Noble Energy (NBL) 8-K Noble Energy Announces Record Fourth Quarter and Full Year 2007 Results

Exhibit 99.1

NEWS RELEASE

NOBLE ENERGY ANNOUNCES RECORD FOURTH QUARTER
AND FULL YEAR 2007 RESULTS

HOUSTON(February 27, 2008) — Noble Energy, Inc. (NYSE:NBL) today reported its fourth quarter and full year 2007 results.

Fourth quarter 2007 net income was a record $300 million, or $1.73 per share diluted, which compares to fourth quarter 2006 net income of $165 million, or 94 cents per share diluted. Discretionary cash flow (non-GAAP measure, see Schedule 3, Discretionary Cash Flow and Reconciliation to Operating Cash Flow) for the fourth quarter 2007 was $625 million, compared to $487 million for the same period in 2006. Net cash provided by operating activities was $696 million.

Noble Energy reported record full year net income of $944 million, or $5.45 per share diluted. Discretionary cash flow for the year was $2.1 billion and net cash provided by operating activities for 2007 was $2 billion. Capital expenditures for the year totaled $1.74 billion.

Key accomplishments for the fourth quarter 2007 include:

• Daily sales volume increase of eight percent versus fourth quarter 2006

• Record volumes in the Rocky Mountains

• Swordfish sidetrack in the deepwater Gulf of Mexico came online resulting in an increase of the field’s net sales of 27 million cubic feet equivalent per day (Mmcfepd)

• Exploration success at the Yolanda prospect on Block “I” offshore Equatorial Guinea (EG)

• Successful ‘I-4’ well on trend with the Belinda discovery on Block “O” offshore EG

• Reserve replacement of 166 percent

• Agreement reached to divest Argentina assets

“Noble Energy’s record fourth quarter 2007 closed out an outstanding year for the company. The momentum we have generated with our exploration programs continued with two additional successful tests in Equatorial Guinea during the quarter. In total, we drilled six successful exploration and appraisal wells in West Africa during the year with only one dry hole. Our deepwater Gulf of Mexico development projects are now adding incremental sales, which will help maintain this

important producing area in 2008, as we continue with our exploration. The 2007 investment program allowed us to substantially grow our volumes, grow our reserves, carry out what was likely the company’s best exploration year in its history, and at the same time still generate significant free cash flow,” said Noble Energy’s Chairman, President and CEO, Charles D. Davidson.

Total sales volumes for the fourth quarter 2007 averaged 200 thousand barrels of oil equivalent per day (MBoepd) compared to 185 MBoepd for the same period in 2006. For the year, total sales volumes were approximately 199 MBoepd, 13 percent greater than the full year 2006 after adjusting for the Gulf of Mexico shelf assets sold in 2006.

UNITED STATES FOURTH QUARTER OPERATIONS

United States operating income was $222 million, an increase of 42 percent from the fourth quarter 2006. Total United States sales volumes were 109 MBoepd in the fourth quarter 2007, as compared to 116 MBoepd for the same period in 2006. In the deepwater Gulf of Mexico, well performance and third-party facility restrictions lowered volumes by 9 MBoepd from the prior year period. An increase of 6 MBoepd in the Rocky Mountains, attributable to ongoing drilling programs, more than offset a decrease of 4 MBoepd in our remaining domestic properties.

Higher commodity prices versus the prior year period, crude oil up 25 percent and natural gas up 15 percent, more than offset the decline in volumes. The following table provides a detailed breakdown of the major components impacting the fourth quarter 2007 domestic natural gas and crude oil prices.

	$ Per Mcf				$ Per Bbl
Natural Gas Market Price		4.86		Crude Oil Market Price		84.51
Cash Flow Hedges Settled		(0.01	)	Cash Flow Hedges Settled		(24.01	)
Gulf of Mexico OCL Addback*		1.28				—
NGL Processing Uplift		1.65				—
Realized Natural Gas Price	$	7.78		Realized Crude Oil Price	$	60.50

* Natural gas prices included a 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.

United States costs for the quarter were down approximately $17 million from the fourth quarter 2006. Exploration expense was relatively flat despite unsuccessful tests at Robusto and Lost Ark South in the deepwater Gulf of Mexico. Lease operating costs were reduced primarily due to lower processing fees and insurance costs related to deepwater Gulf of Mexico operations, as well as hurricane costs incurred in the fourth quarter 2006.

