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 SECOND QUARTER 2006 RESULTS

HOUSTON (August 3, 2006) — Noble Energy, Inc. (NYSE: NBL) today reported a second quarter net loss of $30.7 million, or 17 cents per basic share. Excluding the previously announced after tax loss of approximately $250.0 million related to certain cash flow hedges that were associated with Gulf of Mexico shelf assets being sold, Noble Energy’s adjusted second quarter net income (a non-GAAP measure) would have been $219.3 million, or $1.24 per basic share (see Note 1 below).

Discretionary cash flow (non-GAAP measure, see Schedule 2 — Determination of Discretionary Cash Flow and Reconciliation) for the second quarter was $605.5 million, an 87 percent increase over $324.5 million for the second quarter of 2005. Net cash provided by operating activities was $406.7 million. Capital expenditures for the quarter totaled $341.8 million.

Recent noteworthy operating items include:

• Daily equivalent sales volumes increase of 37 percent versus second quarter 2005

• First production from the Lorien deepwater Gulf of Mexico development

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

• First natural gas sales to the Reading power plant in Tel Aviv, Israel

Charles D. Davidson, the company’s Chairman, President and CEO, said, “The sale of our Gulf of Mexico shelf assets and our $500 million stock repurchase program, both of which were announced during the second quarter, represent significant progress in focusing the company’s investments on areas that will produce the greatest value for our shareholders. Our strong second quarter results reflect the impact of our high-return organic growth programs. In North America, our three deepwater Gulf of Mexico developments are now on stream, providing significant production, earnings and cash flow. In addition, our recent Redrock and Raton discoveries are expected to be contributors to deepwater production in the future. Our Rockies and Mid-continent drilling programs remain extremely active, and we have now fully integrated the acquired properties from United States Exploration into our Wattenberg operations. Internationally, with the ongoing expansion of natural gas infrastructure, our sales in Israel are continuing to increase. The methanol plant turnaround in Equatorial Guinea is complete, which will lead to increased sales in the near term.”

Second quarter 2006 sales volumes increased 37 percent to 192,009 barrels of oil equivalent per day (Boepd), compared to 139,765 Boepd for the second quarter last year. Liquids sales volumes were 85,853 barrels per day (Bpd) compared to 59,296 Bpd for the second quarter of 2005. Natural gas sales volumes were 636.9 million cubic feet per day (MMcfpd) compared to 482.8 MMcfpd last year. Included in the second quarter 2006 sales volumes was 18,928 Boepd from the Gulf of Mexico shelf properties held for sale (see Note 1 below). Pretax hedge losses of $67.9 million, $42.4 million after tax, lowered realized crude oil and natural gas prices $7.32 per barrel and 19 cents per thousand cubic feet (Mcf), respectively.

North America sales volumes increased 69 percent over the second quarter last year. Sales from Noble Energy’s Swordfish, Ticonderoga and Lorien deepwater developments, which commenced in October 2005, February 2006 and April 2006, respectively, contributed approximately 27,443 Boepd during the second quarter of 2006.

International sales volumes declined five percent compared to the second quarter of 2005. The decrease in international sales volumes was primarily attributable to the turnaround and expansion project of the Atlantic Methanol Production Company (AMPCO) methanol plant in Equatorial Guinea, which lasted 57 days and resulted in reduced natural gas sales of approximately 22 MMcfpd for the quarter. Condensate sales in Equatorial Guinea were approximately 2,300 Bpd lower than the second quarter of 2005 due to the impacts of the AMPCO turnaround and fewer liftings. Partially offsetting the production impact of lower liftings and the methanol plant turnaround was increased liquids production in Equatorial Guinea following the completion of the Phase 2B liquids expansion project. Increased natural gas sales in Israel and Ecuador also partially offset lower natural gas production in Equatorial Guinea.

NORTH AMERICA

North America reported a pre-tax operating loss for the second quarter of $152.2 million, which includes a previously announced pretax charge of approximately $400.0 million related to certain cash flow hedges that were associated with Gulf of Mexico shelf assets being sold in the third quarter (see Note 1 below). Excluding the pre-tax charge, North America had pre-tax operating income of $246.4 million, an increase of $107.0 million, or 77 percent, compared to operating income of $139.4 million for the second quarter last year.

