Noble Energy Announces Third Quarter 2012 Results

              Noble Energy Announces Third Quarter 2012 Results

PR Newswire

HOUSTON, Oct. 25, 2012

HOUSTON, Oct. 25, 2012 /PRNewswire/ --Noble Energy, Inc. (NYSE: NBL) reported
today third quarter 2012 net income of $221 million, or $1.23 per share
diluted, and net income from continuing operations(1) of $164 million, or
$0.91 per share diluted. Excluding the impact of unrealized commodity
derivative losses and certain other items, third quarter 2012 adjusted net
income from continuing operations(2) was $167 million, or $0.93 per share
diluted. Net income from continuing operations for the third quarter 2011 was
$491 million, or $2.67 per share diluted and adjusted net income from
continuing operations(2) was $191 million, or $1.01 per share diluted.

Discretionary cash flow from continuing operations(2) for the third quarter
2012 was a record $714 million, compared to $563 million for the same quarter
in 2011. Net cash provided by operating activities was $924 million, and
capital expenditures were $724 million.

Key highlights for the third quarter 2012 include:

  oRecord quarterly sales volume of 242 MBoe/d, up 11 percent year over year
  oHorizontal net production within the DJ Basin increased to 31 MBoe/d, up
    29 percent from last quarter and more than double from the third quarter
    of 2011
  oMarcellus production grew to 102 MMcfe/d, an increase of 38 percent over
    last quarter
  oInitiated production from the wet gas area of the Marcellus Shale that
    indicates a portion of our acreage is within the "super rich" area of the
    play
  oEntered into new positions offshore Falkland Islands and Sierra Leone
  oSecured a service contract for a new-build drillship capable of both
    reaching deep oil targets in the Eastern Mediterranean and supporting our
    global drilling program
  oReceived over $1.1 billion in proceeds from divestments of non-core assets
  oExercised option to increase credit facility from $3 billion to $4
    billion, enhancing the Company's strong liquidity position

Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "Strong
liquids growth in both the DJ Basin and Gulf of Mexico contributed to our
standout performance this quarter. Discretionary cash flow grew to a record
level, up 27 percent over the comparable period last year, driven by a 42
percent increase in crude oil sales. Despite the impact of Hurricane Isaac in
the Gulf of Mexico and unscheduled third party downtime in the DJ Basin,
volumes grew by eight percent over last quarter and 11 percent year over year.
Our major international projects at Tamar and Alen remain on schedule, and we
expect to initiate sales from Tamar in less than six months."

Third quarter 2012 sales volumes from continuing operations totaled 242
thousand barrels of oil equivalent per day (MBoe/d), up 11 percent from the
third quarter 2011. Production volumes from continuing operations for the
quarter were 247 MBoe/d, with the difference attributable to the timing of
crude oil liftings in Equatorial Guinea. Sales volumes of crude oil and
natural gas liquids increased 42 percent and 10 percent respectively, while
natural gas declined 3 percent. Overall volumes consisted of 35 percent crude
oil, 10 percent natural gas liquids, 25 percent international natural gas and
30 percent domestic natural gas.

U.S. sales volumes were 141 MBoe/d, up 25 percent from the third quarter last
year. The growth was primarily attributable to the acceleration of the
Company's horizontal drilling program in the DJ Basin, the addition of the
Marcellus Shale and the startup of Galapagos in the Gulf of Mexico.
Divestments and natural production declines in non-core onshore properties
offset a portion of the gains.

International sales volumes totaled 101 MBoe/d for the quarter, down five
percent from the same period last year. The impact was primarily driven by
lower natural gas sales in Israel partially offset by strong operational
performance of the Aseng field in Equatorial Guinea.

The average realized price for crude oil and condensate was $99.30 per barrel
for the third quarter, up three percent from the prior year period. Natural
gas realizations in the U.S. averaged $2.61 per thousand cubic feet (Mcf) and
$4.43 per Mcf in Israel. Natural gas liquids pricing in the U.S. averaged
$29.71 per barrel, which equates to 32 percent of the average price for West
Texas Intermediate (WTI - NYMEX) crude oil.