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INTERNATIONAL FOURTH QUARTER OPERATIONS

International operating income increased 82 percent to a record $300 million for the fourth quarter 2007. Higher commodity prices combined with volume increases in the major international operations, led to the improvement in operating income. Total international sales volumes were 91 MBoepd, up 32 percent from the prior year period. In West Africa, natural gas volumes increased with the startup of sales to the liquefied natural gas (LNG) plant in the second quarter 2007. The LNG plant, which was down for approximately one month in the fourth quarter 2007 for maintenance, is currently operating at full capacity. The volume increase in the North Sea was primarily attributable to Dumbarton, which commenced sales in early 2007. In Israel, continued strength of natural gas demand also contributed to the volume growth.

Equity method investments in unconsolidated subsidiaries generated strong earnings in the quarter, up 133 percent from the fourth quarter 2006. Methanol operations had record prices accompanied by an increase in volumes. Fourth quarter 2006 methanol volumes were impacted by compressor maintenance and repairs. Strong natural gas liquid prices benefited the Alba LPG Plant.

International costs were up $21 million from the fourth quarter 2006. The increase was largely a result of higher operating costs and DD&A related to the start-up of Dumbarton.

PROVED RESERVES

Year-end 2007 estimated reserves were a record 880 million barrels of oil equivalent (MMBoe), up over five percent from year-end 2006. Total proved developed reserves increased 11 percent to 655 MMBoe. Reserve additions from all sources before sales totaled 120 MMBoe, or 166 percent of 2007 volumes.

Reserve additions in the United States totaled 96 MMBoe and were primarily driven by the execution of low-risk development projects in the Wattenberg and Piceance areas and deepwater Gulf of Mexico exploration and development success. International reserve additions totaled 24 MMBoe with the majority contributed from the North Sea due to the sanctioning of phase two of the Dumbarton development and from West Africa.

United States reserves represented 58 percent of total proved reserves, while International reserves comprised the other 42 percent. Liquids, including crude oil, condensate, and natural gas liquids,

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made up approximately 37 percent of total proved reserves, with natural gas being the remaining 63 percent.

Total costs incurred in 2007 for oil and gas activities, including acquisition, exploration and development costs were $1.77 billion. The average worldwide reserve replacement cost is estimated at $14.71 per barrel of oil equivalent (Boe), or $2.45 per thousand cubic feet equivalent (Mcfe). Included in costs incurred was approximately $180 million for West Africa exploration that discovered substantial resources that have not yet been booked as proven.

Netherland, Sewell & Associates, Inc. performed an audit of over 81 percent of Noble Energy’s year-end 2007 total proved reserves and concluded the Company’s estimates of proved reserves, in the aggregate, are reasonable and have been prepared in accordance with generally accepted petroleum engineering and evaluation principles.

CONFERENCE CALL

Noble Energy’s fourth quarter and year-end 2007 conference call will be available today via live audio webcast at 9 a.m. Central Time. To listen, log on to www.nobleenergyinc.com and click on the Investor Relations tab. Dial in numbers are (877) 852-6579 or (719) 325-4802. The pass code is Noble Energy 2007 Fourth Quarter Results. The conference call replay will be available until May 31, 2008. To access the replay, go to www.nobleenergyinc.com and click on the Investor Relations tab. You can also access the replay by dialing (888) 203-1112 or (719) 457-0820. The pin code is 6119428.

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 and Piceance basin, 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 China, Ecuador, the Mediterranean Sea, the North Sea, and West Africa (Equatorial Guinea and Cameroon). Visit Noble Energy online at www.nobleenergyinc.com.

Contacts:

David Larson
(281) 872-3125      dlarson@nobleenergyinc.com

Brad Whitmarsh
(281) 872-3187       bwhitmarsh@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

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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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Schedule 1
Noble Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Revenues
Oil and gas sales	$	825,881		$	656,585		$	2,966,099		$	2,701,241
Income from equity method investees		71,024			30,461			210,928			139,362
Other revenues		24,556			27,140			95,003			99,479
Total Revenues		921,461			714,186			3,272,030			2,940,082
Costs and Expenses
Lease operating costs		79,247			78,780			322,452			317,087
Production and ad valorem taxes		32,880			25,316			113,547			108,979
Transportation costs		11,353			10,079			51,699			28,542
Exploration costs		74,286			75,597			219,082			167,924
Depreciation, depletion and amortization		187,528			163,730			727,981			622,608
General and administrative		64,010			50,825			206,378			164,541
Accretion of discount on asset retirement obligations		1,788			2,392			8,125			10,797
Interest, net of amount capitalized		25,852			21,403			112,957			117,045
(Gain) loss on derivative instruments		(1,963	)		2,664			(2,520	)		392,367
(Gain) loss on sale of assets		(7,473	)		(7,886	)		(11,854	)		(219,577	)
Loss on involuntary conversion		—			—			51,406			—
Other expense, net		26,616			44,525			105,210			133,552
Total Costs and Expenses		494,124			467,425			1,904,463			1,843,865
Income Before Taxes		427,337			246,761			1,367,567			1,096,217
Income Tax Provision		127,059			81,780			423,697			417,789
Net Income	$	300,278		$	164,981		$	943,870		$	678,428
Earnings Per Share
Basic		1.75			0.95			5.52			3.86
Diluted		1.73			0.94			5.45			3.79
Weighted average number of shares outstanding
Basic		171,446			173,339			171,078			175,707
Diluted		173,902			175,711			173,344			179,044

