Merger, Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

Aggregated information regarding assets sold is as follows:

	Year Ended December 31,
(millions)	2016			2015			2014
Sales Proceeds	$	1,241		$	151		$	321
Less
Net Book Value of Assets Sold	(993		)	(156		)	(297		)
Asset Retirement Obligations Associated with Assets Sold	7			8			48
Goodwill Allocated to Assets Sold	—			(4		)	(7		)
Other Closing Adjustments	(17		)	1			8
Gain on Divestitures, Net	$	238		$	—		$	73

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth our final purchase price allocation:

	(in millions, except stock price)
Shares of Noble Energy common stock issued to Rosetta shareholders	41
Noble Energy common stock price on July 20, 2015	$	36.97
Fair value of common stock issued	$	1,518
Plus: fair value of Rosetta's restricted stock awards and performance awards assumed	10
Plus: Rosetta stock options assumed	1
Total purchase price	$	1,529
Plus: liabilities assumed by Noble Energy
Accounts Payable	100
Current Liabilities	37
Long-Term Debt	1,992
Other Long Term Liabilities	23
Asset Retirement Obligation	27
Total purchase price plus liabilities assumed	$	3,708
Fair Value of Rosetta Assets
Cash and Equivalents	$	61
Other Current Assets	76
Derivative Instruments	209
Oil and Gas Properties:
Proved Properties	1,613
Undeveloped Leaseholds	1,355
Gathering and Processing Assets	207
Asset Retirement Obligation	27
Other Property Plant and Equipment	5
Long Term Deferred Tax Asset	17
Implied Goodwill (1)	138
Total Asset Value	$	3,708

⁽¹⁾ As of December 31, 2015, our preliminary purchase price allocation reflected goodwill of $163 million based on the fair value of assets acquired and liabilities assumed at the Rosetta Merger date. In conducting our goodwill impairment test as of December 31, 2015, we determined that our goodwill balance was no longer recoverable and fully impaired it, resulting in a goodwill impairment charge in fourth quarter 2015. In second quarter 2016, we finalized the purchase price allocation and recorded a $25 million gain to other operating expense, net driven by adjustments made based on the filing of the final Rosetta federal income tax return for the period ending on the Rosetta Merger date. 

Business Acquisition, Pro Forma Information

The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Rosetta Merger taken place on January 1, 2014; furthermore, the financial information is not intended to be a projection of future results.

	Year Ended December 31,
(in millions, except per share amounts)	2016 (1)			2015			2014
Revenues	$	3,491		$	3,478		$	6,126
Net (Loss) Income Attributable to Noble Energy	(998		)	(2,393		)	1,607
Earnings (Loss) Per Share
Basic	$	(2.32	)	$	(5.64	)	$	4.01
Diluted	(2.32		)	(5.64		)	3.94

⁽¹⁾ No pro forma adjustments were made for the period as Rosetta's operations are included in our consolidated historical results.

Schedule of Disposal Groups, Gain on Divestitures - Onshore US

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Schedule of Disposal Groups, Gain on Divestitures - China

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