Noble Energy (NBL) 10-K 18 Feb 10 2009 FY Annual report Financial data

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenues
Oil, Gas and NGL Sales	$2,060	$3,651	$2,966
Income from Equity Method Investees	84	174	211
Other Revenues	169	76	95
Total Revenues	2,313	3,901	3,272
Costs and Expenses
Production Expense	525	594	488
Exploration Expense	144	217	219
Depreciation, Depletion and Amortization	816	791	736
General and Administrative	237	236	206
Asset Impairments	604	294	4
Other Operating Expense, Net	45	134	124
Total Operating Expenses	2,371	2,266	1,777
Operating Income (Loss)	(58)	1,635	1,495
Other (Income) Expense
(Gain) Loss on Commodity Derivative Instruments	110	(440)	(2)
Interest, Net of Amount Capitalized	84	69	113
Other Non-Operating (Income) Expense, Net	12	(55)	16
Total Other (Income) Expense	206	(426)	127
Income (Loss) Before Income Taxes	(264)	2,061	1,368
Income Tax Provision (Benefit)	(133)	711	424
Net Income (Loss)	($131)	$1,350	$944
Earnings (Loss) Per Share, Basic	-0.75	7.83	5.52
Earnings (Loss) Per Share, Diluted	-0.75	7.58	5.45
Weighted Average Number of Shares Outstanding, Basic	173	173	171
Weighted Average Number of Shares Outstanding, Diluted	173	176	173

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current Assets
Cash and Cash Equivalents	$1,014	$1,140
Accounts Receivable, Net	465	423
Commodity Derivative Assets, Current	13	437
Other Current Assets	186	158
Total Assets, Current	1,678	2,158
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method of Accounting)	12,584	11,963
Property, Plant and Equipment, Other	240	175
Total Property, Plant and Equipment, Gross	12,824	12,138
Accumulated Depreciation, Depletion and Amortization	(3,908)	(3,134)
Total Property, Plant and Equipment, Net	8,916	9,004
Goodwill	758	759
Other Noncurrent Assets	455	463
Total Assets	11,807	12,384
Current Liabilities
Accounts Payable - Trade	548	579
Other Current Liabilities	442	595
Total Liabilities, Current	990	1,174
Long-Term Debt	2,037	2,241
Deferred Income Taxes, Noncurrent	2,076	2,174
Other Noncurrent Liabilities	547	486
Total Liabilities	5,650	6,075
Shareholders' Equity
Preferred Stock - Par Value $1.00; 4 million Shares Authorized, None Issued	0	0
Common Stock - Par Value $3.33 1/3; 250 Million Shares Authorized; 194 Million and 192 Million Shares Issued, Respectively	645	641
Additional Paid in Capital	2,260	2,193
Accumulated Other Comprehensive Loss	(75)	(110)
Treasury Stock, at Cost; 19 Million Shares	(615)	(614)
Retained Earnings	3,942	4,199
Total Shareholders' Equity	6,157	6,309
Total Liabilities and Shareholders' Equity	$11,807	$12,384

PARENTHETICAL DATA TO THE CONSO

PARENTHETICAL DATA TO THE CONSOLIDATED BALANCE SHEETS (USD $)
Share data in Millions	Dec. 31, 2009	Dec. 31, 2008
Shareholders' Equity
Preferred Stock, Par Value Per Share	1	1
Preferred Stock - Shares Authorized	4	4
Preferred Stock - Shares Issued	0	0
Common Stock, Par Value Per Share	3.333	3.333
Common Stock - Shares Authorized	250	250
Common Stock - Shares Issued	194	192
Treasury Stock, Shares	19	19

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows From Operating Activities
Net Income (Loss)	($131)	$1,350	$944
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	816	791	736
Dry Hole Expense	11	84	90
Asset Impairments	604	294	4
Deferred Income Taxes	(296)	359	292
Income from Equity Method Investees	(84)	(174)	(211)
Dividends from Equity Method Investees	92	221	227
Unrealized (Gain) Loss on Commodity Derivative Instruments	606	(522)	(2)
Settlement of Previously Recognized Hedge Losses	0	(194)	(183)
Allowance for Doubtful Accounts	(18)	49	14
Net Gain on Asset Sales	(22)	(5)	(12)
(Gain) Loss on Involuntary Conversion	(9)	9	51
Other Adjustments for Noncash Items Included in Income	86	26	91
Changes in Operating Assets and Liabilities:
(Increase) Decrease in Accounts Receivable	(28)	121	(22)
(Increase) Decrease in Other Current Assets	(4)	(17)	116
Increase (Decrease) in Accounts Payable	(19)	(142)	19
Increase (Decrease) in Other Current Liabilities	(38)	67	(158)
Increase (Decrease) in Other Operating Assets and Liabilities, Net	(58)	(32)	21
Net Cash Provided by Operating Activities	1,508	2,285	2,017
Cash Flows From Investing Activities
Additions to Property, Plant and Equipment	(1,268)	(1,971)	(1,414)
Acquisitions, Net of Cash Acquired	0	(292)	0
Proceeds from Sale of Property, Plant and Equipment, and Other	3	131	11
Net Cash Used in Investing Activities	(1,265)	(2,132)	(1,403)
Cash Flows From Financing Activities
Exercise of Stock Options	17	27	25
Excess Tax Benefits from Stock-Based Awards	5	24	20
Dividends Paid, Common Stock	(126)	(115)	(75)
Purchase of Treasury Stock	(1)	(3)	(102)
Proceeds from Credit Facilities	340	951	280
Repayment of Credit Facilities	(1,564)	(525)	(255)
Proceeds from Issuance of Senior Long-Term Debt	989	0	0
Repayment of Installment Note	(25)	(25)	0
Repurchase of Senior Debentures	(4)	(7)	0
Net Cash Provided by (Used in) Financing Activities	(369)	327	(107)
Increase (Decrease) in Cash and Cash Equivalents	(126)	480	507
Cash and Cash Equivalents at Beginning of Period	1,140	660	153
Cash and Cash Equivalents at End of Period	$1,014	$1,140	$660

