|        |
|--------|
|        |  |  |  |
|        |    |   | NEWS RELEASE |
|   |   |   |
|   |   |   |   |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Quarterly capital expenditures totaled $527 million, below the low end of guidance, and less than discretionary cash flow(1) and cash flow from operations. |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | Exited the fourth quarter of 2015 with $5 billion in liquidity, including cash on hand and undrawn credit facility. |

|         |                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Continued strong performance in all core areas drove record quarterly sales volumes of 422 MBoe/d, above the increased guidance range. Set a new quarterly record for DJ Basin volumes of 121 MBoe/d. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Reduced unit lease operating expense 36 percent year over year to $3.76 per BOE. |

|         |                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Continued drilling and completion efficiencies across the entire U.S. Onshore region, highlighted by normalized well costs under $3 million in Wells Ranch for extended reach laterals. |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | Commenced production on five Lower Eagle Ford wells, averaging a 30-day IP of approximately 5 MBoe/d per well. |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Big Bend and Dantzler projects, in the deepwater Gulf of Mexico, reached combined peak production of over 20 MBoe/d, net. |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | Israel regulatory framework was implemented and the first export permit was granted for future gas sales to Egypt. |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | Organic reserve additions replaced 2015 production 1.5 times (excluding acquisitions and price-related revisions). |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Reduced normalized extended reach lateral length well costs, including allocated facilities, to below $3 million in Wells Ranch. |

|         |                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Average drilling time for a standard lateral length well (4,500 lateral feet) remained under six days, while medium (6,000 lateral feet) and long (9,000 lateral feet) wells are being drilled in seven and eight days, respectively. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled 31 wells at an average lateral length of over 6,900 feet.  The Company reduced its full year 2015 average drilling cost per lateral foot by 40 percent from 2014. |

|         |                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on 30 wells (equivalent to 50 standard lateral length wells).  Included in the wells was the Company’s first East Pony Codell well.  Production results from the well are encouraging and consistent with equivalent Niobrara wells nearby. |

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Completion design optimization continues to positively impact well productivity.  Over 70 percent of the wells completed during the quarter utilized slickwater fluid design, and these wells continue to outperform similar hybrid gel wells. |

|         |                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | DCP Grand Parkway, a low-pressure gathering system in the northern part of Greater Wattenberg, commenced service in late December, further lowering line pressures and enhancing gas transport system reliability. |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | The Company exited 2015 with 45 wells drilled but uncompleted. |

|         |                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled four operated wells to total depth, including three Lower Eagle Ford wells and one Wolfcamp A well in the Permian’s Delaware Basin.  Drilling times have been reduced significantly versus prior performance on these assets. |

|         |                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on five Lower Eagle Ford wells.  Included in the wells brought online were the Gates 05D 10-20, 14-20 and 18-20.  The average 90-day production rate for each of the wells, with an average lateral length of approximately 7,000 feet and completed on 1,000 foot lateral spacing, was 4,210 Boe/d (10-20), 5,160 Boe/d (14-20) and 5,285 Boe/d (18-20). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The two most recent wells brought on production were designed to test enhanced completions on tighter lateral spacing (500 equivalent feet).  The wells, Gates 05D 22-20 and 24-20 with an average lateral length of 6,500 feet, were completed with 40 foot cluster spacing and approximately 2,000 pounds of proppant per lateral foot. The 30-day IP for the wells was 4,200 and 3,870 Boe/d, respectively.  Production from both wells, when normalized to a 5,000 foot lateral, is higher than the three million barrel type curve, which is based on wider lateral spacing. |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | There were 55 wells drilled but uncompleted (including 40 wells in the Eagle Ford and 15 wells in the Delaware) at the end of 2015. |

|         |                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on the Company’s first Utica well, the 9,345 foot lateral MND-6H located in Marshall County, West Virginia.  Production from the well reached 61 MMcf/d during flowback and is currently producing 20 MMcf/d on a reduced choke to manage pressure draw down. |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Joint Venture partner CONSOL Energy completed 11 dry gas wells during the quarter. |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Exited the year with 85 wells drilled but uncompleted (54 wells in the wet gas and 31 in the dry gas area) in the Joint Venture. |

|         |                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | CONE Midstream Partners gathered record average gross throughput volume of 1.3 billion cubic feet equivalent per day during the fourth quarter, an increase of 46 percent from the same quarter last year.  Additionally, CONE completed a de-bottlenecking project that added approximately 30 MMcfe/d of throughput during the quarter. |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | Combined production from the Big Bend and Dantzler development achieved a peak rate of over 20 MBoe/d, net. |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Finished subsea installation and construction on the Gunflint development.  During the quarter, the Company completed the Gunflint #2 and #4 wells.  The project remains within budget and on schedule for a mid-2016 startup. |

