Noble Energy (NBL) 8-K NOBLE ENERGY, INC. ANNOUNCES THIRD QUARTER 2005 RESULTS Net Income and Discretionary Cash Flow Increase $93 Million and $248 Million, Respectively

Exhibit 99.1

	NEWS RELEASE
100 Glenborough Drive	Contact: Greg Panagos: 281-872-3125
Suite 100	Investor_Relations@nobleenergyinc.com
Houston, TX 77067

NOBLE ENERGY, INC. ANNOUNCES THIRD QUARTER 2005 RESULTS
Net Income and Discretionary Cash Flow Increase $93 Million and $248 Million, Respectively

HOUSTON(November 4, 2005) — Noble Energy, Inc. (NYSE:NBL) today reported third quarter net income of $177.0 million, or 99 cents per diluted share, compared to $83.7 million, or 70 cents per diluted share, for the same period last year. Third quarter 2005 net income was the highest in Noble Energy’s history, increasing 111 percent compared to the same period last year.

Discretionary cash flow (see Determination of Discretionary Cash Flow and Reconciliation schedule) for the third quarter 2005 increased 131 percent to $436.6 million, compared to $189.1 million for the same period last year. Net cash provided by operating activities was $440.3 million for the third quarter of 2005.

The increase in net income and discretionary cash flow versus the third quarter last year primarily reflected higher daily production and realized prices. Daily production increased 61 percent. Realized natural gas prices for the third quarter 2005 were $5.65 per thousand cubic feet (Mcf), 25 percent above last year’s $4.51 per Mcf. Realized crude oil prices were $47.58 per barrel (Bbl), an increase of 34 percent compared to $35.62 per Bbl for the third quarter 2004. Higher production volumes and commodity prices combined to increase oil and gas revenues by $312.8 million over the third quarter of 2004. Capital expenditures totaled $265.8 million during the third quarter of 2005.

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Noble Energy continued its trend of stable and consistent growth during the third quarter, despite the impact of two large hurricanes. This was our first full quarter with Patina Oil and Gas integrated into Noble Energy’s operations, and our improved operating and financial performance reflects the potential of the combined businesses. Patina’s long-lived assets not only added to Noble Energy’s domestic production base, they also provided stability while our Gulf of Mexico and Gulf Coast production was impacted by hurricanes Katrina and Rita. Our international operations also continued to ramp up with new production in Equatorial Guinea and Israel. Organic growth will continue to drive our performance as our deepwater Swordfish development has begun producing and is expected to reach 10,000 barrels of oil equivalent per day, net to Noble Energy, during the fourth quarter. Two additional deepwater developments of similar size, Lorien and Ticonderoga, are scheduled to commence production during the second and third quarters of next year, respectively.”

Third quarter 2005 production was 168,666 barrels of oil equivalent per day (Boepd). Domestic production was reduced by approximately 7,600 Boepd due to hurricanes Katrina and Rita. International production was 55 percent above the third quarter last year, primarily because of increases in condensate and natural gas volumes in Equatorial Guinea following the completion of two liquids expansion projects.

NORTH AMERICA

North America reported operating income for the third quarter of $150.9 million, an increase of 99 percent compared to operating income from continuing operations of $75.7 million for the same period last year.

Operations benefited from higher production and higher realized prices during the quarter. Third quarter 2005 production increased to 99,440 Boepd from 59,884 Boepd for the same quarter last year. The average realized crude oil price was $49.49 per Bbl compared to $31.61 per Bbl during the third quarter of 2004. The average realized natural gas price was $7.12 per Mcf compared to $5.89 per Mcf last year.

Higher production and commodity prices were offset by increased third quarter exploration expense, which was up $51.7 million compared to the same period last year. The increase resulted from higher dry hole expense in the Gulf Coast region and offshore Gulf of Mexico.

Noble Energy’s North America operations are divided into three regions: the Rocky Mountain, Mid-continent and Southern regions. The Rocky Mountain region includes the DJ (Wattenberg), San Juan, Wind River, and Piceance basins, as well as the Niobrara, Bowdoin and Siberia Ridge fields. The Mid-continent region includes Illinois, Kansas, Oklahoma and the Texas Panhandle. The Southern region includes the Gulf Coast onshore, West and East Texas, North Louisiana and the Gulf of Mexico.