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)
In Millions	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Treasury Stock at Cost	Retained Earnings	Total
Balance, Beginning of Period at Dec. 31, 2006	$629	$2,041	($140)	($511)	$2,095
Stock-Based Compensation Expense		27
Exercise of Stock Options	5	20
Tax Benefits Related to Exercise of Stock Options		20
Restricted Stock Awards, Net	2	(2)
Purchases of Treasury Stock				(102)
Rabbi Trust Shares Sold		0		0
Oil and Gas Cash Flow Hedges
Realized Amounts Reclassified into Earnings			33
Unrealized Change in Fair Value			(184)
Net Change in Other			7
Net Income (Loss)					944	944
Cash Dividends ($0.435, $0.66 and $0.72 Per Share, Respectively)					(75)
Balance, End of Period at Dec. 31, 2007	636	2,106	(284)	(613)	2,964	4,809
Stock-Based Compensation Expense		39
Exercise of Stock Options	4	23
Tax Benefits Related to Exercise of Stock Options		24
Restricted Stock Awards, Net	1	(1)
Purchases of Treasury Stock				(3)
Rabbi Trust Shares Sold		2		2
Oil and Gas Cash Flow Hedges
Realized Amounts Reclassified into Earnings			207
Unrealized Change in Fair Value			0
Net Change in Other			(33)
Net Income (Loss)					1,350	1,350
Cash Dividends ($0.435, $0.66 and $0.72 Per Share, Respectively)					(115)
Balance, End of Period at Dec. 31, 2008	641	2,193	(110)	(614)	4,199	6,309
Stock-Based Compensation Expense		49
Exercise of Stock Options	2	15
Tax Benefits Related to Exercise of Stock Options		5
Restricted Stock Awards, Net	2	(2)
Purchases of Treasury Stock				(1)
Rabbi Trust Shares Sold		0		0
Oil and Gas Cash Flow Hedges
Realized Amounts Reclassified into Earnings			36
Unrealized Change in Fair Value			0
Net Change in Other			(1)
Net Income (Loss)					(131)	(131)
Cash Dividends ($0.435, $0.66 and $0.72 Per Share, Respectively)					(126)
Balance, End of Period at Dec. 31, 2009	$645	$2,260	($75)	($615)	$3,942	$6,157

1_PARENTHETICAL DATA TO THE CON

PARENTHETICAL DATA TO THE CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Statement of Stockholders' Equity [Abstract]
Cash Dividends per share	0.72	0.66	0.435

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Statement of Income and Comprehensive Income [Abstract]
Net Income (Loss)	($131)	$1,350	$944
Oil and Gas Cash Flow Hedges
Realized Losses Reclassified Into Earnings	58	331	54
Less Tax Benefit	(22)	(124)	(21)
Unrealized Change in Fair Value	0	0	(295)
Less Tax Benefit	0	0	111
Net Change in Other	(2)	(52)	11
Less Tax Provision (Benefit)	1	19	(4)
Other Comprehensive Income (Loss)	35	174	(144)
Comprehensive Income (Loss)	($96)	$1,524	$800

Note 1. Nature of Operations

Note 1. Nature of Operations
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Nature of Operations	Note 1.Nature of Operations Noble Energy,Inc. (Noble Energy, we or us) is an independent energy company engaged in worldwide crude oil, natural gas and natural gas liquids (NGLs) exploration and production. We operate primarily in the Rocky Mountains, Mid-continent, and deepwater Gulf of Mexico areas in the US, with key international operations offshore Israel and West Africa.

Note 2. Summary of Significant

Note 2. Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Summary of Significant Accounting Policies	Note 2.Summary of Significant Accounting Policies Basis of Presentation and ConsolidationAccounting policies used by us and our subsidiaries conform to accounting principles generally accepted in the US. Significant policies are discussed below. Our consolidated accounts include our accounts and the accounts of our wholly-owned subsidiaries. We use the equity method of accounting for investments in entities that we do not control but over which we exert significant influence. We carry equity method investments at our share of net assets of the equity investees plus our loans and advances. Differences in the basis of the investment and the separate net asset value of the investee, if any, are amortized into income over the remaining useful life of the underlying assets. See Note 11. Equity Method Investments.All significant intercompany balances and transactions have been eliminated upon consolidation. Use of EstimatesThe preparation of consolidated financial statements in conformity with accounting principles generally accepted in the US (GAAP) requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of crude oil and natural gas reserves are the most significant of our estimates. All of the reserves data in this Form10-K are estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserves estimates may be different from the quantities of crude oil and natural gas that are ultimately recovered. Qualified petroleum engineers in our Houston, Denver and London offices prepare all reserves estimates for our different geographical regions. These reserves estimates are reviewed and approved by senior engineering staff and division management with final approval by the Vice President - Strategic Planning, Environmental Analysis Reserves and certain members of senior management. See Supplemental Oil and Gas Information (Unaudited). Other items subject to estimates and assumptions include the carrying amounts of property, plant and equipment and goodwill, asset retirement obligations, valuation allowances for receivables and deferred income tax assets, valuation of derivative instruments, and obligations related to employee benefits, among others. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Current credit market conditions combined with volatile commodity prices have resulted in increased uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined accurately, act

Note 3. Asset Impairments

Note 3. Asset Impairments
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Asset Impairments	Note 3.Asset Impairments 2009 Asset ImpairmentsPre-tax (non-cash) impairments for 2009 totaled $604 million and related to the following proved oil and gas properties and investments: $389 million related to Granite Wash, an onshore US development; $48 million related to Main Pass, our remaining operated Gulf of Mexico shelf asset; $44 million related to Paxton, an onshore US development; $23 million related to Raton, a deepwater Gulf of Mexico development; and $100 million related to our investment in Ecuador. US Oil and Gas AssetsAs a result of a significant decline in the forward natural gas price curve at March 31, 2009, we reviewed our oil and gas properties that are sensitive to natural gas price decreases for impairment. We determined that the carrying amount of Granite Wash, an onshore US area where we have significantly reduced investments beginning in 2007, was not recoverable from future cash flows and, therefore, was impaired at March 31, 2009.We reduced Granite Wash to its fair value, using a discounted cash flow method, as comparable market data was not available.We also impaired our Main Pass asset in the Gulf of Mexico, which had been reclassified from held-for-sale to held-and-used. At December 31, 2009, we reviewed our significant properties for impairment and recorded impairment charges on two additional properties.We determined that Paxton, an onshore US development was impaired primarily due to decreases in the forward natural gas price curve.We also impaired Raton, a deepwater Gulf of Mexico development primarily due to well performance issues.We reduced these properties to their fair values, using a discounted cash flow method, as comparable market data was not available. Our US proved properties (including our Main Pass asset) were tested for impairment in 2009 in accordance with US GAAP for impairment or disposal of long-lived assets. The assets were written down to their estimated fair values which were determined using discounted cash flow models. The discounted cash flow models included managements estimates of future oil and gas production, commodity prices based on forward commodity price curves as of the date of the estimate, operating and developmentcosts, and discount rates. Investment in EcuadorAs a result of the increasingly unsettled economic and political environment in Ecuador, we also reviewed our investment in Ecuador for impairment as of December 31, 2009. We are aware that the Government of Ecuador is taking steps to renegotiate contracts or, in some cases, remove international oil and gas companies from its borders.In recent years, certain international companies have been subject to expropriation, forced to abandon their oil and gas assets, or bought out of their government contracts.On August 24, 2009, Ecuadors National Bureau of Hydrocarbons (DNH) rejected our third and most recent proposed plan of development for the Amistad field in Block 3, offshore Ecuador and noted that it was treating the plan of development as if it had not been received.We appealed the decision of the DNH, and it dismissed our appeal on November 11, 2009.On November 12, 2009

