Baird Investment Banking Pitch Book

RETURN OF CAPITAL INITIATIVES POTENTIAL SHARE REPURCHASE ECONOMICS Implied Share Price Announcement Date $20.39 AR Today Company Hess Corporation 03/08/18 03/07/18 Devon Energy QEP Resources 02/28/18 02/23/18 Cabot Oil 02/15/18 02/15/18 Encana Corporation 02/14/18 Laredo Petroleum 02/06/18 Pioneer 01/29/18 Gulfport Energy Corporation SELECTED STOCK BUY-BACK ANNOUNCEMENTS & MARKET REACTION Market Reaction (¹) 5-days Noble Energy Mean Median Annualized Returns Source: FactSet and S&P Capital IQ as of April 13, 2018. (1) Market reaction defined as one day post-announcement. (2) Relative performance based on S&P E&P 500 Index. 9% AR 2020 Buyback Value (SMM) $24.21 (+19%) 9% AR 2021 No Multiple Expansion $1,000 1,000 1,250 720 750 400 200 100 100 $613 $720 % of Shares O/S $26.26 (+29%) 6.8% 6.1% 60.2% 6.5% 5.8% 3.7% 10.4% 0.3% 4.5% 11.6% 6.1% 1-day 0.5% 10.8% 2.4% (0.3%) (1.2%) 5.0% 1.3% 4.5% 5.4% 4.5% 4.4% 11.1% 1.6% 1.3% 16.6% 25.4% (3,0%) 14.5% (2.5%) 1.1% 6.7% 9.8% (1.0%) 0.8% (8.9%) (24.3%) (11.0%) 30-days 1.0% 4.5% 6.8% 5.5% $51.60 (+153%) 59% AR 2020 AR 2021 Elite Multiples Group 1-day Benchmark Performance (0,4%) (0.4%) (0.1%) 2.9% (0.3%) (0.3%) (0.3%) (1.8%) (2.6%) $55.68 (+173%) 40% (0.4%) (0.3%) 5-days 0.4% 0.4% 30-days 12.0% 9.3% (2.2%) 0.3% (1.6%) 0.9% (1.6%) 0.9% (1.6%) 0.9% (5.2%) (0.5%) (8.6%) (12.0%) (2.2%) (1.6%) 1.5% 0.9% 1 1 I Confidential 1-day 0.8% 5.0% 10.9% [0.0%) (0.9%) 5.3% 3.1% (6.3%) 152 1.9% 0.8% AR Full-Cycle Drilling ROR 33% Relative Performance (2) 5-days 28% Per AR Mgmt. 4.1% 5.0% 3.8% 6.6% 12.7% BAIRD (0.9%) 8.3% (15.8%) 3.1% 4.2% 30-days 4.6% 16.1% (3.2%) 13.6% 8.9% 1.4% 1.1% 5.3% 3.0% Project Bronco | Page 12

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