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): May 2, 2006

NOBLE ENERGY, INC.

(Exact name of Registrant as specified in its charter)

Delaware	001-07964	73-0785597
(State or other jurisdiction of	Commission	(I.R.S. Employer
incorporation or organization)	File Number	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

Press Release dated May 2, 2006

Item 2.02. Results of Operations and Financial Condition.

     On May 2, 2006 Noble Energy, Inc. (the “Company”) issued a press release announcing results for the fiscal quarter ended March 31, 2006. 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 fiscal quarter ended March 31, 2006 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 information in this Form 8-K and 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 exhibit is furnished as part of this current Report on Form 8-K:

99.1 Press Release dated May 2, 2006 announcing results for the fiscal quarter ended March 31, 2006.

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: May 2, 2006	By:	/s/ Arnold J. Johnson
		Arnold J. Johnson
		Vice President, General Counsel & Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated May 2, 2006 announcing results for the fiscal quarter ended March 31, 2006.

EX-99.1

Exhibit 99.1

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

NOBLE ENERGY ANNOUNCES FIRST QUARTER 2006 RESULTS
Net Income and Discretionary Cash Flow More Than Double Versus 2005

HOUSTON (May 2, 2006) — Noble Energy, Inc. (NYSE: NBL) today reported its highest ever quarterly net income of $226.1 million for the first quarter 2006, an increase of 106 percent compared to $110.0 million reported for the first quarter last year. Earnings per basic share was $1.28 compared to 93 cents for the first quarter of 2005. Discretionary cash flow (non-GAAP measure, see Schedule 2 — Determination of Discretionary Cash Flow and Reconciliation) for the first quarter was $504.0 million, a 129 percent increase over $220.4 million for the first quarter of 2005. Net cash provided by operating activities was $527.5 million. Capital expenditures for the quarter totaled $263.0 million excluding the acquisition of United States Exploration, Inc.

Noteworthy operating items for the first quarter 2006 include:

• Successful completion of the acquisition of United States Exploration, Inc. in March

• Daily equivalent sales volumes increase of 77 percent versus first quarter 2005

• Early production from the Ticonderoga deepwater Gulf of Mexico development

• Successful exploration well (Redrock) in the deepwater Gulf of Mexico

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Our first quarter results continued our company’s trend of delivering outstanding operating and financial performance. Over the past two years, strong organic growth came from international developments in Equatorial Guinea, Israel, China and Ecuador. In 2006, substantial organic growth will come from North America. Our deepwater Gulf of Mexico program is proving to be a substantial contributor with Swordfish, Lorien and Ticonderoga adding new production this year. In addition, our recently announced Redrock discovery and our current exploration well at Raton offer potentially significant upside from our current deepwater portfolio. Onshore in North America, our recent acquisition of United States Exploration will enhance our continuing successful operations in the Wattenberg field, while our Piceance, Buffalo Wallow and Billy Rose programs are adding to our already substantial onshore production.”

First quarter 2006 sales volumes increased 77 percent to 186,453 barrels of oil equivalent per day (Boepd), compared to 105,051 Boepd for the first quarter last year. Liquids sales volumes were 80,630 barrels per day (Bpd) compared to 46,583 Bpd for the first quarter of 2005. Natural gas sales volumes were 634,937 million cubic feet per day (MMcfpd) compared to 350,807 MMcfpd last year. Pretax hedge losses of $107.3 million, $69.7 million after tax, lowered realized crude oil and natural gas prices $7.73 per barrel and 90 cents per thousand cubic feet (Mcf), respectively.

North America sales volumes increased 113 percent over the first quarter last year, primarily as a result of the acquisition of Patina Oil & Gas, which closed May 16, 2005. Production from Noble Energy’s Swordfish and Ticonderoga deepwater developments, which commenced in October 2005 and February 2006, respectively, contributed approximately 12,000 Boepd during the first quarter of 2006.

International sales volumes increased 40 percent compared to the first quarter of 2005. The increase in international sales volumes was primarily attributable to increased production associated with the Phase 2B liquids expansion project in Equatorial Guinea. Increased natural gas sales in Israel also contributed to increased international sales volumes.