Note 4. Acquisitions and Divest

Note 4. Acquisitions and Divestitures
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Acquisitions and Divestitures	Note 4.Acquisitions and Divestitures Mid-continent AcquisitionIn July 2008, we acquired producing properties in western Oklahoma for $292 million. The total purchase price was allocated to the proved and unproved properties acquired based on fair values at the acquisition date. Approximately $254 million was allocated to proved properties and $38 million to unproved properties. Sale of Argentina AssetsIn February 2008, effective July 1, 2007, we sold our interest in Argentina for a sales price of $117.5 million. The sale was subject to Argentine government approval. The $24 million gain on sale was deferred in other current liabilities until second quarter 2009 when the Argentine government approved the sale. Main Pass Asset In 2008, we initiated a process to sell our remaining operated non-core Gulf of Mexico shelf asset located at Main Pass. Numerous parties expressed an interest in purchasing the asset. However, due to difficulties in obtaining appropriate insurance, bonding or financing, none of the potential buyers were able to close on the sale. As a result, the asset was reclassifiedfrom held-for-sale toheld-and-used in first quarter 2009.Due to significant increases in insurance costs and exposure to further windstorm damage, we are in the process of abandoning the Main Pass asset.See Note 3.Asset Impairments. Pending Asset AcquisitionOn December 31, 2009, we entered into a definitive agreement to acquire substantially all of the US Rocky Mountain assets of Petro-Canada Resources (USA) Inc. and Suncor Energy (Natural Gas) America Inc. for $494 million.The acquisition is expected to close late in the first quarter 2010 and is subject to customary closing conditions. Funding is expected to be provided through our existing credit facility.

Note 5. Fair Value Measurements

Note 5. Fair Value Measurements and Disclosures
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Fair Value Measurements and Disclosures	Note 5.Fair Value Measurements and Disclosures Assets and Liabilities Measured at Fair Value on a Recurring BasisCertain assets and liabilities are measured at fair value on a recurring basis in our consolidated balance sheets.The following methods and assumptions were used to estimate the fair values: Cash, Cash Equivalents, Accounts Receivable and Accounts Payable The carrying amounts approximate fair value due to the short-term nature or maturity of the instruments. Mutual Fund Investments Our mutual fund investments, which primarily include assets held in a rabbi trust, consist of various publicly-traded mutual funds that include investments ranging from equities to money market instruments. The fair values are based on quoted market prices for identical assets. Commodity Derivative InstrumentsOur commodity derivative instruments consist of variable to fixed price commodity swaps, collars and basis swaps. We estimate the fair values of these instruments based on published forward commodity price curves as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published LIBOR rates, Eurodollar futures rates and interest swap rates. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of our own nonperformance risk, each based on the current published credit default swap rates. In addition, for collars, we estimate the option value of the contract floors and ceilings using an option pricing model which takes into account market volatility, market prices and contract terms. See Note 6. Derivative Instruments and Hedging Activities. Patina Deferred Compensation Liability The value is dependant upon the fair values of mutual fund investments and shares of our common stock held in a rabbi trust. See Mutual Fund Investments above. Measurement information for assets and liabilities that are measured at fair value on a recurring basis was as follows: Fair Value Measurements Using Quoted Prices inActive Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Adjustment (1) Fair Value Measurement (millions) December 31, 2009 Financial Assets Mutual Fund Investments $ 108 $ - $ - $ - $ 108 Commodity Derivative Instruments - 42 - (28 ) 14 Financial Liabilities Commodity Derivative Instruments - (145 ) - 28 (117 ) Patina Deferred Compensation Liability (168 ) - - - (168 ) December 31, 2008 Financial Assets Mutual Fund Investments $ 84 $ - $ - $ - $ 84 Commod

Note 6. Derivative Instruments

Note 6. Derivative Instruments and Hedging Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Derivative Instruments and Hedging Activities	Note 6.Derivative Instruments and Hedging Activities Objective and Strategies for Using Derivative InstrumentsIn order to reduce commodity price uncertainty and enhance the predictability of cash flows relating to the marketing of our crude oil and natural gas, we enter into crude oil and natural gas price hedging arrangements with respect to a portion of our expected production. The derivative instruments we use include variable to fixed price commodity swaps, collars and basis swaps. While these instruments mitigate the cash flow risk of future reductions in commodity prices they may also curtail benefits from future increases in commodity prices. We account for derivative instruments and hedging activities in accordance with US GAAP for derivative instruments and hedging activities, and all derivative instruments are reflected at fair value in our consolidated balance sheets. We elected to designate the majority of our commodity derivative instruments as cash flow hedges through December 31, 2007. As discussed in Note 2. Summary of Significant Accounting Policies Derivative Instruments and Hedging Activities, we voluntarily discontinued cash flow hedge accounting for our commodity derivative instruments effective January1, 2008. See Note 5. Fair Value Measurements and Disclosures for a discussion of methods and assumptions used to estimate the fair values of our commodity derivative instruments. See Note 2. Summary of Significant Accounting Policies Concentration of Credit Riskfor a discussion of counterparty credit risk. Accounting for Commodity Derivative Instruments During 2009 and 2008, we accounted for our commodity derivative instruments using mark-to-market accounting, and we recognized all gains and losses on such instruments in earnings during the period in which they occur.Prior to January 1, 2008, we elected to designate certain of our commodity derivative instruments as cash flow hedges. Net derivative gains and losses that were deferred in AOCL as of January 1, 2008, as a result of previous cash flow hedge accounting, are reclassified to earnings in future periods as the original hedged transactions occur.See Derivative Instruments in Previously Designated Cash Flow Hedging Relationships table below. Unsettled Derivative InstrumentsAs of December 31, 2009, we had entered into the following crude oil derivative instruments: Variable to Fixed Price Swaps Collars Production Period Index Bbls Per Day Weighted Average Fixed Price Index Bbls Per Day Weighted Average Floor Price Weighted Average Ceiling Price 2010 NYMEX WTI 1,000 $ 78.70 NYMEX WTI 14,500 $ 61.48 $ 75.63 2010 Dated Brent 1,000 80.05 Dated Brent 7,000 64.00 73.96 2010 Average 2,000 79.38 21,500 62.30 75.09 2011 - - - NYMEX WTI 6,000 79.00 87.42 From January 1, 2010 to February 5, 2010, we entered into additional NYMEX WTI swaps covering 2,000 Bbls per day for April through D

