8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2004

NOBLE ENERGY, INC.

(Exact name of Registrant as specified in its charter)

Delaware	001-07964	73-0785597
(State or other jurisdiction of incorporation or organization)	Commission File Number	(I.R.S. Employer Identification No.)

100 Glenborough, Suite 100 Houston, Texas	77067
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (281) 872-3100

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
INDEX TO EXHIBITS
Press Release dated November 2, 2004

Item 2.02. Results of Operations and Financial Condition.

     On November 2, 2004 the Company issued a press release announcing its financial results for its third quarter ended September 30, 2004. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1.

     The Company’s press release announcing its financial results for its third quarter ended September 30, 2004 contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, the Company has provided quantitative reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

     The press release attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits. The following exhibits are furnished as part of this current Report on Form 8-K:

     99.1 Press Release dated November 2, 2004

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NOBLE ENERGY, INC.
Date: November 2, 2004	By:	/s/ James L. McElvany
		James L. McElvany
		Senior Vice President, Chief Financial Officer and Treasurer

INDEX TO EXHIBITS

Item	Exhibit
99.1	Press Release dated November 2, 2004.

EX-99.1

EXHIBIT 99.1

	NEWS RELEASE
100 Glenborough Drive Suite 100 Houston, TX 77067	Contact: Greg Panagos: 281-872-3125 Investor_Relations@nobleenergyinc.com

NOBLE ENERGY, INC. ANNOUNCES THIRD QUARTER 2004 RESULTS
Net Income and Discretionary Cash Flow Increase $48.6 Million and $35.9 Million, Respectively

HOUSTON (November 2, 2004) — Noble Energy, Inc. (NYSE: NBL) today reported third quarter net income of $83.7 million, or $1.43 per basic share, compared to $35.1 million, or 62 cents per share, for the same period last year. Third quarter 2004 net income increased 138 percent compared to the same period last year. Discretionary cash flow (see Determination of Discretionary Cash Flow and Reconciliation schedule) for the third quarter 2004 increased 23 percent to $189.1 million, compared to $153.2 million for the same period last year. Net cash provided by operating activities was $152.6 million for the third quarter of 2004.

On a continuing basis, the company reported net income of $81.0 million, $1.38 per share. Discontinued operations reported net income of $2.7 million, or five cents per share.

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Noble Energy continues to show improvement in every facet of our business. The company’s successful long-term strategy of creating value through aggressive organic growth is beginning to have a substantial impact on our operations and financial performance. Overall production increased 17 percent compared to the third quarter last year. The increase in production drove our strong earnings and cash flow growth. Of course, the continuing strong commodity price environment also added to our improved financial results. Domestic operations continued its recent trend of improved performance with production increasing compared to last year, despite the impact of Hurricane Ivan. Likewise, our international operations experienced dramatic increases in production and earnings. And finally, overall unit costs declined significantly compared to last year.”

The increase in reported net income and discretionary cash flow versus the third quarter last year primarily reflected higher production volumes and higher realized commodity prices. Realized natural gas prices for the third quarter 2004 were $4.51 per thousand cubic feet (Mcf), ten percent above last year’s $4.10 per Mcf. Realized crude oil prices were $35.62 per barrel (Bbl), an increase of 30 percent compared to $27.46 per Bbl for the third quarter 2003. Realized methanol prices were 74 cents per gallon (Gal) for the third quarter 2004, an increase of 17 percent over 63 cents per Gal for the same period last year.

Compared to the third quarter 2003, overall production from continuing operations for the third quarter 2004 increased 17 percent to 104,467 barrels of oil equivalent per day (Boepd) from 89,287 Boepd. Domestic operations had a production increase of three percent, reflecting new domestic crude oil production from the Roaring Fork field (South Timbalier 315/316) in the Gulf of Mexico. Had it not been for shut in production as a result of Hurricane Ivan, which lowered Noble Energy’s production by approximately 2,900 Boepd during the third quarter, domestic production would have shown an eight percent increase over the same period last year. International volumes increased 44 percent compared to the third quarter 2003, primarily because of increased volumes resulting from the continued ramp ups of natural gas sales in Israel and condensate production from Phase 2A in Equatorial Guinea.

