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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 THIRD QUARTER 2006 RESULTS

HOUSTON (November 1, 2006) — Noble Energy, Inc. (NYSE: NBL) today reported third quarter net income of $318.1 million, or $1.80 per basic share. Excluding the previously announced after tax gain on the sale of the company’s Gulf of Mexico shelf assets of approximately $88.1 million, Noble Energy’s adjusted third quarter net income (a non-GAAP measure) would have been a record $230.0 million, or $1.31 per basic share (see Gulf of Mexico Shelf Asset Sale below). Third quarter 2005 net income was $177.0 million, or $1.01 per basic share.

Discretionary cash flow (non-GAAP measure, see Schedule 3 — Determination of Discretionary Cash Flow and Reconciliation) for the third quarter was $533.5 million, a 22 percent increase over $436.6 million for the third quarter of 2005. Net cash provided by operating activities was $406.6 million. Capital expenditures for the quarter totaled $385.9 million.

Average daily production for the third quarter 2006 was 187,664 barrels of oil equivalent per day (Boepd), an increase of 11 percent compared to 168,665 Boepd for the same period last year. Sales volumes for the third quarter were 183,586 Boepd. Daily production exceeded sales volume by 4,078 Boepd because of the timing of liftings in Equatorial Guinea, the North Sea and Argentina. Production was impacted by compressor repairs following the turnaround of the Atlantic Methanol Production Company (AMPCO) methanol facility in Equatorial Guinea, which reduced natural gas sales to AMPCO by 2,385 Boepd for the quarter. The previous announced sale of the company’s Gulf of Mexico shelf assets reduced third quarter 2006 production by approximately 16,000 Boepd.

In May 2006, Noble Energy announced that its board of directors authorized the purchase of up to $500 million of the company’s common stock. Through September 30, the company repurchased 4.2 million shares of Noble Energy common stock at an average price of $46.32 per share.

Charles D. Davidson, the company’s Chairman, President and CEO, said, “Noble Energy once again reported solid operating and financial results for the quarter, reflecting our strategy of investing in a diversified portfolio of long-term, high-impact programs. Production increased over the third quarter last year, despite selling the shelf properties. Organic production increases from our three deepwater Gulf of Mexico developments and in Israel, as well as the full integration of United States Exploration, were the drivers behind our increased volumes. For the remainder of the year and continuing into 2007, we are looking forward to the results of significant exploration programs in the deepwater Gulf of Mexico and West Africa.”

For the quarter ended September 30, 2006, realized prices for liquids and natural gas were $59.32 per barrel (Bbl) and $5.30 per thousand cubic feet (Mcf), respectively. Pretax hedge losses of $43.8 million, $27.3 million after tax, lowered realized crude oil prices $7.01 per Bbl and increased realized natural gas prices approximately five cents per Mcf (see Schedule 8 — Pretax Cash Flow Hedges Earnings Impact).

NORTH AMERICA

North America reported operating income for the third quarter of $435.4 million, which includes the pretax gain on sale of the Gulf of Mexico shelf assets of approximately $203.5 million (see Gulf of Mexico Shelf Asset Sale below). Excluding the gain on sale, North America had operating income of $231.7 million, an

increase of $78.4 million, or 51 percent, compared to operating income of $153.3 million for the third quarter last year.

Operations benefited from higher volumes and higher realized prices during the quarter. Third quarter production increased 21 percent to 119,872 Boepd from 99,440 Boepd for the same period last year. Production from Noble Energy’s Swordfish, Ticonderoga and Lorien deepwater developments, which commenced in October 2005, February 2006 and April 2006, respectively, contributed approximately 27,000 Boepd during the third quarter of 2006.

The average realized liquids price was $56.84 per Bbl compared to $49.49 per Bbl during the third quarter of 2005. The average realized natural gas price was $6.41 per Mcf compared to $6.95 per Mcf last year.

During the third quarter, the company had 27 drilling rigs running onshore (11 in the Rocky Mountains, 11 in the Mid-continent and five in the Gulf Coast) and 46 workover rigs (26 in the Rocky Mountains, 18 in the Mid-continent and two in the Gulf Coast). Noble Energy plans to drill 817 onshore wells in 2006, of which 57 are to be drilled in the Gulf Coast, 503 are planned for the Rocky Mountains and 257 for the Mid-continent. The company also plans approximately 865 refrac, trifrac and recompletion projects for 2006, most of which will be in the Wattenberg field.

