exv99w1

Exhibit 99.1


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

NOBLE ENERGY ANNOUNCES FIRST QUARTER 2007 RESULTS

HOUSTON (May 3, 2007) — Noble Energy, Inc. (NYSE: NBL) today reported first quarter 2007 net income of $211.8 million, or $1.24 per basic share. Discretionary cash flow (non-GAAP measure, see Schedule 3 — Determination of Discretionary Cash Flow and Reconciliation) for the first quarter was $448.3 million. Net cash provided by operating activities was $422.3 million. Capital expenditures for the quarter totaled $284.3 million.

Noteworthy items for the first quarter 2007 include:

	•		First crude oil production from the Dumbarton development in the U.K. sector of the North Sea

	•		Successful appraisal of the Flyndre prospect in the U.K. sector of the North Sea

	•		Net production in Israel increased 25 percent to 103 million cubic feet per day (MMcfpd)

	•		Completed the Mari-B #7 development well in Israel with gross deliverability in excess of 180 MMcfpd

	•		Completed the $500 million common stock buyback program, resulting in a total of 10.4 million shares acquired at an average price of $48.17 per share

	•		Severe winter weather onshore North America caused temporary production shut-ins of approximately 7,000 barrels of oil equivalent per day (Boepd)

First quarter 2007 results included deferred compensation expense of $11.6 million pretax ($7.2 million after tax). Excluding the effects of deferred compensation, first quarter adjusted net income (a non-GAAP measure) would have been $219.0 million, or $1.28 per basic share (see Note 1 below).

Charles D. Davidson, the company’s Chairman, President and CEO, said, “The excellent first quarter 2007 financial and operating results from Noble Energy reflect strong contributions from all of our programs including North America, West Africa, Europe, the Middle East, South America and Asia. Despite the severe winter weather impacts we experienced in the Rocky Mountains during the quarter, our diversified portfolio enabled us to produce solid earnings per share and cash flow. With North America now at full production and our Dumbarton development on line, we are well positioned to continue delivering solid results for our shareholders throughout 2007 and for the long-term.”

First quarter 2007 production was 187,588 Boepd, an increase of 4.5 percent compared to 179,554 Boepd for the same period last year. During the first quarter 2007, severe winter weather in the Rocky Mountains cost the company approximately 7,000 Boepd of production in North America. Excluding the effects of severe weather, first quarter 2007 production would have been approximately 194,500 Boepd. In addition, first quarter 2006 production included approximately 18,400 Boepd from the Gulf of Mexico shelf assets, which were sold in 2006. Excluding the effects of severe weather, and adjusting for the Gulf of Mexico shelf assets sale, first quarter 2007 production would have increased approximately 20 percent compared to the same period last year on a pro forma basis. Daily production during the first quarter exceeded sales volumes by 5,454 Boepd, primarily because of the timing of liftings in Equatorial Guinea.

NORTH AMERICA

North America reported pre-tax operating income for the first quarter of $217.5 million, an increase of $16.1 million, or eight percent, compared to operating income of $201.4 million for the first quarter last year.

North America production was 113,622 Boepd in the first quarter 2007 compared to 114,296 for first quarter last year. The decline in production compared to last year was the result of severe winter weather and the Gulf of Mexico shelf asset sale, offset by production growth in the company’s core D-J basin and deepwater Gulf of Mexico areas.

Operations benefited from higher realized prices during the quarter. The average liquids price was $46.42 per Bbl compared to $42.20 per Bbl during the first quarter of 2006. The average realized natural gas price was $8.24 per Mcf compared to $6.96 per Mcf last year. Oil and gas revenues were positively impacted by $51.0 million attributable to previously recognized losses for hedge contracts that were re-designated concurrent with the 2006 Gulf of Mexico shelf asset sale (see Schedule 6 — Impact of Loss Associated with Gulf of Mexico Shelf Asset Sale).