Third quarter 2004 production volumes from continuing operations decreased four percent compared to 109,096 Boepd for the second quarter. The 4,600 Boepd decline in third quarter production compared to the second quarter was primarily due to Hurricane Ivan and the natural decline of production in the shallow Gulf of Mexico. International production increased two percent over the second quarter, primarily because of the continuing ramp up of natural gas and condensate volumes in Israel and Equatorial Guinea, respectively.

Total cash and non-cash unit costs, comprised of lease operating expense, production taxes, transportation expense, selling, general and administrative expense (SG&A), and depreciation, depletion and amortization (DD&A) declined $1.52 per barrel of oil equivalent (BOE), or 10 percent, compared to the third quarter last year.

Oil and gas operations expenses (lease operating plus production taxes) from continuing operations for the three months ending September 30, 2004 were $4.56 per BOE compared to $4.48 per BOE for the same period last year. The quarter-on-quarter increase in per BOE oil and gas operating costs was due to several factors, including increased production taxes resulting from higher natural gas and crude oil prices, increased workover activity, lower production in Ecuador, and higher service costs. Increased low cost volumes from Israel and Equatorial Guinea partially offset higher operations expenses.

Reported DD&A decreased to $7.91 per BOE, compared to $9.36 per BOE in the third quarter of 2003. The decrease was primarily due to increased low-cost volumes in Equatorial Guinea and Israel. Domestic and North Sea DD&A rates declined significantly. Domestic DD&A declined to $10.59 per BOE from $11.69 per BOE for the third quarter last year. Third quarter 2004 DD&A in the North Sea declined to $5.70 per BOE compared to $8.78 per BOE last year because of increased reserves booked at the end of 2003, primarily on the Hanze field.

SG&A expenses for the third quarter were $1.39 per BOE compared to $1.52 per BOE for the third quarter of 2003. The decrease reflects higher overall production.

For the first nine months of 2004, net income was $241.3 million, or $4.15 per share, compared to net income of $99.0 million, or $1.74 per share, last year. Discretionary cash flow for the first three quarters of 2004 was $615.9 million compared to $481.6 million for the same period last year. The year-on-year increase in net income and discretionary cash flow resulted from higher production volumes and commodity prices.

DOMESTIC OPERATIONS

Continuing domestic operations reported operating income for the third quarter of $75.7 million, an increase of 127 percent compared to $33.4 million for the same period last year.

Domestic operations benefited from higher realized prices for crude oil and natural gas during the quarter, which increased 17 percent and 25 percent, respectively, compared to the third quarter of 2003. The average domestic realized crude oil price was $30.85 per Bbl compared to $26.43 per Bbl during the third quarter of 2003. The average domestic realized natural gas price was $5.89 per Mcf compared to $4.70 per Mcf last year.

DD&A decreased $4.4 million compared to the third quarter of 2003, despite the three percent production increase. On a unit basis, DD&A decreased nine percent to $10.59 per BOE compared to $11.69 per BOE in the third quarter of 2003. Reduced DD&A primarily reflects increasing production from lower unit rate onshore properties, combined with declining production from higher unit rate offshore properties.

Noble Energy’s domestic onshore operations were active during the first three quarters of 2004, drilling 88 exploration and development wells with 73 successes. The company plans to drill a total of 142 onshore wells in 2004, of which 36 are scheduled for the Gulf Coast area and 106 are scheduled for the Mid-continent and Rocky Mountain regions.

During the first nine months of 2004, the company completed a successful 40-acre infill pilot program in the Niobrara shallow natural gas trend of northeast Colorado and northwest Kansas. Based on the success of this test, Noble Energy has identified over 200 infill locations that could be drilled in 2005.

During the third quarter, the company continued to make progress on three large deepwater developments:

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• Swordfish (Viosca Knoll 917, 961 and 962) — well completions have been finished, with production expected to commence from three wells in the second quarter of 2005 at an initial rate of 10,000 Boepd, net. Noble Energy has a 60 percent working interest in Swordfish.

