Noble Energy (NBL) 8-K Noble Energy Announces Second Quarter 2007 Results

Exhibit 99.1

	NEWS RELEASE
100 Glenborough Drive	Contact: Chris Tong: 281-872-3122
Suite 100	Investor_Relations@nobleenergyinc.com
Houston, TX 77067

NOBLE ENERGY ANNOUNCES SECOND QUARTER 2007 RESULTS

HOUSTON(August 1, 2007) — Noble Energy, Inc. (NYSE:NBL) today reported second quarter 2007 net income of $209.1 million, or $1.22 per basic share ($1.21 per share diluted). Discretionary cash flow (non-GAAP measure, see Schedule 3 — Discretionary Cash Flow and Reconciliation to Operating Cash Flow) for the second quarter was $473.2 million. Net cash provided by operating activities was $350.6 million. Capital expenditures for the quarter totaled $481.1 million.

Key accomplishments for the second quarter include:

• Daily equivalent production volume increase of 12 percent versus second quarter 2006, adjusted to exclude Gulf of Mexico Shelf production sold in July 2006

• Successful exploration well (Benita) in Block I, offshore Equatorial Guinea

• Deepwater Gulf of Mexico exploration success at Isabela

• Acquisition of approximately 280,000 net acres onshore North America in the Piceance, Niobrara, and New Albany Shale areas

• Sales of natural gas to a liquefied natural gas (LNG) plant in Equatorial Guinea, representing approximately 9,700 barrels of oil equivalent per day (Boepd)

Second quarter 2007 results included deferred compensation expense of $3.0 million pretax ($1.9 million after tax). Also included in the second quarter 2007 results was a pretax charge (Loss on Involuntary Conversion) due to a revision in Hurricane Ivan and Katrina estimates for salvage and clean up of $38.3 million ($23.9 million after tax). The salvage and cleanup operation is now complete and all equipment has been released.

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Noble Energy’s strong second quarter financial and operating results reflect continued momentum from our diversified portfolio of assets. Despite selling our Gulf of Mexico Shelf assets in the third quarter of 2006, we have increased production for the second quarter 2007 as compared to the same period 2006. In North America, we have steadily increased activity levels in the Rocky Mountains and we have acquired several new acreage positions that look promising for the future. Our international portfolio of assets performed extremely well in the second quarter with production growing in Israel, the North Sea and Equatorial Guinea over the same period last year. We are excited about our recent exploration successes in the Deepwater Gulf of Mexico and Equatorial Guinea and look forward to our remaining 2007 exploration program, including prospects in the Deepwater Gulf of Mexico, Equatorial Guinea, and Cameroon. Our balanced and diversified portfolio continues to allow us to show organic growth while providing future growth opportunities through a high impact exploration program.”

Second quarter 2007 production was 197,217 Boepd compared to 194,747 Boepd for the same period last year and 187,588 Boepd for the first quarter 2007. Second quarter 2006 production included 18,928 Boepd from the Gulf of Mexico Shelf assets, which were sold in July 2006. Sales volumes during the second quarter 2007 were 199,516 Boepd, exceeding production by approximately 2,300 Boepd, primarily due to the timing of condensate liftings in Equatorial Guinea.

NORTH AMERICA

North America reported pre-tax operating income for the second quarter 2007 of $160.0 million compared to a pre-tax operating loss of $152.1 million for the second quarter 2006. The pre-tax operating loss in 2006 included a charge of approximately $400 million related to certain cash flow hedges that were associated with Gulf of Mexico Shelf assets sold in the third quarter 2006.

North American production volumes were 114,698 Boepd in the second quarter 2007 compared to 134,194 Boepd for the same quarter last year and 113,622 Boepd for the first quarter 2007. Liquids and natural gas production volumes were 45,068 barrels of oil per day (Bopd) and 417.8 million cubic feet per day (MMcfpd), respectively, for the current quarter compared to 51,983 Bopd and 493.3 MMcfpd for the second quarter of 2006 and 45,576 Bopd and 408.3 MMcfpd for the first quarter 2007. The decline in production volumes in the second quarter 2007 as compared to second quarter 2006 is attributable primarily to the disposition of the Gulf of Mexico Shelf assets. Compared to last quarter, second quarter 2007 production was impacted by 1,550 Boepd primarily due to third party processing downtime in the Rocky Mountains and Midcontinent, 750 Boepd due to natural declines in the Gulf Coast and Midcontinent, and 2,400 Boepd related to Deepwater facility downtime and performance. These impacts were more than offset by a 5,800 Boepd increase in the Rocky Mountains during the quarter primarily due to the recovery of the production impact from the severe winter storms experienced in the first quarter.