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

	December 31,			December 31,
	2007			2006
ASSETS
Current Assets
Cash and cash equivalents	$	659,863		$	153,408
Accounts receivable — trade, net		594,009			586,882
Deferred income taxes		130,571			99,835
Assets held for sale		82,122			164
Probable insurance claims		2,184			101,233
Other current assets		100,518			127,024
Total current assets		1,569,267			1,068,546
Property, plant and equipment
Oil and gas properties (successful efforts method of accounting)		10,216,484			8,867,639
Other property, plant and equipment		112,339			79,646
		10,328,823			8,947,285
Accumulated depreciation, depletion and amortization		(2,384,359	)		(1,776,528	)
Total property, plant and equipment, net		7,944,464			7,170,757
Other noncurrent assets		556,669			568,032
Goodwill		760,496			781,290
Total Assets	$	10,830,896		$	9,588,625
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable — trade	$	780,915		$	518,609
Derivative instruments		540,217			254,625
Income taxes		51,785			107,136
Short-term borrowings		25,000			—
Asset retirement obligations		13,332			68,500
Other current liabilities		224,494			235,392
Total current liabilities		1,635,743			1,184,262
Deferred income taxes		1,983,833			1,758,452
Asset retirement obligations		130,956			127,689
Derivative instruments		82,803			328,875
Other noncurrent liabilities		337,667			274,720
Long-term debt		1,851,087			1,800,810
Total Liabilities		6,022,089			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; 190,814,309 and 188,808,087 shares issued, respectively		636,046			629,360
Capital in excess of par value		2,105,895			2,041,048
Accumulated other comprehensive loss		(284,185	)		(140,509	)
Treasury stock, at cost:18,580,865 and 16,574,384 shares, respectively		(612,976	)		(511,443	)
Retained earnings		2,964,027			2,095,361
Total Shareholders’ Equity		4,808,807			4,113,817
Total Liabilities and Shareholders’ Equity	$	10,830,896		$	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						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net income	$	300,278		$	164,981		$	943,870		$	678,428
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		187,528			163,730			727,981			622,608
Depreciation, depletion and amortization — electricity generation		3,719			4,479			14,277			16,319
Impairment of operating assets		—			2,166			3,661			8,525
Exploration costs		74,286			75,597			219,082			167,924
Interest capitalized		(6,376	)		(9,085	)		(16,595	)		(12,515	)
Income from equity method investments		(71,024	)		(30,461	)		(210,928	)		(139,362	)
Distributions and dividends from equity method investees		73,303			57,987			228,734			192,508
Deferred compensation adjustment		10,437			5,352			33,526			15,936
Deferred income taxes		99,744			47,551			291,881			194,261
Accretion of discount on asset retirement obligations		1,788			2,392			8,125			10,797
Allowance for doubtful accounts		4,492			6,232			15,272			16,797
Stock-based compensation expense		6,785			2,496			26,825			11,816
Non-cash (gain) loss on derivative instruments[1]		(51,364	)		(15,030	)		(184,944	)		415,298
Gain on sale of Gulf of Mexico shelf assets		—			(4,409	)		—			(92,557	)
Other, net		(8,837	)		12,934			1,628			23,103
Discretionary Cash Flow [2]		624,759			486,912			2,102,395			2,129,886
Reconciliation to Operating Cash Flows:
Net changes in working capital		100,588			(50,800	)		(23,649	)		(48,741	)
Cash exploration costs		(31,845	)		(25,692	)		(128,872	)		(78,676	)
Capitalized interest		6,376			9,085			16,595			12,515
Distributions from equity method investees		—			(38,637	)		(2,100	)		(155,158	)
(Gain) Loss on disposal of assets		(7,473	)		(3,477	)		(11,854	)		(127,020	)
Other adjustments to reconcile discretionary cash flow to operating cash flows		3,557			12,102			64,058			(2,500	)
Net Cash Provided by Operating Activities	$	695,962		$	389,493		$	2,016,573		$	1,730,306