• Lorien (Green Canyon 199) — an appraisal well is currently underway, with production expected to commence in the fourth quarter of 2005 at an initial rate of 12,000 Boepd, net. Noble Energy has a 60 percent working interest in Lorien.

• Ticonderoga (Green Canyon 768 #1) — successful exploration results were announced in April, with production expected to commence in the third quarter of 2006 at an initial rate of 12,000 Boepd, net. Noble Energy has a 50 percent working interest in Ticonderoga.

INTERNATIONAL OPERATIONS

International operations reported operating income for the third quarter of $75.7 million, a 160 percent increase compared to $29.1 million in the third quarter last year. Third quarter 2004 international production volumes increased 44 percent to 44,583 Boepd from 30,935 Boepd for the same quarter last year.

The quarter-on-quarter increase in international operating income reflects increased production and higher commodity prices. Realized crude prices for international operations increased 43 percent for the third quarter of 2004 compared to last year. The average international realized crude oil price was $40.32 per Bbl compared to $28.29 per Bbl during the third quarter of 2003. The average international realized natural gas price, excluding Ecuador production that is eliminated as inter-company sales, was $1.99 per Mcf, a 93 percent increase compared to $1.03 per Mcf last year. The increase in realized international natural gas prices was primarily due to new natural gas sales in Israel.

Reflecting increased low cost production volumes, third quarter 2004 DD&A declined to $3.97 per BOE from $4.72 per BOE for the same period last year. Lease operating expense, production taxes and transportation expense decreased to $4.88 per BOE from $5.23 per BOE, also as a result of increased low cost production.

Equatorial Guinea

Total operating income in Equatorial Guinea, which includes results from field operations and methanol, for the third quarter of 2004 more than doubled to $37.6 million compared to $17.9 million last year.

Liquid petroleum gas (LPG), natural gas and condensate sales accounted for $24.0 million, or 64 percent, of operating income from Equatorial Guinea. Third quarter 2004 production volumes averaged 16,134 Boepd, a 37 percent increase over last year. The average realized price for liquids during the third quarter 2004 was $41.00 per Bbl compared to $27.10 per Bbl for the same period last year. Natural gas was sold to the methanol operations at a price of 25 cents per MMBTU.

Operating income from methanol operations was $13.6 million net to Noble Energy’s interest. Methanol operations’ results are reported as income from unconsolidated subsidiaries. Third quarter realized methanol prices averaged 74 cents per Gal compared to 63 cents per Gal last year. The company’s share of methanol sales volumes was 33.5 million Gal, an increase of 18 percent compared to 28.4 million Gal for the third quarter of 2003.

In September, the company announced that it had acquired an interest in a Production Sharing Contract (PSC) with the Republic of Equatorial Guinea covering Block “I” offshore Bioko Island. To date, one 3-D seismic survey has been shot on the block. Under the terms of the PSC, Noble Energy will be the Technical Operator with a 40 percent working interest.

In April, the company announced that it had signed a PSC with the Republic of Equatorial Guinea covering Block “O” offshore Bioko Island. To date, two 3-D seismic surveys have been shot on the block. Noble Energy and its partners have agreed to drill two exploration wells within the first exploration period of three

3

years, with planning underway for the first well to spud in 2005. Under the terms of the PSC, Noble Energy will be the Technical Operator with a 45 percent working interest.

Israel

Third quarter operating income was $14.2 million. Lease operating expense averaged 32 cents per Mcf, and DD&A averaged 46 cents per Mcf. Operating income included $1.2 million of other revenue, representing an effective royalty reduction to compensate Noble Energy for processing and transportation costs.

Natural gas production, net to Noble Energy, averaged 71.6 million cubic feet per day (MMcfpd) for the third quarter. Natural gas sales volumes will be dependent upon seasonal demand, with fourth quarter volumes expected to decline from the third quarter as a result of reduced electricity demand. Ultimate gross production under the contract with the Israel Electric Corporation is planned to average 170 MMcfpd (70 MMcfpd net). Noble Energy has a 47 percent working interest in this project.

