Entergy Texas, Inc.  Management's Financial Discussion and Analysis 361 Fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between Entergy Gulf States Louisiana and Entergy Texas and an increase in the average market prices of purchased power and natural gas, substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs.
Other regulatory charges increased primarily due to an increase of $6.9 million in the recovery of bond expenses related to the securitization bonds.
The recovery became effective July 2007.
See Note 5 to the financial statements for additional information regarding the securitization bonds.2007 Compared to 2006 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges.
Following is an analysis of the change in net revenue comparing 2007 to 2006.
## Table 0 ##
The purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between Entergy Texas and Entergy Gulf States Louisiana.
The securitization transition charge variance is due to the issuance of securitization bonds.
As discussed above, in June 2007, EGSRF I, a company wholly-owned and consolidated by Entergy Texas, issued securitization bonds and with the proceeds purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.
See Note 5 to the financial statements herein for details of the securitization bond issuance.
The volume/weather variance is due to increased electricity usage on billed retail sales, including the effects of more favorable weather in 2007 compared to the same period in 2006.
The increase is also due to an increase in usage during the unbilled sales period.
Retail electricity usage increased a total of 139 GWh in all sectors.
See "Critical Accounting Estimates" below and Note 1 to the financial statements for further discussion of the accounting for unbilled revenues.
The transmission revenue variance is due to an increase in rates effective June 2007 and new transmission customers in late 2006.
The base revenue variance is due to the transition to competition rider that began in March 2006.
Refer to Note 2 to the financial statements for further discussion of the rate increase.
Gross operating revenues, fuel and purchased power expenses, and other regulatory charges Gross operating revenues decreased primarily due to a decrease of $179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds.
The decrease was partially offset by the $39 million increase in net revenue described above and an increase of $44 million in wholesale revenues, including $30 million from the System Agreement cost equalization payments from Entergy Arkansas.
The receipt of such payments is being
Noble Energy, Inc.  Notes to Consolidated Financial Statements Additional fair value disclosures about plan assets are as follows:
## Table 1 ##
(1) See Note 1.
Summary of Significant Accounting Policies - Fair Value Measurements for a description of the fair value hierarchy.
Additional information about plan assets, including methods and assumptions used to estimate the fair values of plan assets, is as follows: Federal Money Market Funds Investments in federal money market funds consist of portfolios of high quality fixed income securities (such as US Treasury securities) which, generally, have maturities of less than one year.
The fair value of these investments is based on quoted market prices for identical assets as of the measurement date.
Mutual Funds Investments in mutual funds consist of diversified portfolios of common stocks and fixed income instruments.
The common stock mutual funds are diversified by market capitalization and investment style as well as economic sector and industry.
The fixed income mutual funds are diversified primarily in government bonds, mortgage backed securities, and corporate bonds, most of which are rated investment grade.
The fair values of these investments are based on quoted market prices for identical assets as of the measurement date.
Common Collective Trust Funds Investments in common collective trust funds consist of common stock investments in both US and non-US equity markets.
Portfolios are diversified by market capitalization and investment style as well as economic sector and industry.
The investments in the non-US equity markets are used to further enhance the plan’s overall equity diversification which is expected to moderate the plan’s overall risk volatility.
In addition to the normal risk associated with stock market investing, investments in foreign equity markets may carry additional political, regulatory, and currency risk which is taken into account by the committee in its deliberations.
The fair value of these investments is based on quoted prices for similar assets in active markets.
All of the investments in common collective trust funds represent exchange-traded securities with readily observable prices.
Risk Management The oil and gas business is subject to many significant risks, including operational, strategic, financial and compliance/ regulatory risks.
We strive to maintain a proactive enterprise risk management (ERM) process to plan, organize, and control our activities in a manner which is intended to minimize the effects of risk on our capital, cash flows and earnings.
ERM expands our process to include risks associated with accidental losses, as well as operational, strategic, financial, compliance/regulatory, and other risks.
Our ERM process is designed to operate in an annual cycle, integrated with our long range plans, and supportive of our capital structure planning.
Elements include, among others, cash flow at risk analysis, credit risk management, a commodity hedging program to reduce the impacts of commodity price volatility, an insurance program to protect against disruptions in our cash flows, a robust global compliance program, and government and community relations initiatives.
We benchmark our program against our peers and other global organizations.
See Item 1A.
Risk Factors for a discussion of specific risks we face in our business.
Available Information Our website address is www.
nobleenergyinc.
com.
Available on this website under “Investors – SEC Filings,” free of charge, are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Forms 3, 4 and 5 filed on behalf of directors and executive officers and amendments to those reports as soon as reasonably practicable after such materials are electronically filed with or furnished to the SEC.
Alternatively, you may access these reports at the SEC’s website at www.
sec.
gov.
Also posted on our website under “About Us – Corporate Governance”, and available in print upon request made by any stockholder to the Investor Relations Department, are charters for our Audit Committee, Compensation, Benefits and Stock Option Committee, Corporate Governance and Nominating Committee, and Environment, Health and Safety Committee.
Copies of the Code of Conduct and the Code of Ethics for Chief Executive and Senior Financial Officers (the Codes) are also posted on our website under the “Corporate Governance” section.
Within the time period required by the SEC and the NYSE, as applicable, we will post on our website any modifications to the Codes and any waivers applicable to senior officers as defined in the applicable Code, as required by the Sarbanes-Oxley Act of 2002.
Item 1A.
Risk Factors Described below are certain risks that we believe are applicable to our business and the oil and gas industry in which we operate.
There may be additional risks that are not presently material or known.
You should carefully consider each of the following risks and all other information set forth in this Annual Report on Form 10-K.
If any of the events described below occur, our business, financial condition, results of operations, cash flows, liquidity or access to the capital markets could be materially adversely affected.
In addition, the current global economic and political environment intensifies many of these risks.
We are currently experiencing a severe downturn in the oil and gas business cycle, and an extended or more severe downturn could have material adverse effects on our operations, our liquidity, and the price of our common stock.
Our ability to operate profitably, maintain adequate liquidity, grow our business and pay dividends on our common stock depend highly upon the prices we receive for our crude oil, natural gas, and NGL production.
Commodity prices are volatile.
Crude oil prices, in particular, began to decline significantly in the fourth quarter 2014, declined further in 2015 and have continued to trade at a low level or decline further thus far in 2016.
High and low monthly daily average prices for crude oil and high and low contract expiration prices for natural gas for the last three years and into 2016 were as follows:
## Table 2 ##