Operations benefited from higher sales volumes and higher realized prices during the quarter. Second quarter sales volumes increased to 134,194 Boepd from 79,218 Boepd for the same period last year. Liquids sales volumes were 51,983 Bpd compared to 25,310 Bpd for the second quarter of 2005. Natural gas sales volumes were 493.3 MMcfpd compared to 323.4 MMcfpd last year. The average liquids price was $53.01 per Bbl compared to $41.70 per Bbl during the second quarter of 2005. The average realized natural gas price was $6.29 per Mcf compared to $6.78 per Mcf last year.

During the second quarter, the company had 23 drilling rigs running onshore (10 in the Rocky Mountains, 10 in the Mid-continent and three in the Gulf Coast) and 49 workover rigs (26 in the Rocky Mountains, 18 in the Mid-continent and five in the Gulf Coast). Noble Energy plans to drill 814 onshore wells in 2006, of which 55 are to be drilled in the Gulf Coast, 493 are planned for the Rocky Mountains and 266 for the Mid-continent. The company also plans approximately 935 refrac, trifrac and recompletion projects for 2006, most of which will be in the Wattenberg field.

In April 2006, Noble Energy’s Lorien deepwater development commenced production. Lorien is the last of three deepwater Gulf of Mexico developments that have come on stream since October 2005 and contributed to strong growth in the deepwater. During the second quarter, total deepwater sales from the Gulf of Mexico were 29,377 Boepd. Also during the second quarter, the company announced two deepwater discoveries, Redrock and Raton. Located within five miles of each other in Mississippi Canyon, additional appraisal work on these discoveries is scheduled for the fourth quarter of this year.

INTERNATIONAL OPERATIONS

International operations reported operating income for the second quarter of $172.0 million, an increase of $44.9 million, or 35 percent, compared to $127.1 million in the second quarter last year. Second quarter 2006 sales volumes totaled 57,815 Boepd compared to 60,547 Boepd last year. Liquids sales volumes were 33,870 Bpd compared to 33,986 Bpd for the second quarter of 2005. Natural gas sales volumes were 143.7 MMcfpd compared to 159.4 MMcfpd last year.

West Africa

Total operating income in Equatorial Guinea increased 56 percent to $118.4 million compared to $75.8 million last year. Total sales volumes in Equatorial Guinea were 29,062 Boepd, net to Noble Energy’s interest, compared to 32,318 Boepd during the second quarter of 2005. Lower sales volumes resulted from fewer condensate liftings and the turnaround and expansion projects at the AMPCO methanol plant.

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Condensate and natural gas sales, exclusive of the Alba Plant, LLC and methanol operations, accounted for $83.0 million, or 70 percent, of operating income from Equatorial Guinea. Second quarter 2006 net condensate and natural gas sales volumes averaged 21,622 Boepd compared to 29,882 Boepd last year. The average realized price for condensate during the second quarter was $68.76 per Bbl compared to $43.64 per Bbl for the same period last year.

Alba Plant, LLC reported $23.9 million of income from liquefied petroleum gas and condensate sales, net to Noble Energy’s interest, compared to $7.1 million during the second quarter 2005. Net Alba Plant, LLC condensate and LPG sales totaled 7,439 Bpd compared to 2,436 Bpd for the same period last year. The increase in operating income and sales volumes 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 second quarter was $46.68 per Bbl compared to $41.29 per barrel for the same period last year.

Income from methanol operations increased slightly to $11.6 million, net to Noble Energy’s interest, compared to $11.4 million during the second quarter 2005, despite the 57-day shut down of methanol production for the plant turnaround and expansion. Sales to customers during the shut down period were derived primarily from draws on inventories. The company’s share of methanol sales volumes was 32.4 million Gal compared to last year’s 33.1 million Gal. Second quarter realized methanol prices were 84 cents per gallon (Gal). The methanol plant restarted at 65 percent of nameplate capacity on July 1. It is expected to reach 100 percent capacity in early August and 110 percent of prior capacity by the fourth quarter.

North Sea

In the North Sea, operating income for the second quarter of 2006 was $17.9 million compared to $21.5 million last year, resulting primarily from lower crude oil sales due to natural field decline and the timing of liftings. 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 by the first quarter of 2007, with net production averaging 9,000 Boepd during 2007.