North Sea

In the North Sea, operating income for the third quarter of 2004 increased 60 percent to $15.0 million compared to $9.4 million last year, reflecting higher commodity prices. North Sea production for the third quarter of 2004 was 7,605 Boepd compared to 8,773 Boepd last year, reflecting natural field decline.

Other International

Other international, which includes operating results from Argentina, China and Ecuador, reported operating income of $8.9 million for the third quarter 2004, more than double the reported operating income of $3.5 million last year. The increase in operating income primarily reflects higher realized crude oil prices in China and Argentina and lower exploration expense.

Noble Energy’s Machala power plant had an operating loss of $1.1 million during the third quarter 2004 compared to break even for the same period last year. During the quarter, 97,291 megawatts (MW) were produced at an average sales price of 7.7 cents per kilowatt hour (Kwh). For the third quarter 2003, the company produced 184,470 MW at an average sales price of 7.0 cents per Kwh. For the third quarter 2004, Noble Energy produced 11.6 MMcfpd of natural gas from the Amistad field.

The lower power production and natural gas in Ecuador are due to normal seasonal weather variation and extended summer maintenance during the third quarter. Maintenance on one turbine has taken longer than expected after inspections uncovered damage that required repair work in the United States. Fourth quarter 2004 power and natural gas production may also be effected by the extended repairs.

In South Bohai Bay offshore China, production from the Cheng Dao Xi (CDX) field was 3,412 barrels of oil per day (Bopd) compared to 3,919 for the same period last year. The lower production was a result of downtime associated with safety requirements for the successful infill-drilling program currently underway and natural field decline. China had operating income of $5.6 million during the third quarter. Noble Energy has a 57 percent working interest in CDX.

Noble Energy is one of the nation’s leading independent energy companies and operates throughout major basins in the United States including the Gulf of Mexico, as well as internationally, in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea and the North Sea. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc.

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

4

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 (“SEC”) filings.

-xxx-

5

NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED SUMMARY OF RESULTS
(Unaudited) (In thousands, except per share)

	Three Months Ended						Nine Months Ended
	9/30/2004			9/30/2003			9/30/2004			9/30/2003
REVENUES
Oil and Gas Sales and Royalties	$	288,910		$	203,095		$	853,406		$	624,275
Gathering, Marketing and Processing		10,175			16,877			37,295			54,657
Electricity Sales		7,504			12,855			38,369			41,361
Income From Unconsol. Subs.		13,585			8,584			43,953			33,190
Other Income (Loss)		6,399			2,933			12,178			4,752
		326,573			244,344			985,201			758,235
COST AND EXPENSES
Lease Operating		37,562			31,871			116,298			94,194
Production Taxes		6,234			4,962			17,256			15,177
Transportation		3,975			3,451			11,818			10,570
Oil and Gas Exploration		26,588			25,481			82,100			95,559
Gathering, Marketing and Processing		8,642			14,708			29,992			48,690
Electricity Generation		8,600			12,818			32,034			36,439
Depreciation, Depletion and Amortization		76,040			76,908			234,365			226,631
Selling, General and Administrative		13,326			12,495			41,518			41,069
Accretion of Asset Retirement Obligation		2,067			2,401			7,080			7,015
Interest Expense		17,961			15,406			48,973			46,364
Interest Capitalized		(3,013	)		(4,395	)		(9,655	)		(9,578	)
		197,982			196,106			611,779			612,130
INCOME BEFORE INCOME TAXES		128,591			48,238			373,422			146,105
INCOME TAX PROVISION (BENEFIT)
Current		43,302			18,136			102,624			57,255
Deferred		4,318			(1,465	)		43,887			(1,239	)
		47,620			16,671			146,511			56,016
INCOME BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		80,971			31,567			226,911			90,089
DISCONTINUED OPERATIONS (NET OF TAX)		2,721			3,549			14,354			14,793
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX											(5,839	)
NET INCOME	$	83,692		$	35,116		$	241,265		$	99,043
INCOME PER SHARE BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE	$	1.38		$	0.56		$	3.90		$	1.58
INCOME PER SHARE FROM DISCONTINUED OPERATIONS		0.05			0.06			0.25			0.26
LOSS PER SHARE FROM CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE										$	(0.10	)
NET INCOME PER SHARE	$	1.43		$	0.62		$	4.15		$	1.74
AVERAGE SHARES OUTSTANDING		58,453			56,494			58,068			57,014

