Noble Energy (NBL) 8-K Noble Energy Announces Third 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 THIRD QUARTER 2007 RESULTS

HOUSTON(October 31, 2007) — Noble Energy, Inc. (NYSE:NBL) today reported third quarter 2007 net income of $222.7 million, or $1.30 per basic share ($1.28 per share diluted). This compares to adjusted third quarter 2006 net income (non-GAAP measure, see Note 1 below) of $230.0 million or $1.31 per basic share ($1.27 per share diluted) after adjusting for the gain on our Gulf of Mexico Shelf Asset Sale. Reported third quarter 2006 net income was $318.1 million or $1.80 per basic share ($1.75 per share diluted). Discretionary cash flow (non-GAAP measure, see Schedule 3 - Discretionary Cash Flow and Reconciliation to Operating Cash Flow) for the third quarter 2007 was $556.1 million, as compared to $533.5 million for the third quarter 2006. Net cash provided by operating activities during the third quarter 2007 was $547.7 million.

Key accomplishments for the third quarter include:

• Daily equivalent production volume increase of 14 percent versus third quarter 2006

• Successful appraisal well of the Belinda prospect in Block O, offshore Equatorial Guinea

• Oil discovery in the Benita appraisal well in Block I, offshore Equatorial Guinea

• Exploration success at the YoYo prospect in the PH-77 license, offshore Cameroon

• Net sales of 155 million cubic feet per day (MMcfpd) of natural gas to the liquefied natural gas (LNG) plant in Equatorial Guinea

• Continued ramp-up of the Dumbarton field in the North Sea with net production for the quarter averaging approximately 13,400 barrels of oil per day (Bopd)

• Record quarterly net natural gas production in Israel of 131 MMcfpd

Third quarter 2007 results included deferred compensation expense of $8.4 million pretax ($5.3 million after tax). Excluding the effects of deferred compensation, third quarter adjusted net income (a non-GAAP measure, see Note 1 below) would have been $228.0 million, or $1.33 per basic share.

Third quarter 2007 production was 214,486 barrels of oil equivalent per day (Boepd) compared to 187,664 Boepd for the same period last year. Sales volumes during the third quarter 2007 were 213,309 Boepd. Capital expenditures for the quarter totaled $449.1 million.

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Noble Energy has continued to execute its development and exploration programs resulting in another strong quarter both financially and operationally. Our exploration program experienced significant success during the quarter with announcements on the positive appraisal at Belinda and the exciting discovery of an oil column at Benita, both of which are in Equatorial Guinea. In addition, we announced a new gas condensate discovery in Cameroon. We are continuing with our West Africa exploration program now knowing that the three discoveries to-date provide a sound foundation for future growth in the region. In the U.S., we were pleased to be the apparent high bidder on several deepwater blocks at the latest Gulf of Mexico lease sale. Also in the Gulf of Mexico, our deepwater development projects made good progress and remain on schedule for delivering important new production in 2008.”

NORTH AMERICA

North America operations reported pre-tax operating income for the third quarter 2007 of $181.3 million compared to $435.4 million for the third quarter 2006, which included a pretax gain on sale of the Gulf of Mexico Shelf assets of approximately $203.5 million.

North American production volumes were 107,365 Boepd in the third quarter 2007 compared to 119,872 Boepd for the same quarter last year. Liquids and natural gas production volumes were 39,992 Bopd and 404.2 MMcfpd, respectively, for the current quarter compared to 48,193 Bopd and 430.1 MMcfpd for the third quarter of 2006. As compared to the third quarter 2006, a decrease of approximately 4,000 Boepd was due to the sale of our Gulf of Mexico Shelf properties in the third quarter 2006, and a decrease of approximately 8,600 Boepd in the deepwater Gulf of Mexico resulted from a combination of well performance, workovers, storm impacts, and third-party facility restrictions. Decreases of approximately 2,500 Boepd related to natural decline in onshore Gulf Coast properties and 1,350 Boepd from our Main Pass properties were fully offset by an increase of approximately 4,050 Boepd in our remaining North America properties. Third quarter 2007 production was impacted 1,000 Boepd due to third-party processing downtime in the Rocky Mountains.

North America operations benefited from higher realized natural gas prices during the quarter. The average realized natural gas price was $6.77 per thousand cubic feet (Mcf) for the third quarter 2007 compared to $6.41 per Mcf last year. Realized liquids prices decreased slightly to $55.85 per barrel (Bbl) compared to $56.84 per Bbl during the third quarter of 2006. The following table provides a detailed breakdown of the major components impacting our realized natural gas and crude oil prices for the quarter.