Domestic operations benefited from strong realized natural gas prices during the quarter. The average realized natural gas price was $7.25 per thousand cubic feet (Mcf) for the second quarter 2007 compared to $6.29 per Mcf last year. Gas revenues for the current quarter were positively impacted by $39.6 million attributable to previously recognized losses for hedge contracts that were re-designated concurrent with the Gulf of Mexico Shelf asset sale (see Schedule 8 – Impact of Loss Associated with Gulf of Mexico Shelf Asset Sale). The average liquids price was $51.34 per barrel (Bbl) compared to $53.01 per Bbl during the second quarter of 2006.

During 2007, Noble Energy plans to drill 1,033 gross domestic wells, of which 232 were drilled in the second quarter. The company also plans to complete 454 refrac, trifrac, deepening and recompletion projects in 2007, with 158 completed in the second quarter.

INTERNATIONAL OPERATIONS

International operations reported operating income for the second quarter 2007 of $202.4 million, an increase of 18 percent compared to $172.0 million in the second quarter last year. Total second quarter 2007 production volumes were 82,519 Boepd compared to 60,553 Boepd for the same quarter last year and 73,966 Boepd for the first quarter 2007. Liquids production volumes were 42,459 Bpd compared to 36,609 Bpd for the second quarter of 2006 and 41,318 Bpd for the first quarter 2007. Natural gas production was 240.4 MMcfpd compared to 143.7 MMcfpd in the same quarter last year and 195.9 MMcfpd for the first quarter 2007. Second quarter 2007 international sales were 84,819 Boepd, compared to 57,815 Boepd for the second quarter of 2006 and 68,513 Boepd for the first quarter 2007.

West Africa

Operating income for the second quarter increased 20 percent to $142.4 million this year compared to $118.4 million last year. Total sales volumes in Equatorial Guinea (exclusive of methanol operations) were 47,215 Boepd, an increase of 62 percent compared to 29,061 Boepd during the second quarter of 2006. Higher sales volumes resulted from increased natural gas volumes of approximately 78.2 MMcfpd, primarily representing natural gas sales to the LNG plant, as well as increased liftings of condensate and liquefied petroleum gas (LPG).

Alba field condensate and natural gas sales (exclusive of Alba Plant, LLC and methanol operations) accounted for $93.4 million, or 66 percent, of the operating income from West Africa. Second quarter 2007 condensate and natural gas sales volumes averaged 38,119 Boepd compared to 21,622 Boepd last year.

2

The average realized price for condensate during the second quarter was $69.23 per Bbl compared to $68.76 per Bbl for the same period last year.

Alba Plant, LLC reported $38.0 million of income from liquefied petroleum gas and condensate sales, net to Noble Energy’s interest, compared to $23.9 million during the second quarter 2006. Net Alba Plant, LLC LPG and condensate sales volumes totaled 9,096 Bpd compared to 7,439 Bpd for the same period last year. The increase in sales volumes is attributed to increased liftings of LPG’s and condensate. The average Alba Plant, LLC realized price during the second quarter was $50.60 per Bbl compared to $46.68 per Bbl for the same period last year.

Income from methanol operations decreased slightly to $11.0 million, net to Noble Energy’s interest, compared to $11.6 million during the second quarter 2006. The company’s share of methanol sales volumes was 33.6 million gallons (Gal) compared to last year’s 32.4 million Gal. Second quarter realized methanol prices were 87 cents per Gal compared to 84 cents per Gal for the second quarter 2006.

North Sea

In the North Sea, operating income for the second quarter 2007 was $27.4 million compared to $17.9 million the previous year, resulting primarily from crude sales from the Dumbarton field in the UK, which commenced production in late January 2007. In the second quarter 2007, Dumbarton production averaged 7,200 Bopd.

Israel

Second quarter 2007 operating income was $17.5 million compared to $13.3 million for the same period in 2006. Natural gas production, net to Noble Energy, averaged 97.5 MMcfpd for the second quarter 2007, a 29 percent increase compared to 75.3 MMcfpd the previous year. The increased natural gas volumes reflect increased natural gas demand and a full quarter of sales to Israeli Electric Corporation’s Reading power plant in Tel Aviv, which came online late in the second quarter 2006. Sales prices averaged $2.70 per Mcf for the second quarter 2007 as compared to $2.66 per Mcf for the prior year period.

Other International

Argentina, China, Ecuador and Suriname combined recorded second quarter 2007 operating income of $15.2 million compared to $22.4 million for second quarter last year. In China, second quarter operating income was $13.2 million. Net oil production in China averaged 4,154 Bopd for the second quarter. In Argentina, second quarter operating income was $3.5 million, and net production averaged 3,014 Boepd. The Machala power plant reported operating income of $1.7 million for the second quarter. For the quarter, 188,675 megawatt-hours were sold at an average price of 7.4 cents per kilowatt-hour.