NOBLE ENERGY, INC. AND SUBSIDIARIES
DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION
(Unaudited) (In thousands)

	Three Months Ended						Nine Months Ended
	9/30/2004			9/30/2003			9/30/2004			9/30/2003
Net Income	$	83,692		$	35,116		$	241,264		$	99,043
Depreciation, Depletion and Amortization (DD&A)		76,040			76,908			234,365			226,631
Power Project DD&A		3,824			6,900			15,361			19,180
Oil and Gas Exploration		26,588			25,481			82,100			95,559
Interest Capitalized		(3,013	)		(4,395	)		(9,655	)		(9,578	)
Undistributed Earnings From Unconsol. Subs.		(13,585	)		(8,584	)		(43,953	)		(33,190	)
Distribution/Dividends from Unconsol. Subs		14,138			9,450			49,969			37,575
DD&A — Discontinued Operations					7,780						28,761
Change in Accounting Principle, Net of Tax											5,839
Deferred Income Tax Provision (Benefit)		4,318			(1,465	)		43,887			(1,239	)
Accretion of Asset Retirement Obligation		2,067			2,401			7,080			7,015
Other		(4,942	)		3,640			(4,478	)		5,974
DISCRETIONARY CASH FLOW *		189,127			153,232			615,940			481,570
Adjustments to Reconcile:
Working Capital		(11,564	)		10,880			(34,122	)		(49	)
Israel — Take or Pay Payment	$	(4,450	)
Cash Exploration Costs		(10,552	)		(11,426	)		(29,148	)		(31,104	)
Capitalized Interest		3,013			4,395			9,655			9,578
Deferred Tax, Misc. Credits and Other		(12,990	)		13,485			(38,312	)		22,560
Net Cash Provided by Operating Activities	$	152,584		$	170,566		$	524,013		$	482,555

* 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.

CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited) (In thousands)

	9/30/2004			12/31/2003
ASSETS
Current Assets	$	599,139		$	478,387
Property, Plant and Equipment		4,208,321			3,924,987
Less: Accumulated Depreciation		(1,969,635	)		(1,825,246	)
		2,238,686			2,099,741
Investment In Unconsol. Subs.		222,065			227,669
Other		40,176			36,852
	$	3,100,066		$	2,842,649
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	503,461		$	654,718
Long-term Debt		880,187			776,021
Deferred Income Taxes, Other Deferred Credits and Noncurrent Liabilities		384,449			338,337
Shareholders’ Equity		1,331,969			1,073,573
	$	3,100,066		$	2,842,649

NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Three Months Ended 9/30/04

							Equatorial				Other			Corporate
	Consolidated		Domestic		North Sea		Guinea		Israel		International [1]			and Other [2]
REVENUES
Oil Sales	$	140,012	$	60,216	$	23,945	$	32,336	$	—	$	23,515		$	—
Gas Sales [3]		148,898	$	125,686	$	3,828	$	1,056	$	18,318		10
Gathering, Marketing and Processing Revenue		10,175													10,175
Electricity Sales		7,504										7,504
Income from Unconsolidated Subsidiaries		13,585						13,585
Other		6,399		2,877		90		137		1,161		(121	)		2,255
Total Revenues		326,573		188,779		27,863		47,114		19,479		30,908			12,430
COSTS AND EXPENSES
Lease Operating		37,562		23,338		2,729		5,576		2,126		3,956			(163	)
Production Taxes		6,234		4,589								1,645
Transportation		3,975				2,034						1,941
Oil and Gas Exploration		26,588		21,419		3,843		22		135		378			791
Gathering, Marketing and Processing Expense		8,642													8,642
Electricity Generation		8,600										8,600
DD&A		76,040		58,328		3,985		3,819		3,013		5,457			1,438
SG&A		13,326		3,609				80				47			9,590
Accretion Expense		2,067		1,754		264				49
Interest Expense (net)		14,948													14,948
Total Revenues		197,982		113,037		12,855		9,497		5,323		22,024			35,246
OPERATING INCOME (LOSS)		128,591		75,742		15,008		37,617		14,156		8,884			(22,816	)
Discontinued Operations		4,186		4,186
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	132,777	$	79,928	$	15,008	$	37,617	$	14,156	$	8,884		$	(22,816	)
Key Statistics
Daily Production
Liquids (Bbl)		42,729		21,219		5,989		8,573				6,948
Natural Gas (Mcf)		370,429		231,990		9,694		45,364		71,619		11,762	[3]
Average Realized Price
Liquids	$	35.62	$	30.85	$	43.46	$	41.00			$	36.78
Natural Gas	$	4.51	$	5.89	$	4.29	$	0.25	$	2.78	$	0.93