	$Per Mcf			$Per Bbl
Natural Gas Market Price		3.93	Crude Oil Market Price		71.49
Cash Flow Hedges Settled		0.15	Cash Flow Hedges Settled		(15.64	)
Gulf of Mexico OCL Addback*		1.14		—
NGL Processing Uplift		1.55		—
Realized Natural Gas Price	$	6.77	Realized Crude Oil Price	$	55.85

* Natural gas prices included a third quarter benefit that was attributable to previously recognized losses for hedge contracts that were re-designated concurrent with the 2006 Gulf of Mexico Shelf Asset Sale (see Schedule 8 — Impact of Loss Associated with Gulf of Mexico Shelf Asset Sale).

INTERNATIONAL OPERATIONS

International operations reported operating income for the third quarter 2007 of $231.3 million compared to $158.9 million in the third quarter last year. Total third quarter 2007 production volumes were 107,121 Boepd compared to 67,792 Boepd for the same quarter last year, an increase of 58 percent. Liquids production volumes were 45,628 barrels per day (Bpd) compared to 36,776 Bpd for the third quarter of 2006. Natural gas production was 369.0 MMcfpd compared to 186.1 MMcfpd in the same quarter last year. Third quarter 2007 international sales were 105,944 Boepd, compared to 63,714 Boepd for the third quarter of 2006.

West Africa

Operating income for the third quarter increased to $112.3 million this year compared to $107.2 million last year. Total sales volumes in Equatorial Guinea (exclusive of methanol operations) were 55,813 Boepd, an increase of 90 percent compared to 29,331 Boepd during the third quarter of 2006. Higher sales volumes resulted primarily from increased natural gas sales to the LNG plant of approximately 155 MMcfpd in the quarter.

Alba field condensate and natural gas sales (exclusive of Alba Plant and methanol operations) accounted for $66.9 million, or 60 percent, of the operating income from West Africa. Third quarter 2007 condensate and natural gas sales volumes averaged 48,341 Boepd compared to 20,399 Boepd last year. The average realized price for condensate during the third quarter was $73.25 per Bbl compared to $66.93 per Bbl for the same period last year.

2

Alba Plant reported $30.7 million of income, net to Noble Energy’s interest, compared to $30.5 million during the third quarter 2006. Net Alba Plant LPG and condensate sales volumes totaled 7,472 Bpd compared to 8,932 Bpd for the same period last year. The average Alba Plant realized price during the third quarter was $57.24 per Bbl compared to $48.88 per Bbl for the same period last year.

Income from methanol operations increased to $14.6 million, net to Noble Energy’s interest, compared to $3.3 million during the third quarter 2006. The Company’s share of methanol sales volumes was 43.5 million gallons (Gal) compared to last year’s 18.8 million Gal, which was impacted by compressor repairs following a turnaround and expansion project. Third quarter realized methanol prices were 80 cents per Gal compared to 83 cents per Gal for the third quarter 2006.

North Sea

In the North Sea, operating income for the third quarter 2007 was $77.5 million compared to $15.7 million for the same period last year. The increase was primarily due to increased crude sales from the Dumbarton field in the UK, which commenced production in late January 2007. In the third quarter 2007, Dumbarton production averaged approximately 13,400 Bopd.

Israel

Third quarter 2007 operating income was $28.0 million compared to $24.8 million for the same period in 2006. Natural gas production averaged a record 131.1 MMcfpd for the third quarter 2007 compared to 116.7 MMcfpd the previous year. Increased seasonal demand for natural gas contributed to the production growth. Sales prices averaged $2.95 per Mcf for the third quarter 2007 as compared to $2.84 per Mcf for the prior year period.

Other International

Argentina, China, Ecuador and Suriname combined recorded third quarter 2007 operating income of $13.6 million compared to $11.2 million for third quarter last year. In China, third quarter operating income was $12.1 million. Net oil production in China averaged 3,780 Bopd for the third quarter. In Argentina, operating income was $2.9 million, and net production averaged 2,850 Bopd. The Machala power plant reported operating income of $2.9 million. For the quarter, 223,663 megawatt-hours were sold at an average price of 7.4 cents per kilowatt-hour.

Note 1 — Adjusted net income should not be considered a substitute for net income as reported in accordance with GAAP and is provided for comparison purposes to prior periods and to earnings forecasts prepared by analysts and other third parties. Management believes and certain investors may find that adjusted net income is beneficial in evaluating the Company’s financial performance.