Capital Expenditure Update

Noble Energy expects 2007 capital expenditures to be approximately $1.6 billion, compared to the $1.42 billion announced in February of this year. The increases are primarily related to the acquisition and development of property acquired in the Piceance Basin, acquisition of additional acreage in the Niobrara and New Albany Shale, and increases in our Deepwater Gulf of Mexico and West Africa programs. The increase in deepwater is primarily associated with the recent Isabela discovery. Capital additions in West Africa are due to the addition of a drilling rig which is now operating in Cameroon.

Noble Energy is one of the nation’s leading independent energy companies and operates throughout major basins in the United States including Colorado’s Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas Panhandle, the San Juan Basin in New Mexico, the Gulf Coast and the deepwater Gulf of Mexico. In addition, Noble Energy operates internationally in Argentina, China, Ecuador, the Mediterranean Sea (Israel), the North Sea (UK, the Netherlands, and Norway), West Africa (Equatorial Guinea and Cameroon) and Suriname. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. Visit Noble Energy online at www.nobleenergyinc.com.

3

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. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves. We may use certain terms in this press release, such as “resources,” “estimated resource range,” “resource potential” and “potential resources,” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from Noble Energy’s offices or website, www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

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4

Schedule 1
Noble Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Revenues
Oil and gas sales	$	726,918		$	714,860		$	1,393,960		$	1,361,112
Income from equity method investments		48,970			35,441			94,533			75,091
Other revenues		18,325			22,279			48,265			48,374
Total Revenues		794,213			772,580			1,536,758			1,484,577
Costs and Expenses
Lease operating costs		82,563			79,186			161,438			161,379
Production and ad valorem taxes		28,748			27,513			53,915			52,966
Transportation costs		16,052			8,871			27,086			13,932
Exploration costs		53,761			29,400			99,002			61,423
Depreciation, depletion and amortization		181,227			168,648			345,187			293,113
General and administrative		47,761			37,661			92,850			73,059
Accretion of discount on asset retirement obligations		2,041			2,662			4,428			5,979
Interest, net of amount capitalized		30,986			33,918			57,858			67,086
Loss (gain) on derivative instruments		(1,066	)		401,197			(2,071	)		396,039
Loss on involuntary conversion		38,291			—			51,406			—
Other expense, net		20,748			28,389			48,706			55,112
Total Costs and Expenses		501,112			817,445			939,805			1,180,088
Income (Loss) Before Taxes		293,101			(44,865	)		596,953			304,489
Income Tax Provision (Benefit)		83,996			(14,160	)		176,036			109,107
Net Income (Loss)	$	209,105		$	(30,705	)	$	420,917		$	195,382
Earnings (Loss) Per Share
Basic	$	1.22		$	(0.17	)	$	2.46		$	1.11
Diluted	$	1.21		$	(0.17	)	$	2.43		$	1.08
Weighted average number of shares outstanding
Basic		170,900			177,160			170,873			176,651
Diluted		173,083			177,160			173,064			180,460

Schedule 2
Noble Energy, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, Except Share Amounts)

	(Unaudited)
	June 30,			December 31,
	2007			2006
ASSETS
Current Assets
Cash and cash equivalents	$	301,750		$	153,408
Accounts receivable — trade, net		603,094			586,882
Deferred income taxes		50,912			101,233
Probable insurance claims		30,620			99,835
Other current assets		141,431			127,188
Total current assets		1,127,807			1,068,546
Property, plant and equipment
Oil and gas properties (successful efforts method of accounting)		9,539,419			8,867,639
Other property, plant and equipment		90,534			79,646
		9,629,953			8,947,285
Accumulated depreciation, depletion and amortization		(2,110,142	)		(1,776,528	)
Total property, plant and equipment, net		7,519,811			7,170,757
Other noncurrent assets		574,321			568,032
Goodwill		767,121			781,290
Total Assets	$	9,989,060		$	9,588,625
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable — trade	$	548,147		$	518,609
Derivative instruments		328,418			254,625
Income taxes		36,616			107,136
Short-term borrowings		40,000			—
Asset retirement obligations		44,189			68,500
Other current liabilities		166,581			235,392
Total current liabilities		1,163,951			1,184,262
Deferred income taxes		1,771,059			1,758,452
Asset retirement obligations		111,471			127,689
Derivative instruments		223,854			328,875
Other noncurrent liabilities		342,048			274,720
Long-term debt		1,990,949			1,800,810
Total Liabilities		5,603,332			5,474,808
Commitments and Contingencies
Shareholders’ Equity
Preferred stock — par value $1.00; 4,000,000 shares authorized, none issued		—			—
Common stock — par value $3.33 1/3; 250,000,000 shares authorized; 190,244,402 and 188,808,087 shares issued, respectively		634,151			629,360
Capital in excess of par value		2,074,136			2,041,048
Accumulated other comprehensive loss		(192,196	)		(140,509	)
Treasury stock, at cost: 18,580,865 and 16,574,384 shares, respectively		(612,976	)		(511,443	)
Retained earnings		2,482,613			2,095,361
Total Shareholders’ Equity		4,385,728			4,113,817
Total Liabilities and Shareholders’ Equity	$	9,989,060		$	9,588,625