Three Months Ended 9/30/03

									Equatorial					Other			Corporate
	Consolidated		Domestic			North Sea			Guinea		Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	86,314	$	36,901		$	18,305		$	13,685	$	—		$	17,423		$	—
Gas Sales		116,781	$	111,985		$	3,914		$	860					22
Gathering, Marketing and Processing Revenue		16,877																16,877
Electricity Sales		12,855													12,855
Income from Unconsolidated Subsidiaries		8,584								8,584
Other		2,933		(425	)		(473	)				(17	)		(377	)		4,225
Total Revenues		244,344		148,461			21,746			23,129		(17	)		29,923			21,102
COSTS AND EXPENSES
Lease Operating		31,871		21,338			2,407			3,798					3,599			729
Production Taxes		4,962		3,326											1,636
Transportation		3,451					1,837								1,614
Oil and Gas Exploration		25,481		21,596			764			1		1,651			1,028			441
Gathering, Marketing and Processing Expense		14,708																14,708
Electricity Generation		12,818													12,818
DD&A		76,908		62,760			7,087			1,286		10			5,051			714
SG&A		12,495		3,852						182					642			7,819
Accretion Expense		2,401		2,171			230
Interest Expense (net)		11,011																11,011
Total Costs and Expenses		196,106		115,043			12,325			5,267		1,661			26,388			35,422
OPERATING INCOME (LOSS)		48,238		33,418			9,421			17,862		(1,678	)		3,535			(14,320	)
Discontinued Operations		5,460		5,460
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	53,698	$	38,878		$	9,421		$	17,862	$	(1,678	)	$	3,535		$	(14,320	)
Key Statistics
Daily Production
Liquids (Bbl)		34,162		15,177			6,692			5,488					6,805
Natural Gas (Mcf)		330,750		259,049			12,483			37,622					21,596	[3]
Average Realized Price
Liquids	$	27.46	$	26.43		$	29.73		$	27.10				$	27.83
Natural Gas	$	4.10	$	4.70		$	3.41		$	0.25				$	0.68

NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Nine Months Ended 9/30/04

							Equatorial					Other			Corporate
	Consolidated		Domestic		North Sea		Guinea			Israel		International [1]			and Other [2]
REVENUES
Oil Sales	$	412,425	$	189,225	$	71,187	$	89,807		$	—	$	62,206		$	—
Gas Sales [3]		440,981	$	390,368	$	13,913	$	3,116		$	33,498		86
Gathering, Marketing and Processing Revenue		37,295														37,295
Electricity Sales		38,369											38,369
Income from Unconsolidated Subsidiaries		43,953						43,953
Other		12,178		3,992		1,723		(317	)		1,259		(476	)		5,997
Total Revenues		985,201		583,585		86,823		136,559			34,757		100,185			43,292
COSTS AND EXPENSES
Lease Operating		116,298		75,901		8,143		16,616			5,123		11,100			(585	)
Production Taxes		17,256		13,591									3,665
Transportation		11,818				6,639							5,179
Oil and Gas Exploration		82,100		68,203		9,805		158			803		1,212			1,919
Gathering, Marketing and Processing Expense		29,992														29,992
Electricity Generation		32,034											32,034
DD&A		234,365		184,271		14,426		9,575			6,464		15,952			3,677
SG&A		41,518		10,464		1		228					56			30,769
Accretion Expense		7,080		6,066		886					128
Interest Expense (net)		39,318														39,318
Total Costs and Expenses		611,779		358,496		39,900		26,577			12,518		69,198			105,090
OPERATING INCOME (LOSS)		373,422		225,089		46,923		109,982			22,239		30,987			(61,798	)
Discontinued Operations		22,083		22,083
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	395,505	$	247,172	$	46,923	$	109,982		$	22,239	$	30,987		$	(61,798	)
Key Statistics
Daily Production
Liquids (Bbl)		45,456		22,424		6,919		9,223					6,890
Natural Gas (Mcf)		367,565		246,334		11,471		45,097			43,976		20,687	[3]
Average Realized Price
Liquids	$	33.11	$	30.80	$	37.55	$	35.54				$	32.95
Natural Gas	$	4.63	$	5.78	$	4.43	$	0.25		$	2.78	$	0.72