During the third quarter, the company had 24 drilling rigs running onshore (ten in the Rocky Mountains, ten in the Mid-continent and four in the Gulf Coast) and 47 workover rigs (26 in the Rocky Mountains and 21 in the Mid-continent). Noble Energy plans to drill nearly 643 onshore wells in 2005, of which 53 are to be drilled in the Gulf Coast, 415 are planned for the Rocky Mountains and 175 for the Mid-continent.

Noble Energy continues to experience strong growth in the deepwater Gulf of Mexico, where the company has three significant developments underway. The first of three wells at the company’s Swordfish development began production in October. The remaining two wells are expected to begin production during the month of November as additional third party facilities come back on line. At Lorien, production is still expected to begin early in the second quarter of 2006. Ticonderoga is expected to commence production mid-year 2006.

INTERNATIONAL

International operations reported operating income for the third quarter of $161.8 million, an increase of 114 percent compared to operating income of $75.7 million in the third quarter last year. Third quarter 2005 international production volumes increased to 69,226 Boepd from 44,583 Boepd for the same quarter last year.

Equatorial Guinea

Total operating income in Equatorial Guinea, which includes results from field operations and methanol operations, for the third quarter of 2005 was up nearly threefold to $100.3 million compared to $37.6 million last year. Operating income from Equatorial Guinea was the company’s highest ever. Equatorial Guinea has now reported eight consecutive quarters of increasing operating income.

Upstream operations, including liquid petroleum gas (LPG), natural gas and condensate sales, generated increased operating income for the fifth consecutive quarter. Upstream operations reported record operating income of $84.1 million, 84 percent of the total from Equatorial Guinea. Third quarter 2005 sales volumes averaged 36,415 Boepd, more than double last year’s 16,134 Boepd. The average realized price for liquids during the third quarter was $43.57 per Bbl compared to $41.00 per Bbl for the same period last year.

Operating income from methanol operations was $16.2 million net to Noble Energy’s interest compared to $13.6 million for the third quarter of 2004. Methanol operations’ results are reported as income from unconsolidated subsidiaries. Third quarter realized methanol prices averaged 75 cents per gallon (Gal) compared to 74 cents per Gal last year.

In October, Noble Energy announced successful results from its offshore “Belinda” exploration well on Block “O.” The well, located in 250 feet of water and approximately 20 miles east of Bioko Island, was drilled to a total depth of 10,360 feet. Test results were encouraging, with condensate-rich natural gas producing at rates up to 24 million cubic feet per day (MMcfpd) and over 1,225 barrels per day (Bpd) of condensate. Flow rates were limited by surface test equipment. With the installation of cooling and processing facilities, condensate yields can be increased. Additional appraisal work will be performed to determine the areal extent and commerciality of the Belinda discovery. The company is currently reviewing options for a multi-well exploration and appraisal program, which could begin in 2006. Noble Energy is the technical operator of Block “O” with a 45 percent participating interest.

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North Sea

In the North Sea, third quarter 2005 operating income increased to $24.0 million compared to $15.0 million last year. The quarter-over-quarter improvement reflects lower costs and higher commodity prices. Overall expenses declined $3.5 million, driven by lower DD&A and exploration expense. Higher commodity prices offset lower production volumes resulting from natural field decline, generating a revenue increase of $5.5 million compared to the third quarter last year. The average realized price for liquids during the third quarter was $59.71 per Bbl compared to $43.46 per Bbl for the same period last year. The average realized price for natural gas was $5.14 per Mcf compared to $4.29 per Mcf last year.

Israel

Third quarter 2005 operating income was $14.4 million compared to $14.2 million for the same period last year. Natural gas sales in Israel commenced during February 2004 and ramped up through the second quarter of last year. Oil and gas operations expense and DD&A averaged 28 cents per Mcf and 42 cents per Mcf, respectively. Natural gas production, net to Noble Energy, averaged 81.9 MMcfpd for the third quarter compared to 71.6 MMcfpd last year. The average realized natural gas price during the third quarter 2005 declined to $2.57 per Mcf compared to $2.78 per Mcf for the same period last year.

