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Noble Energy Inc | September 2020 Corporate Presentation | Dave Stover | Page 10 of 11 | May 24, 2025

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9/8/2020 425 Transaction Represents Attractive Valuation Transaction multiple compares favorably to peer trading levels and recent transactions Source: FactSet, company filings, press releases; Note: Transaction metrics shown at announcement; Chevron / Noble multiple shown as of 2021E EBITDAX based on Noble Energy management Base forecast, all other multiples shown on next twelve months basis at announcement of the transactions; (1) Multiple for the Chevron / Noble Energy transaction based on management Base EBITDAX forecast as of 7/17/20 and management balance sheet as of 6/30/20; (2) Based on consensus EBITDAX estimates as of 7/17/20 and balance sheets as of 3/31/20 (latest publicly available) Date Transaction % Stock Target Pro Forma Transaction Value / Announced Buyer / Seller Value ($bn) Consideration Ownership EBITDAX 07/20/2020 Chevron / Noble Energy $13.2 100% 3% 7.3x 11/14/2019 Callon / Carrizo 2.7 100% 42% 3.5x 05/09/2019 Oxy / Anadarko 56.9 22% 16% 7.2x 11/01/2018 Encana / Newfield 7.7 100% 37% 4.2x (1) Firm value / Company EBITDAX Noble Energy (based on Chevron offer, based on management estimates) 7.3x Noble Energy (pre-offer, based on management estimates) 7.1x Noble Energy (pre-offer, based on public information) 6.3x Marathon Oil 5.4x Devon Energy 4.8x Apache Corporation 7.5x Continental Resources 6.5x (1) (1) (2) (2) (2) (2) (2)