Note 7. Capitalized Exploratory

Note 7. Capitalized Exploratory Well Costs
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Capitalized Exploratory Well Costs	Note 7.Capitalized Exploratory Well Costs We capitalize exploratory well costs until a determination is made that the well has found proved reserves or is deemed noncommercial, in which case the well costs are immediately charged to exploration expense. Changes in capitalized exploratory well costs are as follows and exclude amounts that were capitalized and subsequently expensed in the same period: Year Ended December 31, 2009 2008 2007 (millions) Capitalized Exploratory Well Costs, Beginning of Period $ 501 $ 249 $ 80 Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves 136 253 182 Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves (198 ) - (7 ) Capitalized Exploratory Well Costs Charged to Expense (7 ) (1 ) (6 ) Capitalized Exploratory Well Costs, End of Period $ 432 $ 501 $ 249 The following table provides an aging of capitalized exploratory well costs (suspended well costs) based on the date the drilling was completed and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: December 31, 2009 2008 2007 (millions) Exploratory Well Costs Capitalized for a Period of One Year or Less $ 158 $ 256 $ 187 Exploratory Well Costs Capitalized for a Period Greater Than One Year After Completion of Drilling 274 245 62 Balance at End of Period $ 432 $ 501 $ 249 Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year After Completion of Drilling 5 6 5 The following table provides a further aging of those exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling as of December31, 2009: Suspended Since Total 2008 2007 2006 Prior (millions) Project Blocks O and I (West Africa) $ 172 $ 62 $ 96 $ 14 Gunflint (Deepwater Gulf of Mexico) 49 49 - - Redrock (Deepwater Gulf of Mexico) 17 - - 17 Flyndre (North Sea) 15 - 12 3 Selkirk (North Sea) 21 - 21 - Total Exploratory Well Costs Capitalized for a Period Greater Than One Year After Completion of Drilling $ 274 $ 111 $ 129 $ 34 Blocks O and I (West Africa) The West Africa project includes Blocks O and I offshore Equatorial Guinea and the YoYo mining concession and Tilapia production sharing contract offshore Cameroon. Since drilling the initial well for this project, additional seismic work has been completed and exploration and appraisal wells have been drilled to further evaluate our discoveries. The West Africa development team is proceeding with a program to further define the resources in this area such that an optimal develop

Note 8. Long-Term Debt

Note 8. Long-Term Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Long-Term Debt	Note 8.Long-Term Debt Our debt consists of the following: December 31, 2009 2008 Debt Interest Rate Debt Interest Rate (millions, except percentages) Credit Facility (1) $ 382 0.54 % $ 1,606 0.80 % 5% Senior Notes, due April 15, 2014 200 5.25 % 200 5.25 % 8% Senior Notes, due March 1, 2019 1,000 8.25 % - - 7% Notes, due October 15, 2023 100 7.25 % 100 7.25 % 8% Senior Notes, due April 1, 2027 250 8.00 % 250 8.00 % 7% Senior Debentures, due August 1, 2097 84 7.25 % 89 7.25 % Obligation Under FPSO Lease (2) 29 - - - Long-term Debt 2,045 2,245 Installment Payment, due May 11, 2009 - - 25 4.18 % Total Debt 2,045 2,270 Unamortized Discount (8 ) (4 ) Total Debt, Net of Discount $ 2,037 $ 2,266 (1) We expect to use the credit facility to fund our planned $494 million acquisition of US Rocky Mountain assets in the first quarter 2010. See Note 4. Acquisitions and Divestitures Pending Asset Acquisition. (2) Amount reported is based on percentage of FPSO construction activities completed as of December 31, 2009 and therefore does not reflect future minimum lease obligations. See Obligation Under FPSO Lease below. All of our long-term debt is senior unsecured debt and is, therefore, pari passu with respect to the payment of both principal and interest. The indenture documents of each of our notes provide that we may prepay the instruments by creating a defeasance trust. The defeasance provisions require that the trust be funded with securities sufficient, in the opinion of a nationally recognized accounting firm, to pay all scheduled principal and interest due under the respective agreements. Interest on each of these issues is payable semi-annually. Debt issuance costs of approximately $13million remain and are being amortized to expense over the life of the related debt issues. Credit FacilityOur bank revolving credit facility (the credit facility) is committed in the amount of $2.1 billion until December 9, 2011 at which time the commitment reduces to $1.8 billion. The credit facility (i)provides for credit facility fee rates that range from 5 basis points to 15 basis points per year depending upon our credit rating, (ii)makes available short-term loans up to an aggregate amount of $300million and (iii)provides for interest rates that are based upon the Eurodollar rate plus a margin that ranges from 20 basis points to 70 basis points depending upon our credit rating and utilization of the credit facility. The credit facility requires that our total debt to capitalization ratio (as defined in the credit agreement), expressed as a percentage, not exceed 60% at any time. A violation of this covenant could result in a default under the credit facility, which would permit the participating banks to restrict our ability to access the credit facility and require