Argentina, China and Ecuador

Third quarter 2005 operating income from Argentina, China and Ecuador increased 160 percent to $23.1 million compared to $8.9 million for the second quarter last year.

Noble Energy’s Machala power plant contributed $2.1 million of operating income during the third quarter 2005 compared to a loss of $1.1 million for the same period last year. The quarter-to-quarter improvement reflects increased power generation and higher electricity prices. For the quarter, 221,840 megawatt-hours were produced at an average sales price of 8.5 cents per kilowatt-hour. For the third quarter 2005, Noble Energy produced 24.5 MMcfpd of natural gas from the Amistad field.

In China, third quarter operating income was a record high $19.2 million, up 243 percent compared to $5.6 million for the third quarter of 2004. Net production in China increased 60 percent versus the third quarter last year, averaging 5,446 barrels of oil per day. Net production in Argentina averaged 2,770 Boepd for the third quarter.

2005 OUTLOOK

The following estimates for 2005 include the impact of Noble Energy’s acquisition of Patina Oil & Gas Corporation, effective May 16, 2005, as well as the impacts of hurricanes Katrina and Rita. The company has budgeted capital expenditures of $987 million for 2005. Approximately 25 percent of the 2005 capital budget has been allocated for exploration opportunities and approximately 75 percent to production, development and other projects. Domestic spending is budgeted at approximately $764 million, international expenditures are budgeted at approximately $208 million and corporate spending is budgeted at approximately $15 million.

Average BOE production in 2005, including Patina, is expected to increase approximately 36 percent compared to the full year 2004, with average production ranging from 145,000 Boepd to 146,000 Boepd. Fourth quarter production is expected to range from 165,000 Boepd to 170,000 Boepd. Noble Energy’s production may be impacted by several factors in the fourth quarter, including:

• Potential additional weather-related shut-ins in the U.S. Gulf of Mexico and Gulf Coast areas.

• Timing of the ramp-up of the Swordfish deepwater development.

• The rate at which third party processing facilities and pipelines return to operations.

Full year 2005 costs and expenses are expected to fall within the following ranges:

• Exploration expense is expected to range from $160 million to $180 million.

• Selling, general and administrative (SG&A) expense is expected to range from $1.75 per BOE to $1.85 per BOE.

• Oil and gas operations expense is expected to range from $4.00 per BOE to $4.20 per BOE.

• DD&A expense is expected to range from $7.50 per BOE to $7.75 per BOE.

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• An effective tax rate of 35 percent to 40 percent is expected. Of the total book taxes planned for 2005, 45 percent to 55 percent are expected to be deferred. Estimated taxes for 2005 include the effects of repatriating cash from overseas operations in the third quarter.

The ranges for unit oil and gas operations, unit SG&A and exploration costs have been slightly adjusted from prior guidance to reflect increasing pressure on personnel, rig and service costs.

Noble Energy is one of the nation’s leading independent energy companies and operates throughout major basins in the United States including the Gulf of Mexico, as well as the recently added Patina Oil & Gas properties located primarily in Colorado’s Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas Panhandle, and the San Juan Basin in New Mexico. In addition, Noble Energy operates internationally in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea and the North Sea. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. Visit Noble Energy online at www.nobleenergyinc.com .

This news release may include projections and other “forward-looking statements” within the meaning of the federal securities laws. Any such projections or statements reflect Noble Energy’s current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for oil and 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 action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy’s business that are detailed in its Securities and Exchange Commission filings.