OUTLOOK

Fourth quarter production is expected to range from 193,000 to 197,000 Boepd, which represents an increase of six to eight percent above fourth quarter 2006. The above guidance assumes net natural gas sales to the LNG plant of 50 MMcfpd in the fourth quarter 2007 versus actual sales of 155 MMcfpd in the third quarter, with the decrease a result of fourth quarter downtime for third-party plant repairs. Compared to the third quarter 2007, other international production is expected to be down 2,000 to 5,000 Boepd mostly due to the seasonal decline in natural gas demand in Israel. Production in North America is expected to increase 1,000 to 2,000 Boepd from the third quarter.

For the fourth quarter 2007, costs and expenses are expected to range as follows:

• Exploration expense is expected to range from $45 million to $60 million,

• General and administrative expenses is expected to range from $52 million to $56 million,

• Oil and gas operations expense is expected to range from $78 million to $82 million,

• Depreciation, depletion and amortization is expected to range from $185 million to $190 million.

3

For the year 2007, an effective tax rate is expected on the low end of the original estimated range of 30 to 36 percent. Of the total book taxes planned for 2007, deferred taxes are expected to be between 60 and 65 percent as compared to the previous estimate of 55 to 60 percent.

Capital expenditures for the year are expected to total approximately $1.7 billion.

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 atwww.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. 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					Nine Months Ended
	September 30,					September 30,
	2007		2006			2007			2006
Revenues
Oil and gas sales	$	746,258	$	683,544		$	2,140,218		$	2,044,656
Income from equity method investees		45,371		33,810			139,904			108,901
Other revenues		22,182		23,965			70,447			72,339
Total Revenues		813,811		741,319			2,350,569			2,225,896
Costs and Expenses
Lease operating costs		81,767		76,928			243,205			238,307
Production and ad valorem taxes		26,752		30,697			80,667			83,663
Transportation costs		13,260		4,531			40,346			18,463
Exploration costs		45,794		30,904			144,796			92,327
Depreciation, depletion and amortization		195,266		165,765			540,453			458,878
General and administrative		49,518		40,657			142,368			113,716
Accretion of discount on asset retirement obligations		1,909		2,426			6,337			8,405
Interest, net of amount capitalized		29,247		28,556			87,105			95,642
Loss (gain) on derivative instruments		1,514		(6,315	)		(557	)		389,723
Loss (gain) on sale of assets		1,684		(200,676	)		(4,381	)		(211,691	)
Loss on involuntary conversion		—		—			51,406			—
Other expense, net		23,823		22,880			78,594			89,008
Total Costs and Expenses		470,534		196,353			1,410,339			1,376,441
Income Before Taxes		343,277		544,966			940,230			849,455
Income Tax Provision		120,602		226,902			296,638			336,009
Net Income	$	222,675	$	318,064		$	643,592		$	513,446
Earnings Per Share
Basic	$	1.30	$	1.80		$	3.76		$	2.91
Diluted	$	1.28	$	1.75		$	3.72		$	2.85
Weighted average number of shares outstanding
Basic		171,123		176,218			170,953			176,505
Diluted		173,350		181,077			173,156			180,158

Schedule 2
Noble Energy, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share amounts)

