Supplemental Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Allowance for Doubtful Accounts [Abstract]

Supplemental Quarterly Financial Information (Unaudited)

Supplemental quarterly financial information is as follows:

	Quarter Ended
	March 31,		June 30,		Sep 30,		Dec 31,			Total
(millions except per share amounts)
2011 (1)
Revenues	$	899	$	954	$	924	$	985		$	3,763
Income (Loss) Before Income Taxes		37		425		722		(470	)		715
Net Income (Loss)		14		294		441		(296	)		453
Earnings (Loss) Per Share
Basic (3)	$	0.08	$	1.66	$	2.50	$	(1.67	)	$	2.57
Diluted (3) (4)		0.08		1.61		2.39		(1.67	)		2.54
2010 (2)
Revenues	$	733	$	751	$	755	$	783		$	3,022
Income (Loss) Before Income Taxes		343		320		298		69			1,031
Net Income (Loss)		237		204		232		52			725
Earnings (Loss) Per Share
Basic (3)	$	1.36	$	1.17	$	1.33	$	0.29		$	4.15
Diluted (3)(4)		1.34		1.10		1.31		0.29			4.10

(1)	First quarter 2011 included the following:

$8 million asset impairment charges (See Note 4. Asset Impairments); and

$286 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $303 million (See Note 10. Derivative Instruments and Hedging Activities).

Second quarter 2011 included the following:

$143 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $142 million (See Note 10. Derivative Instruments and Hedging Activities);

$25 million pre-tax gain on divestitures due to the completed transfer of assets and exit from Ecuador (See Note 3. Acquisitions and Divestitures); and

$131 million asset impairment charges (See Note 4. Asset Impairments).

Third quarter 2011 included the following:

$322 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $300 million (See Note 10. Derivative Instruments and Hedging Activities).

Fourth quarter 2011 included the following:

$620 million asset impairment charges (See Note 4. Asset Impairments); and

$137 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $162 million (See Note 10. Derivative Instruments and Hedging Activities).

(2)	First quarter 2010 included the following:

$145 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $147 million (See Note 10. Derivative Instruments and Hedging Activities).

Second quarter 2010 included the following:

$96 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $63 million (See Note 10. Derivative Instruments and Hedging Activities); and

$26 million rig contract termination expense due to the Deepwater Moratorium.

Third quarter 2010 included the following:

$38 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $5 million (See Note 10. Derivative Instruments and Hedging Activities);

$114 million gain on sale of non-core onshore US assets (See Note 3. Acquisitions and Divestitures); and

$100 million asset impairment charges (See Note 4. Asset Impairments).

Fourth quarter 2010 included the following:

$122 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $145 million (See Note 10. Derivative Instruments and Hedging Activities); and

$44 million asset impairment charges (See Note 4. Asset Impairments).

(3)	The sum of the individual quarterly earnings (loss) per share amounts may not agree with year-to-date earnings per share as each quarterly computation is based on the income or loss for that quarter and the weighted average number of shares outstanding during that quarter.

(4)

Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while the Noble Energy shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculations for the three months ended June 30 and September 30, 2011 exclude deferred compensation gains of $4 million and $12 million, respectively, net of tax, and for the three months ended June 30, 2010 excludes a deferred compensation gain of $9 million, net of tax.

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

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