[1]

Includes $49,402 and $182,423 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 twelve months ended December 31, 2007. $17,236 and $27,365 is included in the three and twelve months ended December 31, 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 12/31/07
					United			West				North						Other					Corporate
		Consolidated			States			Africa				Sea			Israel			Int’l			[1]		& Other			[2]
Revenues
Oil sales		$	489,379		$	215,954		$	118,975			$	119,769		$	—		$	34,681				$	—
Gas sales			336,502			299,580			3,845				5,013			28,064			—					—
Equity investee liquids sales			—			—			45,173		[5]		—			—			—					(45,173	)
Equity investee methanol sales			—			—			62,779				—			—			—					(62,779	)
Gathering, marketing and processing			7,385			—			—				—			—			—					7,385
Electricity sales			17,171			—			—				—			—			17,171					—
Income from equity method investments			71,024			—			—				—			—			—					71,024
Total Revenues			921,461			515,534			230,772				124,782			28,064			51,852					(29,543	)
Costs and expenses
Oil and gas operating costs			70,950			34,743			14,208				14,033			816			5,452					1,698
Workover and repair expense			8,297			8,189			—				—			—			70					38
Production and ad valorem taxes			32,880			25,292			—				—			—			7,865					(277	)
Transportation			11,353			7,655			—				3,432			—			266					—
Oil and gas exploration			74,286			63,074			(2,638	)			4,069			341			1,587					7,853
Gathering, marketing and processing			4,446			—			—				—			—			—					4,446
Equity investee liquids expense			—			—			6,623				—			—			—					(6,623	)
Equity investee methanol expense			—			—			30,305				—			—			—					(30,305	)
Electricity generation			14,611			—			—				—			—			14,611					—
DD&A			187,528			146,140			6,584				22,601			4,831			2,848					4,524
Impairment of operating assets			—			—			—				—			—			—					—
General and administrative			64,010			8,439			857				736			1,632			1,764					50,582
Accretion expense			1,788			1,203			32				336			112			105					—
Interest expense, net			25,852			—			—				—			—			—					25,852
Deferred compensation			10,437			—			—				—			—			—					10,437
Gain on derivative instruments			(1,963	)		(1,963	)		—				—			—			—					—
Loss on involuntary conversion			—			—			—				—			—			—					—
Gain on sale of assets			(7,473	)		(4,532	)		—				—			(7	)		(42	)				(2,892	)
Other (income) expense, net			(2,878	)		5,551			(4,567	)			(4,147	)		(551	)		953					(117	)
Total Costs and Expenses			494,124			293,791			51,404				41,060			7,174			35,479					65,216
Operating Income (Loss)		$	427,337		$	221,743		$	179,368			$	83,722		$	20,890		$	16,373				$	(94,759	)
Key Statistics
Sales Volumes
Liquids (Bopd)			74,195			38,795			15,468				14,222			—			5,710					—
Natural Gas (Mcfpd)			712,157			418,531			149,212		[4]		7,029			111,249			26,136			[7]		—
Equity Investee Liquids (Bpd)			7,155			—			7,155		[5]		—			—			—					—
Equity Investee Methanol (Kgal)			43,747			—			43,747				—			—			—					—
Production Volumes
Liquids (Bopd)			74,424			38,795			14,484				15,040			—			6,105					—
Natural Gas (Mcfpd)			712,157			418,531			149,212				7,029			111,249			26,136					—
Equity Investee Liquids (Bpd)			7,403			—			7,403		[6]		—			—			—					—
Total Production (Boepd)	[8]		200,521			108,550			46,756				16,212			18,542			10,461					—
Average Realized Price
Liquids		$	71.69		$	60.50		$	83.60			$	91.54		$	—		$	66.02				$	—
Natural Gas			5.33			7.78			0.28		[3]		7.75			2.74			—					—
Equity Investee Liquids			68.63			—			68.63				—			—			—					—
Equity Investee Methanol			1.44			—			1.44				—			—			—					—