Schedule 3
Noble Energy, Inc. and Subsidiaries
Discretionary Cash Flow and Reconciliation to Operating Cash Flow
(In Thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income	$	209,105		$	(30,705	)	$	420,917		$	195,382
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		181,227			168,648			345,187			293,113
Depreciation, depletion and amortization — electricity generation		3,441			3,916			6,913			8,067
Exploration costs		53,761			29,400			99,002			61,423
Interest capitalized		(2,652	)		(802	)		(6,301	)		(2,256	)
Income from equity method investees		(48,970	)		(35,441	)		(94,533	)		(75,091	)
Distributions and dividends from equity method investees		44,251			39,497			96,944			95,520
Deferred compensation expense		3,017			5,563			14,666			14,740
Deferred income taxes		55,796			(8,402	)		103,516			47,059
Accretion of discount on asset retirement obligations		2,041			2,662			4,428			5,979
Allowance for doubtful accounts		2,801			3,908			7,483			3,615
Stock-based compensation expense		6,631			3,169			12,078			6,323
(Gain) loss on derivative instruments[1]		(40,655	)		417,103			(92,690	)		447,789
Other, net		3,425			6,964			3,919			7,838
Discretionary Cash Flow [2]		473,219			605,480			921,529			1,109,501
Reconciliation to Operating Cash Flows:
Net changes in working capital		(78,673	)		(139,688	)		(82,763	)		(56,010	)
Cash exploration costs		(43,133	)		(21,764	)		(68,139	)		(36,318	)
Capitalized interest		2,652			802			6,301			2,256
Distributions from equity method investees		—			(30,497	)		—			(77,520	)
Gain on disposal of assets		(913	)		(11,015	)		(6,065	)		(11,015	)
Other adjustments to reconcile discretionary cash flow to operating cash flows		(2,601	)		3,413			2,008			3,346
Net Cash Provided by Operating Activities	$	350,551		$	406,731		$	772,871		$	934,240

[1]

Includes $39,589 and $90,618 related to hedge contracts that were re-designated at the time of the Gulf of Mexico Shelf Asset Sale and settled during the three and six months ended June 30, 2007. See Schedule 8 — PreTax Cash Flow Hedges Earnings Impact.

[2]

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.

Schedule 4
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)

Three Months Ended 6/30/07

				North			West			North					Other			Corporate
	Consolidated			America			Africa			Sea		Israel			Int’l [1]			& Other [2]
Revenues
Oil sales	$	421,811		$	210,544		$	118,437		$	59,868	$	—		$	32,962		$	—
Gas sales		305,107			275,772			3,094	[3]		2,301		23,936			4			—
Equity investee liquids sales		—			—			41,884			—		—			—			(41,884	)
Equity investee methanol sales		—			—			29,059			—		—			—			(29,059	)
Gathering, marketing and processing		4,420			—			—			—		—			—			4,420
Electricity sales		13,905			—			—			—		—			13,905			—
Income from equity method investees		48,970			—			—			—		—			—			48,970
Total Revenues		794,213			486,316			192,474			62,169		23,936			46,871			(17,553	)
Costs and expenses
Oil and gas operating costs		76,469			50,808			10,840			7,197		2,145			5,292			187
Workover and repair expense		6,094			6,038	[7]		—			—		—			56			—
Production and ad valorem taxes		28,748			24,077			—			—		—			4,548			123
Transportation		16,052			13,978			—			1,758		—			316			—
Oil and gas exploration		53,761			26,717			11,511			9,239		210			2,473			3,611
Gathering, marketing and processing		3,977			—			—			—		—			—			3,977
Equity investee liquids expense		—			—			3,916			—		—			—			(3,916	)
Equity investee methanol expense		—			—			18,057			—		—			—			(18,057	)
Electricity generation		12,169			—			—			—		—			12,169			—
DD&A		181,227			146,466			6,773			15,453		4,122			6,156			2,257
Impairment of operating assets		—			—			—			—		—			—			—
General and administrative		47,761			16,931			985			520		35			109			29,181
Accretion expense		2,041			1,523			26			337		113			42			—
Interest expense, net		30,986			—			—			—		—			—			30,986
Deferred compensation		3,017			—			—			—		—			—			3,017
(Gain) loss on derivative instruments		(1,066	)		(1,066	)		—			—		—			—			—
Loss on involuntary conversion		38,291			38,291			—			—		—			—			—
(Gain) loss on sale of assets		(913	)		(914	)		—			—		(1	)		(4	)		6
Other expense (income), net		2,498			3,483			(1,990	)		305		(181	)		563			318
Total Costs and Expenses		501,112			326,332			50,118			34,809		6,443			31,720			51,690
Operating Income (Loss)	$	293,101		$	159,984		$	142,356		$	27,360	$	17,493		$	15,151		$	(69,243	)
Key Statistics
Sales Volumes
Liquids (Bopd)		80,731			45,068			18,799			9,692		—			7,172			—
Natural Gas (Mcfpd)		658,136			417,779			115,922	[3]		5,254		97,487			21,694	[6]		—
Equity Investee Liquids (Bpd)		9,096			—			9,096	[4]		—		—			—			—
Equity Investee Methanol (Kgal)		33,559			—			33,559			—		—			—			—
Production Volumes
Liquids (Bopd)		79,027			45,068			16,054			10,744		—			7,161			—
Natural Gas (Mcfpd)		658,136			417,779			115,922			5,254		97,487			21,694			—
Equity Investee Liquids (Bpd)		8,500			—			8,500	[5]		—		—			—			—
Total Production Boepd[8]		197,217			114,698			43,874			11,620		16,248			10,777			—
Average Realized Price
Liquids	$	57.42		$	51.34		$	69.23		$	67.88	$	—		$	50.51		$	—
Natural Gas		5.27			7.25			0.29			4.81		2.70			1.00			—
Equity Investee Liquids		50.60			—			50.60			—		—			—			—
Equity Investee Methanol		0.87			—			0.87			—		—			—			—