|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced drilling operations on the Silvergate prospect late in the fourth quarter.  Noble Energy operates the prospect with a 50 percent working interest.  Silvergate, located in Mississippi Canyon 339, is a Miocene-aged target with subsea tieback potential. |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | The Alba compression project installation progressed and remains on schedule. |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Interpretation of the latest 3D seismic data is underway over Blocks O and I offshore Equatorial Guinea. |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | Israel natural gas regulatory framework was implemented and enabled the Company to begin marketing Leviathan gas to Israeli customers. |

|         |                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Progress on finalizing gas sales agreements continues with multiple regional customers.  Signed a Letter of Intent to supply Dolphinus Holdings Ltd. with approximately 400 MMcf/d, gross, from Leviathan over 10 years for Egyptian industrial use. |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Received the first export permit for future gas sales to Egypt. |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Initiated marketing to regional customers for gas from the Cyprus Aphrodite field. |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Signed an agreement to divest the Tanin and Karish fields for a total deal value of $73 million. Cash consideration was received in January 2016. |

|         |                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Executed a farm-out agreement in Block 12, offshore Cyprus, with BG International. Noble Energy maintains operatorship with a working interest of 35 percent. The transaction closed and cash consideration of $125 million was received in January 2016. The remaining $40 million will be collected in early 2017. |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | Three Months Ended December 31, |   | Twelve Months EndedDecember 31, |
|                                          |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Revenues                                      |   |   |   |   |   |   |   |   |
| Crude oil and condensate                      |   | $ | 488 |  |   | $ | 690 |  |   | $ | 1,840 |  |   | $ | 3,438 |  |
| Natural gas                                   |   | 272 |  |   | 291 |  |   | 1,056 |  |   | 1,223 |  |
| Natural gas liquids                           |   | 56 |  |   | 56 |  |   | 147 |  |   | 270 |  |
| Income from equity method investees           |   | 30 |  |   | 33 |  |   | 90 |  |   | 170 |  |
| Total revenues                                |   | 846 |  |   | 1,070 |  |   | 3,133 |  |   | 5,101 |  |
| Operating Expenses                            |   |   |   |   |   |   |   |   |
| Lease operating expense                       |   | 146 |  |   | 170 |  |   | 563 |  |   | 593 |  |
| Production and ad valorem taxes               |   | 38 |  |   | 38 |  |   | 127 |  |   | 184 |  |
| Transportation and gathering expense          |   | 85 |  |   | 50 |  |   | 272 |  |   | 170 |  |
| Exploration expense                           |   | 180 |  |   | 147 |  |   | 488 |  |   | 498 |  |
| Depreciation, depletion and amortization      |   | 686 |  |   | 462 |  |   | 2,131 |  |   | 1,759 |  |
| General and administrative                    |   | 89 |  |   | 104 |  |   | 396 |  |   | 503 |  |
| Asset impairments                             |   | 490 |  |   | 336 |  |   | 533 |  |   | 500 |  |
| Goodwill Impairment                           |   | 779 |  |   | — |  |   | 779 |  |   | — |  |
| Other operating (income) expense, net         |   | 65 |  |   | 8 |  |   | 316 |  |   | (24 | ) |
| Total operating expenses                      |   | 2,558 |  |   | 1,315 |  |   | 5,605 |  |   | 4,183 |  |
| Operating Income (Loss)                       |   | (1,712 | ) |   | (245 | ) |   | (2,472 | ) |   | 918 |  |
| Other (Income) Expense                        |   |   |  |   |   |  |   |   |   |   |
| (Gain) on commodity derivative instruments    |   | (170 | ) |   | (903 | ) |   | (501 | ) |   | (976 | ) |
| Interest, net of amount capitalized           |   | 80 |  |   | 59 |  |   | 263 |  |   | 210 |  |
| Other non-operating (income) expense, net     |   | 5 |  |   | (25 | ) |   | (15 | ) |   | (26 | ) |
| Total other (income) expense                  |   | (85 | ) |   | (869 | ) |   | (253 | ) |   | (792 | ) |
| Income (Loss) Before Income Taxes             |   | (1,627 | ) |   | 624 |  |   | (2,219 | ) |   | 1,710 |  |