[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 96,130 Mcfpd sold to an LNG plant.
[5]	Equity investee liquids volumes include condensate and natural gas liquids of 1,483 Bpd and 5,672 Bpd, respectively. These volumes are included in West Africa production and equity investee liquids sales revenue.
[6]	Equity investee liquids volumes include condensate and natural gas liquids of 1,753 Bpd and 5,650 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]	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 12/31/06
					United				West				North						Other					Corporate
		Consolidated			States				Africa				Sea			Israel			Int’l			[1]		& Other			[2]
Revenues
Oil sales		$	362,477		$	203,148			$	105,186			$	21,530		$	—		$	32,613				$	—
Gas sales			294,108			263,574				1,626				4,979			23,932			(3	)				—
Equity investee liquids sales			—			—				29,626		[4]		—			—			—					(29,626	)
Equity investee methanol sales			—			—				27,974				—			—			—					(27,974	)
Gathering, marketing and processing			5,209			—				—				—			—			—					5,209
Electricity sales			21,931			—				—				—			—			21,931					—
Income from equity method investments			30,461			—				—				—			—			—					30,461
Total Revenues			714,186			466,722				164,412				26,509			23,932			54,541					(21,930	)
Costs and expenses
Oil and gas operating costs			74,586			57,991				4,797				3,657			2,677			5,170					294
Workover and repair expense			4,194			4,165		[7]		—				—			—			29					—
Production and ad valorem taxes			25,316			19,587				—				—			—			5,703					26
Transportation			10,079			6,706				—				3,167			—			206					—
Oil and gas exploration			75,597			65,605				1,990				1,243			143			3,855					2,761
Gathering, marketing and processing			2,990			—				—				—			—			—					2,990
Equity investee liquids expense			—			—				9,776				—			—			—					(9,776	)
Equity investee methanol expense			—			—				17,364				—			—			—					(17,364	)
Electricity generation			16,395			—				—				—			—			16,395					—
DD&A			163,730			141,398				7,946				2,190			3,580			6,455					2,161
Impairment of operating assets			2,166			2,166				—				—			—			—					—
General and administrative			50,825			7,056				4,655				1,266			53			(864	)				38,659
Accretion expense			2,392			1,901				26				291			120			54					—
Interest expense, net			21,403			—				—				—			—			—					21,403
Deferred compensation			5,352			—				—				—			—			—					5,352
Loss on derivative instruments			2,644			2,644				—				—			—			—					—
Loss on involuntary conversion			—			—				—				—			—			—					—
(Gain) loss on sale of assets			(7,886	)		(7,591	)			—				(393	)		81			(7	)				24
Other expense (income), net			17,642			9,098				(2,429	)			1,535			(1,189	)		5,081					5,546
Total Costs and Expenses			467,425			310,726				44,125				12,956			5,465			42,077					52,076
Operating Income (Loss)		$	246,761		$	155,996			$	120,287			$	13,553		$	18,467		$	12,464				$	(74,006	)
Key Statistics
Sales Volumes
Liquids (Bopd)			76,766			45,692				19,301				4,005			—			7,768					—
Natural Gas (Mcfpd)			604,077			421,649				48,953				7,151			96,567			29,757			[6]		—
Equity Investee Liquids (Bpd)			7,625			—				7,625		[4]		—			—			—					—
Equity Investee Methanol (Kgal)			24,709			—				24,709				—			—			—					—
Production Volumes
Liquids (Bopd)			73,734			45,692				16,385				4,268			—			7,389					—
Natural Gas (Mcfpd)			604,077			421,649				48,953				7,151			96,567			29,757					—
Equity Investee Liquids (Bpd)			7,613			—				7,613		[5]		—			—			—					—
Total Production (Boepd)	[8]		182,028			115,967				32,157				5,460			16,095			12,349					—
Average Realized Price
Liquids		$	51.32		$	48.33			$	59.24			$	58.43		$	—		$	45.64				$	—
Natural Gas			5.56			6.79				0.36		[3]		7.57			2.69			—					—
Equity Investee Liquids			42.23			—				42.23				—			—			—					—
Equity Investee Methanol			1.13			—				1.13				—			—			—					—

[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 liquids volumes include condensate and natural gas liquids of 1,674 Bpd and 5,951 Bpd, respectively. These volumes are included in West Africa production and equity investee liquids sales revenue.
[5]	Equity investee liquids volumes include condensate and natural gas liquids of 1,743 Bpd and 5,870 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 $4.1 million for fourth 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)