Nine Months Ended 9/30/03

										Equatorial					Other			Corporate
	Consolidated			Domestic			North Sea			Guinea		Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	259,070		$	106,147		$	59,394		$	44,844	$	—		$	48,685		$	—
Gas Sales		365,205		$	348,718		$	13,558		$	2,841					88
Gathering, Marketing and Processing Revenue		54,657																	54,657
Electricity Sales		41,361														41,361
Income from Unconsolidated Subsidiaries		33,190									33,190
Other		4,752			1,163			(294	)				(16	)		(966	)		4,865
Total Revenues		758,235			456,028			72,658			80,875		(16	)		89,168			59,522
COSTS AND EXPENSES
Lease Operating		94,194			61,013			8,130			11,965					10,178			2,908
Production Taxes		15,177			11,033											4,144
Transportation		10,570						6,420								4,150
Oil and Gas Exploration		95,559			64,500			8,216			51		7,106			14,311			1,375
Gathering, Marketing and Processing Expense		48,690																	48,690
Electricity Generation		36,439														36,439
DD&A		226,631			183,977			22,228			4,892		30			13,758			1,746
SG&A		41,069			12,459						339					2,123			26,148
Accretion Expense		7,015			6,362			653
Interest Expense (net)		36,786																	36,786
Total Costs and Expenses		612,130			339,344			45,647			17,247		7,136			85,103			117,653
OPERATING INCOME (LOSS)		146,105			116,684			27,011			63,628		(7,152	)		4,065			(58,131	)
Discontinued Operations		22,758			22,758
Cumulative Effect of SFAS 143		(8,983	)		(8,983	)
OPERATING INCOME AFTER DISCONTINUED OPERATIONS	$	159,880		$	130,459		$	27,011		$	63,628	$	(7,152	)	$	4,065		$	(58,131	)
Key Statistics
Daily Production
Liquids (Bbl)		34,479			15,045			7,238			5,978					6,218
Natural Gas (Mcf)		339,844			263,577			13,817			41,817					20,633	[3]
Average Realized Price
Liquids	$	27.52		$	25.84		$	30.06		$	27.48				$	28.68
Natural Gas	$	4.18		$	4.85		$	3.59		$	0.25				$	0.42

METHANOL OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended				Nine Months Ended
	9/30/2004		9/30/2003		9/30/2004		9/30/2003
REVENUES
Methanol Sales	$	24,848	$	18,035	$	72,770	$	62,069
Sales of Purchased Methanol				964		708		3,825
Other		5,377		2,378		11,630		6,121
Total Revenues		30,225		21,377		85,108		72,015
COSTS AND EXPENSES
Cost of Goods Manufactured		13,918		8,842		31,915		26,026
Cost of Purchased Methanol		—		1,147		811		4,157
DD&A		2,277		2,310		6,892		7,090
SG&A		445		494		1,537		1,552
Total Costs and Expenses		16,640		12,793		41,155		38,825
INCOME FROM UNCONS. SUBS.	$	13,585	$	8,584	$	43,953	$	33,190
Methanol Sales (MGal)		33,451		28,419		109,012		92,746
Average Realized Price ($/Gal)	$	0.74	$	0.63	$	0.67	$	0.67