During the first quarter, the company had 20 drilling rigs running onshore (10 in the Rocky Mountains, six in the Mid-continent and four in the Gulf Coast) and 50 workover rigs (34 in the Rocky Mountains, 10 in the Mid-continent and six in the Gulf Coast). During 2007, Noble Energy plans to drill 1,072 gross onshore wells, of which 36 will be in the Gulf Coast, 878 will be in the Rocky Mountains and 158 will be in the Mid-continent. The company also plans to complete 427 refrac, trifrac, deepening and recompletion gross projects in 2007, most of which will be in the Wattenberg field.

INTERNATIONAL OPERATIONS

International operations reported operating income for the first quarter of $154.2 million compared to $211.3 million in the first quarter last year. Lower first quarter 2007 international operating income resulted primarily from a 3,644 Boepd decline in sales volumes to 68,513 Boepd from 72,157 Boepd last year. The decline in sales volumes was due to the timing of liftings in Equatorial Guinea, partially offset by increased North Sea sales from Dumbarton.

First quarter 2007 international production was 73,966 Boepd, an increase of 13 percent, compared to 65,257 Boepd for the first quarter of 2006. The increase in international production was primarily due to the startup of the Dumbarton development in the North Sea and increased natural gas sales in Israel.

West Africa
Total operating income in Equatorial Guinea for the first quarter was $83.4 million compared to $147.9 million for the same period last year. The decline in operating income resulted from lower sales volumes, which declined 12,007 Boepd compared to the first quarter last year due to over-lifting production in that quarter versus under-lifting in the most recent quarter. Production was comparable during both periods.

Alba field condensate and natural gas sales (exclusive of Alba Plant, LLC and methanol operations) accounted for $37.9 million, or 45 percent, of operating income from Equatorial Guinea. Included in the West Africa results was $15.8 of pretax dry hole expense associated with the Adriana Southwest exploration well. Alba Plant LLC reported $20.8 million of income from LPG and condensate sales, net to Noble Energy’s interest, compared to $27.1 million for the first quarter 2006. The decrease in operating income for Alba Plant LLC reflects lower plant sales and lower realized prices.

Income from methanol operations nearly doubled to $24.8 million, net to Noble Energy’s interest, compared to $12.5 million during the first quarter 2006. The company’s share of methanol sales volumes was 39.7 million gallons compared to the previous year’s 34.1 million gallons. Last year’s first quarter sales were below normal levels due to an inventory buildup in preparation for a plant turnaround. First quarter realized methanol prices were a record $1.22 per gallon, compared to 82 cents per gallon for the same period last year.

North Sea
In the North Sea, operating income for the first quarter of 2007 was $32.2 million compared to $25.7 million the previous year, resulting primarily from higher crude sales due to the start up of the Dumbarton development. Dumbarton commenced production in late January 2007 with production expected to average 9,000 Boepd, net, during the year.

During the first quarter 2007, Noble Energy was awarded two new licenses in the Norwegian sector of the North Sea. Both licenses are non-operated and were the result of successful applications in Norway’s APA 2006 bid round. One exploration well is expected to be drilled in 2008.

Israel
First quarter operating income was $19.7 million compared to $14.7 million for the same period in 2006. Natural gas sales, net to Noble Energy, averaged 103.1 MMcfpd for the first quarter 2007, compared to 82.6 MMcfpd the previous year. The increased natural gas sales volumes reflect increased seasonal demand for electricity and a full quarter of sales to Israeli Electric Company’s Reading power plant in Tel Aviv.

Argentina, China, Ecuador and Suriname
Argentina, China, Ecuador and Suriname combined recorded first quarter 2007 operating income of $18.9 million compared to $23.0 million for first quarter last year.

In China, first quarter operating income was $10.6 million. Net production in China averaged 4,195 barrels of oil per day for the first quarter. In Argentina, first quarter operating income was $2.7 million, and net production averaged 3,064 Boepd.

The Machala power plant reported operating income of $7.1 million for the first quarter. For the quarter, 266,648 megawatt-hours were produced at an average price of 8.7 cents per kilowatt-hour.

Note1 — Adjusted net income 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.