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SCHEDULE 1
NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED SUMMARY OF RESULTS
(Unaudited) (In thousands, except per share)

	Three Months Ended						Nine Months Ended
	9/30/2005			9/30/2004			9/30/2005			9/30/2004
REVENUES
Oil and Gas Sales and Royalties	$	601,269		$	288,499		$	1,371,930		$	855,351
Gathering, Marketing and Processing		8,831			10,175			28,735			37,295
Electricity Sales		18,843			7,504			54,978			38,369
Income From Unconsol. Subs.		16,226			13,585			44,279			43,953
		645,169			319,763			1,499,922			974,968
COST AND EXPENSES
Oil and Gas Operations		64,775			36,449			151,183			112,575
Production and ad valorem taxes		24,304			7,193			51,125			20,458
Transportation		8,357			3,718			18,577			14,284
Oil and Gas Exploration		77,253			26,588			126,508			82,100
Gathering, Marketing and Processing		5,856			8,642			20,905			29,992
Electricity Generation		16,746			8,600			37,637			32,034
Depreciation, Depletion and Amortization		113,835			75,040			281,041			233,365
Impairment of Operating Assets		5,198			—			5,198			—
Selling, General and Administrative		29,346			13,326			69,326			41,518
Accretion of Asset Retirement Obligation		2,928			2,067			8,137			7,080
Interest Expense		31,438			17,961			66,327			48,973
Interest Capitalized		(2,393	)		(3,013	)		(11,340	)		(9,655	)
Deferred compensation adjustment		21,429			—			31,307			—
Loss on Involuntary Conversion of Assets		1,000			1,000			1,000			1,000
Other income		890			(6,399	)		(1,046	)		(12,178	)
		400,962			191,172			855,885			601,546
INCOME BEFORE INCOME TAXES		244,207			128,591			644,037			373,422
INCOME TAX PROVISION (BENEFIT)
Current		42,125			43,302			119,803			102,624
Deferred		25,126			4,318			100,433			43,887
		67,251			47,620			220,236			146,511
INCOME FROM CONTINUING OPERATIONS		176,956			80,971			423,801			226,911
DISCONTINUED OPERATIONS, NET OF TAX		—			2,721			—			14,354
NET INCOME	$	176,956		$	83,692		$	423,801		$	241,265
INCOME FROM CONTINUING OPERATIONS	$	0.99		$	0.68		$	2.84		$	1.92
DISCONTINUED OPERATIONS, NET OF TAX		—			0.02			—			0.12
DILUTED NET INCOME PER SHARE	$	0.99		$	0.70		$	2.84		$	2.04
AVERAGE SHARES OUTSTANDING — DILUTED		178,747			118,974			149,164			118,004

SCHEDULE 2
NOBLE ENERGY, INC. AND SUBSIDIARIES
DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION
(Unaudited) (In thousands)

	Three Months Ended						Nine Months Ended
	9/30/2005			9/30/2004			9/30/2005			9/30/2004
Net Income	$	176,956		$	83,692		$	423,801		$	241,265
Depreciation, Depletion and Amortization (DD&A)		113,835			76,040			281,041			234,365
Power Project DD&A		4,486			3,824			12,395			15,361
Oil and Gas Exploration		77,253			26,588			126,508			82,100
Interest Capitalized		(2,393	)		(3,013	)		(11,340	)		(9,655	)
Undistributed Earnings From Unconsol. Subs.		(16,226	)		(13,585	)		(44,279	)		(43,953	)
Distribution/Dividends from Unconsol. Subs		16,575			14,138			46,556			49,969
Deferred Income Tax Provision (Benefit)		25,126			4,318			100,433			43,887
Deferred Compensation Adjustment		21,429			—			31,307			—
Accretion of Asset Retirement Obligation		2,928			2,067			8,137			7,080
Impairment of Operating Assets		5,198			—			5,198			—
Other		11,386			(4,942	)		10,144			(4,478	)
DISCRETIONARY CASH FLOW *		436,553			189,127			989,901			615,941
Adjustments to Reconcile:
Working Capital		29,587			(11,564	)		(21,826	)		(34,122	)
Israel — Take or Pay Payment					(4,450	)
Cash Exploration Costs		(14,865	)		(10,552	)		(36,248	)		(29,148	)
Capitalized Interest		2,393			3,013			11,340			9,655
Deferred Tax, Misc. Credits and Other		(13,368	)		(12,990	)		(18,613	)		(38,312	)
Net Cash Provided by Operating Activities	$	440,300		$	152,584		$	924,554		$	524,014

* The table above reconciles discretionary cash flow to net cash provided by operating activities. While discretionary cash flow is not a GAAP measure of financial performance, management believes it is a good tool for internal use and the investment community in evaluating the company’s overall financial performance. Among management, professional research analysts, portfolio managers and investors following the oil and gas industry, discretionary cash flow is broadly used as an indicator of a company’s ability to fund exploration and production activities and meet financial obligations. Discretionary cash flow is also commonly used as a basis to value and compare companies in the oil and gas industry.

CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited) (In thousands)

	9/30/2005			12/31/2004
ASSETS
Current Assets	$	1,188,010		$	734,302
Property, Plant and Equipment		8,400,573			4,349,268
Less: Accumulated Depreciation		(2,211,156	)		(2,016,318	)
		6,189,417			2,332,950
Investment In Unconsol. Subs.		229,991			231,795
Goodwill		898,241			—
Other		189,420			144,124
	$	8,695,079		$	3,443,171
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	1,443,707		$	665,004
Long-term Debt		2,116,797			880,256
Deferred Income Taxes,		1,124,855			183,351
Other Deferred Credits and
Noncurrent Liabilities		1,240,776			254,572
Shareholders’ Equity		2,768,944			1,459,988
	$	8,695,079		$	3,443,171

SCHEDULE 3
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Three Months Ended 9/30/05

								Equatorial						Other			Corporate
	Consolidated		North America		North Sea			Guinea			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	305,213	$	138,756	$	28,550		$	103,759		$	—		$	34,148		$	—
Gas Sales [3]		296,056		271,008		4,712			933			19,377			26
Gathering, Marketing and Processing Revenue		8,831																8,831
Electricity Sales		18,843													18,843
Income from Unconsolidated Subsidiaries		16,226							16,226
Total Revenues		645,169		409,764		33,262		$	120,918			19,377			53,017			8,831
COSTS AND EXPENSES
Oil and Gas Operations		64,775		45,822		2,873			10,100			2,124			3,671			185
Production & Ad Valorem Taxes		24,304		22,316											1,881			107
Transportation		8,357		6,473		1,630									254
Oil and Gas Exploration		77,253		73,129		1,440			427			13			124			2,120
Gathering, Marketing and Processing Expense		5,856																5,856
Electricity Generation		16,746													16,746
DD&A		113,835		89,623		2,548			10,309			3,201			6,409			1,745
Impairment of Operating Assets		5,198		5,198
SG&A		29,346		9,968		809			104			12			1,890			16,563
Accretion Expense		2,928		2,544		285			10			55			34
Interest Expense (net)		29,045																29,045
Deferred Compensation		21,429																21,429
Loss on Involuntary Conversion		1,000		1,000
Other Expense/(Income) net		890		2,817		(319	)		(313	)		(447	)		(1,075	)		227
Total Costs and Expenses		400,962		258,890		9,266			20,637			4,958			29,934			77,277
OPERATING INCOME (LOSS)	$	244,207	$	150,874	$	23,996		$	100,281		$	14,419		$	23,083		$	(68,446	)
Key Statistics
Daily Production
Liquids (Bbl)		69,729		30,475		5,198			25,883						8,173
Natural Gas (Mcf)		593,620		413,789		9,970			63,193			81,942			24,726	[3]
Average Realized Price
Liquids	$	47.58	$	49.49	$	59.71		$	43.57					$	45.41
Natural Gas	$	5.65	$	7.12	$	5.14		$	0.16		$	2.57		$	1.10