Note 9. Income Taxes

Note 9. Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Income Taxes	Note 9.Income Taxes Components of income (loss) before income taxes are as follows: Year Ended December 31, 2009 2008 2007 (millions) Domestic $ (808 ) $ 1,032 $ 480 Foreign 544 1,029 888 Total $ (264 ) $ 2,061 $ 1,368 The income tax provision (benefit) consists of the following: Year Ended December 31, 2009 2008 2007 (millions) Current Taxes Federal $ 45 $ 45 $ 6 State 1 1 1 Foreign 117 306 125 Total Current 163 352 132 Deferred Taxes Federal (320 ) 363 186 State (5 ) 4 6 Foreign 29 (8 ) 100 Total Deferred (296 ) 359 292 Total Income Tax Provision (Benefit) $ (133 ) $ 711 $ 424 A reconciliation of the federal statutory tax rate to the effective tax rate is as follows: Year Ended December 31, 2009 2008 2007 (percentages) Federal Statutory Rate 35.0 35.0 35.0 Effect of Earnings of Equity Method Investees 11.3 (2.9 ) (5.4 ) State Taxes, Net of Federal Benefit 1.5 0.2 0.5 Difference Between US and Foreign Rates (1.4 ) 1.8 1.6 Percentage Depletion in Excess of Basis 4.5 - - Other, Net (0.5 ) 0.4 (0.7 ) Effective Rate 50.4 34.5 31.0 Deferred tax assets and liabilities resulted from the following: December 31, 2009 2008 (millions) Deferred Tax Assets Loss Carryforwards $ 49 $ 36 Ecuador Investment 20 18 Accrued Expenses 17 32 Allowance for Doubtful Accounts 6 20 Net Pension Obligation 34 36 Postretirement Benefits 34 31 Deferred Compensation 73 63 Foreign Tax Credits 28 51 Commodity Derivative Assets 54 - Other 35 27 Total Deferred Tax Assets 350 314 Valuation Allowance - Foreign Loss Carryforwards (45 ) (35 ) Valuation Allowance - Foreign Tax Credits (28 ) (51 ) Valuation Allowance - Ecuador Investment (20 ) (18 ) Net Deferred Tax Assets 257 210 Deferred Tax Liabilities Property, Plant and Equipment, Principally Due to Differences in Depreciation, Amortization, Lease Impairment and Abandonments (2,302 ) (2,388 ) Commodity Derivative Assets - (138 ) Total Deferred Tax Liability (2,302 ) (2,526 ) Net Deferred Tax Liability $ (2,045 ) $ (2,316 ) Net deferred tax liabilities were classified in the consolidated balance sheets as follows: December 31, 2009 2008 (millions) Deferred Income Tax Asset $ 32 $ - Deferred Income Tax Liability - Current (1 ) (142 ) Deferred I

Note 10. Asset Retirement Oblig

Note 10. Asset Retirement Obligations
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Asset Retirement Obligations	Note 10.Asset Retirement Obligations Asset retirement obligations consist of estimated costs of dismantlement, removal, site reclamation and similar activities associated with our oil and gas properties. An asset retirement obligation and the related asset retirement cost are recorded when an asset is first constructed or purchased. The asset retirement cost is determined and discounted to present value using a credit-adjusted risk-free rate. After initial recording the liability is increased for the passage of time, with the increase being reflected as accretion expense in the statement of operations. Subsequent adjustments in the cost estimate are reflected in the liability and the amounts continue to be amortized over the useful life of the related long-lived asset. Changes in asset retirement obligations are as follows: Year Ended December 31, 2009 2008 (in millions) Asset Retirement Obligations, Beginning of Period $ 211 $ 144 Liabilities Incurred in Current Period 22 15 Liabilities Settled in Current Period (36 ) (33 ) Revisions 21 75 Accretion Expense 14 10 Asset Retirement Obligations, End of Period $ 232 $ 211 For the yearended December 31, 2009, liabilities incurred related primarily to properties in the deepwater Gulf of Mexico, the Aseng field in Equatorial Guinea and North Sea projects.Liabilities settled related primarily to properties in the Main Pass and Viosca Knoll areas of the Gulf of Mexico.Revisions relate to the Main Pass asset and a deepwater Gulf of Mexico property. For the year ended December 31, 2008, liabilities settled related primarily to onshore US and Gulf of Mexico assets. Revisions include $15 million related to our Main Pass asset held for sale at December 31, 2008. The remaining revisions resulted from changes in estimated timing of actual abandonment and overall cost increases for the North Sea assets ($18 million), onshore US and Gulf of Mexico assets ($38 million) and Israel and other locations ($4 million). Accretion expense is included in depreciation, depletion and amortizationexpense in the consolidated statements ofoperations.

Note 11. Equity Method Investme

Note 11. Equity Method Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Equity Method Investments	Note 11.Equity Method Investments Investments accounted for under the equity method consist primarily of the following: 45% interest in Atlantic Methanol Production Company, LLC (AMPCO), which owns and operates a methanol plant and related facilities in Equatorial Guinea; and 28% interest in Alba Plant LLC (Alba Plant), which owns and operates a liquefied petroleum gas processing plant in Equatorial Guinea. Equity method investments are included in other noncurrent assets in the consolidated balance sheets, and our share of earnings is reported as income from equity method investees in the consolidated statements of operations. Our share of income taxes incurred directly by the equity method investees is reported in income from equity method investments and is not included in our income tax provision in our consolidated statements of operations. At December31, 2009, our retained earnings included $123million related to the undistributed earnings of equity method investees. The carrying value of our AMPCO investment is $24million higher than the underlying net assets of the investee.$12 million of the difference relates to capitalized interest which is being amortized into earnings over the remaining useful life of the plant.The remaining $12 million relates to a note receivable from our funding a portion of the local governments share of the plants development.The note receivable is being recovered through distributions from AMPCO. Equity method investments are as follows: December 31, 2009 2008 (millions) Equity Method Investments AMPCO $ 180 $ 190 Alba Plant 111 106 Other 12 15 Total Equity Method Investments $ 303 $ 311 Summarized, 100% combined financial information for equity method investees is as follows: December 31, 2009 2008 (millions) Balance Sheet Information Current Assets $ 269 $ 283 Noncurrent Assets 751 783 Current Liabilities 187 248 Noncurrent Liabilities 59 43 Year Ended December 31, 2009 2008 2007 (millions) Statements of Operations Information Operating Revenues $ 632 $ 1,022 $ 934 Operating Expenses 264 301 270 Operating Income 368 721 664 Other Income, Net (13 ) (14 ) (14 ) Income Before Income Taxes 381 735 678 Income Tax Provision (1) 95 183 44 Net Income $ 286 $ 552 $ 634 (1) The increase in income tax expense in 2008 is due to the expiration of the Alba Plant tax holiday.