Israel

Second quarter operating income was $13.3 million compared to $11.0 million for the same period in 2005. Natural gas sales, net to Noble Energy, averaged 75.3 MMcfpd for the second quarter 2006, compared to 60.7 MMcfpd last year. The increased natural gas sales reflect the commencement of commercial operation of the Eshkol power plant’s natural gas turbine as a combined-cycle base load unit. The average realized natural gas price during the second 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 31 cents per Mcf and DD&A averaged 45 cents per Mcf.

In June 2006, the natural gas pipeline to Israel Electric Company’s Reading power plant in Tel Aviv was commissioned. Natural gas sales to the Reading plant began June 27, 2006.

Argentina, China, Ecuador and Suriname

Argentina, China, Ecuador and Suriname combined recorded second quarter 2006 operating income of $22.4 million compared to $18.8 million for second quarter last year.

In China, second quarter operating income was $14.5 million. Net production in China averaged 3,919 barrels of oil per day for the second quarter. In Argentina, second quarter operating income was $8.5 million, and net production averaged 3,918 Boepd.

Note 1 — On July 14, 2006, the company closed its Gulf of Mexico shelf asset sale to Coldren Resources LP. During the second quarter, the company recognized a non-cash charge of approximately $400 million pretax, or $250 million after tax, related to certain cash flow hedges that were associated with future production from the Gulf of Mexico shelf assets that were sold in the third quarter. Adjusting for this non-cash charge, Noble Energy’s second quarter net income would have been $219.3 million, or $1.24 per basic share. This adjusted net income amount should not be considered a substitute for net income as reported in accordance with GAAP. Noble Energy is providing adjusted net income for

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comparison purposes to prior periods and to earnings forecasts prepared by analysts and other third parties. Management believes and certain investors may find that adjusted net income is beneficial in evaluating Noble Energy’s financial performance.

OUTLOOK

Average production in 2006 is still expected to range between 180,000 barrels of oil equivalent (Boepd) and 195,000 Boepd, an increase of 24 percent to 34 percent compared to the full year 2005. This estimate includes the impact of the sale of Noble Energy’s Gulf of Mexico shelf assets and the associated loss of production of approximately 20,000 Boepd during the second half of 2006.

For the full year 2006, costs and expenses are expected to range as follows:

• Exploration expense is now expected to range from $160 million to $190 million, reflecting reduced estimates for dry hole expense.

• General and administrative expenses are still expected to range from $1.90 per barrel of oil equivalent (BOE) to $2.20 per BOE.

• Oil and gas operations expense is now expected to range from $4.35 per BOE to $4.70 per BOE, reflecting the decision to add new deepwater business interruption and physical damage insurance at a cost of approximately $15 million, as well as approximately $25 million of Katrina-related hurricane expenses.

• Depreciation, depletion and amortization is still expected to range from $9.25 per BOE to $9.85 per BOE.

• An effective tax rate of 30 percent to 40 percent is expected. Of the total book taxes planned for 2006, 40 percent to 50 percent are expected to be deferred.

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, the Mediterranean Sea, the North Sea, West Africa 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.

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.