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. 1-07964, 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.

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


	Three Months Ended
	March 31,
	2007		2006

Revenues
Oil and gas sales	$	667,042	$	646,252
Income from equity method investments		45,563		39,650
Other revenues		29,940		26,095

Total Revenues		742,545		711,997


Costs and Expenses
Lease operating costs		78,875		82,193
Production and ad valorem taxes		25,167		25,453
Transportation costs		11,034		5,061
Exploration costs		45,241		32,022
Depreciation, depletion and amortization		163,960		124,465
General and administrative		45,089		35,398
Accretion of discount on asset retirement obligations		2,387		3,318
Interest, net of amount capitalized		26,872		33,168
Other expense, net		40,068		21,566

Total Costs and Expenses		438,693		362,644


Income Before Taxes		303,852		349,353
Income Tax Provision		92,040		123,266

Net Income	$	211,812	$	226,087


Earnings Per Share
Basic	$	1.24	$	1.28
Diluted	$	1.22	$	1.26

Weighted average number of shares outstanding
Basic		170,844		176,136
Diluted		173,043		180,099

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


	(Unaudited)
	March 31,			December 31,
	2007			2006

ASSETS
Current Assets
Cash and cash equivalents	$	249,219		$	153,408
Accounts receivable — trade, net		633,250			586,882
Probable insurance claims		72,160			101,233
Deferred income taxes		51,247			99,835
Other current assets		89,333			127,188

Total current assets		1,095,209			1,068,546
Property, plant and equipment
Oil and gas properties (successful efforts method of accounting)		9,114,554			8,867,639
Other property, plant and equipment		81,535			79,646

		9,196,089			8,947,285
Accumulated depreciation, depletion and amortization		(1,936,758	)		(1,776,528	)

Total property, plant and equipment, net		7,259,331			7,170,757
Other noncurrent assets		579,437			568,032
Goodwill		767,214			781,290

Total Assets	$	9,701,191		$	9,588,625


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable — trade	$	530,290		$	518,609
Derivative instruments		330,586			254,625
Income taxes		134,698			107,136
Short-term borrowings		100,000			—
Asset retirement obligations		31,204			68,500
Other current liabilities		188,641			235,392

Total current liabilities		1,315,419			1,184,262
Deferred income taxes		1,704,274			1,758,452
Asset retirement obligations		120,884			127,689
Derivative instruments		293,150			328,875
Other noncurrent liabilities		300,069			274,720
Long-term debt		1,800,879			1,800,810

Total Liabilities		5,534,675			5,474,808


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; 190,103,659 and 188,808,087 shares issued, respectively		633,681			629,360
Capital in excess of par value		2,063,018			2,041,048
Accumulated other comprehensive loss		(211,436	)		(140,509	)
Treasury stock, at cost: 18,580,865 and 16,574,384 shares, respectively		(612,976	)		(511,443	)
Retained earnings		2,294,229			2,095,361

Total Shareholders’ Equity		4,166,516			4,113,817

Total Liabilities and Shareholders’ Equity	$	9,701,191		$	9,588,625

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


	Three Months Ended
	3/31/2007			3/31/2006

Net income	$	211,812		$	226,087
Adjustments to reconcile net income to discretionary cash flow:
Depreciation, depletion and amortization — oil and gas production		163,960			124,465
Depreciation, depletion and amortization — electricity generation		3,472			4,151
Exploration costs		45,241			32,022
Interest capitalized		(3,649	)		(1,455	)
Income from equity method investments		(45,563	)		(39,650	)
Distributions and dividends from equity method investees		52,693			56,023
Deferred compensation adjustment		11,649			9,176
Deferred income taxes		47,720			55,460
Accretion of discount on asset retirement obligations		2,387			3,318
Allowance for doubtful accounts		4,682			—
Stock-based compensation expense		5,447			3,154
(Gain) loss on derivative instruments [1]		(52,035	)		30,686
Other, net		494			581