Total production costs per barrel of oil equivalent (Boe), including lease
operating expense (LOE), production and ad valorem taxes, and transportation
and gathering expenses were $7.10 per Boe, up slightly from the third quarter
of 2011. LOE was $4.63 per Boe and depreciation, depletion, and amortization
(DD&A) was $16.53 per Boe. The unit rates were impacted mostly by the growing
contribution from new high-value crude oil production in the Gulf of Mexico
and West Africa. Exploration expense includes leasehold costs associated with
our exit from Senegal and dry hole cost associated with the Trema well,
offshore Cameroon. The Company's adjusted effective tax rate for the third
quarter 2012 was 33 percent, with 60 percent deferred.

OPERATIONS UPDATE

In the DJ Basin, the horizontal development program delivered strong
performance in the third quarter with net production reaching 31 MBoe/d, a 29
percent increase from the second quarter of 2012. Total basin net volumes
averaged 75 MBoe/d of which 59 percent was comprised of crude oil and other
liquids. Production this quarter was adversely effected by 5 MBoe/d related
to third-party processing plant downtime and hot weather. During the quarter,
57 horizontal wells were completed, up from the 43 wells last quarter. Three
recent extended-reach lateral wells have been online over 60 days and are
tracking a 750 MBoe type curve. In a new development area in Northern
Colorado, 11 wells are online producing 5,500 Boe/d with 80 percent oil
content. Three of the wells, part of an 80-acre pilot test, have 30-day
production rates averaging 720 Boe/d. Operated rig count is expected to end
the year at eight rigs with three working in the extension area and two in the
core area of Wattenberg, and the remaining three in northern Colorado.

In the Marcellus Shale, activity continued to be focused in the highest return
areas of the play. Volumes for the quarter were up 38 percent from the
previous quarter and averaged 102 million cubic feet equivalent per day
(MMcfe/d) net. Wet gas production began from the Company's first pad, SHL-1,
in late July and the SHL-3 pad in early September. Both liquid yield, which
ranged from 65 to 80 barrels per million cubic feet, and natural gas rates
were higher than expected from these pads. With the addition of two new-build
rigs, operated rig count stands at three, two in the Majorsville area and one
delineating a large JV acreage position in the Normantown area of West
Virginia. In the dry gas area, our partner is operating two rigs in southwest
Pennsylvania and continues completion operations in central Pennsylvania and
Northern West Virginia. 

In the Gulf of Mexico, production was shut-in for several weeks related to
Hurricane Isaac lowering third quarter volumes by nearly 7 MBoe/d to an
average of 21 MBoe/d. The Company's Gulf of Mexico production has returned to
pre-hurricane levels. Big Bend, an exploration well located on Mississippi
Canyon 698, commenced drilling in September and is expected to reach total
depth before year end.

In West Africa, the Aseng field produced an average of 64 thousand barrels per
day (MBbl/d) or 22 MBbl/d net for the quarter, with minimal downtime. The
Alba field performed as expected and had one lifting in the third quarter
versus two in the second quarter. Overall underlifting for the third quarter
was 5 MBbl/d in West Africa.

In the Eastern Mediterranean, Noa and Pinnacles performed better than expected
and, combined with Mari-B, average production for the quarter was 116 million
cubic feet per day (MMcf/d) net. The Tamar platform left Corpus Christi en
route to Israel for installation in the fourth quarter and is on schedule to
begin sales in less than six months. 

UPDATED GUIDANCE

Noble Energy expects fourth quarter 2012 volumes to average 248 to 252
MBoe/d. In the U.S., crude oil volumes will be up from the third quarter 2012
with continued activity in the DJ Basin. Domestic natural gas and natural gas
liquids will be reduced by the onshore divestments that closed in the third
quarter. Internationally, crude oil volumes in Equatorial Guinea will be
higher as compared to the underlifted third quarter while natural gas sales in
Israel and Equatorial Guinea are expected to be down slightly.