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SCHEDULE 1
NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED SUMMARY OF RESULTS
(Unaudited) (In thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	6/30/2006			6/30/2005			6/30/2006		6/30/2005
REVENUES
Oil and Gas Sales	$	714,860		$	443,934		$	1,361,112	$	759,178
Income from Equity Method Investees		35,441			18,544			75,091		38,438
Other Revenues		22,279			22,965			48,374		56,039
Total Revenues	$	772,580		$	485,443		$	1,484,577	$	853,655
COST AND EXPENSES
Oil and Gas Operating Costs		66,517			46,111			129,119		78,791
Workover and Repair Expense		12,669			2,085			32,260		5,325
Production and Ad Valorem Taxes		27,513			17,601			52,966		26,821
Transportation Costs		8,871			6,553			13,932		10,220
Exploration Costs		29,400			25,598			61,423		49,255
Depreciation, Depletion and Amortization		168,648			95,897			293,113		166,176
General and Administrative		37,661			24,812			73,059		39,980
Accretion of Discount on Asset Retirement Obligation		2,662			2,658			5,979		5,209
Interest, Net of Capitalized Interest		33,918			18,253			67,086		29,985
Loss on Derivative Instruments		401,197			(263	)		396,039		2,380
Other Expense (Income), Net		28,389			21,738			55,112		40,631
Total Costs and Expenses		817,445			261,043			1,180,088		454,773
INCOME BEFORE INCOME TAXES		(44,865	)		224,400			304,489		398,882
INCOME TAX PROVISION (BENEFIT)
Current		(5,758	)		23,364			62,048		76,730
Deferred		(8,402	)		64,159			47,059		75,307
		(14,160	)		87,523			109,107		152,037
NET INCOME	$	(30,705	)	$	136,877		$	195,382	$	246,845
Earnings Per Share
Basic	$	(0.17	)	$	0.94		$	1.11	$	1.87
Diluted	$	(0.17	)	$	0.91		$	1.08	$	1.83
Weighted Average Number of Shares Outstanding
Basic		177,160			146,356			176,651		132,338
Diluted		177,160			150,330			180,460		135,304

SCHEDULE 2
NOBLE ENERGY, INC. AND SUBSIDIARIES
DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION
(Unaudited) (Dollars in thousands)

	Three Months Ended						Six Months Ended
	6/30/2006			6/30/2005			6/30/2006			6/30/2005
Net Income (Loss)	$	(30,705	)	$	136,877		$	195,382		$	246,845
Depreciation, Depletion and Amortization (DD&A)		168,648			95,897			293,113			166,176
Power Project DD&A		3,916			3,601			8,067			7,909
Oil and Gas Exploration		29,400			25,598			61,423			49,255
Interest Capitalized		(802	)		(2,407	)		(2,256	)		(4,903	)
Income from Equity Method Investees		(35,441	)		(18,544	)		(75,091	)		(38,438	)
Distributions & Dividends from Equity Method Investees		39,497			10,845			95,520			29,700
Deferred Compensation Adjustment		5,563			9,878			14,740			9,878
Deferred Income Tax Provision		(8,402	)		64,159			47,059			75,307
Accretion of Asset Retirement Obligation		2,662			2,658			5,979			5,209
Allowance for Doubtful Accounts		3,908			(6,253	)		3,615			(5,223	)
Impairment of Assets		6,359			—			6,359			—
Stock-Based Compensation		3,169			703			6,323			1,255
Loss on Derivative Instruments		417,103			—			447,789			2,643
Other		605			1,463			1,479			1,601
DISCRETIONARY CASH FLOW [1]		605,480			324,475			1,109,501			547,214
Adjustments to Reconcile:
Working Capital		(139,688	)		(25,632	)		(56,010	)		(38,659	)
Cash Exploration Costs		(21,764	)		(11,492	)		(36,318	)		(21,383	)
Capitalized Interest		802			2,407			2,256			4,903
Distributions from Equity Method Investees		(30,497	)		(720	)		(77,520	)		(2,025	)
(Gain) Loss on Disposal of Assets		(11,015	)		(2,905	)		(11,015	)		(4,181	)
Other		3,413			(4,117	)		3,346			672
Net Cash Provided by Operating Activities	$	406,731		$	282,016		$	934,240		$	486,541

[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)

	6/30/2006			12/31/2005
ASSETS
Current Assets	$	1,506,114		$	1,175,511
Property, Plant and Equipment		8,261,258			8,481,295
Less: Accumulated Depreciation		(1,473,170	)		(2,282,379	)
Net Property, Plant and Equipment		6,788,088			6,198,916
Equity Method Investments		400,625			420,362
Other		174,222			220,376
Goodwill		895,038			862,868
Total Assets	$	9,764,087		$	8,878,033
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	1,442,603		$	1,240,145
Long-term Debt		2,040,672			2,030,533
Deferred Income Taxes, Non-current		1,506,267			1,201,191
Other Deferred Credits and Non-current Liabilities		1,090,344			1,316,020
Total Liabilities		6,079,886			5,787,889
Shareholders’ Equity		3,684,201			3,090,144
Total Liabilities and Shareholders’ Equity	$	9,764,087		$	8,878,033