ECUADOR POWER OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended					Nine Months Ended
	9/30/2004			9/30/2003		9/30/2004		9/30/2003
REVENUES
Power Sales	$	6,026		$	10,831	$	32,608	$	35,799
Capacity Charge		1,478			2,024		5,761		5,562
Total Revenues		7,504			12,855		38,369		41,361
COSTS AND EXPENSES
Field
Lease Operating		390			832		1,387		2,161
DD&A		2,774			5,843		12,197		16,318
SG&A		627			454		1,777		2,138
Plant
Fuel		2,706			3,573		10,353		10,355
Non-Fuel		1,055			1,060		3,157		2,606
Depreciation		1,048			1,057		3,163		2,862
Total Costs and Expenses		8,600			12,819		32,034		36,440
OPERATING INCOME	$	(1,096	)	$	36	$	6,335	$	4,921
Natural Gas Production (Mcfpd) [3]		11,645			21,235		20,247		19,856
Average Natural Gas Price	$	3.19		$	3.73	$	3.01	$	3.86
Power Production — Total MW		97,291			184,470		519,167		519,342
Average Power Price ($/Kwh)	$	0.077		$	0.070	$	0.074	$	0.080

[1]	Other international includes operations in Argentina, China and Ecuador.
[2]	Corporate and Other includes corporate overhead, intercompany eliminations and marketing.
[3]	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.

NOBLE ENERGY, INC. AND SUBSIDIARIES
DISCONTINUED OPERATIONS SUMMARY
(Unaudited) (Dollars in thousands)

				Three Months Ended
	YTD			9/30/2004			6/30/2004			3/31/2004
REVENUES
Oil and Gas Sales and Royalties	$	12,468		$	10		$	(265	)	$	12,722
COST AND EXPENSES
Purchase Price and Accrual Adjustments		(14,179	)		(4,580	)		(3,707	)		(5,892	)
Oil and Gas Operations		4,564			404			1,290			2,870
		(9,615	)		(4,176	)		(2,417	)		(3,022	)
INCOME BEFORE INCOME TAXES		22,083			4,186			2,152			15,744
INCOME TAX PROVISION
Current		1,142			(118	)		(87	)		1,347
Deferred		6,586			1,583			840			4,163
		7,729			1,465			753			5,510
NET INCOME	$	14,354		$	2,721		$	1,399		$	10,234
KEY STATISTICS:
Daily Production
Liquids (Bbl)		301			(3	)		(87	)		996
Natural Gas (Mcf)		5,917			(56	)		(1,013	)		18,887
Average Realized Price
Liquids ($/Bbl)	$	33.96		$	62.46		$	26.33		$	33.39
Natural Gas ($/Mcf)	$	5.97		$	(5.77	)	$	0.60		$	5.64

				Three Months Ended
	YTD			9/30/2003			6/30/2003		3/31/2003
REVENUES
Oil and Gas Sales and Royalties	$	86,303		$	26,667		$	26,716	$	32,920
COST AND EXPENSES
Write Down to Fair Value		13,336			8,422			4,914
Oil and Gas Operations		21,448			5,005			8,119		8,324
Depreciation, Depletion and Amortization		28,761			7,780			8,668		12,313
		63,545			21,207			21,701		20,637
INCOME BEFORE INCOME TAXES		22,758			5,460			5,015		12,283
INCOME TAX PROVISION
Current		30,206			24,152			1,755		4,299
Deferred		(22,241	)		(22,241	)		—		—
		7,965			1,911			1,755		4,299
NET INCOME	$	14,793		$	3,549		$	3,260	$	7,984
KEY STATISTICS:
Daily Production
Liquids (Bbl)		4,555			4,091			4,724		4,859
Natural Gas (Mcf)		33,520			34,396			32,834		33,318
Average Realized Price
Liquids ($/Bbl)	$	27.68		$	28.11		$	25.39	$	29.56
Natural Gas ($/Mcf)	$	5.67		$	5.08		$	5.29	$	6.67