Note 12. Benefit Plans

Note 12. Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Benefit Plans	Note 12.Benefit Plans Pension Plan and Other Postretirement Benefit PlansWe have a noncontributory, tax-qualified defined benefit pension plan covering employees who were hired prior to May 1, 2006.The benefits are based on an employees years of service and average earnings for the 60 consecutive calendar months of highest compensation. Our funding policy has been to make annual contributions equal to at least the minimum required contribution, but no greater than the maximum deductible for federal income tax purposes. We also have an unfunded, nonqualified restoration plan that provides the pension plan formula benefits that cannot be provided by the qualified pension plan because of pay deferrals and the compensation and benefit limitations imposed on the pension plan by the Internal Revenue Code of 1986, as amended. We sponsor other plans for the benefit of our employees and retirees, which include medical and life insurance benefits. We use a December31 measurement date for the plans. We recognize the funded status (the difference between the fair value of plan assets and the benefit obligation) of our defined benefit pension, restoration and other postretirement benefit plans in the consolidated balance sheets, with a corresponding adjustment to AOCL, net of tax. The amount remaining in AOCL at December 31, 2009 represents unrecognized net actuarial loss, unrecognized prior service cost, and unrecognized net transition obligation remaining from the initial adoption of US GAAP for employers accounting for pensions and other postretirement benefits. These amounts are currently being recognized as net periodic benefit cost pursuant to our historical accounting policy for amortizing such amounts. Any actuarial gains and losses that arise during the plan year, but which are not required to be recognized as net periodic benefit cost in the same period, are recognized as a component of AOCL. Changes in the benefit obligation and plan assets of the pension, restoration and other postretirement benefit plans are as follows at December31: Retirement and Restoration Plans Medical and Life Plans 2009 2008 2009 2008 (millions) Change in Benefit Obligation Benefit Obligation at Beginning of Year $ 194 $ 188 $ 22 $ 22 Service Cost 12 12 2 2 Interest Cost 11 12 1 1 Benefits Paid (13 ) (17 ) (1 ) (1 ) Plan Amendments (1) - - (2 ) - Actuarial (Gain) Loss 24 (1 ) 1 (2 ) Benefit Obligation at End of Year 228 194 23 22 Change in Plan Assets Fair Value of Plan Assets at Beginning of Year 132 155 - - Actual Return on Plan Assets 33 (43 ) - - Employer Contributions 20 37 1 1 Benefits Paid (13 ) (17 ) (1 ) (1 ) Fair Value of Plan Assets at End of Year 172 132 - - Funded Status Funded Status at End of Year (56 ) (62

Note 13. Stock-Based Compensati

Note 13. Stock-Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Stock-Based Compensation	Note 13.Stock-Based Compensation We recognized total stock-based compensation expense as follows: Year Ended December 31, 2009 2008 2007 (millions) Stock-Based Compensation Expense Included in General and Administrative Expense $ 36 $ 38 $ 25 Exploration Expense and Other 13 1 2 Total Stock-Based Compensation Expense $ 49 $ 39 $ 27 Tax Benefit Recognized $ (17 ) $ (15 ) $ (10 ) Stock Option and Restricted Stock Plans and Incentive PlanOur stock option and restricted stock plans and incentive plan are described below. 1992 Stock Option and Restricted Stock PlanUnder the Noble Energy,Inc. 1992 Stock Option and Restricted Stock Plan, as amended (the 1992 Plan), the Compensation, Benefits and Stock Option Committee of the Board of Directors (the Committee) may grant stock options and award restricted stock to our officers or other employees and those of our subsidiaries. In 2007, our stockholders approved an amendment to the 1992 Plan that increased the maximum number of shares of our common stock that may be issued from 18 million to 22 million shares. In 2009, our stockholders approved an amendment to the 1992 Plan that increased the maximum number of shares of our common stock that may be issued from 22 million to 24 million shares. At December31, 2009, 12,263,457 shares of our common stock were reserved for issuance, including 4,706,057 shares available for future grants and awards, under the 1992 Plan. Stock options are issued with an exercise price equal to the market price of our common stock on the date of grant, and are subject to such other terms and conditions as may be determined by the Committee. Unless granted by the Committee for a shorter term, the options expire ten years from the grant date. Option grants generally vest ratably over a three-year period. Restricted stock awards made under the 1992 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Committee. Restricted stock awards generally vest over three years. In 2009, we began making grants of restricted stock under the 1992 Plan that time-vest 20% after year one, an additional 30% after year two and the remaining 50% after year three. 2004 Long-Term Incentive Plan Under the Noble Energy,Inc. 2004 Long-Term Incentive Plan (the 2004 LTIP), the Committee may make incentive awards to our key employees and those of our subsidiaries. Incentive compensation is based upon the attainment of specific market and performance goals established by the Committee. Awards may be in the form of stock options or restricted stock or in the form of performance units or other incentive measurements providing for the payment of bonuses in cash, or in any combination thereof, as determined by the Committee in its discretion. Stock options granted and restricted stock awarded under the 2004 LTIP are granted and awarded pursuant to the terms of the 1992 Plan. These awards are accounted for in accordance with US GAAP for stock-based compensation,which provides for the gran

Note 14. Earnings Per Share

Note 14. Earnings Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Earnings Per Share	Note 14.Earnings Per Share Basic earnings per share of our common stock is computed using the weighted average number of shares of common stock outstanding during each period. The diluted earnings per share of our common stock may include the effect of our shares held in a rabbitrust, outstanding stock options or shares of restricted stock, except in periods in which there is a net loss. The following table summarizes the calculation of basic and diluted earnings per share: Year Ended December 31, 2009 2008 2007 (millions, except per share amounts) Net Income (Loss) $ (131 ) $ 1,350 $ 944 Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1) - (20 ) - Net Income (Loss) Used for Diluted Earnings Per Share Calculation $ (131 ) $ 1,330 $ 944 Weighted Average Number of Shares Outstanding, Basic 173 173 171 Incremental Shares from Assumed Conversion of Dilutive Options, Restricted Stock and Shares of Common Stock in Rabbi Trust - 3 2 Weighted Average Number of Shares Outstanding, Diluted 173 176 173 Earnings (Loss) Per Share, Basic $ (0.75 ) $ 7.83 $ 5.52 Earnings (Loss) Per Share, Diluted (0.75 ) 7.58 5.45 (1) The diluted earnings per share calculation for 2008 includes a decrease to net income of $20 million (net of tax) related to a deferred compensation gain from shares of our common stock held in a rabbi trust. When dilutive, the deferred compensation gain or loss (net of tax) is excluded from net income while the shares of our common stock held in the rabbi trust are included in the outstanding diluted share count. The effect of stock options and unvested shares of restricted stock outstanding has not been included in the calculation of weighted average shares outstanding for diluted earnings per share for the year ended December 31, 2009 as their effect would have been antidilutive. Had we recognized net income for this period, incremental shares attributable to the assumed exercise of outstanding options and shares of restricted stock would have increased diluted weighted average shares outstanding by 2 million shares for the year ended December 31, 2009. A total of 3.7 million, 1.2 million, and 2.1 million weighted average stock options, shares of restricted stock and shares of our common stock held in a rabbi trust were antidilutive for the years ended December 31, 2009, 2008 and 2007, respectively, and were excluded from the calculation of diluted earnings per share.The weighted average exercise prices of the antidilutive stock options were $60.40 per share, $67.64 per share, and $52.41 per share for the years ended December 31, 2009, 2008 and 2007, respectively.