Discretionary Cash Flow [2]		448,310			504,018


Reconciliation to Operating Cash Flows:
Net changes in working capital		(4,090	)		83,678
Cash exploration costs		(25,006	)		(19,148	)
Capitalized interest		3,649			1,455
Distributions from equity method investees		—			(47,023	)
(Gain) Loss on disposal of assets		(5,152	)		—
Other adjustments to reconcile discretionary cash flow to operating cash flows		4,609			4,529

Net Cash Provided by Operating Activities	$	422,320		$	527,509


[1]		Includes $51,029 related to hedge contracts that were re-designated at the time of the Gulf of Mexico Shelf Asset Sale and settled during first quarter 2007. See Schedule 6 — PreTax Cash Flow Hedges Earnings Impact.

[2]		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 3/31/07


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

Revenues
Oil sales		$	333,145		$	190,400			$	61,941			$	51,274		$	—		$	29,530			$	—
Gas sales			333,896			302,835				1,796		[3]		3,887			25,375			3				—
Equity investee liquids sales			—			—				28,096				—			—			—				(28,096	)
Equity investee methanol sales			—			—				48,291				—			—			—				(48,291	)
Gathering, marketing and processing			6,716			—				—				—			—			—				6,716
Electricity sales			23,225			—				—				—			—			23,225				—
Income from equity method investments			45,563			—				—				—			—			—				45,563

Total Revenues			742,545			493,235				140,124				55,161			25,375			52,758				(24,108	)

Costs and expenses
Oil and gas operating costs			74,920			55,165				6,691				6,060			2,136			4,720				148
Workover and repair expense			3,955			3,829		[7]		—				—			—			126				—
Production and ad valorem taxes			25,167			20,467				—				—			—			4,538				162
Transportation			11,034			7,798				—				2,474			—			762				—
Oil and gas exploration			45,241			23,165				16,768				1,555			178			842				2,733
Gathering, marketing and processing			5,016			—				—				—			—			—				5,016
Equity investee liquids expense			—			—				7,286				—			—			—				(7,286	)
Equity investee methanol expense			—			—				23,538				—			—			—				(23,538	)
Electricity generation			16,093			—				—				—			—			16,093				—
DD&A			163,960			137,821				3,242				11,655			3,711			5,862				1,669
Impairment of operating assets			—			—				—				—			—			—				—
General and administrative			45,089			16,692				561				1,190			14			533				26,099
Accretion expense			2,387			1,871				26				336			112			42				—
Interest expense, net			26,872			—				—				—			—			—				26,872
Deferred compensation			11,649			—				—				—			—			—				11,649
(Gain) loss on derivative instruments			(1,005	)		(1,005	)			—				—			—			—				—
Loss on involuntary conversion			13,115			13,115				—				—			—			—				—
(Gain) loss on sale of assets			(5,152	)		(5,226	)			—				—			74			—				—
Other expense (income), net			352			2,036				(1,434	)			(270	)		(532	)		313				239

Total Costs and Expenses			438,693			275,728				56,678				23,000			5,693			33,831				43,763


Operating Income (Loss)		$	303,852		$	217,507			$	83,446			$	32,161		$	19,682		$	18,927			$	(67,871	)


Key Statistics
Sales Volumes
Liquids (Bopd)			74,427			45,576				12,236				9,362			—			7,253				—
Natural Gas (Mcfpd)			604,161			408,275				55,289		[3]		7,170			103,115			30,312		[6]		—
Equity Investee Liquids (Bpd)			7,014			—				7,014		[4]		—			—			—				—
Equity Investee Methanol (Kgal)			39,692			—				39,692				—			—			—				—


Production Volumes
Liquids (Bopd)			78,691			45,576				16,250				9,319			—			7,546				—
Natural Gas (Mcfpd)			604,161			408,275				55,289				7,170			103,115			30,312				—
Equity Investee Liquids (Bpd)			8,203			—				8,203		[5]		—			—			—				—

Total Production Boepd	[8]		187,588			113,622				33,668				10,514			17,186			12,598				—


Average Realized Price

Liquids		$	49.73		$	46.42			$	56.25			$	60.85		$	—		$	45.24			$	—
Natural Gas			6.46			8.24				0.36				6.02			2.73			1.00				—
Equity Investee Liquids			44.51			—				44.51				—			—			—				—
Equity Investee Methanol			1.22			—				1.22				—			—			—				—


[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 1,835 Bpd and 5,179 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 1,918 Bpd and 6,285 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]		Hurricane related repair expense was de minimus for first quarter 2007.