The Company provided the following fourth quarter cost guidance:

Lease Operating Expense ($/Boe)           5.15 – 5.45
DD&A ($/Boe) 17.10 – 17.60
Exploration Expense ($MM)       160 – 200

    Noble Energy has divested the majority of its North Sea properties and has
    reclassified the results of its entire North Sea operations as
(1) discontinued operations for all accounting periods presented in this
    release. See Schedule 7 for a financial summary of discontinued
    operations.
(2) A Non-GAAP measure, see attached Reconciliation Schedules

SUPPLEMENTAL OPERATIONS INFORMATION

For additional information on Noble Energy's operations, please refer to the
third quarter earnings slides that are accessible on the 'Investors' page at
www.nobleenergyinc.com.

WEBCAST AND CONFERENCE CALL INFORMATION

Noble Energy, Inc. will host a webcast and conference call at 9:00 a.m.
Central time today. The webcast is accessible on the 'Investors' page at
www.nobleenergyinc.com. Conference call numbers for participation are
888-438-5493 and 719-457-2081, passcode 6437891. A replay will be available
on the website.

Noble Energy is a leading independent energy company engaged in worldwide oil
and gas exploration and production. The Company has core operations onshore in
the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf
of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble
Energy is listed on the New York Stock Exchange and is traded under the ticker
symbol NBL. Further information is available at www.nobleenergyinc.com.

This news release contains certain non-GAAP measures of financial performance
that management believes are good tools for internal use and the investment
community in evaluating the company's overall financial performance. These
non-GAAP measures help facilitate comparison of company operating performance
across periods and with peer companies.

This news release contains certain "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. 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. They include estimates of oil and natural gas reserves and
resources, estimates of future production, 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 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 business that are
discussed in its most recent annual report on Form 10-K and in other reports
on file with the Securities and Exchange Commission. These reports are also
available from Noble Energy's offices or website,
http://www.nobleenergyinc.com. 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 forward-looking
statements should circumstances or management's estimates or opinions change.



Schedule 1

Noble Energy, Inc.

Reconciliation of Net Income to Adjusted Earnings from Continuing Operations

(in millions, except per share amounts, unaudited)
              Three Months Ended                      Nine Months Ended

              September 30,                           September 30,
                     PerDiluted         PerDiluted         PerDiluted         PerDiluted
              2012                2011                2012                2011
                     Share              Share[6]           Share[6]           Share[6]
Net Income    $     $   1.23   $     $   2.39   $     $   4.30   $     $   4.12
              221                441                776                749
Discontinued
Operations,   (57)   (0.32)       50     0.28         (89)   (0.49)       (22)   (0.13)
Net of Tax
Income from
Continuing    164    0.91         491    2.67         687    3.81         727    3.99
Operations
Unrealized
(gains)
losses on     131    0.73         (300)  (1.66)       (74)   (0.42)       (140)  (0.78)
commodity
derivative
instruments
Gain on
divestitures  (157)  (0.87)       -      -            (167)  (0.93)       (26)   (0.14)
[1]
Asset
impairments   -      -            -      -            73     0.41         137    0.77
[2]
Drilling rig  -      -            (1)    (0.01)       -      -            18     0.10
expense [3]
Other         -      -            -      -            1      0.01         5      0.03
adjustments
Total
adjustments   (26)   (0.14)       (301)  (1.67)       (167)  (0.93)       (6)    (0.02)
before tax
Income Tax
Effect of     29     0.16         1      0.01         73     0.40         (95)   (0.53)
Adjustments
[4]
Adjusted
Earnings
from          $     $   0.93   $     $   1.01   $     $   3.28   $     $   3.44
Continuing    167                191                593                626
Operations
[5]
Weighted
average
number of
shares
outstanding
Diluted       180                 180                 180                 179