['

Amount (In Millions)
2006 net revenue	$403.3
Purchased power capacity	13.1
Securitization transition charge	9.9
Volume/weather	9.7
Transmission revenue	6.1
Base revenue	2.6
Other	-2.4
2007 net revenue	$442.3

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Fair Value Measurements Using
Asset Category	Quoted Prices inActive Markets forIdentical Assets(Level 1)(1)	SignificantObservable Inputs(Level 2)(1)	SignificantUnobservable Inputs(Level 3)(1)	Total
(millions)
December 31, 2011
Federal Money Market Funds	$1	$-	$-	$1
Mutual Funds
Large Cap Funds	66	-	-	66
Mid Cap Funds	10	-	-	10
Blended Funds	6	-	-	6
Emerging Markets Funds	6	-	-	6
Fixed Income Funds	77	-	-	77
Common Collective Trust Funds
Large Cap Funds	-	17	-	17
Small Cap Funds	-	12	-	12
International Funds	-	24	-	24
Total	$166	$53	$-	$219
December 31, 2010
Federal Money Market Funds	$2	$-	$-	$2
Mutual Funds
Large Cap Funds	69	-	-	69
Mid Cap Funds	10	-	-	10
Blended Funds	6	-	-	6
Emerging Markets Funds	7	-	-	7
Fixed Income Funds	55	-	-	55
Common Collective Trust Funds
Large Cap Funds	-	16	-	16
Small Cap Funds	-	12	-	12
International Funds	-	29	-	29
Total	$149	$57	$-	$206

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Jan. 1 - Feb.12, 2016	Year Ended December 31,
2015	2014	2013
NYMEX
Crude Oil - WTI (per Bbl) High(1)	$31.78	$59.83	$105.15	$110.53
Crude Oil - WTI (per Bbl) Low(1)	29.71	37.33	59.29	86.68
Natural Gas - HH (Per MMbtu) High	2.23	3.19	5.56	4.46
Natural Gas - HH (Per MMbtu) Low	2.05	2.03	3.73	3.11
Brent
Crude Oil - (per Bbl) High	32.80	64.32	111.76	118.90
Crude Oil - (per Bbl) Low	31.93	38.21	62.91	97.69

']

Question: What was the average value of the International Funds in the years where Federal Money Market Funds is positive for Total? (in million)
Answer: 26.5