		Twelve Months Ended 12/31/07
					United				West				North						Other					Corporate
		Consolidated			States				Africa				Sea			Israel			Int’l			[1]		& Other			[2]
Revenues
Oil sales		$	1,694,233		$	822,375			$	392,057			$	349,012		$	—		$	130,789				$	—
Gas sales			1,271,866			1,130,060				13,931				14,874			113,001			—					—
Equity investee liquids sales			—			—				154,502		[5]		—			—			—					(154,502	)
Equity investee methanol sales			—			—				174,873				—			—			—					(174,873	)
Gathering, marketing and processing			24,087			—				—				—			—			—					24,087
Electricity sales			70,916			—				—				—			—			70,916					—
Income from equity method investments			210,928			—				—				—			—			—					210,928
Total Revenues			3,272,030			1,952,435				735,363				363,886			113,001			201,705					(94,360	)
Costs and expenses
Oil and gas operating costs			299,622			190,723				39,222				37,987			7,712			21,764					2,214
Workover and repair expense			22,830			22,516		[8]		—				—			—			276					38
Production and ad valorem taxes			113,547			91,225				—				—			—			22,191					131
Transportation			51,699			39,542				—				10,523			—			1,634					—
Oil and gas exploration			219,082			134,230				43,544				16,950			1,418			6,158					16,782
Gathering, marketing and processing			17,539			—				—				—			—			—					17,539
Equity investee liquids expense			—			—				26,452				—			—			—					(26,452	)
Equity investee methanol expense			—			—				91,995				—			—			—					(91,995	)
Electricity generation			56,552			—				—				—			—			56,552					—
DD&A			727,981			574,001				25,315				79,450			17,842			20,711					10,662
Impairment of operating assets			3,661			3,661				—				—			—			—					—
General and administrative			206,378			29,921				3,309				3,571			1,687			4,887					163,003
Accretion expense			8,125			5,970				109				1,345			449			252					—
Interest expense, net			112,957			—				—				—			—			—					112,957
Deferred compensation			33,526			—				—				—			—			—					33,526
Gain on derivative instruments			(2,520	)		(2,520	)			—				—			—			—					—
Loss on involuntary conversion			51,406			51,406				—				—			—			—					—
(Gain) loss on sale of assets			(11,854	)		(8,728	)			—				(225	)		27			(46	)				(2,882	)
Other (income) expense, net			(6,068	)		10,682				(12,033	)			(6,494	)		(2,156	)		3,326					607
Total Costs and Expenses			1,904,463			1,142,629				217,913				143,107			26,979			137,705					236,130
Operating Income (Loss)		$	1,367,567		$	809,806			$	517,450			$	220,779		$	86,022		$	64,000				$	(330,490	)
Key Statistics
Sales Volumes
Liquids (Bopd)			76,581			42,332				15,070				12,505			—			6,674					—
Natural Gas (Mcfpd)			687,444			412,212				132,464		[4]		6,235			110,820			25,713			[7]		—
Equity Investee Liquids (Bpd)			7,684			—				7,684		[5]		—			—			—					—
Equity Investee Methanol (Kgal)			160,540			—				160,540				—			—			—					—
Production Volumes
Liquids (Bopd)			77,474			42,332				15,523				12,813			—			6,806					—
Natural Gas (Mcfpd)			687,444			412,212				132,464				6,235			110,820			25,713					—
Equity Investee Liquids (Bpd)			8,014			—				8,014		[6]		—			—			—					—
Total Production (Boepd)	[9]		200,062			111,034				45,614				13,852			18,470			11,092					—
Average Realized Price
Liquids		$	60.61		$	53.22			$	71.27			$	76.47		$	—		$	53.69				$	—
Natural Gas			5.26			7.51				0.29		[3]		6.54			2.79			—					—
Equity Investee Liquids			55.09			—				55.09				—			—			—					—
Equity Investee Methanol			1.09			—				1.09				—			—			—					—

[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 78,090 Mcfpd sold to an LNG plant.
[5]	Equity investee liquids volumes include condensate and natural gas liquids of 1,836 Bpd and 5,848 Bpd, respectively. These volumes are included in West Africa production and equity investee liquids sales revenue.
[6]	Equity investee liquids volumes include condensate and natural gas liquids of 1,860 Bpd and 6,154 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 $0.6 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)