| Income Tax (Benefit) Provision                |   | 401 |  |   | 222 |  |   | 222 |  |   | 496 |  |
| Net Income (Loss)                             |   | $ | (2,028 | ) |   | $ | 402 |  |   | $ | (2,441 | ) |   | $ | 1,214 |  |
| Earnings (Loss) Per Share                     |   |   |   |   |   |   |   |   |
| Earnings (Loss) Per Share, Basic              |   | $ | (4.73 | ) |   | $ | 1.11 |  |   | $ | (6.07 | ) |   | $ | 3.36 |  |
| Earnings (Loss) Per Share, Diluted            |   | $ | (4.73 | ) |   | $ | 1.05 |  |   | $ | (6.07 | ) |   | $ | 3.27 |  |
|                                          |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding |   |   |   |   |   |   |   |   |
| Basic                                         |   | 429 |  |   | 362 |  |   | 402 |  |   | 361 |  |
| Diluted                                       |   | 429 |  |   | 367 |  |   | 402 |  |   | 367 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | December 31, |   | December 31, |
|                                             |   | 2015 |   | 2014 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 1,028 |  |   | $ | 1,183 |  |
| Accounts receivable, net                         |   | 450 |  |   | 857 |  |
| Commodity derivative assets, current             |   | 582 |  |   | 710 |  |
| Other current assets                             |   | 216 |  |   | 325 |  |
| Total current assets                             |   | 2,276 |  |   | 3,075 |  |
| Net property, plant and equipment                |   | 21,300 |  |   | 18,143 |  |
| Goodwill                                         |   | — |  |   | 620 |  |
| Other noncurrent assets                          |   | 620 |  |   | 680 |  |
| Total Assets                                     |   | $ | 24,196 |  |   | $ | 22,518 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable - trade                         |   | $ | 1,128 |  |   | $ | 1,578 |  |
| Other current liabilities                        |   | 677 |  |   | 944 |  |
| Total current liabilities                        |   | 1,805 |  |   | 2,522 |  |
| Long-term debt                                   |   | 7,976 |  |   | 6,068 |  |
| Deferred income taxes, noncurrent                |   | 2,826 |  |   | 2,516 |  |
| Other noncurrent liabilities                     |   | 1,219 |  |   | 1,087 |  |
| Total Liabilities                                |   | 13,826 |  |   | 12,193 |  |
| Total Shareholders’ Equity                 |   | 10,370 |  |   | 10,325 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 24,196 |  |   | $ | 22,518 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | Three Months Ended December 31, |   | Twelve Months EndedDecember 31, |
|                                                |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)     |   |   |   |   |   |   |   |   |
| United States                                       |   | 99 |  |   | 70 |  |   | 81 |  |   | 68 |  |
| Equatorial Guinea                                   |   | 37 |  |   | 37 |  |   | 31 |  |   | 33 |  |
| Other International                                 |   | — |  |   | — |  |   | — |  |   | 2 |  |
| Total consolidated operations                       |   | 137 |  |   | 107 |  |   | 112 |  |   | 103 |  |
| Equity method investee - Equatorial Guinea          |   | 1 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total sales volumes                                 |   | 138 |  |   | 109 |  |   | 114 |  |   | 105 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl)(1) |   |   |   |   |   |   |   |   |
| United States                                       |   | $ | 37.82 |  |   | $ | 69.43 |  |   | $ | 43.46 |  |   | $ | 89.60 |  |
| Equatorial Guinea                                   |   | 41.18 |  |   | 69.61 |  |   | 48.85 |  |   | 94.61 |  |
| Other International                                 |   | — |  |   | — |  |   | — |  |   | 103.74 |  |
| Consolidated average realized prices                |   | $ | 38.75 |  |   | $ | 69.54 |  |   | $ | 45.00 |  |   | $ | 91.58 |  |
| Natural Gas Sales Volumes (MMcf/d)                  |   |   |   |   |   |   |   |   |
| United States                                       |   | 859 |  |   | 578 |  |   | 708 |  |   | 518 |  |
| Equatorial Guinea                                   |   | 243 |  |   | 251 |  |   | 227 |  |   | 243 |  |
| Israel                                              |   | 247 |  |   | 226 |  |   | 252 |  |   | 231 |  |
| Total sales volumes                                 |   | 1,349 |  |   | 1,055 |  |   | 1,187 |  |   | 992 |  |
| Natural Gas Realized Prices ($/Mcf)(1)              |   |   |   |   |   |   |   |   |