NORTH AMERICA

North America reported pre-tax operating income for the first quarter of $187.5 million, an increase of $106.8 million, or 132 percent, compared to operating income of $80.7 million for the first quarter last year.

Operations benefited from higher sales volumes and higher realized prices during the quarter. First quarter sales volumes increased to 114,296 Boepd from 53,677 Boepd for the same period last year. Liquids sales volumes were 37,205 Bpd compared to 17,927 Bpd for the first quarter of 2005. Natural gas sales volumes were 462,547 MMcfpd compared to 214,500 MMcfpd last year. The average liquids price was $42.20 per Bbl compared to $38.60 per Bbl during the first quarter of 2005. The average realized natural gas price was $6.96 per Mcf compared to $6.54 per Mcf last year.

During the first quarter, the company had 22 drilling rigs running onshore (nine in the Rocky Mountains, 10 in the Mid-continent and three in the Gulf Coast) and 52 workover rigs (27 in the Rocky Mountains and 20 in the Mid-continent and five in the Gulf Coast). Noble Energy plans to drill 778 onshore wells in 2006, of which 53 are to be drilled in the Gulf Coast, 480 are planned for the Rocky Mountains and 245 for the Mid-continent. The company also plans approximately 950 refrac and recompletion projects for 2006, most of which will be in the Wattenberg field.

Noble Energy continues to experience strong growth in the deepwater Gulf of Mexico, where the company has three significant projects that recently began producing. The first of three wells at the company’s Swordfish project began production in October. The second project, Ticonderoga, began producing in February 2006. The remaining project, Lorien, began producing during April 2006.

In January 2006, Noble Energy entered into an acreage earning agreement with Teton Energy Corporation. Under the terms of the agreement, Noble Energy will earn a 75 percent working interest in approximately 184,000 acres in the D-J basin by drilling 20 wells on or before March 1, 2007. Upon completion of the first 20 wells, Noble Energy and Teton will split all costs associated with future drilling according to each party’s working interest. The acreage included in this agreement is near Noble Energy’s Wattenberg field and is northeast of Noble Energy’s current operations in the Niobrara producing trend in Yuma County, Colorado.

On March 29, 2006, Noble Energy closed on its agreement to acquire U.S. Exploration Holdings, Inc. for $412 million. The acquisition significantly expands the company’s operations in its core Wattenberg field, adding 65,000 net acres to the 218,000 net acres Noble Energy currently owns. Total proved reserves and probable and possible resources are estimated to be approximately 465 billion cubic feet equivalent (Bcfe). Production is expected to grow from the current rate of approximately 20 million cubic feet equivalent per day (MMcfepd) to about 70 MMcfepd by the end of 2007.

INTERNATIONAL OPERATIONS

International operations reported operating income for the first quarter of $211.3 million, an increase of $96.4 million, or 84 percent, compared to $114.9 million in the first quarter last year. First quarter 2006 sales volumes increased 40 percent to 72,157 Boepd from 51,374 Boepd last year. Liquids sales volumes were 43,425 Bpd compared to 28,656 Bpd for the first quarter of 2005. Natural gas sales volumes were 172,390 MMcfpd compared to 136,307 MMcfpd last year.

Equatorial Guinea

Total operating income in Equatorial Guinea increased 137 percent to $147.9 million compared to $62.4 million last year. Total sales volumes in Equatorial Guinea were 40,472 Boepd, net to Noble Energy’s interest, compared to 21,435 Boepd during the first quarter of 2005.

Condensate and natural gas sales, exclusive of the Alba Plant, LLC, accounted for $108.2 million, or 73 percent, of operating income from Equatorial Guinea. First quarter 2006 net condensate and natural gas sales volumes averaged

2

32,348 Boepd compared to 20,638 Boepd last year. The average realized price for condensate during the first quarter was $58.46 per Bbl compared to $44.72 per Bbl for the same period last year.

