EXHIBIT 12.1

Noble Energy, Inc.

Calculation of Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2015(1)			2014			2013			2012			2011
(millions)
Income From Continuing Operations Before Income Tax and Income From Equity Investees	$	(2,309	)	$	1,540		$	1,138		$	1,170		$	309
Add (Deduct)
Fixed Charges		435			349			296			288			207
Capitalized Interest		(144	)		(116	)		(121	)		(151	)		(132	)
Distributed Income From Equity Investees		77			382			204			204			225
Earnings as Defined	$	(1,941	)	$	2,155		$	1,517		$	1,511		$	609
Net Interest Expense		263			210			158			125			65
Capitalized Interest		144			116			121			151			132
Interest Portion of Rental Expense		28			23			17			12			10
Fixed Charges as Defined	$	435		$	349		$	296		$	288		$	207
Ratio of Earnings to Fixed Charges		—			6.2			5.1			5.2			2.9
Amount by Which Earnings Were Insufficient to Cover Fixed Charges	$	2,376		$	—		$	—		$	—		$	—

(1) Earnings for the year ended December 31, 2015, were insufficient to cover fixed charges by $2,376 million primarily due to noncash impairment charges of $1,312 million, $508 million associated with changes in fair value on unsettled derivative contracts and the impact of current commodity prices.