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

Three Months Ended 06/30/06

																Other			Corporate
	Consolidated			North America			North Sea			West Africa			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	407,209		$	250,764		$	20,900		$	95,930		$	—		$	39,615		$	—
Gas Sales [3]		307,651			282,526			5,454			1,403			18,231			37			—
Equity Investee Liquids Sales		—			—			—			31,600			—			—			(31,600	)
Equity Investee Methanol Sales		—			—			—			27,328			—			—			(27,328	)
Gathering, Marketing and Processing		6,760			—			—			—			—			—			6,760
Electricity Sales		15,519			—			—			—			—			15,519			—
Inc. from Equity Method Investees		35,441			—			—			—			—			—			35,441
Total Revenues		772,580			533,290			26,354			156,261			18,231			55,171			(16,727	)
COSTS AND EXPENSES
Oil and Gas Operating Costs		66,517			50,406			2,310			7,903			2,132			3,648			118
Workover and Repair Expense		12,669			12,653	[6]		—			—			—			16			—
Production & Ad Valorem Taxes		27,513			21,660			—			—			—			5,735			118
Transportation		8,871			7,289			1,398			—			—			184			—
Oil and Gas Exploration		29,400			18,774			3,412			2,313			29			2,422			2,450
Gathering, Marketing and Processing		5,968			—			—			—			—			—			5,968
Equity Investee Liquids Expense		—			—			—			7,725			—			—			(7,725	)
Equity Investee Methanol Expense		—			—			—			15,762			—			—			(15,762	)
Electricity Generation		14,598			—			—			—			—			14,598			—
DD&A		168,648			151,331			1,456			4,206			3,053			6,926			1,676
Impairment of Operating Assets		6,359			6,359			—			—			—			—			—
G&A		37,661			14,755			679			—			28			(768	)		22,967
Accretion Expense		2,662			2,188			287			26			107			54			—
Interest Expense (net)		33,918			—			—			—			—			—			33,918
Deferred Compensation		5,563			—			—			—			—			—			5,563
Loss on Derivative Instruments		401,197			401,197			—			—			—			—			—
Other Expense/(Income) net		(4,099	)		(1,137	)		(1,069	)		(65	)		(456	)		(38	)		(1,334	)
Total Costs and Expenses		817,445			685,475			8,473			37,870			4,893			32,777			47,957
OPERATING (LOSS) INCOME	$	(44,865	)	$	(152,185	)	$	17,881		$	118,391		$	13,338		$	22,394		$	(64,684	)
Key Statistics
Sales Volumes
Liquids (Bopd)		78,414			51,983			3,322			15,332			—			7,777			—
Natural Gas (Mcfpd)		636,936			493,268			8,342			37,741	[3]		75,317			22,268	[5]		—
Equity Investee Liquids (Bopd)		7,439			—			—			7,439	[4]		—			—			—
Equity Investee Methanol (Mgal)		32,355			—			—			32,355			—			—			—
Average Realized Price
Liquids	$	57.07		$	53.01		$	69.14		$	68.76			—		$	55.98			—
Natural Gas	$	5.50		$	6.29		$	7.19		$	0.41	[3]	$	2.66		$	1.15			—
Equity Investee Liquids	$	46.68			—			—		$	46.68			—			—			—
Equity Investee Methanol	$	0.84			—			—		$	0.84			—			—			—

[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. Beginning in 2006, the price on an Mcf basis has been adjusted to reflect the Btu content.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 2,221 Bpd and 5,218 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG 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 $6.6 million of hurricane related repair expense.