Alba Plant, LLC reported $27.1 million of income from liquefied petroleum gas and condensate sales, net to Noble Energy’s interest, compared to $3.3 million during the first quarter 2005. Net Alba Plant, LLC condensate and LPG sales totaled 8,124 Bpd compared to 797 Bpd for the same period last year. The increase in operating income and production for Alba Plant, LLC reflects the completion and ramp up to full production of the Phase 2B expansion. The average Alba Plant, LLC realized price during the first quarter was $45.07 per Bbl compared to $32.57 per barrel for the same period last year.

Income from methanol operations was $12.5 million, net to Noble Energy’s interest, compared to $16.6 million during the first quarter 2005. First quarter 2006 income from methanol operations declined relative to the same period last year due to lower methanol sales as inventory was built up in anticipation of a 46 day plant turnaround and expansion scheduled to begin during the first week of May. The company’s share of methanol sales volumes was 34.1 million Gal compared to last year’s 43.1 million Gal. First quarter realized methanol prices were 82 cents per gallon (Gal).

North Sea

In the North Sea, operating income for the first quarter of 2006 was $25.7 million compared to $19.7 million last year. In the U.K. sector of the North Sea, the Dumbarton development was sanctioned during the fourth quarter 2005. Noble Energy expects production from Dumbarton to commence during the first quarter of 2007, with net production averaging 9,000 Boepd during 2007.

Israel

First quarter operating income was $14.7 million compared to $10.5 million for the same period in 2005. Natural gas production, net to Noble Energy, averaged 82.6 MMcfpd for the first quarter 2006, compared to 58.7 MMcfpd last year. The increased natural gas sales reflect the conversion of the Eshkol power plant’s natural gas turbine from a simple-cycle peaking unit to a combined-cycle base load unit. The average realized natural gas price during the first quarter 2006 was $2.66 per thousand cubic feet (Mcf) compared to $2.78 per Mcf for the same period last year. Lease operating expense averaged 29 cents per Mcf and DD&A averaged 43 cents per Mcf.

Argentina, China, Ecuador and Suriname

Argentina, China, Ecuador and Suriname combined recorded first quarter 2006 operating income of $23.0 million compared to $22.3 million for first quarter last year.

Noble Energy’s Machala power plant contributed $7.3 million of operating income during the first quarter 2006 compared to $10.2 million for the same period last year, reflecting a decline in the average electricity sales price of 2.5 cents per kilowatt hour (Kwh) to 7.8 cents per Kwh. For the quarter, electricity sales totaled 229,703 megawatt hours. Noble Energy produced 26.3 MMcfpd of natural gas from the Amistad field during the first quarter of 2006.

In China, first quarter operating income was $15.1 million. Net production in China averaged 4,186 barrels of oil per day for the first quarter. Net production in Argentina averaged 3,681 Boepd for the first quarter.

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, the Mid-continent region of western Oklahoma and the Texas Panhandle, the San Juan basin in New Mexico, the Gulf Coast and the Gulf of Mexico. In addition, Noble Energy operates internationally in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea and Suriname. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. Visit Noble Energy online at www.nobleenergyinc.com.

3

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 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 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. 1-16619, 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.

-xxx-

4

SCHEDULE 1

NOBLE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED SUMMARY OF RESULTS

(Unaudited) (In thousands, except per share amounts)

	Three Months Ended
	3/31/2006			3/31/2005
REVENUES
Oil and Gas Sales and Royalties	$	646,252		$	315,244
Gathering, Marketing and Processing		8,183			11,483
Electricity Sales		17,912			21,591
Income from Equity Method Investments		39,650			19,894
Total Revenues		711,997			368,212
COST AND EXPENSES
Oil and Gas Operations		62,602			32,680
Workovers and Repairs		19,591			3,240
Production and Ad Valorem Taxes		25,453			9,220
Transportation		5,061			3,668
Oil and Gas Exploration		32,022			23,657
Gathering, Marketing and Processing		5,502			8,237
Electricity Generation		10,626			11,439
Depreciation, Depletion and Amortization		124,465			70,279
Selling, General and Administrative		35,398			15,168
Accretion of Asset Retirement Obligation		3,318			2,551
Interest, Net of Capitalized Interest		33,168			11,732
Deferred Compensation Adjustment		9,176			—
Other Expense (Income), Net		(3,738	)		1,859
Total Costs and Expenses		362,644			193,730
INCOME BEFORE INCOME TAXES		349,353			174,482
INCOME TAX PROVISION (BENEFIT)
Current		67,806			53,367
Deferred		55,460			11,147
		123,266			64,514
NET INCOME	$	226,087		$	109,968
Earnings Per Share
Basic	$	1.28		$	0.93
Diluted	$	1.26		$	0.92
Weighted Average Number of Shares Outstanding
Basic		176,136			118,166
Diluted		180,099			120,278