	(Unaudited)
	September 30,			December 31,
	2007			2006
ASSETS
Current Assets
Cash and cash equivalents	$	450,773		$	153,408
Accounts receivable — trade, net		555,850			586,882
Deferred income taxes		64,337			99,835
Probable insurance claims		12,193			101,233
Other current assets		114,857			127,188
Total current assets		1,198,010			1,068,546
Property, plant and equipment
Oil and gas properties (successful efforts method of accounting)		9,924,532			8,867,639
Other property, plant and equipment		93,475			79,646
		10,018,007			8,947,285
Accumulated depreciation, depletion and amortization		(2,292,108	)		(1,776,528	)
Total property, plant and equipment, net		7,725,899			7,170,757
Other noncurrent assets		561,270			568,032
Goodwill		766,249			781,290
Total Assets	$	10,251,428		$	9,588,625
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable — trade	$	588,453		$	518,609
Derivative instruments		372,027			254,625
Income taxes		54,055			107,136
Short-term borrowings		25,000			—
Asset retirement obligations		15,081			68,500
Other current liabilities		176,579			235,392
Total current liabilities		1,231,195			1,184,262
Deferred income taxes		1,882,518			1,758,452
Asset retirement obligations		108,589			127,689
Derivative instruments		127,944			328,875
Other noncurrent liabilities		341,873			274,720
Long-term debt		1,941,018			1,800,810
Total Liabilities		5,633,137			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; 190,462,250 and 188,808,087 shares issued, respectively		634,860			629,360
Capital in excess of par value		2,088,891			2,041,048
Accumulated other comprehensive loss		(177,023	)		(140,509	)
Treasury stock, at cost:18,580,865 and 16,574,384 shares, respectively		(612,976	)		(511,443	)
Retained earnings		2,684,539			2,095,361
Total Shareholders’ Equity		4,618,291			4,113,817
Total Liabilities and Shareholders’ Equity	$	10,251,428		$	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						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Net income	$	222,675		$	318,064		$	643,592		$	513,446
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		195,266			165,765			540,453			458,878
Depreciation, depletion and amortization — electricity generation		3,645			3,775			10,558			11,842
Impairment of operating assets		3,661			—			3,661			6,359
Exploration costs		45,794			30,904			144,796			92,327
Interest capitalized		(3,918	)		(1,174	)		(10,219	)		(3,430	)
Income from equity method investments		(45,371	)		(33,810	)		(139,904	)		(108,901	)
Distributions and dividends from equity method investees		58,487			39,001			155,431			134,521
Deferred compensation adjustment		8,423			933			23,089			15,673
Deferred income taxes		88,621			99,650			192,137			146,709
Accretion of discount on asset retirement obligations		1,909			2,426			6,337			8,405
Allowance for doubtful accounts		3,297			6,949			10,780			10,564
Stock-based compensation expense		7,962			2,997			20,040			9,320
(Gain) loss on derivative instruments[1]		(40,890	)		(17,461	)		(133,580	)		430,328
Gain on sale of Gulf of Mexico shelf assets		—			(88,148	)		—			(88,148	)
Other, net		6,546			3,600			10,465			5,079
Discretionary Cash Flow [2]		556,107			533,471			1,477,636			1,642,972
Reconciliation to Operating Cash Flows:
Net changes in working capital		17,102			66,204			(65,661	)		10,194
Cash exploration costs		(28,888	)		(16,665	)		(97,027	)		(52,983	)
Capitalized interest		3,918			1,174			10,219			3,430
Distributions from equity method investees		(2,100	)		(39,001	)		(2,100	)		(116,521	)
(Gain) Loss on disposal of assets		1,684			(112,528	)		(4,381	)		(123,543	)
Other adjustments to reconcile discretionary cash flow to operating cash flows		(83	)		(26,082	)		1,925			(22,736	)
Net Cash Provided by Operating Activities	$	547,740		$	406,573		$	1,320,611		$	1,340,813

[1]

Includes $42,404 and $133,022 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 nine months ended September 30, 2007. $10,129 is included in the three and nine months ended September 30, 2006. 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 9/30/07

					North				West				North						Other				Corporate
		Consolidated			America				Africa				Sea			Israel			Int'l		[1]		& Other			[2]
Revenues
Oil sales		$	449,898		$	205,477			$	92,704			$	118,101		$	—		$	33,616			$	—
Gas sales			296,360			251,872				5,189		[3]		3,673			35,626			—				—
Equity investee liquids sales			—			—				39,349				—			—			—				(39,349	)
Equity investee methanol sales			—			—				34,744				—			—			—				(34,744	)
Gathering, marketing and processing			5,566			—				—				—			—			—				5,566
Electricity sales			16,616			—				—				—			—			16,616				—
Income from equity method investments			45,371			—				—				—			—			—				45,371
Total Revenues			813,811			457,349				171,986				121,774			35,626			50,232				(23,156	)
Costs and expenses
Oil and gas operating costs			77,283			50,007				7,483				10,697			2,615			6,300				181
Workover and repair expense			4,484			4,460		[8]		—				—			—			24				—
Production and ad valorem taxes			26,752			21,389				—				—			—			5,240				123
Transportation			13,260			10,111				—				2,859			—			290				—
Oil and gas exploration			45,794			21,274				17,903				2,087			689			1,256				2,585
Gathering, marketing and processing			4,100			—				—				—			—			—				4,100
Equity investee liquids expense			—			—				8,627				—			—			—				(8,627	)
Equity investee methanol expense			—			—				20,095				—			—			—				(20,095	)
Electricity generation			13,679			—				—				—			—			13,679				—
DD&A			195,266			143,574				8,716				29,741			5,178			5,845				2,212
Impairment of operating assets			3,661			3,661				—				—			—			—				—
General and administrative			49,518			17,138				906				1,125			6			2,481				27,862
Accretion expense			1,909			1,373				25				336			112			63				—
Interest expense, net			29,247			—				—				—			—			—				29,247
Deferred compensation			8,423			—				—				—			—			—				8,423
Loss on derivative instruments			1,514			1,514				—				—			—			—				—
Loss on involuntary conversion			—			—				—				—			—			—				—
(Gain) loss on sale of assets			1,684			1,945				—				(225	)		(39	)		—				3
Other expense (income), net			(6,040	)		(388	)			(4,042	)			(2,382	)		(892	)		1,497				167
Total Costs and Expenses			470,534			276,058				59,713				44,238			7,669			36,675				46,181
Operating Income (Loss)		$	343,277		$	181,291			$	112,273			$	77,536		$	27,957		$	13,557			$	(69,337	)
Key Statistics
Sales Volumes
Liquids (Bopd)			76,971			39,992				13,757				16,644			—			6,578				—
Natural Gas (Mcfpd)			773,194			404,238				207,501		[3][4]		5,496			131,115			24,844		[7]		—
Equity Investee Liquids (Bpd)			7,472			—				7,472		[5]		—			—			—				—
Equity Investee Methanol (Kgal)			43,541			—				43,541				—			—			—				—
Production Volumes
Liquids (Bopd)			77,671			39,992				15,327				15,722			—			6,630				—
Natural Gas (Mcfpd)			773,194			404,238				207,501				5,496			131,115			24,844				—
Equity Investee Liquids (Bpd)			7,949			—				7,949		[6]		—			—			—				—
Total Production Boepd	[9]		214,486			107,365				57,860				16,638			21,853			10,771				—
Average Realized Price
Liquids		$	63.53		$	55.85			$	73.25			$	77.13		$	—		$	55.55			$	—
Natural Gas			4.30			6.77				0.27				7.26			2.95							—
Equity Investee Liquids			57.24			—				57.24				—			—			—				—
Equity Investee Methanol			0.80			—				0.80				—			—			—				—

