Debt

6 Months Ended

Jun. 30, 2020

Note 8. Debt

Debt consists of the following:



	June 30, 2020					December 31, 2019
(millions, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Noble Energy, Excluding Noble Midstream Partners
Revolving Credit Facility, due March 9, 2023	$	325		1.41	%	$	—		—	%
Senior Notes and Debentures	5,884			⁽¹	⁾	5,884			⁽¹	⁾
Finance Lease Obligations	193			—	%	205			—	%
Total Noble Energy Debt, Excluding Noble Midstream Partners Debt	6,402					6,089
Noble Midstream Partners
Noble Midstream Services Revolving Credit Facility, due March 9, 2023	735			1.61	%	595			3.11	%
Noble Midstream Services Term Loan Credit Facility, due July 31, 2021	500			1.36	%	500			2.85	%
Noble Midstream Services Term Loan Credit Facility, due August 23, 2022	400			1.24	%	400			2.74	%
Total Noble Midstream Partners Debt	1,635					1,495
Total Debt	8,037					7,584
Net Unamortized Discounts and Debt Issuance Costs	(63		)			(65		)
Total Debt, Net of Unamortized Discounts and Debt Issuance Costs	7,974					7,519
Less Amounts Due Within One Year
Finance Lease Obligations	(38		)			(42		)
Long-Term Debt Due After One Year	$	7,936				$	7,477


⁽¹⁾	The Senior Notes and Debentures have weighted average interest rates of 4.93% at June 30, 2020 and December 31, 2019.

Revolving Credit Facilities and Commercial Paper Program We have total borrowing capacity of $4.0 billion across our Revolving Credit Facility and our commercial paper program, which is backed by our Revolving Credit Facility. We choose to borrow under the commercial paper program or Revolving Credit Facility based on market availability and interest rates at the

time of borrowing. During first quarter 2020, we borrowed $1.0 billion, net, on our Revolving Credit Facility to increase our cash on hand balance to mitigate potential future issues in the global financial system. During second quarter 2020, we reduced our outstanding borrowings by $675 million, net, leaving $325 million outstanding as of June 30, 2020. As of June 30, 2020 and December 31, 2019, the Revolving Credit Facility had $3.7 billion and $4.0 billion available for borrowing, respectively.

As of June 30, 2020 and December 31, 2019, the Noble Midstream Services Revolving Credit Facility had $415 million and $555 million available for borrowing, respectively.

Fair Value of Debt The fair value of fixed-rate, public debt is estimated based on observable and available market information. As such, we consider the fair value of this debt to be a Level 1 measurement on the fair value hierarchy. Our non-public debt outstanding, including our Revolving Credit Facility, Noble Midstream Services Revolving Credit Facility and Noble Midstream Services term loans are subject to variable interest rates. The fair value is estimated based on significant other observable inputs; thus, we consider the fair values to be Level 2 measurements on the fair value hierarchy. Fair value information regarding our debt, which excludes finance lease obligations, is as follows:



	June 30, 2020				December 31, 2019
(millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt	$	7,844	$	7,529	$	7,379	$	8,033