[1]	Other international includes operations in Argentina, China, Ecuador and Suriname.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. The price on an Mcf basis has been adjusted to reflect Btu content. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 2,087 Bpd and 7,009 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,956 Bpd and 6,544 Bpd, respectively.
[6]	Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Since the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes.
[7]	Hurricane related repair expense was de minimus for second quarter 2007.
[8]	Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 5
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)

Three Months Ended 6/30/06

				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int’l [1]			& Other [2]
Revenues
Oil sales	$	407,209		$	250,764		$	95,930		$	20,900		$	—		$	39,615		$	—
Gas sales		307,651			282,526			1,403	[3]		5,454			18,231			37			—
Equity investee liquids sales		—			—			31,600			—			—			—			(31,600	)
Equity investee methanol sales		—			—			27,328			—			—			—			(27,328	)
Gathering, marketing and processing		6,760			—			—			—			—			—			6,760
Electricity sales		15,519			—			—			—			—			15,519			—
Income from equity method investments		35,441			—			—			—			—			—			35,441
Total Revenues		772,580			533,290			156,261			26,354			18,231			55,171			(16,727	)
Costs and expenses
Oil and gas operating costs		66,517			50,406			7,903			2,310			2,132			3,648			118
Workover and repair expense		12,669			12,653	[7]		—			—			—			16			—
Production and ad valorem taxes		27,513			21,660			—			—			—			5,735			118
Transportation		8,871			7,289			—			1,398			—			184			—
Oil and gas exploration		29,400			18,774			2,313			3,412			29			2,422			2,450
Gathering, marketing and processing		5,968			—			—			—			—			—			5,968
Equity investee liquids expense		—			—			7,725			—			—			—			(7,725	)
Equity investee methanol expense		—			—			15,762			—			—			—			(15,762	)
Electricity generation		14,598			—			—			—			—			14,598			—
DD&A		168,648			151,331			4,206			1,456			3,053			6,926			1,676
Impairment of operating assets		6,359			6,359			—			—			—			—			—
General and administrative		37,661			14,755			—			679			28			(768	)		22,967
Accretion expense		2,662			2,188			26			287			107			54			—
Interest expense, net		33,918			—			—			—			—			—			33,918
Deferred compensation		5,563			—			—			—			—			—			5,563
Loss (gain) on derivative instruments		401,197			401,197			—			—			—			—			—
Loss on involuntary conversion		—			—			—			—			—			—			—
(Gain) loss on sale of assets		(10,917	)		(9,052	)		—			(1,930	)		—			(15	)		80
Other expense (income), net		6,818			7,866			(65	)		861			(456	)		(23	)		(1,365	)
Total Costs and Expenses		817,445			685,426			37,870			8,473			4,893			32,777			48,006
Operating Income (Loss)	$	(44,865	)	$	(152,136	)	$	118,391		$	17,881		$	13,338		$	22,394		$	(64,733	)
Key Statistics
Sales Volumes
Liquids (Bopd)		78,414			51,983			15,332			3,322			—			7,777			—
Natural Gas (Mcfpd)		636,936			493,268			37,741	[3]		8,342			75,317			22,268	[6]		—
Equity Investee Liquids (Bpd)		7,439			—			7,439	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		32,355			—			32,355			—			—			—			—
Production Volumes
Liquids (Bopd)		81,040			51,983			18,046			3,811			—			7,200			—
Natural Gas (Mcfpd)		636,936			493,268			37,741			8,342			75,317			22,268			—
Equity Investee Liquids (Bpd)		7,552			—			7,552	[5]		—			—			—			—
Total Production Boepd[8]		194,747			134,194			31,888			5,201			12,553			10,911			—
Average Realized Price
Liquids	$	57.07		$	53.01		$	68.76		$	69.14		$	—		$	55.98		$	—
Natural Gas		5.50			6.29			0.41			7.19			2.66			1.15			—
Equity Investee Liquids		46.68			—			46.68			—			—			—			—
Equity Investee Methanol		0.84			—			0.84			—			—			—			—