SCHEDULE 2

NOBLE ENERGY, INC. AND SUBSIDIARIES

DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION

(Unaudited) (Dollars in thousands)

	Three Months Ended
	3/31/2006			3/31/2005
Net Income	$	226,087		$	109,968
Depreciation, Depletion and Amortization (DD&A)		124,465			70,279
Power Project DD&A		4,151			4,308
Oil and Gas Exploration		32,022			23,657
Interest Capitalized		(1,455	)		(4,861	)
Income from Equity Method Investments		(39,650	)		(19,894	)
Distributions & Dividends from Equity Method Investees		56,023			18,855
Deferred Compensation Adjustment		9,176			—
Deferred Income Tax Provision		55,460			11,147
Accretion of Asset Retirement Obligation		3,318			2,551
Allowance for Doubtful Accounts		—			1,030
Stock Based Compensation		3,154			526
Loss on Derivative Instruments		30,686			2,643
Other		581			165
DISCRETIONARY CASH FLOW [1]		504,018			220,374
Adjustments to Reconcile:
Working Capital		83,678			(9,288	)
Cash Exploration Costs		(19,148	)		(9,891	)
Capitalized Interest		1,455			(4,114	)
Deferred Tax, Misc. Credits and Other		(42,494	)		7,444
Net Cash Provided by Operating Activities	$	527,509		$	204,525

[1] 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) (Dollars in thousands)

	3/31/2006			12/31/2005
ASSETS
Current Assets	$	1,182,030		$	1,175,511
Property, Plant and Equipment		9,177,000			8,481,295
Less: Accumulated Depreciation		(2,357,807	)		(2,282,379	)
Net Property, Plant and Equipment		6,819,193			6,198,916
Equity Method Investments		404,607			420,362
Other		224,363			220,376
Goodwill		929,145			862,868
Total Assets	$	9,559,338		$	8,878,033
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	1,222,199		$	1,240,145
Long-term Debt		2,140,603			2,030,533
Deferred Income Taxes, non-current		1,433,450			1,201,191
Other Deferred Credits and Non-current Liabilities		1,279,913			1,316,020
Total Liabilities		6,076,165			5,787,889
Shareholders’ Equity		3,483,173			3,090,144
Total Liabilities and Shareholders’ Equity	$	9,559,338		$	8,878,033

SCHEDULE 3
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Three Months Ended 03/31/06