					Twelve Months Ended 12/31/06
					United				West				North						Other				Corporate
		Consolidated			States				Africa				Sea			Israel			Int’l		[1]		& Other			[2]
Revenues
Oil sales		$	1,489,460		$	847,251			$	407,470			$	91,478		$	—		$	143,261			$	—
Gas sales			1,211,781			1,089,339				6,212				23,754			92,373			103				—
Equity investee liquids sales			—			—				134,346		[4]		—			—			—				(134,346	)
Equity investee methanol sales			—			—				98,941				—			—			—				(98,941	)
Gathering, marketing and processing			27,876			—				—				—			—			—				27,876
Electricity sales			71,603			—				—				—			—			71,603				—
Income from equity method investments			139,362			—				—				—			—			—				139,362
Total Revenues			2,940,082			1,936,590				646,969				115,232			92,373			214,967				(66,049	)
Costs and expenses
Oil and gas operating costs			270,136			205,348				26,557				11,655			9,066			16,793				717
Workover and repair expense			46,951			46,793		[7]		—				—			—			158				—
Production and ad valorem taxes			108,979			85,960				—				—			—			22,613				406
Transportation			28,542			20,728				—				7,010			—			804				—
Oil and gas exploration			167,924			128,086				7,329				10,522			286			11,539				10,162
Gathering, marketing and processing			18,664			—				—				—			—			—				18,664
Equity investee liquids expense			—			—				33,009				—			—			—				(33,009	)
Equity investee methanol expense			—			—				60,916				—			—			—				(60,916	)
Electricity generation			59,494			—				—				—			—			59,494				—
DD&A			622,608			543,431				23,620				8,123			13,947			25,900				7,587
Impairment of operating assets			8,525			8,525				—				—			—			—				—
General and administrative			164,541			26,447				4,656				3,346			111			2,118				127,863
Accretion expense			10,797			8,861				104				1,159			452			221				—
Interest expense, net			117,045			—				—				—			—			—				117,045
Deferred compensation			15,936			—				—				—			—			—				15,936
Loss on derivative instruments			392,367			392,367				—				—			—			—				—
Loss on involuntary conversion			—			—				—				—			—			—				—
(Gain) loss on sale of assets			(219,577	)		(217,317	)			—				(2,397	)		81			9				47
Other expense (income), net			30,933			22,011				(2,999	)			3,011			(2,888	)		6,242				5,556
Total Costs and Expenses			1,843,865			1,271,240				153,192				42,429			21,055			145,891				210,058
Operating Income (Loss)		$	1,096,217		$	665,350			$	493,777			$	72,803		$	71,318		$	69,076			$	(276,107	)
Key Statistics
Sales Volumes
Liquids (Bopd)			74,915			45,798				17,860				3,717			—			7,540				—
Natural Gas (Mcfpd)			622,927			451,712				45,422				8,130			92,894			24,769		[6]		—
Equity Investee Liquids (Bpd)			8,032			—				8,032		[4]		—			—			—				—
Equity Investee Methanol (Kgal)			109,942			—				109,942				—			—			—				—
Production Volumes
Liquids (Bopd)			74,603			45,798				17,326				3,988			—			7,491				—
Natural Gas (Mcfpd)			622,927			451,712				45,422				8,130			92,894			24,769				—
Equity Investee Liquids (Bpd)			7,531			—				7,531		[5]		—			—			—				—
Total Production (Boepd)	[8]		185,954			121,083				32,427				5,343			15,482			11,619				—
Average Realized Price
Liquids		$	54.47		$	50.68			$	62.51			$	67.43		$	—		$	52.05			$	—
Natural Gas			5.55			6.61				0.37		[3]		8.00			2.72			0.96				—
Equity Investee Liquids			45.83			—				45.83				—			—			—				—
Equity Investee Methanol			0.90			—				0.90				—			—			—				—

[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 liquids volumes include condensate and natural gas liquids of 1,738 Bpd and 6,294 Bpd, respectively. These volumes are included in West Africa production and equity investee liquids sales revenue.
[5]	Equity investee liquids volumes include condensate and natural gas liquids of 1,730 Bpd and 5,801 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 $29.7 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						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
(Decrease) increase of oil and gas sales:
Cash settlement crude oil contracts	$	(94,998	)	$	(31,042	)	$	(223,347	)	$	(190,730	)
Cash settlement natural gas contracts		(216	)		413			(13,181	)		(69,063	)
Total cash settlements		(95,214	)		(30,629	)		(236,528	)		(259,793	)
Non-cash impact of loss on settled contracts associated with Gulf of Mexico shelf properties sale		49,402			17,236			182,423			27,365
Net decrease of oil and gas sales		(45,812	)		(13,393	)		(54,105	)		(232,428	)
Gain (loss) on derivative instruments:
Loss associated with Gulf of Mexico shelf asset sale		—			—			—			(398,517	)
(Loss) gain from ineffectiveness and other		1,963			(2,644	)		2,520			6,150
(Loss) gain on derivative instruments		1,963			(2,644	)		2,520			(392,367	)
Pretax earnings decrease	$	(43,849	)	$	(16,037	)	$	(51,585	)	$	(624,795	)