Three Months Ended 9/30/04

										Equatorial						Other			Corporate
	Consolidated			North America			North Sea			Guinea			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	139,717		$	61,711		$	23,945		$	32,336		$	—		$	21,725		$	—
Gas Sales		148,782		$	125,724			3,828			902			18,318			10
Gathering, Marketing and Processing Revenue		10,175																		10,175
Electricity Sales		7,504															7,504
Income from Unconsolidated Subsidiaries		13,585									13,585
Total Revenues		319,763			187,435			27,773			46,823			18,318			29,239			10,175
COSTS AND EXPENSES
Oil and Gas Operations		36,449			22,379			2,729			5,422			2,126			3,956			(163	)
Production & Ad Valorem Taxes		7,193			5,548												1,645
Transportation		3,718			1,533			2,034									151
Oil and Gas Exploration		26,588			21,419			3,843			22			135			378			791
Gathering, Marketing and Processing Expense		8,642																		8,642
Electricity Generation		8,600															8,600
DD&A		75,040			57,328			3,985			3,819			3,013			5,457			1,438
SG&A		13,326			3,609						80						47			9,590
Accretion Expense		2,067			1,754			264						49
Interest Expense (net)		14,948																		14,948
Loss on Involuntary Conversion		1,000			1,000
Other Expense/(Income) net		(6,399	)		(2,877	)		(90	)		(137	)		(1,161	)		121			(2,255	)
Total Costs and Expenses		191,172			111,693			12,765			9,206			4,162			20,355			32,991
OPERATING INCOME (LOSS)		128,591			75,742			15,008			37,617			14,156			8,884			(22,816	)
Discontinued Operations		4,186			4,186
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	132,777		$	79,928		$	15,008		$	37,617		$	14,156		$	8,884		$	(22,816	)
Key Statistics
Daily Production
Liquids (Bbl)		42,729			21,219			5,989			8,573						6,948
Natural Gas (Mcf)		370,429			231,990			9,694			45,364			71,619			11,762	[3]
Average Realized Price
Liquids	$	35.62		$	31.61		$	43.46		$	41.00					$	33.99
Natural Gas	$	4.51		$	5.89		$	4.29		$	0.22		$	2.78		$	0.93

SCHEDULE 4
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Nine Months Ended 9/30/05

									Equatorial						Other			Corporate
	Consolidated			North America		North Sea			Guinea			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	709,177		$	297,090	$	80,097		$	238,778		$	—		$	93,212		$	—
Gas Sales [3]		662,753			596,867		13,723			2,726			49,407			30
Gathering, Marketing and Processing Revenue		28,735																	28,735
Electricity Sales		54,978														54,978
Income from Unconsolidated Subsidiaries		44,279								44,279
Total Revenues		1,499,922			893,957		93,820			285,783			49,407			148,220			28,735
COSTS AND EXPENSES
Oil and Gas Operations		151,183			100,506		9,000			24,077			6,124			11,564			(88	)
Production & Ad Valorem Taxes		51,125			41,346											9,371			408
Transportation		18,577			13,192		4,728									657
Oil and Gas Exploration		126,508			111,096		5,191			2,312			105			2,116			5,688
Gathering, Marketing and Processing Expense		20,905																	20,905
Electricity Generation		37,637														37,637
DD&A		281,041			216,553		8,241			23,889			8,400			19,022			4,936
Impairment of Operating Assets		5,198			5,198
SG&A		69,326			21,248		1,737			435			39			4,483			41,384
Accretion Expense		8,137			6,994		849			28			165			101
Interest Expense (net)		54,987																	54,987
Deferred Compensation		31,307																	31,307
Loss on Involuntary Conversion		1,000			1,000
Other Expense/(Income) net		(1,046	)		3,515		(1,119	)		(360	)		(1,308	)		(950	)		(824	)
Total Costs and Expenses		855,885			520,648		28,627			50,381			13,525			84,001			158,703
OPERATING INCOME (LOSS)	$	644,037		$	373,309	$	65,193		$	235,402		$	35,882		$	64,219		$	(129,968	)
Key Statistics
Daily Production
Liquids (Bbl)		58,621			24,617		5,630			20,057						8,317
Natural Gas (Mcf)		476,636			317,976		9,285			60,320			67,182			21,873	[3]
Average Realized Price
Liquids	$	44.31		$	44.21	$	52.11		$	43.61					$	41.05
Natural Gas	$	5.34		$	6.88	$	5.41		$	0.17		$	2.69		$	1.10

