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Stock-Based and Other Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Share-based Compensation [Abstract]  
Stock-based compensation expense
We recognized total stock-based compensation expense as follows:
 
 
Year Ended December 31,
(millions)
 
2016
 
2015
 
2014
Stock-Based Compensation Expense Included in
 
 
 
 
 
 
General and Administrative Expense
 
$
62

 
$
50

 
$
63

Exploration Expense and Other
 
15

 
36

 
24

Total Stock-Based Compensation Expense
 
$
77

 
$
86

 
$
87

Tax Benefit Recognized
 
$
(27
)
 
$
(30
)
 
$
(31
)
Share-based Compensation Awards
The assumptions used in valuing stock options granted were as follows:
 
 
Year Ended December 31,
(weighted averages)
 
2016
 
2015
 
2014
Expected Term (in Years)
 
6.3

 
6.0

 
5.9

Expected Volatility
 
32.4
%
 
32.6
%
 
35.1
%
Risk-Free Rate
 
1.6
%
 
1.4
%
 
1.8
%
Expected Dividend Yield
 
0.7
%
 
1.2
%
 
1.1
%
Weighted Average Grant-Date Fair Value
 
$
10.10

 
$
13.93

 
$
20.31


Stock option activity was as follows:
 
 
Options
 
Weighted
Average
Exercise
 Price
 
Weighted
Average
Remaining
 Contractual Term
 
Aggregate
 Intrinsic Value
 
 
 
 
(per share)
 
(in years)
 
(in millions)
Outstanding at December 31, 2015
 
14,571,012

 
$
44.59

 
 
 
 
Granted
 
2,441,042

 
31.66

 
 
 
 
Exercised
 
(954,898
)
 
25.96

 
 
 
 
Forfeited
 
(968,294
)
 
47.27

 
 
 
 
Outstanding at December 31, 2016
 
15,088,862

 
$
43.49

 
5.4
 
$
40

Exercisable at December 31, 2016
 
10,999,318

 
$
44.54

 
4.3
 
$
26


The total intrinsic value of options exercised was $10 million in 2016, $7 million in 2015, and $58 million in 2014.
As of December 31, 2016, $26 million of compensation cost related to unvested stock options granted under the Plans remained to be recognized. The cost is expected to be recognized over a weighted-average period of 1.3 years. We issue new shares of our common stock to settle option exercises. Dividends are not paid on unexercised options.
Restricted Stock Awards   Awards of time-vested restricted stock (shares subject to service conditions) are valued at the price of our common stock at the date of award. The fair value of the market based restricted stock awards was estimated on the date of award using a Monte Carlo valuation model that uses the assumptions in the following table. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility represents the extent to which our stock price is expected to fluctuate between now and the award’s anticipated term. We use the historical volatility of Noble Energy common stock for the three-year period ended prior to the date of award. The risk-free rate is based on a three-year period for U.S. Treasury securities as of the year ended prior to the date of award.
The assumptions used in valuing market based restricted stock awards granted were as follows:
 
Year Ended December 31,
 
2016
 
2015
Number of Simulations
500,000

 
500,000

Expected Volatility
38
%
 
30
%
Risk-Free Rate
1.0
%
 
0.8
%

Restricted stock activity was as follows:
 
 
Subject to Time Vesting
 
Subject to Market Conditions
 
 
Number of Shares
 
Weighted
Average
Award Date
 Fair Value
 
Number of Shares
 
Weighted Average Award Date Fair Value
 
 
 
 
(per share)
 
 
 
(per share)
Outstanding at December 31, 2015
 
1,019,470

 
$
45.55

 
1,929,922

 
$
28.50

Awarded
 
898,916

 
31.67

 
363,256

 
24.80

Vested
 
(421,227
)
 
52.50

 
(340,410
)
 
42.71

Forfeited
 
(125,379
)
 
35.54

 
(449,776
)
 
37.86

Outstanding at December 31, 2016
 
1,371,780

 
$
36.37

 
1,502,992

 
$
27.43

The assumptions used in valuing market based phantom units awarded were as follows:
 
Year Ended December 31,
 
2016
Number of Simulations
500,000

Expected Volatility
38
%
Risk-Free Rate
0.9
%
Phantom unit activity was as follows:
 
 
Subject to Time Vesting
 
Subject to Market Conditions
 
 
Number of Units
 
Weighted
Average
Award Date
 Fair Value
 
Number of Units
 
Weighted Average Award Date Fair Value
 
 
 
 
(per share)
 
 
 
(per share)
Outstanding at December 31, 2015
 
—

 
$
—

 
—

 
$
—

Awarded
 
791,000

 
31.65

 
218,180

 
6.82

Vested
 
(2,501
)
 
31.65

 
—

 
—

Forfeited
 
(76,410
)
 
31.65

 
(8,676
)
 
6.82

Outstanding at December 31, 2016
 
712,089

 
$
31.65

 
209,504

 
$
6.82
Schedule of components for Rabbi Trust
Deferred Compensation Plan   We have a non-qualified deferred compensation plan for which participant-directed investments are held in a rabbi trust and are available to satisfy the claims of our creditors in the event of bankruptcy or insolvency. Participants in that nonqualified deferred compensation plan may elect to receive distributions in either cash or shares of our common stock. Components of that rabbi trust are as follows:
 
 
December 31,
(millions, except share amounts)
 
2016
 
2015
Rabbi Trust Assets
 
 
 
 
Mutual Fund Investments
 
$
62

 
$
63

Noble Energy Common Stock (at Fair Value)
 
26

 
35

Total Rabbi Trust Assets
 
$
88

 
$
98

Liability Under Related Deferred Compensation Plan
 
$
88

 
$
98

Number of Shares of Noble Energy Common Stock Held by Rabbi Trust
 
671,269

 
872,277
Schedule of benefit obligation, plant assets and AOCL balances for pension, restoration and other postretirement benefit plans
s