										Equatorial						Other			Corporate
	Consolidated			North America			North Sea			Guinea			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	327,075		$	141,320		$	28,179		$	122,306		$	—		$	35,270		$	—
Gas Sales [3]		319,177			289,536			8,108			1,733			19,759			41			—
Equity Investee Liquids Sales		—			—			—			32,956			—			—			(32,956	)
Equity Investee Methanol Sales		—			—			—			27,985			—			—			(27,985	)
Gathering, Marketing and Processing		8,183			—			—			—			—			—			8,183
Electricity Sales		17,912			—			—			—			—			17,912			—
Inc. from Equity Method Investments		39,650			—			—			—			—			—			39,650
Total Revenues		711,997			430,856			36,287			184,980			19,759			53,223			(13,108	)
COSTS AND EXPENSES
Oil and Gas Operations		82,193			65,720	[6]		2,333			7,547			2,123			4,227			243
Production & Ad Valorem Taxes		25,453			22,077			—			—			—			3,233			143
Transportation		5,061			3,375			1,493			—			—			193			—
Oil and Gas Exploration		32,022			20,341			4,472			2,321			32			2,361			2,495
Gathering, Marketing and Processing		5,502			—			—			—			—			—			5,502
Equity Investee Liquids Expense		—			—			—			5,853			—			—			(5,853	)
Equity Investee Methanol Expense		—			—			—			15,438			—			—			(15,438	)
Electricity Generation		10,626			—			—			—			—			10,626			—
DD&A		124,465			104,692			1,874			6,115			3,199			6,598			1,987
SG&A		35,398			13,321			627			1			11			1,750			19,688
Accretion Expense		3,318			2,836			291			26			106			59			—
Interest Expense (net)		33,168			—			—			—			—			—			33,168
Deferred Compensation		9,176			—			—			—			—			—			9,176
Other Expense/(Income) net		(3,738	)		10,955			(466	)		(213	)		(440	)		1,180			(14,754	)
Total Costs and Expenses		362,644			243,317			10,624			37,088			5,031			30,227			36,357
OPERATING INCOME (LOSS)	$	349,353		$	187,539		$	25,663		$	147,892		$	14,728		$	22,996		$	(49,465	)
Key Statistics
Daily Sales Volumes
Liquids (Bbl)		72,506			37,205			4,255			23,246			—			7,800			—
Natural Gas (Mcf)		634,937			462,547			8,485			54,613	[3]		82,556			26,736	[5]
Equity Investee Liquids (Bbl)		8,124			—			—			8,124	[4]					—			—
Equity Investee Methanol (MGal)		34			—			—			34			—			—			—
Average Realized Price
Liquids	$	50.12		$	42.20		$	73.59		$	58.46			—		$	50.24			—
Natural Gas	$	5.83		$	6.96		$	10.62		$	0.35		$	2.66		$	1.09			—
Equity Investee Liquids	$	45.07			—			—		$	45.07			—			—			—
Equity Investee Methanol	$	0.82			—			—		$	0.82			—			—			—

[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. Both of these 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 1,070 Bpd and 7,054 Bpd, respectively. These volumes are included in Equatorial Guinea sales volumes and Equity Investee Liquids sales revenue.
[5]	Ecuador natural gas volumes are included in Other International and Consolidated sales volumes, 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.
[6]	Includes approximately $14.4 of hurricane related repair expenses.

SCHEDULE 4
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

	Three Months Ended 03/31/05
								Equatorial						Other			Corporate
	Consolidated		North America		North Sea			Guinea			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	168,384	$	62,281	$	24,372		$	53,650		$	—		$	28,081		$	—
Gas Sales [3]		146,860		126,327		4,860			997			14,676			—			—
Equity Investee Liquids Sales		—		—		—			2,339			—			—			(2,339	)
Equity Investee Methanol Sales		—		—		—			34,170			—			—			(34,170	)
Gathering, Marketing and Processing		11,483		—		—			—			—			—			11,483
Electricity Sales		21,591		—		—			—			—			21,591			—
Inc. from Equity Method Investments		19,894		—		—			—			—			—			19,894
Total Revenues		368,212		188,608		29,232			91,156			14,676			49,672			(5,132	)
COSTS AND EXPENSES
Oil and Gas Operations		35,920		21,672		3,062			5,321			1,891			4,167			(193	)
Production & Ad Valorem Taxes		9,220		6,144		—			—			—			2,925			151
Transportation		3,668		2,029		1,497			—			—			142			—
Oil and Gas Exploration		23,657		17,850		1,674			1,383			82			1,425			1,243
Gathering, Marketing and Processing		8,237		—		—			—			—			—			8,237
Equity Investee Liquids Expense		—		—		—			(946	)		—			—			946
Equity Investee Methanol Expense		—		—		—			17,561			—			—			(17,561	)
Electricity Generation		11,439		—		—			—			—			11,439			—
DD&A		70,279		51,832		2,872			5,146			2,560			6,441			1,428
SG&A		15,168		4,052		454			167			21			839			9,635
Accretion Expense		2,551		2,174		279			9			55			34			—
Interest Expense (net)		11,732		—		—			—			—			—			11,732
Other Expense/(Income) net		1,859		2,188		(257	)		92			(427	)		(48	)		311
Total Costs and Expenses		193,730		107,941		9,581			28,733			4,182			27,364			15,929
OPERATING INCOME (LOSS)	$	174,482	$	80,667	$	19,651		$	62,423		$	10,494		$	22,308		$	(21,061	)
Key Statistics
Daily Sales Volumes
Liquids (Bbl)		45,786		17,927		5,778			13,332			—			8,749			—
Natural Gas (Mcf)		350,807		214,500		9,283			43,833	[3]		58,657			24,534	[5]		—
Equity Investee Liquids (Bbl)		797		—		—			797	[4]		—			—			—
Equity Investee Methanol (MGal)		43		—		—			43			—			—			—
Average Realized Price
Liquids	$	40.86	$	38.60	$	46.87		$	44.72			—		$	35.66			—
Natural Gas	$	5.00	$	6.54	$	5.82		$	0.25		$	2.78			—			—
Equity Investee Liquids	$	32.57		—		—		$	32.57			—			—			—
Equity Investee Methanol	$	0.79		—		—		$	0.79			—			—			—