[1] During the third quarter of 2012, we completed the sale of certain
non-core onshore U.S. properties as well as certain North Sea properties.
During the second quarter of 2011, we completed the transfer of assets and
exit from Ecuador.
[2] Amount for 2012 represents impairments of our South Raton assets in the
Deepwater Gulf of Mexico, due to declines in near-term crude oil prices, as
well as our Piceance development onshore U.S., because of recent declines in
realized natural gas prices. Amount for 2011 represents primarily impairments
of certain of our onshore U.S. developments, primarily in East Texas due to
field performance combined with a low natural gas price environment.
[3] Amount for 2011 represents stand-by rig expense incurred prior to
receiving permits to resume drilling activities, which were suspended under
the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico.
[4] The net tax effects are determined by calculating the tax provision for
GAAP Net Income, which includes the adjusting items, and comparing the results
to the tax provision for adjusted earnings from continuing operations, which
excludes the adjusting items. The difference in the tax provision calculations
represents the tax impact of the adjusting items listed here. The calculation
is performed at the end of each quarter and, as a result, the tax rates for
each discrete period may be different.
[5] Adjusted earnings from continuing operations should not be considered a
substitute for net income as reported in accordance with GAAP. Adjusted
earnings from continuing operations is provided for comparison to earnings
forecasts prepared by analysts and other third parties. Our management
believes, and certain investors may find, that adjusted earnings from
continuing operations is beneficial in evaluating our financial performance as
it excludes the impact of significant non-cash items. We believe such measures
can facilitate comparisons of operating performance between periods and with
our peers.
[6] The diluted earnings per share calculation for the nine months ended
September30, 2012 includes a decrease to net income of $1 million, net of
tax, and the three and nine months ended September30, 2011 includes decreases
to net income of $12 million and $10 million, net of tax, respectively,
related to deferred compensation gains from NBL shares held in a rabbi trust.
Consistent with GAAP, when dilutive, the deferred compensation gain or loss,
net of tax, is excluded from net income while the NBL shares held in the rabbi
trust are included in the diluted sharecount.



Schedule 2

Noble Energy, Inc.

Summary Statement of Operations

(in millions, except per share amounts, unaudited)
                               Three Months Ended    Nine Months Ended

                               September 30,         September 30,
                               2012       2011       2012         2011
Revenues
Crude oil and condensate       $   751  $   513  $   2,339  $   1,464
Natural gas                    159        246        429          670
NGLs                           44         70         157          194
Income from equity method      51         50         137          146
investees
Other revenues                 1          -          -            33
Total revenues                 1,006      879        3,062        2,507
Operating Expenses
Lease operating expense        103        89         309          251
Production and ad valorem      31         38         112          108
taxes
Transportation and gathering   24         15         71           47
expense
Exploration expense            95         56         322          193
Depreciation, depletion and    368        215        987          619
amortization
General and administrative     93         89         286          253
Gain on divestitures           (157)      -          (167)        (26)
Asset impairments              -          -          73           137
Other operating (income)       (1)        2          19           45
expense, net
Total operating expenses       556        504        2,012        1,627
Operating Income               450        375        1,050        880
Other (Income) Expense
(Gain) Loss on commodity       135        (322)      (46)         (179)
derivative instruments
Interest, net of amount        36         14         95           51
capitalized
Other (income) expense, net    4          (16)       2            (16)
Total other (income) expense   175        (324)      51           (144)
Income from Continuing         275        699        999          1,024
Operations Before Taxes
Income Tax Provision           111        208        312          297
Income from Continuing         164        491        687          727
Operations
Discontinued Operations, Net   57         (50)       89           22
of Tax [1]
Net Income                     $   221  $   441  $         $   
                                                     776         749
Earnings Per Share
Basic
Income from continuing         $  0.92  $  2.78  $         $   
operations                                           3.87         4.11
Discontinued operations, net   0.32       (0.28)     0.50         0.14
of tax
Net Income                     $  1.24  $  2.50  $         $   
                                                     4.37         4.25
Diluted
Income from continuing         $  0.91  $  2.67  $         $   
operations                                           3.81         3.99
Discontinued operations, net   0.32       (0.28)     0.49         0.13
of tax
Net Income                     $  1.23  $  2.39  $         $   
                                                     4.30         4.12
Weighted average number of
shares outstanding
Basic                          178        177        178          176
Diluted                        180        180        180          179

[1] Represents our North Sea operations reclassified as held for sale at
June30, 2012. See Schedule 7: Discontinued Operations.



Schedule 3

Noble Energy, Inc.