[1]	Other international includes operations in Argentina, China, Ecuador and Suriname.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. The price on an Mcf basis has been adjusted to reflect Btu content. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 2,221 Bpd and 5,218 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,792 Bpd and 5,760 Bpd, respectively.
[6]	Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Since the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes.
[7]	Hurricane related repair expense was $6.6 million for second quarter 2006.
[8]	Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 6
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)

Six Months Ended 6/30/07

				North			West			North					Other			Corporate
	Consolidated			America			Africa			Sea		Israel			Int’l [1]			& Other [2]
Revenues
Oil sales	$	754,957		$	400,945		$	180,378		$	111,142	$	—		$	62,492		$	—
Gas sales		639,003			578,607			4,890	[3]		6,188		49,311			7			—
Equity investee liquids sales		—			—			69,980			—		—			—			(69,980	)
Equity investee methanol sales		—			—			77,350			—		—			—			(77,350	)
Gathering, marketing and processing		11,136			—			—			—		—			—			11,136
Electricity sales		37,129			—			—			—		—			37,129			—
Income from equity method investments		94,533			—			—			—		—			—			94,533
Total Revenues		1,536,758			979,552			332,598			117,330		49,311			99,628			(41,661	)
Costs and expenses
Oil and gas operating costs		151,389			105,973			17,531			13,257		4,281			10,012			335
Workover and repair expense		10,049			9,867	[7]		—			—		—			182			—
Production and ad valorem taxes		53,915			44,544			—			—		—			9,086			285
Transportation		27,086			21,776			—			4,232		—			1,078			—
Oil and gas exploration		99,002			49,882			28,279			10,794		388			3,315			6,344
Gathering, marketing and processing		8,993			—			—			—		—			—			8,993
Equity investee liquids expense		—			—			11,202			—		—			—			(11,202	)
Equity investee methanol expense		—			—			41,595			—		—			—			(41,595	)
Electricity generation		28,262			—			—			—		—			28,262			—
DD&A		345,187			284,287			10,015			27,108		7,833			12,018			3,926
Impairment of operating assets		—			—			—			—		—			—			—
General and administrative		92,850			33,623			1,546			1,710		49			642			55,280
Accretion expense		4,428			3,394			52			673		225			84			—
Interest expense, net		57,858			—			—			—		—			—			57,858
Deferred compensation		14,666			—			—			—		—			—			14,666
(Gain) loss on derivative instruments		(2,071	)		(2,071	)		—			—		—			—			—
Loss on involuntary conversion		51,406			51,406			—			—		—			—			—
(Gain) loss on sale of assets		(6,066	)		(6,141	)		—			—		73			(4	)		6
Other expense (income), net		2,851			5,520			(3,424	)		35		(713	)		876			557
Total Costs and Expenses		939,805			602,060			106,796			57,809		12,136			65,551			95,453
Operating Income (Loss)	$	596,953		$	377,492		$	225,802		$	59,521	$	37,175		$	34,077		$	(137,114	)
Key Statistics
Sales Volumes
Liquids (Bopd)		77,597			45,321			15,536			9,528		—			7,212			—
Natural Gas (Mcfpd)		631,297			413,053			85,773	[3]		6,207		100,285			25,979	[6]		—
Equity Investee Liquids (Bpd)		8,061			—			8,061	[4]		—		—			—			—
Equity Investee Methanol (Kgal)		73,251			—			73,251-			—		—			—
Production Volumes
Liquids (Bopd)		78,764			45,321			16,152			10,038		—			7,253			—
Natural Gas (Mcfpd)		631,297			413,053			85,773			6,207		100,285			25,979			—
Equity Investee Liquids (Bpd)		8,357			—			8,357	[5]		—		—			—			—
Total Production Boepd[8]		192,338			114,163			38,805			11,073		16,714			11,583			—
Average Realized Price
Liquids	$	53.75		$	48.88		$	64.15		$	64.45	$	—		$	47.87		$	—
Natural Gas		5.83			7.74			0.31			5.51		2.72			1.00			—
Equity Investee Liquids		47.96			—			47.96			—		—			—			—
Equity Investee Methanol		1.06			—			1.06			—		—			—			—