[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 in Equatorial Guinea is under contract for $0.25 per MMBtu through 2026 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]	Equatorial Guinea natural gas volumes include 154,637 Mcfpd sold to an LNG plant.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,942 Bpd and 5,530 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[6]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,815 Bpd and 6,134 Bpd, respectively.
[7]	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.
[8]	There was no hurricane related repair expense recorded in the third quarter 2007.
[9]	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 9/30/06

					North				West				North						Other				Corporate
		Consolidated			America				Africa				Sea			Israel			Int'l		[1]		& Other			[2]
Revenues
Oil sales		$	392,699		$	252,019			$	84,048			$	20,869		$	—		$	35,763			$	—
Gas sales			290,845			253,703				1,450		[3]		5,213			30,451			28				—
Equity investee liquids sales			—			—				40,164				—			—			—				(40,164	)
Equity investee methanol sales			—			—				15,654				—			—			—				(15,654	)
Gathering, marketing and processing			7,724			—				—				—			—			—				7,724
Electricity sales			16,241			—				—				—			—			16,241				—
Income from equity method investments			33,810			—				—				—			—			—				33,810
Total Revenues			741,319			505,722				141,316				26,082			30,451			52,032				(14,284	)
Costs and expenses
Oil and gas operating costs			66,431			50,753				6,310				3,355			2,134			3,817				62
Workover and repair expense			10,497			10,453		[7]		—				—			—			44				—
Production and ad valorem taxes			30,697			22,636				—				—			—			7,942				119
Transportation			4,531			3,358				—				952			—			221				—
Oil and gas exploration			30,904			23,366				706				1,395			82			2,900				2,455
Gathering, marketing and processing			4,204			—				—				—			—			—				4,204
Equity investee liquids expense			—			—				9,655				—			—			—				(9,655	)
Equity investee methanol expense			—			—				12,352				—			—			—				(12,352	)
Electricity generation			17,876			—				—				—			—			17,876				—
DD&A			165,765			146,010				5,353				2,603			4,115			5,921				1,763
Impairment of operating assets			—			—				—				—			—			—				—
General and administrative			40,657			16,013				—				774			19			2,000				21,851
Accretion expense			2,426			1,937				26				290			119			54				—
Interest expense, net			28,556			—				—				—			—			—				28,556
Deferred compensation			933			—				—				—			—			—				933
Gain on derivative instruments			(6,315	)		(6,315	)			—				—			—			—				—
Loss on involuntary conversion			—			—				—				—			—			—				—
Gain on sale of assets			(200,676	)		(200,599	)			—				(74	)		—			—				(3	)
Other expense (income), net			(133	)		2,678				(292	)			1,081			(803	)		35				(2,832	)
Total Costs and Expenses			196,353			70,290				34,110				10,376			5,666			40,810				35,101
Operating Income (Loss)		$	544,966		$	435,432			$	107,206			$	15,706		$	24,785		$	11,222			$	(49,385	)
Key Statistics
Sales Volumes
Liquids (Bopd)			71,959			48,193				13,649				3,292			—			6,825				—
Natural Gas (Mcfpd)			616,170			430,072				40,498		[3]		8,553			116,718			20,329		[6]		—
Equity Investee Liquids (Bpd)			8,932			—				8,932		[4]		—			—			—				—
Equity Investee Methanol (Kgal)			18,769			—				18,769				—			—			—				—
Production Volumes
Liquids (Bopd)			76,975			48,193				17,324				3,675			—			7,783				—
Natural Gas (Mcfpd)			616,170			430,072				40,498				8,553			116,718			20,329				—
Equity Investee Liquids (Bpd)			7,994			—				7,994		[5]		—			—			—				—
Total Production Boepd	[8]		187,664			119,872				32,068				5,101			19,453			11,171				—
Average Realized Price
Liquids		$	59.32		$	56.84			$	66.93			$	68.90		$	—		$	56.96			$	—
Natural Gas			5.30			6.41				0.39				6.62			2.84			1.51				—
Equity Investee Liquids			48.88			—				48.88				—			—			—				—
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 in Equatorial Guinea is under contract for $0.25 per MMBTU through 2026 to a methanol plant and an LPG 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 1,975 Bpd and 6,957 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 1,811 Bpd and 6,183 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. Because 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 $4.2 million for third 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)