Volume and Price Statistics

(unaudited)
                           Three Months Ended          Nine Months Ended

                           September 30,               September 30,
                           2012          2011          2012       2011
Crude Oil and Condensate
Sales Volumes (MBbl/d)
United States              52            38            47         37
Equatorial Guinea          27            15            32         13
China                      3             4             4          4
Total consolidated         82            57            83         54
operations
Equity method investee     2             2             2          2
Total sales volumes        84            59            85         56
Crude Oil and Condensate
Realized Prices ($/Bbl)
United States              $   93.67   $   91.21   $       $   95.10
                                                       96.20
Equatorial Guinea          108.90        108.11        110.68     108.40
China                      107.61        108.57        117.44     104.99
Consolidated average       $   99.30   $   96.82   $        $   98.98
realized prices                                        102.90
Natural Gas Sales Volumes
(MMcf/d)
United States              440           358           435        373
Equatorial Guinea          251           250           232        244
Israel                     116           228           95         180
Total consolidated         807           836           762        797
operations
Natural Gas Realized
Prices ($/Mcf)
United States              $    2.61  $    3.98  $      $   
                                                       2.44       4.09
Equatorial Guinea          0.27          0.27          0.27       0.27
Israel                     4.43          5.15          4.67       4.80
Consolidated average       $    2.14  $    3.18  $      $   
realized prices                                        2.06       3.11
Natural Gas Liquids (NGL)
Sales Volumes (MBbl/d)
United States              16            16            16         14
Equity method investee     7             5             6          5
Total sales volumes        23            21            22         19
Natural Gas Liquids
Realized Prices ($/Bbl)
United States              $   29.71   $   49.57   $       $   49.19
                                                       34.87
Barrels of Oil Equivalent
Volumes (MBoe/d)
United States              141           113           135        114
Equatorial Guinea          70            57            71         54
Israel                     19            38            16         30
China                      3             4             4          4
Total consolidated         233           212           226        202
operations
Equity method investee     9             7             8          7
Total barrels of oil
equivalent from continuing 242           219           234        209
operations
Total barrels of oil
equivalent from            5             5             7          9
discontinued operations
Total barrels of oil       247           224           241        218
equivalent



Schedule 4

Noble Energy, Inc.

Condensed Balance Sheets

(in millions, unaudited)
                                 September 30,          December 31,
                                 2012                   2011
Assets
Current Assets
Cash and cash equivalents        $        1,617  $        1,455
Accounts receivable, net         686                    783
Other current assets             422                    180
Total current assets             2,725                  2,418
Net property, plant and          12,875                 12,782
equipment
Goodwill                         635                    696
Other noncurrent assets          625                    548
Total Assets                     $       16,860   $       16,444
Liabilities and Shareholders'
Equity
Current Liabilities
Accounts payable—trade           $        1,243  $        1,343
Other current liabilities        1,014                  925
Total current liabilities        2,257                  2,268
Long-term debt                   3,747                  4,100
Deferred income taxes            2,157                  2,059
Other noncurrent liabilities     691                    752
Total Liabilities                8,852                  9,179
Total Shareholders' Equity       8,008                  7,265
Total Liabilities and            $       16,860   $       16,444
Shareholders' Equity



Schedule 5

Noble Energy, Inc.

Discretionary Cash Flow from Continuing Operations and Reconciliation to
Operating Cash Flow

(in millions, unaudited)
                                       Three Months Ended  Nine Months Ended

                                       September 30,       September 30,
                                       2012       2011     2012       2011
Adjusted Earnings from Continuing      $   167  $     $       $   
Operations [1]                                    191     593       626
Adjustments to reconcile adjusted
earnings from continuing operations to
discretionary cash flow from
continuing operations:
Depreciation, depletion and            368        215      987        619
amortization
Exploration expense                    95         56       322        192
(Income)/Dividends from equity method  11         28       4          23
investments, net
Deferred compensation (income) expense 7          (18)     (1)        (15)
Deferred income taxes                  49         78       117        173
Stock-based compensation expense       16         15       49         43
Other                                  1          (2)      (1)        -
Discretionary Cash Flow from           $   714  $     $        $  
Continuing Operations [2]                         563     2,070      1,661
Reconciliation to Operating Cash Flows
Net changes in working capital         205        40       141        103
Cash exploration costs                 (29)       (44)     (141)      (138)
Current tax expense of earnings        (4)        (41)     (18)       (5)
adjustments
Drilling rig expense [3]               -          1        -          (18)
Impact of Discontinued Operations      31         25       94         162
Other adjustments                      7          12       25         20
Net Cash Provided by Operating         $   924  $     $        $  
Activities                                        556     2,171      1,785
Capital expenditures (accrual based)   $   724  $     $        $  
                                                  738     2,546      1,985
Marcellus Shale Asset Acquisition [4]  $       $      $      $  
                                       -         1,233     -        1,233
Increase in FPSO lease obligation      -          5        -          56
Total Capital Expenditures (Accrual    $   724  $      $        $  
Based)                                            1,976    2,546      3,274