[1]	Other international includes operations in Argentina, China, Ecuador and Suriname.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. The price on an Mcf basis has been adjusted to reflect Btu content. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,962 Bpd and 6,099 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,937 Bpd and 6,420 Bpd, respectively.
[6]	Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Since the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes.
[7]	Includes $0.6 million of Hurricane related repair expense.
[8]	Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 7
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)

Six Months Ended 6/30/06

				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int’l [1]			& Other [2]
Revenues
Oil sales	$	734,284		$	392,084		$	218,236		$	49,079		$	—		$	74,885		$	—
Gas sales		626,828			572,062			3,136	[3]		13,562			37,990			78			—
Equity investee liquids sales		—			—			64,556			—			—			—			(64,556	)
Equity investee methanol sales		—			—			55,313			—			—			—			(55,313	)
Gathering, marketing and processing		14,943			—			—			—			—			—			14,943
Electricity sales		33,431			—			—			—			—			33,431			—
Income from equity method investments		75,091			—			—			—			—			—			75,091
Total Revenues		1,484,577			964,146			341,241			62,641			37,990			108,394			(29,835	)
Costs and expenses
Oil and gas operating costs		129,119			96,604			15,450			4,643			4,255			7,806			361
Workover and repair expense		32,260			32,175	[7]		—			—			—			85			—
Production and ad valorem taxes		52,966			43,737			—			—			—			8,968			261
Transportation		13,932			10,664			—			2,891			—			377			—
Oil and gas exploration		61,423			39,115			4,634			7,884			61			4,783			4,946
Gathering, marketing and processing		11,470			—			—			—			—			—			11,470
Equity investee liquids expense		—			—			13,578			—			—			—			(13,578	)
Equity investee methanol expense		—			—			31,200			—			—			—			(31,200	)
Electricity generation		25,224			—			—			—			—			25,224			—
DD&A		293,113			256,023			10,321			3,330			6,252			13,524			3,663
Impairment of operating assets		6,359			6,359			—			—			—			—			—
General and administrative		73,059			28,076			1			1,306			39			982			42,655
Accretion expense		5,979			5,023			52			578			213			113			—
Interest expense, net		67,086			—			—			—			—			—			67,086
Deferred compensation		14,739			—			—			—			—			—			14,739
(Gain) loss on derivative instruments		396,039			396,039			—			—			—			—			—
Loss on involuntary conversion		—			—			—			—			—			—			—
(Gain) loss on sale of assets		(11,015	)		(9,126	)		—			(1,930	)		—			15			26
Other expense (income), net		8,335			10,234			(278	)		395			(896	)		1,127			(2,247	)
Total Costs and Expenses		1,180,088			914,923			74,958			19,097			9,924			63,004			98,182
Operating Income (Loss)	$	304,489		$	49,223		$	266,283		$	43,544		$	28,066		$	45,390		$	(128,017	)
Key Statistics
Sales Volumes
Liquids (Bopd)		75,475			44,634			19,267			3,786			—			7,788			—
Natural Gas (Mcfpd)		635,942			477,993			46,130	[3]		8,413			78,916			24,490	[6]		—
Equity Investee Liquids (Bpd)		7,780			—			7,780	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		66,464			—			66,464			—			—			—			—
Production Volumes
Liquids (Bopd)		73,949			44,634			18,027			3,993			—			7,295			—
Natural Gas (Mcfpd)		635,942			477,993			46,130			8,413			78,916			24,490			—
Equity Investee Liquids (Bpd)		7,253			—			7,253	[5]		—			—			—			—
Total Production Boepd[8]		187,193			124,300			32,968			5,395			13,153			11,377			—
Average Realized Price
Liquids	$	53.75		$	48.53		$	62.58		$	71.62		$	—		$	53.12		$	—
Natural Gas		5.66			6.61			0.38			8.91			2.66			1.12			—
Equity Investee Liquids		45.85			—			45.85			—			—			—			—
Equity Investee Methanol		0.83			—			0.83			—			—			—			—