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 planned for the fourth quarter. Reservoir simulation and development evaluations are currently underway. In October, the Raton South appraisal well, located in Mississippi Canyon 292, was spud. The Raton South appraisal well is located in water depths of 3,200 feet and has a target depth of 20,000 feet. A Redrock appraisal well is currently under consideration for 2007. Noble Energy is the operator of both Raton and Redrock with a 50 percent working interest.

INTERNATIONAL OPERATIONS

International operations reported operating income for the third quarter of $158.9 million, an increase of $0.2 million compared to $158.7 million in the third quarter last year.

International production totaled 67,793 Boepd compared to 69,225 Boepd last year. The decrease in international production was primarily attributable to compressor repairs following the turnaround and expansion project of the AMPCO methanol plant in Equatorial Guinea, which resulted in reduced natural gas sales to AMPCO of 2,385 Boepd for the quarter.

West Africa
Total operating income in Equatorial Guinea increased 10 percent to $107.2 million compared to $97.2 million last year.

Alba field condensate and natural gas sales, exclusive of the Alba Plant, LLC and methanol operations, accounted for $73.4 million, or 68 percent, of operating income from Equatorial Guinea. Alba Plant, LLC reported $30.5 million of income from liquefied petroleum gas and condensate sales, net to Noble Energy’s interest, compared to $6.6 million during the third quarter 2005. 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.

Income from methanol operations decreased to $3.3 million, net to Noble Energy’s interest, compared to $16.2 million during the third quarter 2005, primarily because of reduced methanol production. The company’s share of methanol sales volumes was 18.8 million Gal. Third quarter realized methanol prices were 83 cents per gallon (Gal).

In December, Noble Energy plans to spud the first of several exploration wells on Blocks ‘O’ and ‘I’ offshore Equatorial Guinea. To carry out the upcoming multi-well exploration program on Blocks ‘O’ and

‘I,’ the company has contracted a drillship through 2007. In addition, evaluation work is underway on Block PH-77 offshore Cameroon, with the intent of identifying possible drilling locations for 2007.

North Sea
In the North Sea, operating income for the third quarter of 2006 was $15.7 million compared to $24.0 million last year. The decrease resulted 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 is expected to commence production by the first quarter of 2007, with net sales volumes averaging 9,000 Boepd during 2007.

Israel
Third quarter operating income in Israel was $24.8 million compared to $14.4 million for the same period in 2005. Natural gas production, net to Noble Energy, was the highest since sales commenced in Israel in early 2004, and averaged 116.7 MMcfpd for the third quarter 2006 compared to 81.9 MMcfpd for the same period last year. The increased natural gas production reflects the conversion to natural gas of the Reading power plant in Tel Aviv and the Eshkol power plant’s natural gas turbine running as a combined-cycle base load unit. Increased seasonal demand also contributed to improved natural gas sales. The average realized price during the third quarter was 11 percent above the third quarter 2005, primarily due to a revised natural gas sales contract.

Argentina, China, Ecuador and Suriname
Argentina, China, Ecuador and Suriname combined recorded third quarter 2006 operating income of $11.2 million compared to $23.1 million for third quarter last year.

In China, third quarter operating income was $16.2 million. In Argentina, third quarter operating income was $1.6 million.

The Machala power plant reported an operating loss of $1.6 million for the third quarter, which includes a $6.9 million reserve for past due receivables. For the quarter, 182,806 megawatt-hours were produced at an average sales price of 8.9 cents per kilowatt-hour.

Gulf of Mexico Shelf Asset Sale
On July 14, 2006, the company closed its Gulf of Mexico shelf asset sale to Coldren Resources LP. During the third quarter, the company recognized a pretax gain on sale of $203.5 million, $88.1 million after tax, which includes the sale to Coldren Resources and sales that have closed with preferential purchase right holders. Adjusting for the after tax gain on sale, Noble Energy’s third quarter net income would have been $230.0 million, or $1.31 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 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. As of September 30, 2006, $10 million in preferential purchase rights remained to be closed.

Third quarter 2006 net income excluded pretax hedge related losses of $10.1 million ($6.3 million after tax) for hedges settled during the third quarter. These losses were recognized during the second quarter 2006 in connection with the Gulf of Mexico shelf asset sale (see Schedule 8 — Pretax Cash Flow Hedges Earnings Impact).

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, 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-


PR 358		11/01/06

Schedule 1
Noble Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005

Revenues
Oil and gas sales	$	683,544		$	581,585		$	2,044,656		$	1,340,763
Income from equity method investees		33,810			22,829			108,901			61,267
Other revenues		23,965			27,674			72,339			83,713

Total Revenues		741,319			632,088			2,225,896			1,485,743


Costs and Expenses
Lease operating costs		76,928			63,433			238,307			146,673
Production and ad valorem taxes		30,697			24,304			83,663			51,125
Transportation costs		4,531			1,871			18,463			12,091
Exploration costs		30,904			77,253			92,327			126,508
Depreciation, depletion and amortization		165,765			111,653			458,878			277,829
General and administrative		40,657			29,346			113,716			69,326
Accretion of discount on asset retirement obligations		2,426			2,928			8,405			8,137
Interest, net of amount capitalized		28,556			29,045			95,642			59,030
(Gain) loss on derivative instruments		(6,315	)		(259	)		389,723			2,121
(Gain) loss on sale of assets		(200,676	)		(1,234	)		(211,691	)		(5,415	)
Other expense (income), net		22,880			52,612			89,008			98,295

Total Costs and Expenses		196,353			390,952			1,376,441			845,720


Income Before Taxes		544,966			241,136			849,455			640,023
Income Tax Provision		226,902			64,180			336,009			216,222

Net Income	$	318,064		$	176,956		$	513,446		$	423,801


Earnings Per Share
Basic	$	1.80		$	1.01		$	2.91		$	2.89
Diluted		1.75			0.99			2.85			2.84

Weighted average number of shares outstanding
Basic		176,218			174,703			176,505			146,612
Diluted		181,077			178,747			180,158			149,164

Schedule 2
Noble Energy, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, Except Share Amounts)


	(Unaudited)
	September 30,			December 31,
	2006			2005

ASSETS
Current Assets
Cash and cash equivalents	$	89,803		$	110,321
Accounts receivable — trade, net		605,380			566,206
Probable insurance claims		101,018			142,311
Deferred income taxes		143,510			237,045
Other current assets		116,584			119,628

Total current assets		1,056,295			1,175,511
Property, plant and equipment
Oil and gas properties (successful efforts method of accounting)		8,507,211			8,411,426
Other property, plant and equipment		77,610			69,869

		8,584,821			8,481,295
Accumulated depreciation, depletion and amortization		(1,608,262	)		(2,282,379	)

Total property, plant and equipment, net		6,976,559			6,198,916
Other noncurrent assets		580,153			640,738
Goodwill		783,208			862,868

Total Assets	$	9,396,215		$	8,878,033


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable — trade	$	493,517		$	519,971
Derivative instruments		263,447			445,939
Income taxes		73,936			65,136
Asset retirement obligations		93,619			60,331
Other current liabilities		235,306			148,768

Total current liabilities		1,159,825			1,240,145
Deferred income taxes		1,706,728			1,201,191
Asset retirement obligations		130,639			278,540
Derivative instruments		422,384			757,509
Other noncurrent liabilities		271,861			279,971
Long-term debt		1,620,741			2,030,533

Total Liabilities		5,312,178			5,787,889


Commitments and Contingencies

Shareholders’ Equity
Preferred stock — par value $1.00; 4,000,000 shares authorized, none issued		—			—
Common stock — par value $3.33 1/3; 250,000,000 shares authorized; 187,773,262 and 184,893,510 shares issued, respectively		625,910			616,311
Capital in excess of par value		2,016,619			1,945,239
Deferred compensation		—			(5,288	)
Accumulated other comprehensive loss		(184,916	)		(783,499	)
Treasury stock, at cost: 12,707,784 and 9,268,932 shares, respectively		(317,103	)		(148,476	)
Retained earnings		1,943,527			1,465,857

Total Shareholders’ Equity		4,084,037			3,090,144

Total Liabilities and Shareholders’ Equity	$	9,396,215		$	8,878,033

Schedule 3
Noble Energy, Inc. and Subsidiaries
Discretionary Cash Flow and Reconciliation to Operating Cash Flow
(In Thousands)
(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005

Net income	$	318,064		$	176,956		$	513,446		$	423,801
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		165,765			111,653			458,878			277,829
Depreciation, depletion and amortization — electricity generation		3,775			4,486			11,842			12,395
Impairment of operating assets		—			5,198			6,359			5,198
Exploration costs		30,904			77,253			92,327			126,508
Interest capitalized		(1,174	)		(2,393	)		(3,430	)		(7,296	)
Income from equity method investments		(33,810	)		(22,829	)		(108,901	)		(61,267	)
Distributions and dividends from equity method investees		39,001			16,856			134,521			46,556
Deferred compensation adjustment		933			21,429			15,673			31,307
Deferred income taxes		99,650			25,126			146,709			100,433
Accretion of discount on asset retirement obligations		2,426			2,928			8,405			8,137
Allowance for doubtful accounts		6,949			6,100			10,564			7,350
Stock-based compensation expense		2,997			1,406			9,320			2,742
(Gain) loss on derivative instruments		(17,461	)		(522	)		430,328			2,121
Gain on sale of Gulf of Mexico shelf assets		(88,148	)		—			(88,148	)		—
Other, net		3,600			12,906			5,079			7,258

Discretionary Cash Flow [1]		533,471			436,553			1,642,972			983,072


Reconciliation to Operating Cash Flows:
Net changes in working capital		66,204			43,929			10,194			5,270
Cash exploration costs		(16,665	)		(14,865	)		(52,983	)		(36,248	)
Capitalized interest		1,174			2,393			3,430			7,296
Distributions from equity method investees		(39,001	)		(1,556	)		(116,521	)		(3,581	)
Gain on disposal of assets		(112,528	)		(1,234	)		(123,543	)		(5,415	)
Other adjustments to reconcile discretionary cash flow to operating cash flows		(26,082	)		15,080			(22,736	)		16,447

Net Cash Provided by Operating Activities	$	406,573		$	480,300		$	1,340,813		$	966,841


[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.

Schedule 4
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)


				Three Months Ended 9/30/06

				North			West			North					Other			Corporate
	Consolidated			America			Africa			Sea		Israel			International[1]			& Other[2]

Revenues
Oil sales	$	392,699		$	252,019		$	84,048		$	20,869	$	—		$	35,763		$	—
Gas sales		290,845			253,703			1,450	[3]		5,213		30,451			28			—
Equity investee liquids sales		—			—			40,164			—		—			—			(40,164	)
Equity investee methanol sales		—			—			15,654			—		—			—			(15,654	)
Gathering, marketing and processing		7,724			—			—			—		—			—			7,724
Electricity sales		16,241			—			—			—		—			16,241			—
Income from equity method investments		33,810			—			—			—		—			—			33,810

Total Revenues		741,319			505,722			141,316			26,082		30,451			52,032			(14,284	)

Costs and expenses
Oil and gas operating costs		66,431			50,753			6,310			3,355		2,134			3,817			62
Workover and repair expense		10,497			10,453	[7]		—			—		—			44			—
Production and ad valorem taxes		30,697			22,636			—			—		—			7,942			119
Transportation		4,531			3,358			—			952		—			221			—
Oil and gas exploration		30,904			23,366			706			1,395		82			2,900			2,455
Gathering, marketing and processing		4,204			—			—			—		—			—			4,204
Equity investee liquids expense		—			—			9,655			—		—			—			(9,655	)
Equity investee methanol expense		—			—			12,352			—		—			—			(12,352	)
Electricity generation		17,876			—			—			—		—			17,876			—
DD&A		165,765			146,010			5,353			2,603		4,115			5,921			1,763
Impairment of operating assets		—			—			—			—		—			—			—
General and administrative		40,657			16,013			—			774		19			2,000			21,851
Accretion expense		2,426			1,937			26			290		119			54			—
Interest expense		28,556			—			—			—		—			—			28,556
Deferred compensation		933			—			—			—		—			—			933
(Gain) loss on derivative instruments		(6,315	)		(6,315	)		—			—		—			—			—
Loss on involuntary conversion		—			—			—			—		—			—			—
Gain on sale of assets		(200,676	)		(200,676	)		—			—		—			—			—
Other expense (income), net		(133	)		2,755			(292	)		1,007		(803	)		35			(2,835	)

Total Costs and Expenses		196,353			70,290			34,110			10,376		5,666			40,810			35,101


Operating Income (Loss)	$	544,966		$	435,432		$	107,206		$	15,706	$	24,785		$	11,222		$	(49,385	)


Key Statistics
Sales Volumes

Liquids (Bopd)		71,959			48,193			13,649			3,292		—			6,825			—
Natural Gas (Mcfpd)		616,170			430,072			40,498	[3]		8,553		116,718			20,329	[6]		—
Equity Investee Liquids (Bopd)		8,932			—			8,932	[4]		—		—			—			—
Equity Investee Methanol (Mgal)		18,769			—			18,769			—		—			—			—


Production Volumes

Liquids (Bopd)		76,975			48,193			17,324			3,675		—			7,783			—
Natural Gas (Mcfpd)		616,170			430,072			40,498			8,553		116,718			20,329			—
Equity Investee Liquids (Bopd)		7,994			—			7,994	[5]		—		—			—			—

Total Production Boepd [8]		187,664			119,872			32,068			5,101		19,453			11,171			—


Average Realized Price

Liquids	$	59.32		$	56.84		$	66.93		$	68.90	$	—		$	56.96		$	—
Natural Gas	$	5.30		$	6.41		$	0.39		$	6.62	$	2.84		$	1.51		$	—
Equity Investee Liquids	$	48.88		$	—		$	48.88		$	—	$	—		$	—		$	—
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 1,975 Bpd and 6,957 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG sales revenue.

[5]		Equity Investee LPG volumes include condensate and natural gas liquids of 1,811 Bpd and 6,183 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG sales revenue.

[6]		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.

[7]		Includes approximately $4.2 million of hurricane related repair expense.

[8]		Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 5
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)


				Three Months Ended 9/30/05
				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int’l [1]			& Other [2]

Revenues
Oil sales	$	290,642		$	138,756		$	89,188		$	28,550		$	—		$	34,148			—
Gas sales		290,943			264,521			2,307	[3]		4,712			19,377			26			—
Equity investee liquids sales		—			—			14,571			—			—			—			(14,571	)
Equity investee methanol sales		—			—			34,745			—			—			—			(34,745	)
Gathering, marketing and processing		8,831			—			—			—			—			—			8,831
Electricity sales		18,843			—			—			—			—			18,843			—
Income from equity method investments		22,829			—			—			—			—			—			22,829

Total Revenues		632,088			403,277			140,811			33,262			19,377			53,017			(17,656	)

Costs and expenses
Oil and gas operating costs		60,091			42,717			8,758			2,636			2,124			3,671			185
Workover and repair expense		3,342			3,105			—			237			—			—			—
Production and ad valorem taxes		24,304			22,316			—			—			—			1,881			107
Transportation		1,871			(13	)		—			1,630			—			254			—
Oil and gas exploration		77,253			73,129			427			1,440			13			124			2,120
Gathering, marketing and processing		5,856			—			—			—			—			—			5,856
Equity investee liquids expense		—			—			7,967			—			—			—			(7,967	)
Equity investee methanol expense		—			—			18,520			—			—			—			(18,520	)
Electricity generation		16,746			—			—			—			—			16,746			—
DD&A		111,653			89,623			8,127			2,548			3,201			6,409			1,745
Impairment of operating assets		5,198			5,198			—			—			—			—			—
General and administrative		29,346			9,968			104			809			12			1,890			16,563
Accretion expense		2,928			2,544			10			285			55			34			—
Interest expense		29,045			—			—			—			—			—			29,045
Deferred compensation		21,429			—			—			—			—			—			21,429
(Gain) loss on derivative instruments		(259	)		(259	)		—			—			—			—			—
Loss on involuntary conversion		1,000			1,000			—			—			—			—			—
Gain on sale of assets		(1,234	)		(1,234	)		—			—			—			—			—
Other expense (income), net		2,383			1,930			(316	)		(319	)		(447	)		(1,075	)		2,610

Total Costs and Expenses		390,952			250,024			43,597			9,266			4,958			29,934			53,173


Operating Income (Loss)	$	241,136		$	153,253		$	97,214		$	23,996		$	14,419		$	23,083		$	(70,829	)


Key Statistics
Sales Volumes

Liquids (Bopd)		65,869			30,475			22,023			5,198			—			8,173			—
Natural Gas (Mcfpd)		593,620			413,789			63,193	[3]		9,970			81,942			24,726	[5]		—
Equity Investee Liquids (Bopd)		3,859			—			3,859	[4]		—			—			—			—
Equity Investee Methanol (Mgal)		46,133			—			46,133			—			—			—			—


Production Volumes

Liquids (Bopd)		65,869			30,475			22,023			5,198			—			8,173			—
Natural Gas (Mcfpd)		593,620			413,789			63,193			9,970			81,942			24,726			—
Equity Investee Liquids (Bopd)		3,859			—			3,859			—			—			—			—

Total Production Boepd [6]		168,665			99,440			36,414			6,860			13,657			12,294			—


Average Realized Price

Liquids	$	47.96		$	49.49		$	44.02		$	59.71		$	—		$	45.41		$	—
Natural Gas	$	5.56		$	6.95		$	0.40		$	5.14		$	2.57		$	1.10		$	—
Equity Investee Liquids	$	41.04		$	—		$	41.04		$	—		$	—		$	—		$	—
Equity Investee Methanol	$	0.75		$	—		$	0.75		$	—		$	—		$	—		$	—


[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 941 Bpd and 2,918 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 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.

[6]		Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 6
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)



				Nine Months Ended 9/30/06

				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int'l [1]			& Other [2]

Revenues
Oil sales	$	1,126,983		$	644,103		$	302,284		$	69,948		$	—		$	110,648		$	—
Gas sales		917,673			825,765			4,586	[3]		18,775			68,441			106			—
Equity investee liquids sales		—			—			104,720			—			—			—			(104,720	)
Equity investee methanol sales		—			—			70,967			—			—			—			(70,967	)
Gathering, marketing and processing		22,667			—			—			—			—			—			22,667
Electricity sales		49,672			—			—			—			—			49,672			—
Income from equity method investments		108,901			—			—			—			—			—			108,901

Total Revenues		2,225,896			1,469,868			482,557			88,723			68,441			160,426			(44,119	)

Costs and expenses
Oil and gas operating costs		195,550			147,357			21,760			7,998			6,389			11,623			423
Workover and repair expense		42,757			42,628	[7]		—			—			—			129			—
Production and ad valorem taxes		83,663			66,373			—			—			—			16,910			380
Transportation		18,463			14,022			—			3,843			—			598			—
Oil and gas exploration		92,327			62,481			5,339			9,279			143			7,684			7,401
Gathering, marketing and processing		15,674			—			—			—			—			—			15,674
Equity investee liquids expense		—			—			23,233			—			—			—			(23,233	)
Equity investee methanol expense		—			—			43,552			—			—			—			(43,552	)
Electricity generation		43,099			—			—			—			—			43,099			—
DD&A		458,878			402,033			15,674			5,933			10,367			19,445			5,426
Impairment of operating assets		6,359			6,359			—			—			—			—			—
General and administrative		113,716			44,089			1			2,080			58			2,982			64,506
Accretion expense		8,405			6,960			78			868			332			167			—
Interest expense		95,642			—			—			—			—			—			95,642
Deferred compensation		15,673			—			—			—			—			—			15,673
(Gain) loss on derivative instruments		389,723			389,723			—			—			—			—			—
Loss on involuntary conversion		—			—			—			—			—			—			—
Gain on sale of assets		(211,691	)		(211,691	)		—			—			—			—			—
Other expense (income), net		8,203			14,878			(570	)		(528	)		(1,699	)		1,177			(5,055	)

Total Costs and Expenses		1,376,441			985,212			109,067			29,473			15,590			103,814			133,285


Operating Income (Loss)	$	849,455		$	484,656		$	373,490		$	59,250		$	52,851		$	56,612		$	(177,404	)


Key Statistics
Sales Volumes

Liquids (Bopd)		74,290			45,834			17,374			3,619			—			7,463			—
Natural Gas (Mcfpd)		629,279			461,843			44,232	[3]		8,460			91,656			23,088	[6]		—
Equity Investee Liquids (Bopd)		8,168			—			8,168	[4]		—			—			—			—
Equity Investee Methanol (Mgal)		85,233			—			85,233			—			—			—			—


Production Volumes

Liquids (Bopd)		74,829			45,834			17,790			3,867			—			7,338			—
Natural Gas (Mcfpd)		629,279			461,843			44,232			8,460			91,656			23,088			—
Equity Investee Liquids (Bopd)		7,503			—			7,503	[5]		—			—			—			—

Total Production Boepd [8]		187,212			122,808			32,665			5,277			15,276			11,186			—


Average Realized Price

Liquids	$	55.57		$	51.48		$	63.73		$	70.79		$	—		$	54.31		$	—
Natural Gas	$	5.54		$	6.55		$	0.38		$	8.13		$	2.74		$	1.20		$	—
Equity Investee Liquids	$	46.96		$	—		$	46.96		$	—		$	—		$	—		$	—
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 sales volumes include condensate and natural gas liquids of 1,759 Bpd and 6,409 Bpd, respectively. These volumes are included in Equatorial Guinea production and LPG sales revenue.

[5]		Equity Investee LPG production volumes include condensate and natural gas liquids of 1,726 Bpd and 5,777 Bpd, respectively.

[6]		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.

[7]		Includes approximately $25.6 million of hurricane related repair expense.

[8]		Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 7
Noble Energy, Inc
Income Before Income Taxes
(Dollars in thousands, except realized prices)
(Unaudited)


				Nine Months Ended 9/30/05
				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int’l [1]			& Other [2]

Revenues
Oil sales	$	683,114		$	297,090		$	212,715		$	80,097		$	—		$	93,212		$	—
Gas sales		657,649			590,380			4,109	[3]		13,723			49,407			30			—
Equity investee liquids sales		—			—			26,063			—			—			—			(26,063	)
Equity investee methanol sales		—			—			94,949			—			—			—			(94,949	)
Gathering, marketing and processing		28,735			—			—			—			—			—			28,735
Electricity sales		54,978			—			—			—			—			54,978
Income from equity method investments		61,267			—			—			—			—			—			61,267

Total Revenues		1,485,743			887,470			337,836			93,820			49,407			148,220			(31,010	)
Costs and expenses
Oil and gas operating costs		138,006			92,076			19,565			8,763			6,124			11,564			(86	)
Workover and repair expense		8,667			8,430			—			237			—			—			—
Production and ad valorem taxes		51,125			41,346			—			—			—			9,371			408
Transportation		12,091			6,706			—			4,728			—			657			—
Oil and gas exploration		126,508			111,096			2,312			5,191			105			2,116			5,688
Gathering, marketing and processing		20,905			—			—			—			—			—			20,905
Equity investee liquids expense		—			—			9,074			—			—			—			(9,074	)
Equity investee methanol expense		—			—			50,671			—			—			—			(50,671	)
Electricity generation		37,637			—			—			—			—			37,637			—
DD&A		277,829			216,553			20,677			8,241			8,400			19,022			4,936
Impairment of operating assets		5,198			5,198			—			—			—			—			—
General and administrative		69,326			21,248			435			1,737			39			4,483			41,384
Accretion expense		8,137			6,994			28			849			165			101			—
Interest expense		59,030			—			—			—			—			—			59,030
Deferred compensation		31,307			—			—			—			—			—			31,307
(Gain) loss on derivative instruments		2,121			2,121			—			—			—			—			—
Loss on involuntary conversion		1,000			1,000			—			—			—			—			—
Gain on sale of assets		(5,415	)		(5,415	)		—			—			—			—			—
Other expense (income), net		2,248			6,809			(360	)		(1,119	)		(1,308	)		(950	)		(824	)

Total Costs and Expenses		845,720			514,162			102,402			28,627			13,525			84,001			103,003

Operating Income (Loss)	$	640,023		$	373,308		$	235,434		$	65,193		$	35,882		$	64,219		$	(134,013	)

Key Statistics
Sales Volumes

Liquids (Bopd)		56,245			24,617			17,681			5,630			—			8,317			—
Natural Gas (Mcfpd)		476,636			317,976			60,320	[3]		9,285			67,182			21,873	[5]		—
Equity Investee Liquids (Bopd)		2,376			—			2,376	[4]		—			—			—			—
Equity Investee Methanol (Mgal)		122,256			—			122,256			—			—			—			—

Production Volumes
Liquids (Bopd)		56,245			24,617			17,681			5,630			—			8,317			—
Natural Gas (Mcfpd)		476,636			317,976			60,320			9,285			67,182			21,873			—
Equity Investee Liquids (Bopd)		2,376			—			2,376			—			—			—			—

Total Production Boepd [6]		138,060			77,613			30,110			7,178			11,197			11,963			—

Average Realized Price

Liquids	$	44.49		$	44.21		$	44.07		$	52.11		$	—		$	41.05		$	—
Natural Gas	$	5.30		$	6.80		$	0.25		$	5.41		$	2.69		$	1.10		$	—
Equity Investee Liquids	$	40.18		$	—		$	40.18		$	—		$	—		$	—		$	—
Equity Investee Methanol	$	0.78		$	—		$	0.78		$	—		$	—		$	—		$	—


[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 672 Bpd and 1,704 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 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.

[6]		Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

Schedule 8
Noble Energy, Inc.
Pretax Cash Flow Hedges Earnings Impact
(Dollars in thousands)
(Unaudited)


	Three Months Ended						Nine Months Ended
	9/30/2006			9/30/2005			9/30/2006			9/30/2005

Reduction of oil and gas sales:
Cash settlement crude oil contracts	$	(46,386	)	$	(60,796	)	$	(159,687	)	$	(103,294	)
Cash settlement natural gas contracts		(7,541	)		(29,269	)		(69,477	)		(28,208	)

Total cash settlements		(53,927	)		(90,065	)		(229,164	)		(131,502	)
Non-cash impact of loss associated with Gulf of Mexico shelf asset sale		10,129			—			10,129			—

Net reduction of oil and gas sales		(43,798	)		(90,065	)		(219,035	)		(131,502	)

Gain (loss) on derivative instruments:
Loss associated with Gulf of Mexico shelf asset sale		—			—			(395,230	)		—
Other		6,315			259			5,507			(2,121	)

Gain (loss) on derivative instruments		6,315			259			(389,723	)		(2,121	)

Pretax earnings decrease	$	(37,483	)	$	(89,806	)	$	(608,758	)	$	(133,623	)

Impact of Loss Associated with Gulf of Mexico Shelf Asset sale
(Dollars in thousands)
(Unaudited)


Loss associated with Gulf of Mexico shelf asset sale (2Q 2006)	(398,516	)
Contracts settled (3Q 2006)	10,129
Other changes (3Q 2006)	3,286

Unsettled loss associated with Gulf of Mexico shelf asset sale	(385,101	)


Settlement schedule	Crude Oil		Natural Gas		Total

4Q 2006		—		17,237		17,237
1Q 2007		—		51,028		51,028
2Q 2007		—		39,589		39,589
3Q 2007		—		42,404		42,404
4Q 2007		—		49,402		49,402
1Q 2008		5,979		54,529		60,508
2Q 2008		5,834		32,191		38,025
3Q 2008		5,763		34,055		39,818
4Q 2008		5,633		41,457		47,090

Remaining settlements		23,209		361,892		385,101

Schedule 9
Noble Energy, Inc.
Ecuador Power Operations
(Dollars in thousands, except realized prices)
(Unaudited)


	Three Months Ended					Nine Months Ended
	9/30/2006			9/30/2005		9/30/2006		9/30/2005

Revenues
Power Sales	$	14,231		$	17,012	$	43,447	$	49,133
Capacity Charge		2,010			1,831		6,225		5,845

Total Revenues		16,241			18,843		49,672		54,978

Costs and expenses
Field
Lease Operating		756			616		2,119		2,215
DD&A		2,593			3,435		8,337		9,230
General and administrative		595			469		1,857		1,539
Plant
Fuel & Other Operating Costs		10,733			10,024		21,661		17,401
DD&A		1,182			1,053		3,505		3,169
General and administrative		2,017			1,149		5,620		4,083

Total Costs and Expenses		17,876			16,746		43,099		37,637
Operating (Loss) Income	$	(1,635	)	$	2,097	$	6,573	$	17,341

Natural Gas Production (Mcfpd)		20,131			24,466		22,764		21,772
Average Natural Gas Price	$	3.76		$	3.93	$	3.76	$	3.86

Power Production — Total MW		182,806			221,840		603,513		565,724
Average Power Price ($/Kwh)	$	0.089		$	0.085	$	0.082	$	0.097

Schedule 10
Income from Equity Method Investees
Methanol Operations
(Dollars in thousands, except realized prices)
(Unaudited) (Dollars in thousands)


	Three Months Ended				Nine Months Ended
	9/30/2006		9/30/2005		9/30/2006		9/30/2005

Revenues
Methanol sales	$	15,654	$	34,745	$	70,967	$	94,949
Other		2,682		1,218		7,959		4,614

Total revenues		18,336		35,963		78,926		99,563

Costs and expenses
Cost of goods manufactured		11,425		12,182		34,576		34,240
DD&A		2,348		2,404		7,075		6,999
General and administrative		381		529		1,403		1,639

Total costs and expenses		14,154		15,115		43,054		42,878

Income Tax Provision		880		4,622		8,457		12,406


Income (Loss) from Equity Method Investees	$	3,302	$	16,226	$	27,415	$	44,279

Methanol Sales (MGal)		18,769		46,133		85,233		122,256
Average Realized Price ($/Gal)	$	0.83	$	0.75	$	0.83	$	0.78

Alba Plant
(Dollars in thousands, except realized prices)
(Unaudited) (Dollars in thousands)


	Three Months Ended				Nine Months Ended
	9/30/2006		9/30/2005		9/30/2006		9/30/2005

Revenues
LPG Plant Sales	$	40,164	$	14,571	$	104,720	$	26,063
Other		310		1		957		4,044

Total Revenues		40,474		14,572		105,677		30,107

Costs and expenses
LPG Plant Expenses		8,285		2,723		19,222		5,892
DD&A		1,645		2,182		4,933		3,212

Total Costs and Expenses		9,930		4,905		24,155		9,104

Income Tax Provision		35		3,063		35		4,014


Income (Loss) from Equity Method Investees	$30,509		$	6,604	$	81,487	$	16,989

LPG Plant Sales (Bopd)		8,932		3,859		8,168		2,376
Average Realized Price ($/Bbl)	$	48.88	$	41.04	$	46.96	$	40.18


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)


	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
INDEX TO EXHIBITS
Press Release


	NOBLE ENERGY, INC.
Date: November 1, 2006	By:	/s/ Arnold J. Johnson
		Arnold J. Johnson
		Vice President, General Counsel & Secretary


Exhibit No.		Description
	99.1	Press Release dated November 1, 2006 announcing results for the fiscal quarter ended September 30, 2006.

Table of Contents

Table of Contents

Table of Contents