Note 15. Segment Information

Note 15. Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Segment Information	Note 15.Segment Information We have operations throughout the world and manage our operations by country. The following information is grouped into five components that are all primarily in the business of crude oil and natural gas exploration, development, and acquisition: the United States; West Africa (Equatorial Guinea and Cameroon); Eastern Mediterranean (Israel and Cyprus); the North Sea (UK and the Netherlands); and Other International, Corporate and Marketing. Other International includes China, Ecuador and Argentina (through February 2008) operations and the gain on sale of Argentina (in 2009). Accounting policies for geographical segments are the same as those described in the summary of significant accounting policies. Transfers between segments are accounted for at market value. We do not consider interest income and expense or income tax benefit or expense in our evaluation of the performance of geographical segments. Consolidated United States West Africa Eastern Mediter-ranean North Sea Other Int'l, Corporate, Marketing (millions) Year Ended December 31, 2009 Revenues from Third Parties $ 2,287 $ 1,323 $ 340 $ 144 $ 153 $ 327 Reclassification from AOCL (1) (58 ) (29 ) (29 ) - - - Intersegment Revenue - 161 - - - (161 ) Income from Equity Method Investees 84 - 84 - - - Total Revenues (2) 2,313 1,455 395 144 153 166 DDA 816 689 38 20 34 35 Asset Impairments 604 504 - - - 100 Loss on Commodity Derivative Instruments 110 73 37 - - - Income (Loss) Before Income Taxes (264 ) (287 ) 257 98 62 (394 ) Equity Method Investments $ 303 $ - 303 $ - $ - $ - Additions to Long-Lived Assets 1,282 911 124 103 103 41 Total Assets at December 31, 2009 (3) 11,807 8,669 1,731 486 635 286 Year Ended December 31, 2008 Revenues from Third Parties $ 4,058 $ 2,315 $ 541 $ 157 $ 410 $ 635 Reclassification from AOCL (1) (331 ) (290 ) (41 ) - - - Intersegment Revenue - 434 - - - (434 ) Income from Equity Method Investees 174 - 174 - - - Total Revenues (2) 3,901 2,459 674 157 410 201 DDA 791 646 34 24 55 32 Asset Impairments 294 224 - - - 70 Gain on Commodity Derivative Instruments (440 ) (363 ) (77 ) - - - Income (Loss) Before Income Taxes 2,061 1,333 689 122 284 (367 ) Equity Method Investments $ 311 $ - $ 311 $ - $ - $ - Additions to Long-Lived Assets 2,179 1,842 143 39 94 61 Total Assets at December 31, 2008 (3) 12,384 9,212 1,614 366 775 417 Year Ended December 31, 2007

Note 16. Additional Shareholder

Note 16. Additional Shareholders’ Equity Information
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Additional Shareholders' Equity Information	Note 16.Additional Shareholders Equity Information Activity in shares of our common stock and treasury stock was as follows: Year Ended December 31, 2009 2008 Common Stock Shares Issued Shares, Beginning of Period 192,296,764 190,814,309 Exercise of Common Stock Options 704,209 1,080,116 Restricted Stock Awards, Net of Forfeitures 549,418 402,339 Shares, End of Period 193,550,391 192,296,764 Treasury Stock Shares, Beginning of Period 18,563,409 18,580,865 Shares Received From Employees in Payment of Withholding Taxes Due on Vesting of Shares of Restricted Stock 20,784 32,544 Rabbi Trust Shares Sold (1,892 ) (50,000 ) Shares, End of Period 18,582,301 18,563,409 Accumulated other comprehensive loss in the shareholders equity section of the balance sheet included: Accumulated Other Comprehensive Loss Oil and Gas Cash Flow Hedges Pension-Related and Other Total (millions) December 31, 2006 Cash Flow Hedges $ (104 ) $ (36 ) $ (140 ) Realized Amounts Reclassified Into Earnings 33 3 36 Unrealized Change in Fair Value (184 ) (1 ) (185 ) Net Change in Other - 5 5 December 31, 2007 (255 ) (29 ) (284 ) Cash Flow Hedges Realized Amounts Reclassified Into Earnings 207 3 210 Unrealized Change in Fair Value - (4 ) (4 ) Net Change in Other - (32 ) (32 ) December 31, 2008 (48 ) (62 ) (110 ) Cash Flow Hedges Realized Amounts Reclassified Into Earnings 36 3 39 Net Change in Other - (4 ) (4 ) December 31, 2009 $ (12 ) $ (63 ) $ (75 ) All amounts in the table above are reported net of tax. The effective income tax rate applied to AOCL was 37.6% for the period December31, 2006 - 2008, and 35.0% at December 31, 2009.

Note 17. Commitments and Contin

Note 17. Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Commitments and Contingencies	Note 17.Commitments and Contingencies Purchaser BankruptcyWe had an exposure from crude oil sales for the months of June and July 2008 to SemCrude, L.P. (SemCrude), a subsidiary of SemGroup, L.P. (SemGroup).On July 22, 2008, SemGroup, including SemCrude, filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code under Case Number 08-11525 (BLS) in the United States Bankruptcy Court for the District of Delaware.During 2008, we determined that the carrying value of our receivable of $71 million should be reduced by $38 million.Based upon the confirmation of SemCrude's plan for reorganization on October 26, 2009, and further based upon a settlement reached with SemCrude on October 27, 2009, we further reduced the carrying value of our receivable by $12 million. We have received distributions of approximately $12 million from SemCrude and believe the disposition of this matter to be finally determined. Legal ProceedingsWe are involved in various other legal proceedings in the ordinary course of business.These proceedings are subject to the uncertainties inherent in any litigation.We are defending ourselves vigorously in all such matters and we believe that the ultimate disposition of such proceedings will not have a material adverse effect on our financial position, results of operations or cash flows. Non-Cancelable Leases and Other CommitmentsWehold leases and other commitments for drilling rigs, buildings, equipment and other property. Rental expense for office buildings and oil and gas operations equipment was approximately $22 million in 2009, $20 million in 2008, and $13million in 2007. Minimum commitments as of December31, 2009 consist of the following: Drilling, Equipment, and Purchase Obligations Throughput Agreement Transportation and Gathering Operating Lease Obligations FPSO Lease Obligation (1) Total (millions) 2010 $ 671 $ 19 $ 11 $ 12 $ - $ 713 2011 336 19 10 10 - 375 2012 27 19 7 9 35 97 2013 - 19 6 10 69 104 2014 - 5 3 11 69 88 2015 and Thereafter - - 3 31 295 329 Total $ 1,034 $ 81 $ 40 $ 83 $ 468 $ 1,706 (1) Annual lease payments, net to our interest, exclude regular maintenance and operational costs, and will begin when the FPSO initiates producing operations. These payments are also subject to change based on change orders implemented during the construction period, final accounting treatment and other factors. See Note 8. Debt.