[1]	Other international includes operations in Argentina, China, Ecuador and Suriname.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. The price on an Mcf basis has been adjusted to reflect Btu content. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,649 Bpd and 6,131 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,682 Bpd and 5,571 Bpd, respectively.
[6]	Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Since the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes.
[7]	Includes $21.4 million of Hurricane related repair expense.
[8]	Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 8
Noble Energy, Inc.
Pretax Cash Flow Hedges Earnings Impact
(Dollars in thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
(Decrease) increase of oil and gas sales:
Cash settlement crude oil contracts	$	(39,959	)	$	(57,186	)	$	(68,062	)	$	(113,301	)
Cash settlement natural gas contracts		(10,344	)		(10,734	)		(18,534	)		(61,936	)
Total cash settlements		(50,303	)		(67,920	)		(86,596	)		(175,237	)
Non-cash impact of loss associated with Gulf of Mexico shelf asset sale		39,589			—			90,618			—
Net increase (decrease) of oil and gas sales		(10,714	)		(67,920	)		4,022			(175,237	)
Gain (loss) on derivative instruments:
Gain (loss) associated with Gulf of Mexico shelf asset sale		—			(398,517	)		—			(398,517	)
Gain (loss) from ineffectiveness and other		1,066			(2,680	)		2,071			2,478
Gain (loss) on derivative instruments		1,066			(401,197	)		2,071			(396,039	)
Pretax earnings increase (decrease)	$	(9,648	)	$	(469,117	)	$	6,093		$	(571,276	)

Impact of Loss Associated with Gulf of Mexico Shelf Asset Sale
(Dollars in thousands)
(Unaudited)

Loss associated with Gulf of Mexico shelf asset sale ( 2Q 2006 )	$	(398,517	)
Redesignated and mark to market contracts settled in 2006		30,651
Redesignated contracts settled in 1st & 2nd Qtr 2007		90,618
Unsettled loss associated with Gulf of Mexico shelf asset sale	$	(277,248	)

Settlement schedule	Crude Oil		Natural Gas		Total
3Q 2007		—		42,404		42,404
4Q 2007		—		49,402		49,402
1Q 2008		5,979		54,529		60,508
2Q 2008		5,835		32,191		38,026
3Q 2008		5,763		34,055		39,818
4Q 2008		5,633		41,457		47,090
Remaining settlements	$	23,210	$	254,038	$	277,248

Schedule 9
Noble Energy, Inc.
Ecuador Power Operations
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Revenues
Power Sales	$	11,751	$	13,467	$	32,770	$	29,216
Capacity Charge		2,154		2,052		4,359		4,215
Total Revenues		13,905		15,519		37,129		33,431
Costs and expenses
Field
Lease Operating		608		725		1,329		1,363
DD&A		2,372		2,733		5,230		5,744
General and administrative		569		551		1,449		1,262
Plant Fuel & Other Operating Costs		6,415		7,334		15,715		10,929
DD&A		1,069		1,182		1,683		2,323
General and administrative		1,136		2,073		2,856		3,603
Total Costs and Expenses		12,169		14,598		28,262		25,224
Operating Income	$	1,736	$	921	$	8,867	$	8,207
Natural Gas Production (Mcfpd)		21,655		21,908		25,940		24,102
Average Natural Gas Price	$	3.73	$	3.76	$	3.75	$	3.76
Power Production — Total MW		188,675		191,005		455,323		420,707
Average Power Price ($/Kwh)	$	0.074	$	0.081	$	0.082	$	0.079

Schedule 10
Income from Equity Method Investees

Methanol Operations
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Revenues
Methanol sales	$	29,059	$	27,328	$	77,350	$	55,313
Other		1,503		3,502		2,791		5,277
Total revenues		30,562		30,830		80,141		60,590
Costs and expenses
Cost of goods sold		11,315		12,696		26,165		23,151
DD&A		2,758		2,340		5,521		4,727
General and administrative		594		501		1,158		1,022
Total costs and expenses		14,667		15,537		32,844		28,900
Income Tax Provision		4,893		3,727		11,542		7,577
Income from Equity Method Investees	$	11,002	$	11,566	$	35,755	$	24,113
Methanol Sales (KGal)		33,559		32,355		73,251		66,464
Average Realized Price ($/Gal)	$	0.87	$	0.84	$	1.06	$	0.83

Alba Plant
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Revenues
LPG Plant Sales	$	41,884		$	31,600		$	69,980		$	64,556
Other		210			(65	)		308			647
Total Revenues		42,094			31,535		$	70,288		$	65,203
Costs and expenses
LPG Plant Expenses		5,665			6,022			11,622			10,937
DD&A		1,784			1,638			3,482			3,288
Other		(2,765	)					(2,765	)
Total Costs and Expenses		4,684			7,660			12,339			14,225
Income Tax Benefit		(558	)		—			(829	)		—
Income from Equity Method Investees	$	37,968		$	23,875		$	58,778		$	50,978
LPG Plant Sales (Bpd)		9,096			7,439			8,061			7,780
Average Realized Price ($/Bbl)	$	50.60		$	46.68		$	47.96		$	45.85