[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 3/31/06


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

Revenues
Oil sales		$	327,075		$	141,320			$	122,306			$	28,179		$	—		$	35,270			$	—
Gas sales			319,177			289,536				1,733		[3]		8,108			19,759			41				—
Equity investee liquids sales			—			—				32,956				—			—			—				(32,956	)
Equity investee methanol sales			—			—				27,985				—			—			—				(27,985	)
Gathering, marketing and processing			8,183			—				—				—			—			—				8,183
Electricity sales			17,912			—				—				—			—			17,912				—
Income from equity method investments			39,650			—				—				—			—			—				39,650

Total Revenues			711,997			430,856				184,980				36,287			19,759			53,223				(13,108	)

Costs and expenses
Oil and gas operating costs			62,602			46,198				7,547				2,333			2,123			4,158				243
Workover and repair expense			19,591			19,522		[7]		—				—			—			69				—
Production and ad valorem taxes			25,453			22,077				—				—			—			3,233				143
Transportation			5,061			3,375				—				1,493			—			193				—
Oil and gas exploration			32,022			20,341				2,321				4,472			32			2,361				2,495
Gathering, marketing and processing			5,502			—				—				—			—			—				5,502
Equity investee liquids expense			—			—				5,853				—			—			—				(5,853	)
Equity investee methanol expense			—			—				15,438				—			—			—				(15,438	)
Electricity generation			10,626			—				—				—			—			10,626				—
DD&A			124,465			104,692				6,115				1,874			3,199			6,598				1,987
Impairment of operating assets			—			—				—				—			—			—				—
General and administrative			35,398			13,321				1				627			11			1,750				19,688
Accretion expense			3,318			2,836				26				291			106			59				—
Interest expense, net			33,168			—				—				—			—			—				33,168
Deferred compensation			9,176			—				—				—			—			—				9,176
(Gain) loss on derivative instruments			(5,159	)		(5,159	)			—				—			—			—				—
Loss on involuntary conversion			—			—				—				—			—			—				—
(Gain) loss on sale of assets			(98	)		(74	)			—				—			—			31				(55	)
Other expense (income), net			1,519			2,369				(213	)			(466	)		(440	)		1,149				(880	)

Total Costs and Expenses			362,644			229,498				37,088				10,624			5,031			30,227				50,176


Operating Income (Loss)		$	349,353		$	201,358			$	147,892			$	25,663		$	14,728		$	22,996			$	(63,284	)

Key Statistics
Sales Volumes

Liquids (Bopd)			72,506			37,205				23,246				4,255			—			7,800				—
Natural Gas (Mcfpd)			634,937			462,547				54,613		[3]		8,485			82,556			26,736		[6]		—
Equity Investee Liquids (Bpd)			8,124			—				8,124		[4]		—			—			—				—
Equity Investee Methanol (Kgal)			34,109			—				34,109				—			—			—				—


Production Volumes
Liquids (Bopd)			66,780			37,205				18,007				4,178			—			7,390				—
Natural Gas (Mcfpd)			634,937			462,547				54,613				8,485			82,556			26,736				—
Equity Investee Liquids (Bpd)			6,951			—				6,951		[5]		—			—			—				—

Total Production Boepd	[8]		179,554			114,296				34,060				5,592			13,759			11,846				—


Average Realized Price

Liquids		$	50.12		$	42.20			$	58.46			$	73.59		$	—		$	50.24			$	—
Natural Gas			5.83			6.96				0.35				10.62			2.66			1.09				—
Equity Investee Liquids			45.07			—				45.07				—			—			—				—
Equity Investee Methanol			0.82			—				0.82				—			—			—				—


[1]		Other international includes operations in Argentina, China, Ecuador and Suriname.