Supplemental Oil and Gas Inform

Supplemental Oil and Gas Information
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Supplemental Oil and Gas Information	Noble Energy, Inc. Supplemental Oil and Gas Information (Unaudited) In accordance with US GAAP for disclosures about oil and gas producing activities, and SEC rules for oil and gas reporting disclosures, we are making the following disclosures about our crude oil and natural gas reserves and exploration and production activities. Reserves There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. Crude oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of crude oil and natural gas that cannot be precisely measured. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserves estimates are often different from the quantities of crude oil and natural gas that are ultimately recovered. Recent SEC and FASB Rule-Making ActivityIn December 2008, the SEC announced that it had approved revisions designed to modernize the oil and gas company reserves reporting requirements. See Note 2. Summary of Significant Accounting Policies Recently Adopted Standards. We adopted the rules effective December 31, 2009 and the rule changes, including those related to pricing and technology, are included in our reserves estimates. In addition, in January 2010 the FASB issued Accounting Standards Update 2010-03, "Oil and Gas Reserve Estimation and Disclosures", to provide consistency with the SEC rules. See Note 2. Summary of Significant Accounting Policies Recently Adopted Standards. Application of the new rules resulted in the use of lower prices at December 31, 2009 for both oil and gas than would have resulted under the previous rules. Use of 12-month average pricing at December 31, 2009 as required by the new rules resulted in a decrease in proved reserves of approximately 27 MMBoe. Use of year-end prices as required by the old rules would have resulted in an increase in proved reserves of approximately 34 MMBoe at December 31, 2009.Therefore, the total impact of the new price methodology was negative reserves revisions of 61 MMBoe.In addition, the new proved undeveloped reserves rules resulted in a reduction of proved reserves of approximately 18 MMBoe due to limiting proved undeveloped reserves locations to those scheduled to be drilled within the next five years. The majority of the reserves reclassified out of proved reserves were associated with the Wattenberg field, where we maintain an extensive multi-year development program. Because we use quarter-end reserves and add back current period production to calculate quarterly DDA, adoption of these new standards had an impact on fourth quarter 2009 DDA expense. We estimate the impact of using 12-month average commodity prices, as required by the new standards, instead of year-end commodity prices, to be an increase in fourth quarter 2009 DDA expense of approximately $16 million (or $0.06 per share). Reserves Estimates Qualified petroleum engineer

Supplemental Quarterly Financia

Supplemental Quarterly Financial Information
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Supplemental Quarterly Financial Information	Supplemental Quarterly Financial Information (Unaudited) Supplemental quarterly financial information is as follows: Quarter Ended March 31, June 30, Sep 30, Dec 31, Total (millions except per share amounts) 2009 (1) Revenues $ 441 $ 491 $ 621 $ 760 $ 2,313 Income (Loss) Before Income Taxes (374 ) (90 ) 115 85 (264 ) Net Income (Loss) (188 ) (57 ) 107 8 (131 ) Earnings (Loss) Per Share Basic (3) $ (1.09 ) $ (0.33 ) $ 0.62 $ 0.05 $ (0.75 ) Diluted (3) (1.09 ) (0.33 ) 0.61 0.05 $ (0.75 ) 2008 (2) Revenues $ 1,025 $ 1,205 $ 1,098 $ 573 $ 3,901 Income (Loss) Before Income Taxes 315 (198 ) 1,454 490 2,061 Net Income (Loss) 215 (144 ) 974 305 1,350 Earnings (Loss) Per Share Basic (3) $ 1.25 $ (0.84 ) $ 5.64 $ 1.77 $ 7.83 Diluted (3) (4) 1.20 (0.84 ) 5.37 1.72 7.58 (1) First quarter 2009 included the following: $73 million gain on commodity derivative instruments. (See Note 6. Derivative Instruments and Hedging Activities); $437 million asset impairment charges (See Note 3. Asset Impairments); and $46 million reversal of Ecuador allowance for doubtful accounts (See Note 2. Summary of Significant Accounting Policies). Second quarter 2009 included the following: $139 million loss on commodity derivative instruments. (See Note 6. Derivative Instruments and Hedging Activities); and $24 million gain on sale of interest in Argentina, which had been deferred until government approval of the sale. Third quarter 2009 included the following: $28 million loss on commodity derivative instruments (See Note 6. Derivative Instruments and Hedging Activities); and $12 million write-down of SemCrude, L.P. receivable (See Note 17. Commitments and Contingencies). Fourth quarter 2009 included the following: $16 million loss on commodity derivative instruments (See Note 6. Derivative Instruments and Hedging Activities); $167 million asset impairment charges (See Note 3. Asset Impairments); and $97 million refund of deepwater Gulf of Mexico royalties, including interest (See Note 2. Summary of Significant Accounting Policies). (2) First quarter 2008 included the following: $237 million loss on commodity derivative instruments. (See Note 6. Derivative Instruments and Hedging Activities). Second quarter 2008 included the following: $828 million loss on commodity derivative instruments. (See Note 6. Derivative Instruments and Hedging Activities). Third quarter 2008 included the following: $875 million gain on commodity derivative instruments (See Note 6. Derivative Instruments and Hedging Activities); $38 million write-down of SemCrude, L.P. receivable (See Note 17. Commitments and C

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 05, 2010	Jun. 30, 2009
Entity [Text Block]
Entity Registrant Name	NOBLE ENERGY INC
Entity Central Index Key	0000072207
Current Fiscal Year End Date	--12-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$10,100,000,000
Entity Common Stock, Shares Outstanding		174,444,080