[1] See Schedule1: Reconciliation of Net Income to Adjusted Earnings from
Continuing Operations.
[2] The table above reconciles discretionary cash flow from continuing
operations to net cash provided by operating activities. While discretionary
cash flow from continuing operations is not a GAAP measure of financial
performance, our management believes it is a useful tool for evaluating our
overall financial performance. Among our management, research analysts,
portfolio managers and investors, discretionary cash flow from continuing
operations is broadly used as an indicator of a company's ability to fund
exploration and production activities and meet financial obligations.
Discretionary cash flow from continuing operations is also commonly used as a
basis to value and compare companies in the oil and gas industry.
[3] Amount for 2011 represents stand-by rig expense incurred prior to
receiving permits to resume drilling activities, which were suspended under
the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico.
[4] Includes $73 million representing our initial investment in CONE Gathering
LLC.



Schedule 6

Noble Energy, Inc.

Effect of Commodity Derivative Instruments

(in millions, unaudited)
                             ThreeMonthsEnded       NineMonthsEnded

                             September30,            September30,
                             2012       2011          2012        2011
(Gain) Loss on Commodity
Derivative Instruments
Crude Oil
Realized                     $   17  $     4  $   68   $    36
Unrealized                   112        (292)         (97)        (168)
Total Crude Oil              129        (288)         (29)        (132)
Natural Gas
Realized                     (13)       (26)          (40)        (75)
Unrealized                   19         (8)           23          28
Total Natural Gas            6          (34)          (17)        (47)
Total (Gain) Loss on
Commodity Derivative         $  135   $  (322)    $   (46)  $  (179)
Instruments



Schedule 7

Noble Energy, Inc.

Discontinued Operations

(in millions, except volume amounts, unaudited)
                           Three Months Ended        NineMonths Ended

                           September30,             September30,
                           2012         2011         2012         2011
Summary Statement of
Operations:
Oil and gas revenues       $    54  $    45  $   194   $   271
Production expense         14           11           39           43
Exploration expense        -            1            3            2
Depreciation, depletion    1            10           33           62
and amortization
General and administrative 1            -            2            1
Asset impairments          -            -            -            2
Income Before Income Taxes 38           23           117          161
Current tax expense        3            69           64           144
Deferred tax expense       -            4            (14)         (5)
Operating Income, Net of   $    35  $         $    67  $    22
Tax                                     (50)
Gain on Sale, Net of Tax   $    22  $        $    22  $    
                                        -                        -
Income From Discontinued   $    57  $         $    89  $    22
Operations                              (50)
Volume and Price
Statistics:
Crude Oil and Condensate   5            4            6            8
Sales Volumes (MBbl/d)
Crude Oil and Condensate   $ 106.03     $ 115.67     $ 113.11     $ 112.99
Realized Prices ($/Bbl)
Natural Gas Sales Volumes  3            4            4            6
(MMcf/d)
Natural Gas Realized       $   8.37   $   8.41   $   8.31   $   7.90
Prices ($/Mcf)



SOURCE Noble Energy

Website: http://www.nobleenergyinc.com
Contact: Investor Contacts, David Larson, (281) 872-3125,
dlarson@nobleenergyinc.com, or Eric Schneider, CFA, (281) 872-2640,
eschneider@nobleenergyinc.com, or Media Inquiries, Communications and
Government Relations, (281) 876-8873, media@nobleenergyinc.com