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

Three Months Ended 06/30/05

																Other			Corporate
	Consolidated			North America			North Sea			West Africa			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	224,088		$	96,055		$	27,175		$	69,875		$	—		$	30,983		$	—
Gas Sales [3]		219,846			199,534			4,151			803			15,354			4			—
Equity Investee Liquids Sales		—			—			—			9,153			—			—			(9,153	)
Equity Investee Methanol Sales		—			—			—			26,034			—			—			(26,034	)
Gathering, Marketing and Processing		8,421			—			—			—			—			—			8,421
Electricity Sales		14,544			—			—			—			—			14,544			—
Inc. from Equity Method Investees		18,544			—			—			—			—			—			18,544
Total Revenues		485,443			295,589			31,326			105,865			15,354			45			,531 (8,222	)
COSTS AND EXPENSES
Oil and Gas Operating Costs		46,111			30,927			3,065			6,364			2,109			3,726			(80	)
Workover and Repair Expense		2,085			2,085			—			—			—			—			—
Production & Ad Valorem Taxes		17,601			12,886			—			—			—			4,565			150
Transportation		6,553			4,691			1,601			—			—			261			—
Oil and Gas Exploration		25,598			20,117			2,077			502			10			567			2,325
Gathering, Marketing and Processing		6,812			—			—			—			—			—			6,812
Equity Investee Liquids Expense		—			—			—			2,053			—			—			(2,053	)
Equity Investee Methanol Expense		—			—			—			14,590			—			—			(14,590	)
Electricity Generation		9,452			—			—			—			—			9,452			—
DD&A		95,897			75,098			2,821			7,404			2,639			6,17			2 1,763
G&A		24,812			7,228			474			164			6			1,754			15,186
Accretion Expense		2,658			2,276			285			9			55			33			—
Interest Expense (net)		18,253			—			—			—			—			—			18,253
Deferred Compensation		9,878			—			—			—			—			—			9,878
Gain on Derivative Instruments		(263	)		(263	)		—			—			—			—			—
Other Expense/(Income) net		(4,404	)		1,153			(543	)		(1,007	)		(434	)		17			3 (3,746	)
Total Costs and Expenses		261,043			156,198			9,780			30,079			4,385			26,703			33,898
OPERATING INCOME (LOSS)	$	224,400		$	139,391		$	21,546		$	75,786		$	10,969		$	18,828		$	(42,120	)
Key Statistics
Sales Volumes
Liquids (Bopd)		56,860			25,310			5,921			17,595			—			8,034			—
Natural Gas (Mcfpd)		482,813			323,449			8,594			73,722	[3]		60,690			16,358	[5]		—
Equity Investee Liquids (Bopd)		2,436			—			—			2,436	[4]		—			—			—
Equity Investee Methanol (Mgal)		33,047			—			—			33,047			—			—			—
Average Realized Price
Liquids	$	43.31		$	41.70		$	50.43		$	43.64			—		$	42.38			—
Natural Gas	$	5.18		$	6.78		$	5.31		$	0.25		$	2.78		$	1.07			—
Equity Investee Liquids	$	41.29			—			—		$	41.29			—			—			—
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 LPG volumes include condensate and natural gas liquids of 912 Bpd and 1,524 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG 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
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Six Months Ended 06/30/06

																Other			Corporate
	Consolidated			North America			North Sea			West Africa			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	734,284		$	392,084		$	49,079		$	218,236		$	—		$	74,885		$	—
Gas Sales [3]		626,828			572,062			13,562			3,136			37,990			78			—
Equity Investee Liquids Sales		—			—			—			64,556			—			—			(64,556	)
Equity Investee Methanol Sales		—			—			—			55,313			—			—			(55,313	)
Gathering, Marketing and Processing		14,943			—			—			—			—			—			14,943
Electricity Sales		33,431			—			—			—			—			33,431			—
Inc. from Equity Method Investees		75,091			—			—			—			—			—			75,091
Total Revenues		1,484,577			964,146			62,641			341,241			37,990			108,394			29,835	)
COSTS AND EXPENSES
Oil and Gas Operating Costs		129,119			96,604			4,643			15,450			4,255			7,806			361
Workover and Repair Expense		32,260			32,175	[6]		—			—			—			85			—
Production & Ad Valorem Taxes		52,966			43,737			—			—			—			8,968			261
Transportation		13,932			10,664			2,891			—			—			377			—
Oil and Gas Exploration		61,423			39,115			7,884			4,634			61			4,783			4,946
Gathering, Marketing and Processing		11,470			—			—			—			—			—			11,470
Equity Investee Liquids Expense		—			—			—			13,578			—			—			(13,578	)
Equity Investee Methanol Expense		—			—			—			31,200			—			—			(31,200	)
Electricity Generation		25,224			—			—			—			—			25,224			—
DD&A		293,113			256,023			3,330			10,321			6,252			13,524			3,663
Impairment of Operating Assets		6,359			6,359
G&A		73,059			28,076			1,306			1			39			982			42,655
Accretion Expense		5,979			5,023			578			52			213			113			—
Interest Expense (net)		67,086			—			—			—			—			—			67,086
Deferred Compensation		14,739			—			—			—			—			—			14,739
Loss on Derivative Instruments		396,039			396,039			—			—			—			—			—
Other Expense/(Income) net		(2,680	)		1,108			(1,535	)		(278	)		(896	)		1,142			(2,221	)
Total Costs and Expenses		1,180,088			914,923			19,097			74,958			9,924			63,004			98,182
OPERATING INCOME (LOSS)	$	304,489		$	49,223		$	43,544		$	266,283		$	28,066		$	45,390		$	(128,017	)
Key Statistics
Sales Volumes
Liquids (Bopd)		75,475			44,634			3,786			19,267			—			7,788			—
Natural Gas (Mcfpd)		635,942			477,993			8,413			46,130	[3]		78,916			24,490	[5]		—
Equity Investee Liquids (Bopd)		7,780			—			—			7,780	[4]		—			—			—
Equity Investee Methanol (Mgal)		66,464			—			—			66,464			—			—			—
Average Realized Price
Liquids	$	53.75		$	48.53		$	71.62		$	62.58			—		$	53.12			—
Natural Gas	$	5.66		$	6.61		$	8.91		$	0.38	[3]	$	2.66		$	1.12			—
Equity Investee Liquids	$	45.85			—			—		$	45.85			—			—			—
Equity Investee Methanol	$	0.83			—			—		$	0.83			—			—			—