Nine Months Ended 9/30/04

										Equatorial					Other			Corporate
	Consolidated			North America			North Sea			Guinea		Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	412,229		$	193,747		$	71,187		$	89,807	$	—		$	57,488		$	—
Gas Sales		443,122			393,030			13,913			2,595		33,498			86
Gathering, Marketing and Processing Revenue		37,295																	37,295
Electricity Sales		38,369														38,369
Income from Unconsolidated Subsidiaries		43,953									43,953
Total Revenues		974,968			586,777			85,100			136,355		33,498			95,943			37,295
COSTS AND EXPENSES
Oil and Gas Operations		112,575			72,699			8,143			16,095		5,123			11,100			(585	)
Production & Ad Valorem Taxes		20,458			16,793											3,665
Transportation		14,284			7,184			6,639								461
Oil and Gas Exploration		82,100			68,203			9,805			158		803			1,212			1,919
Gathering, Marketing and Processing Expense		29,992																	29,992
Electricity Generation		32,034														32,034
DD&A		233,365			183,271			14,426			9,575		6,464			15,952			3,677
SG&A		41,518			10,464			1			228					56			30,769
Accretion Expense		7,080			6,066			886					128
Interest Expense (net)		39,318																	39,318
Loss on Involuntary Conversion		1,000			1,000
Other Expense/(Income) net		(12,178	)		(3,992	)		(1,723	)		317		(1,259	)		476			(5,997	)
Total Costs and Expenses		601,546			361,688			38,177			26,373		11,259			64,956			99,093
OPERATING INCOME (LOSS)		373,422			225,089			46,923			109,982		22,239			30,987			(61,798	)
Discontinued Operations		22,083			22,083
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	395,505		$	247,172		$	46,923		$	109,982	$	22,239		$	30,987		$	(61,798	)
Key Statistics
Daily Production
Liquids (Bbl)		45,456			22,424			6,919			9,223					6,890
Natural Gas (Mcf)		367,565			246,334			11,471			45,097		43,976			20,687	[3]
Average Realized Price
Liquids	$	33.10		$	31.53		$	37.55		$	35.54				$	30.45
Natural Gas	$	4.66		$	5.82		$	4.43		$	0.21	$	2.78		$	0.72

SCHEDULE 5

METHANOL OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended				Nine Months Ended
	9/30/2005		9/30/2004		9/30/2005		9/30/2004
REVENUES
Methanol Sales	$	34,745	$	24,848	$	94,949	$	72,770
Sales of Purchased Methanol		—		—		—		708
Other		1,218		5,377		4,614		11,630
Total Revenues		35,963		30,225		99,563		85,108
COSTS AND EXPENSES
Cost of Goods Manufactured		12,182		13,918		34,240		31,915
Cost of Purchased Methanol		—		—		—		811
DD&A		2,404		2,277		6,999		6,892
SG&A		529		445		1,639		1,537
Total Costs and Expenses		15,115		16,640		42,878		41,155
INCOME TAX PROVISION		4,622				12,406
INCOME FROM UNCONS. SUBS	$	16,226	$	13,585	$	44,279	$	43,953
Methanol Sales (MGal)		46,133		33,451		122,256		109,012
Average Realized Price ($/Gal)	$	0.75	$	0.74	$	0.78	$	0.67

ECUADOR POWER OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended					Nine Months Ended
	9/30/2005		9/30/2004			9/30/2005		9/30/2004
REVENUES
Power Sales	$	17,012	$	6,026		$	49,133	$	32,608
Capacity Charge		1,831		1,478			5,845		5,761
Total Revenues		18,843		7,504			54,978		38,369
COSTS AND EXPENSES
Field
Oil and Gas Operations		616		390			2,215		1,387
DD&A		3,435		2,774			9,230		12,197
SG&A		469		627			1,539		1,777
Plant
Fuel & Other Operating Costs		10,024		2,706			17,401		10,353
Depreciation		1,053		1,048			3,169		3,163
SG&A		1,149		1,055			4,083		3,157
Total Costs and Expenses		16,746		8,600			37,637		32,034
OPERATING INCOME	$	2,097	$	(1,096	)	$	17,341	$	6,335
Natural Gas Production (Mcfpd) [3]		24,466		11,645			21,772		20,247
Average Natural Gas Price	$	3.93	$	3.19		$	3.86	$	3.01
Power Production — Total MW		221,840		97,291			565,724		519,167
Average Power Price ($/Kwh)	$	0.085	$	0.077		$	0.097	$	0.074

[1]	Other international includes operations in Argentina, China and Ecuador.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Because the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes.