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 FULL YEAR AND
FOURTH QUARTER 2006 RESULTS

HOUSTON (February 22, 2007) — Noble Energy, Inc. (NYSE: NBL) today reported full year and fourth quarter 2006 results. For the full year, net income was a record $678.4 million, or $3.86 per basic share.

Excluding the after tax impact of $183.4 million related to the previously announced sale of the company’s Gulf of Mexico Shelf assets, the reclassification of certain cash flow hedges associated with those assets, and certain charges taken in the fourth quarter, Noble Energy’s adjusted full year net income, a non-GAAP measure, would have been $861.8 million, or $4.91 per basic share (see Schedule 8, Reconciliation of Net Income to Adjusted Net Income, Non-GAAP). Discretionary cash flow for the year reached an all time high of $2.1 billion (non-GAAP measure, see Schedule 3, Determination of Discretionary Cash Flow and Reconciliation).

For the fourth quarter 2006, the company reported net income of $165.0 million, or 95 cents per basic share. Excluding certain net charges totaling $13.1 million after tax (see Schedule 8, Reconciliation of Net Income to Adjusted Net Income, Non-GAAP), Noble Energy’s adjusted fourth quarter net income, a non-GAAP measure, would have been $178.1 million, or $1.03 per basic share. Discretionary cash flow for the fourth quarter was $486.9 million. Fourth quarter 2006 net cash provided by operating activities was $389.5 million. Capital expenditures for the quarter totaled $422.7 million. During the fourth quarter, Noble Energy repurchased 4.2 million shares of its common stock for $206.0 million, bringing the total repurchases for 2006 to 8.4 million shares for $398.5 million.

Significant financial and operating factors for 2006 include:

• Completed the acquisition of U.S. Exploration Holdings, Inc. in March

• Increased daily equivalent production by 28 percent versus 2005

• Deepwater exploration success at Raton, Redrock and Raton South

• First production from the Lorien and Ticonderoga deepwater Gulf of Mexico developments

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

• Acquired 50 percent interest in Block PH-77 offshore Cameroon

• Increased common stock dividend by 83 percent versus 2005

• Divested of Gulf of Mexico shelf assets for $625 million

Charles D. Davidson, the company’s Chairman, President and CEO, said, “The outstanding financial and operating results from Noble Energy in 2006 reflect the successful implementation of a multi-year process to reposition the company for long-term growth. Through our balanced and diversified asset base, we are generating strong financial results that provide us with a solid foundation for growth and strong shareholder returns. Our domestic onshore business consists of thousands of lower risk projects that, when combined with many of our international projects, provides a stable and growing source of production and cash flow. At the same time, our deepwater Gulf of Mexico and international exploration portfolios offer exposure to significant resources in the medium and long terms.”

FULL YEAR 2006

Full year 2006 net income was $678.4 million, or $3.86 per basic share, compared to net income of $645.7 million, or $4.20 per basic share, for the previous year. Excluding certain net charges totaling $183.4 million after tax, adjusted full year net income (a non-GAAP measure) would have been $861.8 million, or $4.91 per basic share. Discretionary cash flow for 2006 was $2.1 billion compared to the previous year’s $1.4 billion.

Realized liquids prices increased 20 percent year-on-year to $54.47 per barrel (Bbl) compared to $45.35 per Bbl the previous year. The company’s average realized natural gas price decreased four percent to $5.55 per thousand cubic feet (Mcf) from $5.78 per Mcf the previous year.

Production volumes for the year increased 28 percent to 185,954 barrels of oil equivalent (Boepd) from 145,440 Boepd. Sales volumes for the year were 186,768 Boepd. Daily sales volumes exceeded production by 813 Boepd, primarily because of the timing of liftings in Equatorial Guinea. North America production increased 37,816 Boepd, or 45 percent, to 121,083 Boepd. The sale of the company’s Gulf of Mexico shelf assets, which closed on July 14, lowered production volumes by approximately 10,700 Boepd in 2006. International production increased 2,698 Boepd, or four percent, to 64,871 Boepd, primarily because of increased production in Israel.

FOURTH QUARTER 2006

Fourth quarter 2006 net income was $165.0 million, or 95 cents per basic share, compared to fourth quarter 2005 net income of $221.9 million, or $1.27 per basic share. Excluding certain net charges totaling $13.1 million after tax, adjusted fourth quarter net income (a non-GAAP measure) would have been $178.1 million, or $1.03 per basic share. Discretionary cash flow for the fourth quarter 2006 increased to $486.9 million compared to $460.2 million the previous year.

Realized liquids prices increased seven percent to $51.32 per Bbl compared to $47.78 per Bbl for the same period the previous year. The company’s average realized natural gas price decreased 20 percent to $5.56 per Mcf from $6.91 per Mcf for the fourth quarter the previous year.

Fourth quarter 2006 production increased nine percent to 182,028 Boepd from 167,075 Boepd for the same period in 2005. Severe weather in the Rocky Mountains reduced fourth quarter production by approximately 2,000 Boepd. Fourth quarter 2005 production included approximately 17,000 Boepd from the company’s Gulf of Mexico shelf assets, which were sold in 2006. Daily sales volumes exceeded production by 3,045 Boepd, primarily because of the timing of liftings in Equatorial Guinea.

NORTH AMERICA — FOURTH QUARTER 2006

North America reported operating income for the fourth quarter of $146.4 million. Excluding the effect of the royalty litigation reserve ($15.5 million pretax) and gains on the sale of assets ($7.1 million pretax), operating income would have been $154.8 million. The decline in quarter-on-quarter operating income primarily reflects lower realized liquids and natural gas prices, as well as increased exploration expense. Higher volumes and lower derivative losses partially offset the effects of these items.

North America benefited from higher production during the fourth quarter, which increased 16 percent to 115,967 Boepd from 100,034 Boepd for the same period in 2005. The average liquids price was $48.33 per Bbl compared to $52.72 per Bbl during the fourth quarter of 2005. The average realized natural gas price was $6.79 per Mcf compared to $8.83 per Mcf the previous year.

During the fourth quarter, the company had 23 drilling rigs running onshore (nine in the Rocky Mountains, 11 in the Mid-continent and three in the Gulf Coast) and 47 workover rigs (30 in the Rocky Mountains, 15 in the Mid-continent and two in the Gulf Coast). During 2006, Noble Energy drilled 687 net onshore wells, of which 26 were in the Gulf Coast, 435 were in the Rocky Mountains and 226 were in the Mid-continent.

2

The company also completed 708 refrac, trifrac, deepening and recompletion projects for 2006, most of which were in the Wattenberg field.

During the second quarter, the company announced two deepwater discoveries, Redrock and Raton. In January 2007, Noble Energy announced that the Raton South appraisal well encountered hydrocarbons in the anticipated sand intervals. Development options for Redrock, Raton and Raton South are currently under review, along with a fast-track subsea development of a natural gas zone discovered in the original Raton well. Noble Energy is the operator of Raton, Redrock and South Raton with a 50 percent working interest.

INTERNATIONAL OPERATIONS — FOURTH QUARTER 2006

International operations reported operating income for the fourth quarter of $164.8 million, an increase of $46.1 million, or 39 percent, compared to $118.7 million in the fourth quarter the previous year. Fourth quarter 2006 production totaled 66,061 Boepd.

West Africa
Total operating income in Equatorial Guinea increased 63 percent to $120.3 million compared to $73.8 million the previous year.

Alba field condensate and natural gas sales (exclusive of Alba Plant, LLC and methanol operations) accounted for $89.8 million, or 75 percent, of operating income from Equatorial Guinea. Alba Plant, LLC reported $19.9 million of income from LPG and condensate sales, net to Noble Energy’s interest, compared to $16.9 million for the fourth quarter 2005. The increase in operating income for Alba Plant, LLC reflects increased plant sales of 1,821 barrels per day.

Income from methanol operations decreased slightly to $10.6 million, net to Noble Energy’s interest, compared to $12.6 million during the fourth quarter 2005. The company’s share of methanol sales volumes was 24.7 million gallons compared to the previous year’s 40.2 million gallons. The sales decline relative to the previous year’s fourth quarter was due to compressor maintenance and repairs, which were completed during the quarter, and the replacement of inventories. Fourth quarter realized methanol prices were a record $1.13 per gallon.

North Sea
In the North Sea, operating income for the fourth quarter of 2006 was $13.6 million compared to $23.3 million the previous 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, sanctioned during the fourth quarter 2005, commenced production in January 2007. Noble Energy expects production from Dumbarton to average 9,000 Boepd, net, during 2007.

Israel
Fourth quarter operating income was $18.5 million compared to $10.6 million for the same period in 2005. Natural gas production, net to Noble Energy, averaged 96.6 MMcfpd for the fourth quarter 2006, compared to 64.0 MMcfpd the previous year. The increased natural gas volumes reflect the completion of infrastructure and conversion to natural gas of the Reading Plant in Tel Aviv and the Eshkol power plant’s natural gas turbine running as a combined-cycle base load unit.

Argentina, China, Ecuador and Suriname
Argentina, China, Ecuador and Suriname combined recorded fourth quarter 2006 operating income of $12.5 million compared to $11.0 million for fourth quarter the previous year.

In China, fourth quarter operating income was $10.4 million. Net production in China averaged 4,135 barrels of oil per day for the fourth quarter. In Argentina, fourth quarter operating income was $4.0 million, and net production averaged 3,666 Boepd.

3

The Machala power plant reported operating income of $5.5 million for the fourth quarter. For the quarter, 262,470 megawatt-hours were produced at an average price of 8.4 cents per kilowatt-hour.

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 may 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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PR 368 02/22/07

4

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

	Three Months Ended						Twelve Months Ended
	12/31/2006			12/31/2005			12/31/2006			12/31/2005
REVENUES
Oil and gas sales	$	656,585		$	625,661		$	2,701,241		$	1,966,422
Income from equity method investees		30,461			29,543			139,362			90,812
Other revenues		27,140			45,776			99,479			129,489
Total Revenues		714,186			700,980			2,940,082			2,186,723
COSTS AND EXPENSES
Lease operating costs		78,780			71,187			317,087			217,860
Production and ad valorem taxes		25,316			27,578			108,979			78,703
Transportation costs		10,079			4,673			28,542			16,764
Exploration costs		75,597			51,918			167,924			178,426
Depreciation, depletion and amortization		163,730			112,715			622,608			390,544
General and administrative		50,825			30,799			164,541			100,125
Accretion of discount on asset retirement obligations		2,392			3,077			10,797			11,214
Interest, net of amount capitalized		21,403			28,511			117,045			87,541
(Gain) Loss on derivative instruments		2,664			30,559			392,367			32,680
(Gain) Loss on sale of assets		(7,886	)		1,213			(219,577	)		(4,201	)
Other expense, net		44,525			10,113			133,552			108,407
Total Costs and Expenses		467,425			372,343			1,843,865			1,218,063
Income Before Taxes		246,761			328,637			1,096,217			968,660
Income Tax Provision		81,780			106,718			417,789			322,940
Income From Continuing Operations		164,981			221,919			678,428			645,720
Discontinued Operations, Net of Tax		—			—			—			—
NET INCOME	$	164,981		$	221,919		$	678,428		$	645,720
EARNINGS PER SHARE
Basic —
Income from continuing operations	$	0.95		$	1.27		$	3.86		$	4.20
Net Income	$	0.95		$	1.27		$	3.86		$	4.20
Diluted —
Income from continuing operations	$	0.94		$	1.18	[1]	$	3.79		$	4.12
Net Income	$	0.94		$	1.18		$	3.79		$	4.12
Weighted average number of shares outstanding — Basic		173,339			175,019			175,707			153,773
Weighted average number of shares outstanding — Diluted		175,711			180,865			179,044			156,759

[1] Diluted net income excludes the after tax income statement effects of deferred compensation when those effects are antidilutive. For the fourth quarter 2005, the reductions to diluted net income totaled $8.7 million.

SCHEDULE 2
NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

	December 31,
	2006			2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	153,408		$	110,321
Accounts receivable — trade, net		586,882			566,206
Probable insurance claims		101,233			142,311
Deferred income taxes		99,835			237,045
Other current assets		127,188			119,628
Total current assets		1,068,546			1,175,511
Plant, property and equipment
Oil and gas properties (successful efforts method of accounting)		8,867,639			8,411,426
Other plant, property and equipment		79,646			69,869
		8,947,285			8,481,295
Accumulated depreciation, depletion and amortization		(1,776,528	)		(2,282,379	)
Total property, plant and equipment, net		7,170,757			6,198,916
Other noncurrent assets		568,032			640,738
Goodwill		781,290			862,868
Total Assets	$	9,588,625		$	8,878,033
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable — trade	$	518,609		$	519,971
Derivative instruments		254,625			445,939
Income taxes		107,136			65,136
Asset retirement obligations		68,500			60,331
Other current liabilities		235,392			148,768
Total current liabilities		1,184,262			1,240,145
Deferred income taxes		1,758,452			1,201,191
Asset retirement obligations		127,689			278,540
Derivative instruments		328,875			757,509
Other noncurrent liabilities		274,720			279,971
Long-term debt		1,800,810			2,030,533
Total Liabilities		5,474,808			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; 188,808,087 and 184,893,510 shares issued, respectively		629,360			616,311
Capital in excess of par value		2,041,048			1,945,239
Deferred compensation		—			(5,288	)
Accumulated other comprehensive loss		(140,509	)		(783,499	)
Treasury stock, at cost: 16,574,384 and 9,268,932 shares, respectively		(511,443	)		(148,476	)
Retained earnings		2,095,361			1,465,857
Total Shareholders’ Equity		4,113,817			3,090,144
Total Liabilities and Shareholders’ Equity	$	9,588,625		$	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						Twelve Months Ended
	12/31/2006			12/31/2005			12/31/2006			12/31/2005
Net income	$	164,981		$	221,919		$	678,428		$	645,720
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		163,730			112,714			622,608			390,544
Depreciation, depletion and amortization — electricity generation		4,479			4,077			16,319			16,476
Impairment of operating assets		2,166			170			8,525			5,368
Exploration costs		75,597			51,918			167,924			178,426
Interest capitalized		(9,085	)		(1,388	)		(12,515	)		(8,684	)
Income from equity method investments		(30,461	)		(29,543	)		(139,362	)		(90,812	)
Distributions and dividends from equity method investees		57,987			18,038			192,508			64,594
Deferred compensation adjustment		12,516			(13,389	)		28,189			17,918
Deferred income taxes		47,551			85,745			194,261			183,770
Accretion of discount on asset retirement obligations		2,392			3,076			10,797			11,214
Allowance for doubtful accounts		6,232						16,797
Stock-based compensation expense		2,496			1,372			11,816			4,008
(Gain) loss on derivative instruments		(15,030	)		30,559			415,298			32,680
Gain on sale of Gulf of Mexico shelf assets		(4,409	)		—			(92,557	)		—
Other, net		5,770			(25,055	)		10,850			(20,668	)
DISCRETIONARY CASH FLOW [1]		486,912			460,213			2,129,886			1,430,554
RECONCILIATION TO OPERATING CASH FLOWS:
Net changes in working capital		(50,800	)		(119,161	)		(60,994	)		(113,891	)
Cash exploration costs		(25,692	)		(26,308	)		(78,676	)		(62,556	)
Capitalized interest		9,085			1,388			12,515			8,684
Distributions from equity method investees		(38,637	)		(1,388	)		(155,158	)		(4,969	)
(Gain) Loss on disposal of assets		(3,477	)		1,214			(127,020	)		(4,201	)
Other adjustments to reconcile discretionary cash flow to operating cash flows		12,102			(42,921	)		9,753			(13,743	)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	389,493		$	273,037		$	1,730,306		$	1,239,878

[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 12/31/06
				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int'l[1]			& Other[2]
REVENUES
Oil sales	$	362,477		$	203,148		$	105,186		$	21,530		$	—		$	32,613		$	—
Gas sales		294,108			263,574			1,626	[3]		4,979			23,932			(3	)		—
Equity investee liquids sales		—			—			29,626			—			—			—			(29,626	)
Equity investee methanol sales		—			—			27,974			—			—			—			(27,974	)
Gathering, marketing and processing		5,209			—			—			—			—			—			5,209
Electricity sales		21,931			—			—			—			—			21,931			—
Income from equity method investments		30,461			—			—			—			—			—			30,461
Total Revenues		714,186			466,722			164,412			26,509			23,932			54,541			(21,930	)
COSTS AND EXPENSES
Oil and gas operating costs		74,586			57,991			4,797			3,657			2,677			5,170			294
Workover and repair expense		4,194			4,165	[7]		—			—			—			29			—
Production and ad valorem taxes		25,316			19,587			—			—			—			5,703			26
Transportation		10,079			6,706			—			3,167			—			206			—
Oil and gas exploration		75,597			65,605			1,990			1,243			143			3,855			2,761
Gathering, marketing and processing		2,990			—			—			—			—			—			2,990
Equity investee liquids expense		—			—			9,776			—			—			—			(9,776	)
Equity investee methanol expense		—			—			17,364			—			—			—			(17,364	)
Electricity generation		16,395			—			—			—			—			16,395			—
DD&A		163,730			141,398			7,946			2,190			3,580			6,455			2,161
Impairment of operating assets		2,166			2,166			—			—			—			—			—
General and administrative		50,825			16,621			4,655			1,266			53			(864	)		29,094
Accretion expense		2,392			1,901			26			291			120			54			—
Interest expense		21,403			—			—			—			—			—			21,403
Deferred compensation		12,516			—			—			—			—			—			12,516
(Gain) loss on derivative instruments		2,644			2,644			—			—			—			—			—
Loss on involuntary conversion		—			—			—			—			—			—			—
(Gain) loss on sale of assets		(7,886	)		(7,591	)		—			(393	)		81			(7	)		24
Other expense (income), net		10,478			9,098			(2,429	)		1,535			(1,189	)		5,081			(1,618	)
Total Costs and Expenses		467,425			320,291			44,125			12,956			5,465			42,077			42,511
OPERATING INCOME (LOSS)	$	246,761		$	146,431		$	120,287		$	13,553		$	18,467		$	12,464		$	(64,441	)
KEY STATISTICS
SALES VOLUMES
Liquids (Bopd)		76,766			45,692			19,301			4,005			—			7,768			—
Natural Gas (Mcfpd)		604,077			421,649			48,953	[3]		7,151			96,567			29,757	[6]		—
Equity Investee Liquids (Bopd)		7,625			—			7,625	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		24,748			—			24,748			—			—			—			—
PRODUCTION VOLUMES
Liquids (Bopd)		73,734			45,692			16,385			4,268			—			7,389			—
Natural Gas (Mcfpd)		604,077			421,649			48,953			7,151			96,567			29,757			—
Equity Investee Liquids (Bopd)		7,613			—			7,613	[5]		—			—			—			—
Total Production Boepd [8]		182,028			115,967			32,157			5,460			16,095			12,349			—
AVERAGE REALIZED PRICE
Liquids	$	51.32		$	48.33		$	59.24		$	58.43		$	—		$	45.64		$	—
Natural Gas		5.56			6.79			0.36			7.57			2.69			—			—
Equity Investee Liquids		42.23			—			42.23			—			—			—			—
Equity Investee Methanol		1.13			—			1.13			—			—			—			—

[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 1,674 Bpd and 5,951 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,743 Bpd and 5,870 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 $4.1 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 12/31/05
				North		West			North						Other			Corporate
	Consolidated			America		Africa			Sea			Israel			Int'l[1]			& Other[2]
REVENUES
Oil sales	$	259,664		$	144,830	$	63,243		$	23,364		$	—		$	28,227		$	—
Gas sales		365,995			342,072		1,835	[3]		6,400			15,643			45			—
Equity investee liquids sales		—			—		25,326			—			—			—			(25,326	)
Equity investee methanol sales		—			—		30,767			—			—			—			(30,767	)
Gathering, marketing and processing		26,526			—		—			—			—			—			26,526
Electricity sales		19,250			—		—			—			—			19,250			—
Income from equity method investments		29,545			—		—			—			—			—			29,545
Total Revenues		700,980			486,902		121,171			29,764			15,643			47,522			(22	)
COSTS AND EXPENSES
Oil and gas operating costs		65,827			44,011		11,096			3,481			2,380			4,339			520
Workover and repair expense		5,360			5,304		—			22			—			34			—
Production and ad valorem taxes		27,578			24,082		—			—			—			3,517			(21	)
Transportation		4,673			2,644		—			1,834			—			195			—
Oil and gas exploration		51,918			35,297		3,151			794			118			10,905			1,653
Gathering, marketing and processing		7,162			—		—			—			—			—			7,162
Equity investee liquids expense		—			—		8,399			—			—			—			(8,399	)
Equity investee methanol expense		—			—		18,149			—			—			—			(18,149	)
Electricity generation		15,500			—		—			—			—			15,500			—
DD&A		112,715			94,600		6,444			1,647			2,788			5,496			1,740
Impairment of operating assets		170			170		—			—			—			—			—
General and administrative		30,799			12,914		—			854			149			(3,536	)		20,418
Accretion expense		3,077			2,596		23			285			116			57			—
Interest expense		28,511			—		—			—			—			—			28,511
Deferred compensation		(13,389	)		—		—			—			—			—			(13,389	)
(Gain) loss on derivative instruments		30,559			30,559		—			—			—			—			—
Loss on involuntary conversion		—			—		—			—			—			—			—
(Gain) loss on sale of assets		1,213			1,137		—			—			75			(1	)		2
Other expense (income), net		670			1,838		104			(2,484	)		(569	)		36			1,745
Total Costs and Expenses		372,343			255,152		47,366			6,433			5,057			36,542			21,793
OPERATING INCOME (LOSS)	$	328,637		$	231,750	$	73,805		$	23,331		$	10,586		$	10,980		$	(21,815	)
KEY STATISTICS
SALES VOLUMES
Liquids (Bopd)		59,075			29,861		18,099			4,641			—			6,474			—
Natural Gas (Mcfpd)		601,843			421,037		81,195	[3]		9,345			63,991			26,275	[6]		—
Equity Investee Liquids (Bopd)		5,804			—		5,804	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		40,190			—		40,190			—			—			—			—
PRODUCTION VOLUMES
Liquids (Bopd)		59,914			29,861		18,511			4,401			—			7,141			—
Natural Gas (Mcfpd)		601,843			421,037		81,195			9,345			63,991			26,275			—
Equity Investee Liquids (Bopd)		6,854			—		6,854	[5]		—			—			—			—
Total Production Boepd [7]		167,075			100,034		38,897			5,959			10,665			11,520			—
AVERAGE REALIZED PRICE
Liquids	$	47.78		$	52.72	$	37.98		$	54.72		$	—		$	47.39		$	—
Natural Gas		6.91			8.83		0.25			7.44			2.66			1.10			—
Equity Investee Liquids		47.43			—		47.43			—			—			—			—
Equity Investee Methanol		0.77			—		0.77			—			—			—			—

[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 1,623 Bpd and 4,181 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG volumes include condensate and natural gas liquids of 1,572 Bpd and 5,282 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]	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)

				Twelve Months Ended 12/31/05
				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int'l[1]			& Other[2]
REVENUES
Oil sales	$	1,489,460		$	847,251		$	407,470		$	91,478		$	—		$	143,261		$	—
Gas sales		1,211,781			1,089,339			6,212	[3]		23,754			92,373			103			—
Equity investee liquids sales		—			—			134,346			—			—			—			(134,346	)
Equity investee methanol sales		—			—			98,941			—			—			—			(98,941	)
Gathering, marketing and processing		27,876			—			—			—			—			—			27,876
Electricity sales		71,603			—			—			—			—			71,603			—
Income from equity method investments		139,362			—			—			—			—			—			139,362
Total Revenues		2,940,082			1,936,590			646,969			115,232			92,373			214,967			(66,049	)
COSTS AND EXPENSES
Oil and gas operating costs		270,136			205,348			26,557			11,655			9,066			16,793			717
Workover and repair expense		46,951			46,793	[7]		—			—			—			158			—
Production and ad valorem taxes		108,979			85,960			—			—			—			22,613			406
Transportation		28,542			20,728			—			7,010			—			804			—
Oil and gas exploration		167,924			128,086			7,329			10,522			286			11,539			10,162
Gathering, marketing and processing		18,664			—			—			—			—			—			18,664
Equity investee liquids expense		—			—			33,009			—			—			—			(33,009	)
Equity investee methanol expense		—			—			60,916			—			—			—			(60,916	)
Electricity generation		59,494			—			—			—			—			59,494			—
DD&A		622,608			543,431			23,620			8,123			13,947			25,900			7,587
Impairment of operating assets		8,525			8,525			—			—			—			—			—
General and administrative		164,541			60,710			4,656			3,346			111			2,118			93,600
Accretion expense		10,797			8,861			104			1,159			452			221			—
Interest expense		117,045			—			—			—			—			—			117,045
Deferred compensation		28,189			—			—			—			—			—			28,189
(Gain) loss on derivative instruments		392,367			392,367			—			—			—			—			—
Loss on involuntary conversion		—			—			—			—			—			—			—
(Gain) loss on sale of assets		(219,577	)		(217,317	)		—			(2,397	)		81			9			47
Other expense (income), net		18,680			22,011			(2,999	)		3,011			(2,888	)		6,242			(6,697	)
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Total Costs and Expenses		1,843,865			1,305,503			153,192			42,429			21,055			145,891			175,795
OPERATING INCOME (LOSS)	$	1,096,217		$	631,087		$	493,777		$	72,803		$	71,318		$	69,076		$	(241,844	)
KEY STATISTICS
SALES VOLUMES
Liquids (Bopd)		74,915			45,798			17,860			3,717			—			7,540			—
Natural Gas (Mcfpd)		622,927			451,712			45,422	[3]		8,130			92,894			24,769	[6]		—
Equity Investee Liquids (Bopd)		8,032			—			8,032	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		109,942			—			109,942			—			—			—			—
PRODUCTION VOLUMES
Liquids (Bopd)		74,603			45,798			17,326			3,988			—			7,491			—
Natural Gas (Mcfpd)		622,927			451,712			45,422			8,130			92,894			24,769			—
Equity Investee Liquids (Bopd)		7,531			—			7,531	[5]		—			—			—			—
Total Production Boepd [8]		185,954			121,083			32,427			5,343			15,482			11,619			—
AVERAGE REALIZED PRICE
Liquids	$	54.47		$	50.68		$	62.51		$	67.43		$	—		$	52.05		$	—
Natural Gas		5.55			6.61			0.37			8.00			2.72			0.96			—
Equity Investee Liquids		45.83			—			45.83			—			—			—			—
Equity Investee Methanol		0.90			—			0.90			—			—			—			—

[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 1,738 Bpd and 6,294 Bpd, respectively. These volumes are included in West Africa production and LPG sales revenue.
[5]	Equity Investee LPG production volumes include condensate and natural gas liquids of 1,730 Bpd and 5,801 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 $29.7 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)

				Twelve Months Ended 12/31/05
				North			West			North						Other			Corporate
	Consolidated			America			Africa			Sea			Israel			Int'l[1]			& Other[2]
REVENUES
Oil sales	$	942,778		$	441,920		$	275,958		$	103,461		$	—		$	121,439		$	—
Gas sales		1,023,644			932,452			5,944			20,123			65,050			75			—
Equity investee liquids sales		—			—			51,389			—			—			—			(51,389	)
Equity investee methanol sales		—			—			125,716			—			—			—			(125,716	)
Gathering, marketing and processing		55,261			—			—			—			—			—			55,261
Electricity sales		74,228			—			—			—			—			74,228			—
Income from equity method investments		90,812			—			—			—			—			—			90,812
Total Revenues		2,186,723			1,374,372			459,007			123,584			65,050			195,742			(31,032	)
COSTS AND EXPENSES
Oil and gas operating costs		203,833			136,087			30,661			12,244			8,504			15,903			434
Workover and repair expense		14,027			13,734			—			259			—			34			—
Production and ad valorem taxes		78,703			65,428			—			—			—			12,888			387
Transportation		16,764			9,350			—			6,562			—			852			—
Oil and gas exploration		178,426			146,393			5,463			5,985			223			13,021			7,341
Gathering, marketing and processing		28,067			—			—			—			—			—			28,067
Equity investee liquids expense		—			—			17,473			—			—			—			(17,473	)
Equity investee methanol expense		—			—			68,820			—			—			—			(68,820	)
Electricity generation		53,137			—			—			—			—			53,137			—
DD&A		390,544			311,153			27,121			9,888			11,188			24,518			6,676
Impairment of operating assets		5,368			5,368			—			—			—			—			—
General and administrative		100,125			34,162			435			2,591			188			947			61,802
Accretion expense		11,214			9,590			51			1,134			281			158			—
Interest expense		87,541			—			—			—			—			—			87,541
Deferred compensation		17,918			—			—			—			—			—			17,918
(Gain) loss on derivative instruments		32,680			32,680			—			—			—			—			—
Loss on involuntary conversion		1,000			1,000			—			—			—			—			—
(Gain) loss on sale of assets		(4,201	)		(13	)		—			(121	)		75			(1,179	)		(2,963	)
Other expense (income), net		2,917			23,452			(256	)		(3,482	)		(1,877	)		264			(15,184	)
Total Costs and Expenses		1,218,063			788,384			149,768			35,060			18,582			120,543			105,726
OPERATING INCOME (LOSS)	$	968,660		$	585,988		$	309,239		$	88,524		$	46,468		$	75,199		$	(136,758	)
KEY STATISTICS
SALES VOLUMES
Liquids (Bopd)		56,958			25,941			17,786			5,380			—			7,851			—
Natural Gas (Mcfpd)		508,195			343,953			65,581	[3]		9,299			66,377			22,985	[6]		—
Equity Investee Liquids (Bopd)		3,240			—			3,240	[4]		—			—			—			—
Equity Investee Methanol (Kgal)		162,446			—			162,446			—			—			—			—
PRODUCTION VOLUMES
Liquids (Bopd)		57,012			25,941			17,691			5,201			—			8,179			—
Natural Gas (Mcfpd)		508,195			343,953			65,581			9,299			66,377			22,985			—
Equity Investee Liquids (Bopd)		3,728			—			3,728	[5]		—			—			—			—
Total Production Boepd [7]		145,440			83,267			32,349			6,751			11,063			12,010			—
AVERAGE REALIZED PRICE
Liquids	$	45.35		$	46.67		$	42.51		$	52.68		$	—		$	42.37		$	—
Natural Gas		5.78			7.43			0.25			5.93			2.68			1.10			—
Equity Investee Liquids		43.43			—			43.43			—			—			—			—
Equity Investee Methanol		0.77			—			0.77			—			—			—			—

[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 2,328 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 928 Bpd and 2,800 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]	Barrels of oil equivalent for natural gas is calculated at a 6 to 1 ratio.

SCHEDULE 8
NOBLE ENERGY, INC. AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED NET INCOME (NON-GAAP)
(In Thousands)
(Unaudited)

	Three Months Ended			Twelve Months Ended
	12/31/2006			12/31/2006
NET INCOME	$	164,981		$	678,428
AFTER TAX NON-GAAP ADJUSTMENTS TO NET INCOME:
Gain on sale of Gulf of Mexico shelf assets		(7,110	)		(210,575	)
Tax provision for gain on sale		2,702			118,019
Reclassification of associated cash flow hedges		—			398,516	[1]
Tax provision for hedge reclassification		—			(149,842	)
Deferred compensation		12,516			28,189
Tax provision for deferred compensation		(4,706	)		(10,599	)
Increase in litigation reserve [2]		15,500			15,500
Tax provision for increase in litigation reserve		(5,828	)		(5,828	)
ADJUSTED (NON-GAAP) NET INCOME [3]	$	178,055		$	861,808

[1]	Approximately $30.7 million pretax ($19.2 million after tax) of these losses were related to contracts that settled during the second half of 2006.
[2]	The increase to litigation reserves was for certain royalty matters. The parties have agreed to settlement terms, subject to court approval.
[3]	The table above reconciles net income to adjusted net income. While adjusted net income 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.

SCHEDULE 9
NOBLE ENERGY, INC.
PRETAX CASH FLOW HEDGES EARNINGS IMPACT
(Dollars in thousands)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	12/31/2006			12/31/2005			12/31/2006			12/31/2005
(DECREASE) INCREASE OF OIL AND GAS SALES:
Cash settlement crude oil contracts	$	(31,042	)	$	(37,192	)	$	(190,730	)	$	(140,486	)
Cash settlement natural gas contracts		413			(68,998	)		(69,063	)		(97,206	)
Total cash settlements		(30,629	)		(106,190	)		(259,793	)		(237,692	)
Non-cash impact of loss associated with Gulf of Mexico shelf asset sale		17,236			—			27,365			—
Net decrease (increase) of oil and gas sales		(13,393	)		(106,190	)		(232,428	)		(237,692	)
(LOSS) GAIN ON DERIVATIVE INSTRUMENTS:
(Loss) gain associated with Gulf of Mexico shelf asset sale		—			—			(398,517	)		—
(Loss) gain from ineffectiveness and other		(2,644	)		(30,559	)		6,150			(32,680	)
(Loss) gain on derivative instruments		(2,644	)		(30,559	)		(392,367	)		(32,680	)
PRETAX EARNINGS (DECREASE) INCREASE	$	(16,037	)	$	(136,749	)	$	(624,795	)	$	(270,372	)

IMPACT OF LOSS ASSOCIATED WITH GULF OF MEXICO SHELF ASSET SALE
(DOLLARS IN THOUSANDS)
(Unaudited)

(LOSS) GAIN ASSOCIATED WITH GULF OF MEXICO SHELF ASSET SALE (2Q 2006)	$	(398,517	)
REDESIGNATED CONTRACTS SETTLED (3Q AND 4Q 2006)		27,365
MARK TO MARKET CONTRACTS SETTLED (3Q AND 4Q 2006)		3,286
UNSETTLED (LOSS) GAIN ASSOCIATED WITH GULF OF MEXICO SHELF ASSET SALE	$	(367,866	)

	Crude Oil		Natural Gas		Total
SETTLEMENT SCHEDULE
1Q 2007	$	—	$	51,029	$	51,029
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		5,835		32,191		38,026
3Q 2008		5,763		34,055		39,818
4Q 2008		5,633		41,457		47,090
REMAINING SETTLEMENTS	$	23,210	$	344,656	$	367,866

Schedule 10

NOBLE ENERGY, INC.
ECUADOR POWER OPERATIONS
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended				Twelve Months Ended
	12/31/2006		12/31/2005		12/31/2006		12/31/2005
REVENUES
Power Sales	$	20,263	$	17,215	$	63,710	$	66,348
Capacity Charge		1,668		2,035		7,893		7,880
Total Revenues		21,931		19,250		71,603		74,228
COSTS AND EXPENSES
Field
Lease Operating		902		785		3,021		3,000
DD&A		3,280		3,021		11,617		12,251
General and administrative		1,245		1,073		3,102		2,612
Plant
Fuel & Other Operating Costs		8,728		8,198		30,389		25,599
DD&A		1,188		1,056		4,693		4,225
General and administrative		1,052		1,367		6,672		5,450
Total Costs and Expenses		16,395		15,500		59,494		53,137
OPERATING (LOSS) INCOME	$	5,536	$	3,750	$	12,109	$	21,091
Natural Gas Production (Mcfpd)		29,550		25,831		24,474		22,795
Average Natural Gas Price	$	3.76	$	3.76	$	3.76	$	3.83
Power Production — Total MW		262,470		233,436		865,983		799,160
Average Power Price ($/Kwh)	$	0.084	$	0.083	$	0.083	$	0.093

SCHEDULE 11
INCOME FROM EQUITY METHOD INVESTEES

METHANOL OPERATIONS
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended				Twelve Months Ended
	12/31/2006		12/31/2005		12/31/2006		12/31/2005
REVENUES
Methanol sales	$	27,974	$	30,767	$	98,941	$	125,716
Other		1,865		1,173		9,823		5,786
Total revenues		29,839		31,940		108,764		131,502
COSTS AND EXPENSES
Cost of goods sold		11,494		11,751		46,070		45,991
DD&A		3,364		2,371		10,439		9,370
General and administrative		763		1,123		2,167		2,762
Total costs and expenses		15,621		15,245		58,676		58,123
INCOME TAX PROVISION		3,607		4,077		12,064		16,483
INCOME (LOSS) FROM EQUITY METHOD INVESTEES	$	10,611	$	12,618	$	38,024	$	56,896
Methanol Sales (MGal)		24,709		40,190		109,942		162,446
Average Realized Price ($/Gal)	$	1.13	$	0.77	$	0.90	$	0.77

ALBA PLANT
(Dollars in thousands, except realized prices)
(Unaudited)

	Three Months Ended					Twelve Months Ended
	12/31/2006			12/31/2005		12/31/2006			12/31/2005
REVENUES
LPG Plant Sales	$	29,626		$	25,326	$	134,346		$	51,389
Other		(150	)		461		807			4,505
Total Revenues		29,476			25,787		135,153			55,894
COSTS AND EXPENSES
LPG Plant Expenses		8,851			3,656		28,072			9,548
DD&A		1,746			726		6,679			3,938
Total Costs and Expenses		10,597			4,382		34,751			13,486
INCOME TAX PROVISION		(971	)		4,478		(936	)		8,492
INCOME (LOSS) FROM EQUITY METHOD INVESTEES	$	19,850		$	16,927	$	101,338		$	33,916
LPG Plant Sales (Bopd)		7,625			5,804		8,032			3,240
Average Realized Price ($/Bbl)	$	42.23		$	47.43	$	45.83		$	43.43