[2]		Corporate and Other includes corporate overhead, intercompany eliminations and marketing.

[3]		Natural gas in Equatorial Guinea is under contract for $0.25 per MMBTU through 2026 to a methanol plant and an LPG plant. Both of these plants are owned by affiliated entities accounted for under the equity method of accounting.

[4]		Equity Investee LPG volumes include condensate and natural gas liquids of 1,070 Bpd and 7,054 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 1,571 Bpd and 5,380 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 $15 million of hurricane related repair expense.

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

Schedule 6
Noble Energy, Inc.
Pretax Cash Flow Hedges Earnings Impact
(Dollars in thousands)
(Unaudited)


	Three Months Ended
	3/31/2007			3/31/2006

(Decrease) increase of oil and gas sales:
Cash settlement crude oil contracts	$	(28,103	)	$	(56,115	)
Cash settlement natural gas contracts		(8,190	)		(51,201	)

Total cash settlements		(36,293	)		(107,316	)
Non-cash impact of loss associated with Gulf of Mexico shelf asset sale		51,029			—

Net increase (decrease) of oil and gas sales		14,736			(107,316	)


(Loss) gain on derivative instruments:
Gain from ineffectiveness and other		1,005			5,159

Pretax earnings increase (decrease)	$	15,741		$	(102,157	)

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 )	$	(398,517	)
Redesignated and mark to market contracts settled in 2006		30,651
Redesignated contracts settled in 1st Qtr 2007		51,029

Unsettled loss associated with Gulf of Mexico shelf asset sale	$	(316,837	)


Settlement schedule	Crude Oil		Natural Gas		Total

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	$	293,627	$	316,837

Schedule 7
Noble Energy, Inc.
Ecuador Power Operations
(Dollars in thousands, except realized prices)
(Unaudited)


	Three Months Ended
	3/31/2007		3/31/2006

Revenues
Power Sales	$	21,019	$	15,749
Capacity Charge		2,206		2,163

Total Revenues		23,225		17,912

Costs and expenses
Field Lease Operating		721		638
DD&A		2,858		3,011
General and administrative		880		711
Plant Fuel & Other Operating Costs		9,300		3,595
DD&A		617		1,141
General and administrative		1,717		1,530

Total Costs and Expenses		16,093		10,626


Operating Income	$	7,132	$	7,286



Natural Gas Production (Mcfpd)		30,273		26,321
Average Natural Gas Price	$	3.76	$	3.76



Power Production — Total MW		266,648		229,703
Average Power Price ($/Kwh)	$	0.087	$	0.078

Schedule 8
Income from Equity Method Investees

Methanol Operations
(Dollars in thousands, except realized prices)
(Unaudited)


	Three Months Ended
	3/31/2007		3/31/2006

Revenues
Methanol sales	$	48,291	$	27,985
Other		1,288		1,775

Total revenues		49,579		29,760

Costs and expenses
Cost of goods sold		14,850		10,455
DD&A		2,763		2,387
General and administrative		564		521

Total costs and expenses		18,177		13,363

Income Tax Provision		6,649		3,850


Income from Equity Method Investees	$	24,753	$	12,547


Methanol Sales (KGal)		39,692		34,109
Average Realized Price ($/Gal)	$	1.22	$	0.82

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


	Three Months Ended
	3/31/2007			3/31/2006

Revenues
LPG Plant Sales	$	28,096		$	32,956
Other		98			712

Total Revenues		28,194			33,668

Costs and expenses
LPG Plant Expenses		5,957			4,915
DD&A		1,698			1,650

Total Costs and Expenses		7,655			6,565

Income Tax Benefit		(271	)		—


Income from Equity Method Investees	$	20,810		$	27,103


LPG Plant Sales (Bpd)		7,014			8,124
Average Realized Price ($/Bbl)	$	44.51		$	45.07