Nine Months Ended 9/30/07

					North				West				North						Other					Corporate
		Consolidated			America				Africa				Sea			Israel			Int'l			[1]		& Other			[2]
Revenues
Oil sales		$	1,204,854		$	606,421			$	273,082			$	229,243		$	—		$	96,108				$	—
Gas sales			935,364			830,480				10,086		[3]		9,861			84,937								—
Equity investee liquids sales			—			—				109,329				—			—			—					(109,329	)
Equity investee methanol sales			—			—				112,094				—			—			—					(112,094	)
Gathering, marketing and processing			16,702			—						—		—			—			—					16,702
Electricity sales			53,745			—						—		—			—			53,745					—
Income from equity method investments			139,904			—						—		—			—			—					139,904
Total Revenues			2,350,569			1,436,901				504,591				239,104			84,937			149,853					(64,817	)
Costs and expenses
Oil and gas operating costs			228,672			155,980				25,014				23,954			6,896			16,312					516
Workover and repair expense			14,533			14,327		[8]				—		—			—			206					—
Production and ad valorem taxes			80,667			65,933						—		—			—			14,326					408
Transportation			40,346			31,887						—		7,091			—			1,368					—
Oil and gas exploration			144,796			71,156				46,182				12,881			1,077			4,571					8,929
Gathering, marketing and processing			13,093			—						—		—			—			—					13,093
Equity investee liquids expense			—			—				19,829				—			—			—					(19,829	)
Equity investee methanol expense			—			—				61,690				—			—			—					(61,690	)
Electricity generation			41,941			—						—		—			—			41,941					—
DD&A			540,453			427,861				18,731				56,849			13,011			17,863					6,138
Impairment of operating assets			3,661			3,661						—		—			—			—					—
General and administrative			142,368			50,761				2,452				2,835			55			3,123					83,142
Accretion expense			6,337			4,767				77				1,009			337			147					—
Interest expense, net			87,105			—						—		—			—			—					87,105
Deferred compensation			23,089			—						—		—			—			—					23,089
Gain on derivative instruments			(557	)		(557	)					—		—			—			—					—
Loss on involuntary conversion			51,406			51,406						—		—			—			—					—
(Gain) loss on sale of assets			(4,381	)		(4,196	)					—		(225	)		34			(4	)				10
Other expense (income), net			(3,190	)		5,131				(7,466	)			(2,347	)		(1,605	)		2,373					724
Total Costs and Expenses			1,410,339			878,117				166,509				102,047			19,805			102,226					141,635
Operating Income (Loss)		$	940,230		$	558,784			$	338,082			$	137,057		$	65,132		$	47,627				$	(206,452	)
Key Statistics
Sales Volumes
Liquids (Bopd)			77,385			43,525				14,936				11,926			—			6,998					—
Natural Gas (Mcfpd)			679,116			410,083				126,820		[3][4]		5,967			110,675			25,571			[7]		—
Equity Investee Liquids (Bpd)			7,862			—				7,862		[5]		—			—			—					—
Equity Investee Methanol (Kgal)			116,792			—				116,792				—			—			—					—
Production Volumes
Liquids (Bopd)			78,396			43,525				15,874				11,954			—			7,043					—
Natural Gas (Mcfpd)			679,116			410,083				126,820				5,967			110,675			25,571					—
Equity Investee Liquids (Bpd)			8,220			—				8,220		[6]		—			—			—					—
Total Production Boepd	[9]		199,802			111,872				45,231				12,949			18,446			11,305					—
Average Realized Price
Liquids		$	57.03		$	51.04			$	66.97			$	70.41		$	—		$	50.30				$	—
Natural Gas			5.24			7.42				0.29				6.05			2.81								—
Equity Investee Liquids			50.93			—				50.93				—			—			—					—
Equity Investee Methanol			0.96			—				0.96				—			—			—					—