[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. Beginning in 2006, the price on an Mcf basis has been adjusted to reflect the Btu content.
[4]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,649 Bpd and 6,131 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG 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 $21.4 million of hurricane related repair expense.

SCHEDULE 6
NOBLE ENERGY, INC.
INCOME BEFORE INCOME TAXES
(Unaudited) (Dollars in thousands)

Six Months Ended 06/30/05

															Other			Corporate
	Consolidated			North America		North Sea			West Africa			Israel			International [1]			and Other [2]
REVENUES
Oil Sales	$	392,472		$	158,334	$	51,547		$	123,527		$	—		$	59,064		$	—
Gas Sales		366,706			325,859		9,011			1,802			30,030			4			—
Equity Investee Liquids Sales		—			—		—			11,492			—			—			(11,492	)
Equity Investee Methanol Sales		—			—		—			60,204			—			—			(60,204	)
Gathering, Marketing and Processing		19,904			—		—			—			—			—			19,904
Electricity Sales		36,135			—		—			—			—			36,135			—
Inc. from Equity Method Investees		38,438			—		—			—			—			—			38,438
Total Revenues		853,655			484,193		60,558			197,025			30,030			95,203			(13,354	)
COSTS AND EXPENSES
Oil and Gas Operating Costs		78,791			49,359		6,127			11,685			4,000			7,893			(273	)
Workover and Repair Expense		5,325			5,325		—			—			—			—			—
Production & Ad Valorem Taxes		26,821			19,030		—			—			—			7,490			301
Transportation		10,220			6,719		3,098			—			—			403			—
Oil and Gas Exploration		49,255			37,967		3,751			1,885			92			1,992			3,568
Gathering, Marketing and Processing		15,049			—		—			—			—			—			15,049
Equity Investee Liquids Expense		—			—		—			1,107			—			—			(1,107	)
Equity Investee Methanol Expense		—			—		—			32,151			—			—			(32,151	)
Electricity Generation		20,891			—		—			—			—			20,891			—
DD&A		166,176			126,930		5,693			12,550			5,199			12,613			3,191
G&A		39,980			11,280		928			331			27			2,593			24,821
Accretion Expense		5,209			4,450		564			18			110			67			—
Interest Expense (net)		29,985			—		—			—			—			—			29,985
Deferred Compensation		9,878			—		—			—			—			—			9,878
Loss on Derivative Instruments		2,380			2,380		—			—			—			—
Other Expense/(Income) net		(5,187	)		698		(800	)		(915	)		(861	)		125			(3,434	)
Total Costs and Expenses		454,773			264,138		19,361			58,812			8,567			54,067			49,828
OPERATING INCOME (LOSS)	$	398,882		$	220,055	$	41,197		$	138,213		$	21,463		$	41,136		$	(63,182	)
Key Statistics
Sales Volumes
Liquids (Bopd)		51,354			21,639		5,850			15,475			—			8,390			—
Natural Gas (Mcfpd)		417,175			269,276		8,937			58,860	[3]		59,679			20,423	[5]		—
Equity Investee Liquids (Bopd)		1,621			—		—			1,621	[4]		—			—			—
Equity Investee Methanol (Mgal)		76,123			—		—			76,123			—			—			—
Average Realized Price
Liquids	$	42.22		$	40.42	$	48.68		$	44.10			—		$	38.89			—
Natural Gas	$	5.12		$	6.69	$	5.57		$	0.25		$	2.78		$	1.07			—
Equity Investee Liquids	$	39.15			—		—		$	39.15			—			—			—
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 LPG volumes include condensate and natural gas liquids of 535 Bpd and 1,086 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG 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 7
ECUADOR POWER OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended				Six Months Ended
	6/30/2006		6/30/2005		6/30/2006		6/30/2005
REVENUES
Power Sales	$	13,467	$	12,647	$	29,216	$	32,121
Capacity Charge		2,052		1,897		4,215		4,014
Total Revenues		15,519		14,544		33,431		36,135
COSTS AND EXPENSES
Field
Lease Operating		725		1,003		1,363		1,599
DD&A		2,733		2,546		5,744		5,795
G&A		551		451		1,262		1,070
Plant
Fuel & Other Operating Costs		7,334		3,065		10,929		7,377
Depreciation		1,182		1,057		2,323		2,116
G&A		2,073		1,330		3,603		2,934
Total Costs and Expenses		14,598		9,452		25,224		20,891
OPERATING INCOME	$	921	$	5,092	$	8,207	$	15,244
Natural Gas Production (Mcfpd)		21,908		16,316		24,102		20,403
Average Natural Gas Price	$	3.76	$	4.56	$	3.76	$	3.82
Power Production — Total MW		191,005		135,113		420,707		343,884
Average Power Price ($/Kwh)	$	0.081	$	0.108	$	0.079	$	0.105

