statements are based on the estimates and opinions of
management at the time the statements are made. Noble Midstream does not
assume any obligation to update forward-looking statements should
circumstances, management’s estimates, or opinions change.

This news release also contains certain non-GAAP measures of financial
performance that management believes are good tools for internal use and
the investment community in evaluating Noble Midstream’s overall
financial performance. Please see the reconciliations provided above of
the non-GAAP financial measures used in this news release to the most
directly comparable GAAP financial measures.

In this new release, we refer to certain results as “attributable to the
Partnership.” Unless otherwise indicated herein, these amounts exclude
the non-controlling interests in the development companies (DevCos)
retained by Noble Midstream in connection with our initial public
offering. We believe the results “attributable to the Partnership”
provide the best representation of the operations from which our
unitholders benefit.

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