[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. Both of these 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 155 Bpd and 642 Bpd, respectively. These volumes are included in Equatorial Guinea sales volumes and Equity Investee Liquids sales revenue.
[5]	Ecuador natural gas volumes are included in Other International and Consolidated sales volumes, 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.

SCHEDULE 5
ECUADOR POWER OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended
	3/31/2006		3/31/2005
REVENUES
Power Sales	$	15,749	$	19,474
Capacity Charge		2,163		2,117
Total Revenues		17,912		21,591
COSTS AND EXPENSES
Field
Lease Operating		638		596
DD&A		3,011		3,249
SG&A		711		619
Plant
Fuel & Other Operating Costs		3,595		4,312
Depreciation		1,141		1,059
SG&A		1,530		1,604
Total Costs and Expenses		10,626		11,439
OPERATING INCOME	$	7,286	$	10,152
Natural Gas Production (Mcfpd)		26,321		24,534
Average Natural Gas Price	$	3.76	$	3.32
Power Production — Total MW		229,703		208,771
Average Power Price ($/Kwh)	$	0.078	$	0.103

SCHEDULE 6
INCOME FROM EQUITY METHOD INVESTMENTS

METHANOL OPERATIONS [1]
(Unaudited) (Dollars in thousands)

	Three Months Ended
	3/31/2006		3/31/2005
REVENUES
Methanol Sales	$	27,985	$	34,170
Other		1,775		1,649
Total Revenues		29,760		35,819
COSTS AND EXPENSES
Cost of Goods Manufactured		10,455		12,050
DD&A		2,387		2,296
SG&A		521		545
Total Costs and Expenses		13,363		14,891
INCOME TAX PROVISION		3,850		4,319
INCOME/(LOSS) FROM UNCONS. SUBS.	$	12,547	$	16,609
Methanol Sales (MGal)		34,109		43,076
Average Realized Price ($/Gal)	$	0.82	$	0.79

ALBA PLANT [1]
(Unaudited) (Dollars in thousands)

	Three Months Ended
	3/31/2006		3/31/2005
REVENUES
LPG Plant Sales	$	32,956	$	2,339
Other		712		2,365
Total Revenues		33,668		4,704
COSTS AND EXPENSES
LPG Plant Expenses		4,915		1,157
DD&A		1,650		188
SG&A		0		0
Total Costs and Expenses		6,565		1,345
INCOME TAX PROVISION		—		74
INCOME/(LOSS) FROM UNCONS. SUBS.	$	27,103	$	3,285
LPG Plant Sales (Bopd)		8,124		797
Average Realized Price ($/Bbl)	$	45.07	$	32.57

[1] This financial information is presented at Noble Energy, Inc.’s net ownership interest in each of its unconsolidated subsidiaries. It is included for informational purposes only, as the company accounts for these investments using the equity method of accounting.