SCHEDULE 8
INCOME FROM EQUITY METHOD INVESTMENTS

METHANOL OPERATIONS
(Unaudited) (Dollars in thousands)

	Three Months Ended				Six Months Ended
	6/30/2006		6/30/2005		6/30/2006		6/30/2005
REVENUES
Methanol Sales	$	27,328	$	26,034	$	55,313	$	60,204
Other		3,502		1,747		5,277		3,396
Total Revenues		30,830		27,781		60,590		63,600
COSTS AND EXPENSES
Cost of Goods Manufactured		12,696		10,008		23,151		22,058
DD&A		2,340		2,299		4,727		4,595
G&A		501		565		1,022		1,110
Total Costs and Expenses		15,537		12,872		28,900		27,763
INCOME TAX PROVISION		3,727		3,465		7,577		7,784
INCOME/(LOSS) FROM EQUITY INVESTEES	$	11,566	$	11,444	$	24,113	$	28,053
Methanol Sales (MGal)		32,355		33,047		66,464		76,123
Average Realized Price ($/Gal)	$	0.84	$	0.79	$	0.83	$	0.79

ALBA PLANT
(Unaudited) (Dollars in thousands)

	Three Months Ended					Six Months Ended
	6/30/2006			6/30/2005		6/30/2006		6/30/2005
REVENUES
LPG Plant Sales	$	31,600		$	9,153	$	64,556	$	11,492
Other		(65	)		1,678		647		4,043
Total Revenues		31,535			10,831		65,203		15,535
COSTS AND EXPENSES
LPG Plant Expenses		6,022			2,012		10,937		3,169
DD&A		1,638			842		3,288		1,030
Total Costs and Expenses		7,660			2,854		14,225		4,199
INCOME TAX PROVISION		—			877		—		951
INCOME/(LOSS) FROM EQUITY INVESTEES	$	23,875		$	7,100	$	50,978	$	10,385
LPG Plant Sales (Bopd)		7,439			2,436		7,780		1,621
Average Realized Price ($/Bbl)	$	46.68		$	41.29	$	45.85	$	39.15