[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 in Equatorial Guinea is under contract for $0.25 per MMBTU through 2026 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]	Equatorial Guinea natural gas volumes include 72,010 Mcfpd sold to an LNG plant.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,955 Bpd and 5,907 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[6]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,896 Bpd and 6,324 Bpd, respectively.
[7]	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.
[8]	Includes $.6 million of hurricane related repair expense.
[9]	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)

Nine Months Ended 9/30/06

					North				West				North						Other				Corporate
		Consolidated			America				Africa				Sea			Israel			Int'l		[1]		& Other			[2]
Revenues
Oil sales		$	1,126,983		$	644,103			$	302,284			$	69,948		$	—		$	110,648			$	—
Gas sales			917,673			825,765				4,586		[3]		18,775			68,441			106				—
Equity investee liquids sales			—			—				104,720				—			—			—				(104,720	)
Equity investee methanol sales			—			—				70,967				—			—			—				(70,967	)
Gathering, marketing and processing			22,667			—						—		—			—			—				22,667
Electricity sales			49,672			—						—		—			—			49,672				—
Income from equity method investments			108,901			—						—		—			—			—				108,901
Total Revenues			2,225,896			1,469,868				482,557				88,723			68,441			160,426				(44,119	)
Costs and expenses
Oil and gas operating costs			195,550			147,357				21,760				7,998			6,389			11,623				423
Workover and repair expense			42,757			42,628		[7]				—		—			—			129				—
Production and ad valorem taxes			83,663			66,373						—		—			—			16,910				380
Transportation			18,463			14,022						—		3,843			—			598				—
Oil and gas exploration			92,327			62,481				5,339				9,279			143			7,684				7,401
Gathering, marketing and processing			15,674			—						—		—			—			—				15,674
Equity investee liquids expense			—			—				23,233				—			—			—				(23,233	)
Equity investee methanol expense			—			—				43,552				—			—			—				(43,552	)
Electricity generation			43,099			—						—		—			—			43,099				—
DD&A			458,878			402,033				15,674				5,933			10,367			19,445				5,426
Impairment of operating assets			6,359			6,359						—		—			—			—				—
General and administrative			113,716			44,089				1				2,080			58			2,982				64,506
Accretion expense			8,405			6,960				78				868			332			167				—
Interest expense, net			95,642			—						—		—			—			—				95,642
Deferred compensation			15,673			—						—		—			—			—				15,673
Loss on derivative instruments			389,723			389,723						—		—			—			—				—
Loss on involuntary conversion			—			—						—		—			—			—				—
(Gain) loss on sale of assets			(211,691	)		(209,725	)					—		(2,004	)		—			15				23
Other expense (income), net			8,203			12,912				(570	)			1,476			(1,699	)		1,162				(5,078	)
Total Costs and Expenses			1,376,441			985,212				109,067				29,473			15,590			103,814				133,285
Operating Income (Loss)		$	849,455		$	484,656			$	373,490			$	59,250		$	52,851		$	56,612			$	(177,404	)
Key Statistics
Sales Volumes
Liquids (Bopd)			74,290			45,834				17,374				3,619			—			7,463				—
Natural Gas (Mcfpd)			629,279			461,843				44,232		[3]		8,460			91,656			23,088		[6]		—
Equity Investee Liquids (Bpd)			8,168			—				8,168		[4]		—			—			—				—
Equity Investee Methanol (Kgal)			85,233			—				85,233				—			—			—				—
Production Volumes
Liquids (Bopd)			74,829			45,834				17,790				3,867			—			7,338				—
Natural Gas (Mcfpd)			629,279			461,843				44,232				8,460			91,656			23,088				—
Equity Investee Liquids (Bpd)			7,503			—				7,503		[5]		—			—			—				—
Total Production Boepd	[8]		187,212			122,808				32,665				5,277			15,276			11,186				—
Average Realized Price
Liquids		$	55.57		$	51.48			$	63.73			$	70.79		$	—		$	54.31			$	—
Natural Gas			5.54			6.55				0.38				8.13			2.74			1.20				—
Equity Investee Liquids			46.96			—				46.96				—			—			—				—
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 in Equatorial Guinea is under contract for $0.25 per MMBTU through 2026 to a methanol plant and an LPG 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 1,759 Bpd and 6,409 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 1,726 Bpd and 5,777 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. Because 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 approximately $25.6 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						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
(Decrease) increase of oil and gas sales:
Cash settlement crude oil contracts	$	(60,297	)	$	(46,386	)	$	(128,359	)	$	(159,687	)
Cash settlement natural gas contracts		5,569			(7,541	)		(12,965	)		(69,477	)
Total cash settlements		(54,728	)		(53,927	)		(141,324	)		(229,164	)
Non-cash impact of loss associated with Gulf of Mexico shelf asset sale		42,404			10,129			133,022			10,129
Net decrease of oil and gas sales		(12,324	)		(43,798	)		(8,302	)		(219,035	)
Gain (loss) on derivative instruments:
Loss associated with Gulf of Mexico shelf asset sale		—			—			—			(398,517	)
(Loss) gain from ineffectiveness and other		(1,514	)		6,315			557			8,794
(Loss) gain on derivative instruments		(1,514	)		6,315			557			(389,723	)
Pretax earnings decrease	$	(13,838	)	$	(37,483	)	$	(7,745	)	$	(608,758	)