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

		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2007		2006		2007		2006
Revenues
Power Sales		$	14,906	$	20,263	$	62,215	$	63,710
Capacity Charge			2,265		1,668		8,701		7,893
Total Revenues			17,171		21,931		70,916		71,603
Costs and expenses
Field
Lease Operating			1,216		902		3,203		3,021
DD&A			2,651		3,280		10,463		11,617
General and administrative			1,139		1,245		3,193		3,102
Plant
Fuel & Other Operating Costs	[1]		7,534		8,728		30,785		30,389
DD&A			1,060		1,188		3,815		4,693
General and administrative			1,010		1,052		5,093		6,672
Total Costs and Expenses			14,610		16,395		56,552		59,494
Operating Income		$	2,561	$	5,536	$	14,364	$	12,109
Natural Gas Production (Mcfpd)			26,136		29,550		25,714		24,474
Average Natural Gas Price		$	3.74	$	3.76	$	3.74	$	3.76
Power Production — Total MW			232,843		262,470		911,830		865,983
Average Power Price ($/Kwh)		$	0.074	$	0.084	$	0.078	$	0.083

[1] Includes increases in the allowance for doubtful accounts of $3.4 million and $1.8 million for fourth quarter 2007 and 2006, respectively, and $14.1 million and $14.9 million for the twelve months ended 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				Twelve Months Ended
	December 31,				December 31,
	2007		2006		2007		2006
Revenues
Methanol sales	$	62,779	$	27,974	$	174,873	$	98,941
Other		2,352		1,865		7,226		9,823
Total revenues		65,131		29,839		182,099		108,764
Costs and expenses
Cost of goods sold		18,970		11,494		59,034		46,070
DD&A		2,847		3,364		11,107		10,439
General and administrative		649		763		2,455		2,167
Total costs and expenses		22,466		15,621		72,596		58,676
Income Tax Provision		10,192		3,607		26,626		12,064
Income from Equity Method Investees	$	32,473	$	10,611	$	82,877	$	38,024
Methanol Sales (KGal)		43,747		24,709		160,540		109,942
Average Realized Price ($/Gal)	$	1.44	$	1.13	$	1.09	$	0.90

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Revenues
LPG Plant Sales	$	45,173		$	29,626		$	154,502		$	134,346
Other		6			(150	)		503			807
Total Revenues		45,179			29,476		$	155,005		$	135,153
Costs and expenses
LPG Plant Expenses		6,799			8,851			26,000			28,072
DD&A		1,539			1,746			6,788			6,679
Other		—			—			—			—
Total Costs and Expenses		8,338			10,597			32,788			34,751
Income Tax Benefit		(1,709	)		(971	)		(5,834	)		(936	)
Income from Equity Method Investees	$	38,550		$	19,850		$	128,051		$	101,338
LPG Plant Sales (Bpd)		7,155			7,625			7,684			8,032
Average Realized Price ($/Bbl)	$	68.63		$	42.23		$	55.09		$	45.83

Schedule 11
Noble Energy, Inc.
Supplemental Data
(Dollars in thousands)
(Unaudited)

2007 Costs Incurred in Oil and Gas Activities

	United States		International [1]		Total
Property acquisition costs:
Proved	$	11,239	$	—	$	11,239
Unproved		144,422		900		145,322
Total acquisition costs		155,661		900		156,561
Exploration costs		184,412		236,107		420,519
Development costs		1,056,893		94,706		1,151,599
Equity method investee’s costs		—		—		—
Asset retirement obligation		24,328		14,923		39,251
Total cost incurred	$	1,421,294	$	346,636	$	1,767,930
Reconciliation to Capital Spending
Total cost incurred					$	1,767,930
Exploration overhead						(44,998	)
Lease rentals						(3,861	)
Asset retirement obligations						(39,251	)
Total oil and gas spending						1,679,820
Other capital						59,010
Total capital spending					$	1,738,830

Proved Reserves

Total Barrel Oil Equivalents (MBoe)	United States			International [1]			Total
Beginning reserves — December 31, 2006		460,008			374,551			834,559
Revisions of previous estimates		16,831			13,014			29,845
Extensions, discoveries and other additions		79,249			10,608			89,857
Purchase in place		493			—			493
Sale in place		(1,903	)		—			(1,903	)
Production		(40,527	)		(32,049	)		(72,576	)
Ending reserves — December 31, 2007		514,151			366,124			880,275
Proved Developed Reserves (MBoe)
December, 31 2006		323,717			266,709			590,426
December 31, 2007		338,768			316,282			655,050

[1] International includes West Africa, Israel, North Sea, Ecuador, China and Argentina. An agreement exists to sell the interest in Argentina effective July 1, 2007.