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 & 3rd Qtr 2007		133,022
Unsettled loss associated with Gulf of Mexico shelf asset sale	$	(234,844	)

Settlement schedule	Crude Oil		Natural Gas		Total
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	$	211,634	$	234,844

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

		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2007		2006			2007		2006
Revenues
Power Sales		$	14,539	$	14,231		$	47,309	$	43,447
Capacity Charge			2,077		2,010			6,436		6,225
Total Revenues			16,616		16,241			53,745		49,672
Costs and expenses
Field Lease Operating			658		756			1,987		2,119
DD&A			2,582		2,593			7,812		8,337
General and administrative			604		595			2,053		1,857
Plant Fuel & Other Operating Costs	[1]		7,536		10,733			23,251		21,661
DD&A			1,069		1,182			2,755		3,505
General and administrative			1,230		2,017			4,083		5,620
Total Costs and Expenses			13,679		17,876			41,941		43,099
Operating Income		$	2,937	$	(1,635	)	$	11,804	$	6,573
Natural Gas Production (Mcfpd)			24,844		20,131			25,571		22,764
Average Natural Gas Price		$	3.74	$	3.76		$	3.75	$	3.76
Power Production — Total MW			223,663		182,806			678,986		603,513
Average Power Price ($/Kwh)		$	0.074	$	0.089		$	0.079	$	0.082

[1] Includes increases in the allowance for doubtful accounts of $3 million and $3 million for third quarter 2007 and 2006, respectively, and $11 million and $4 million for the first nine months of 2007 and 2006, respectively. We increased the allowance to cover potentially uncollectible balances related to our Ecuador power operations. Certain entities purchasing electricity in Ecuador have been slow to pay amounts due us. We are pursuing various strategies to protect our interests including international arbitration and litigation.

Schedule 10
Income from Equity Method Investees
Methanol Operations
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Revenues
Methanol sales	$	34,744	$	15,654	$	112,094	$	70,967
Other		2,083		2,682		4,874		7,959
Total revenues		36,827		18,336		116,968		78,926
Costs and expenses
Cost of goods sold		13,899		11,425		40,064		34,576
DD&A		2,739		2,348		8,260		7,075
General and administrative		648		381		1,806		1,403
Total costs and expenses		17,286		14,154		50,130		43,054
Income Tax Provision		4,892		880		16,434		8,457
Income from Equity Method Investees	$	14,649	$	3,302	$	50,404	$	27,415
Methanol Sales (KGal)		43,541		18,769		116,792		85,233
Average Realized Price ($/Gal)	$	0.80	$	0.83	$	0.96	$	0.83

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2007			2006		2007			2006
Revenues
LPG Plant Sales	$	39,349		$	40,164	$	109,329		$	104,720
Other		189			310		497			957
Total Revenues		39,538			40,474	$	109,826		$	105,677
Costs and expenses
LPG Plant Expenses		7,579			8,285		19,201			19,222
DD&A		1,767			1,645		5,249			4,933
Other		—			—		(2,765	)		—
Total Costs and Expenses		9,346			9,930		21,685			24,155
Income Tax Benefit		(530	)		35		(1,359	)		35
Income from Equity Method Investees	$	30,722		$	30,509	$	89,500		$	81,487
LPG Plant Sales (Bpd)		7,472			8,932		7,862			8,168
Average Realized Price ($/Bbl)	$	57.24		$	48.88	$	50.93		$	46.96