| United States                                       |   | $ | 1.88 |  |   | $ | 3.21 |  |   | $ | 2.10 |  |   | $ | 3.86 |  |
| Equatorial Guinea                                   |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                              |   | 5.17 |  |   | 5.50 |  |   | 5.34 |  |   | 5.57 |  |
| Consolidated average realized prices                |   | $ | 2.19 |  |   | $ | 3.00 |  |   | $ | 2.44 |  |   | $ | 3.38 |  |
| Natural Gas Liquids Sales Volumes (MBbl/d)          |   |   |   |   |   |   |   |   |
| United States                                       |   | 53 |  |   | 26 |  |   | 39 |  |   | 23 |  |
| Equity method investee - Equatorial Guinea          |   | 6 |  |   | 4 |  |   | 5 |  |   | 5 |  |
| Total sales volumes                                 |   | 59 |  |   | 30 |  |   | 44 |  |   | 28 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)(1)      |   |   |   |   |   |   |   |   |
| United States                                       |   | $ | 11.55 |  |   | $ | 23.56 |  |   | $ | 10.39 |  |   | $ | 32.04 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)          |   |   |   |   |   |   |   |   |
| United States                                       |   | 295 |  |   | 192 |  |   | 237 |  |   | 176 |  |
| Equatorial Guinea                                   |   | 78 |  |   | 79 |  |   | 69 |  |   | 74 |  |
| Israel                                              |   | 42 |  |   | 38 |  |   | 42 |  |   | 39 |  |
| Other International                                 |   | — |  |   | — |  |   | — |  |   | 2 |  |
| Total consolidated operations                       |   | 415 |  |   | 309 |  |   | 348 |  |   | 291 |  |
| Equity method investee - Equatorial Guinea          |   | 7 |  |   | 6 |  |   | 7 |  |   | 7 |  |
| Total sales volumes                                 |   | 422 |  |   | 315 |  |   | 355 |  |   | 298 |  |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                         |   | 2015 |   | Per Diluted Share |   | 2014 |   | Per Diluted Share |   | 2015 |   | Per Diluted Share |   | 2014 |   | Per Diluted Share |
| Net Income (Loss)                                                            |   | $ | (2,028 | ) |   | $ | (4.73 | ) |   | $ | 402 |  |   | $ | 1.10 |  |   | $ | (2,441 | ) |   | $ | (6.07 | ) |   | $ | 1,214 |  |   | $ | 3.27 |  |
| (Gain) loss on commodity derivative instruments, net of cash settlements [1] |   | 156 |  |   | 0.36 |  |   | (778 | ) |   | (2.12 | ) |   | 508 |  |   | 1.26 |  |   | (947 | ) |   | (2.58 | ) |
| Asset impairments [2]                                                        |   | 490 |  |   | 1.14 |  |   | 336 |  |   | 0.92 |  |   | 533 |  |   | 1.33 |  |   | 500 |  |   | 1.36 |  |
| Goodwill impairment [3]                                                      |   | 779 |  |   | 1.82 |  |   | — |  |   | — |  |   | 779 |  |   | 1.93 |  |   | — |  |   | — |  |
| Deferred compensation [4]                                                    |   | 3 |  |   | 0.01 |  |   | (26 | ) |   | (0.07 | ) |   | (16 | ) |   | (0.04 | ) |   | (25 | ) |   | (0.07 | ) |
| Corporate restructuring                                                      |   | 12 |  |   | 0.03 |  |   | — |  |   | — |  |   | 51 |  |   | 0.13 |  |   | — |  |   | — |  |
| Stacked drilling rig                                                         |   | 11 |  |   | 0.03 |  |   | — |  |   | — |  |   | 30 |  |   | 0.07 |  |   | — |  |   | — |  |
| Pension plan expense                                                         |   | — |  |   | — |  |   | — |  |   | — |  |   | 88 |  |   | 0.22 |  |   | — |  |   | — |  |
| Rosetta merger expenses                                                      |   | 8 |  |   | 0.02 |  |   | — |  |   | — |  |   | 81 |  |   | 0.21 |  |   | — |  |   | — |  |
| Nevada exploration expense [5]                                               |   | 95 |  |   | 0.22 |  |   | — |  |   | — |  |   | 95 |  |   | 0.23 |  |   | — |  |   | — |  |
| Other adjustments                                                            |   | 19 |  |   | 0.04 |  |   | 2 |  |   | 0.01 |  |   | 27 |  |   | 0.07 |  |   | (73 | ) |   | (0.20 | ) |
| Total adjustments before tax                                                 |   | 1,573 |  |   | 3.67 |  |   | (466 | ) |   | (1.26 | ) |   | 2,176 |  |   | 5.41 |  |   | (545 | ) |   | (1.49 | ) |
| Income tax effect of adjustments [6]                                         |   | 646 |  |   | 1.50 |  |   | 203 |  |   | 0.54 |  |   | 477 |  |   | 1.18 |  |   | 196 |  |   | 0.54 |  |
| Adjusted Income                                                              |   | $ | 191 |  |   | $ | 0.44 |  |   | $ | 139 |  |   | $ | 0.38 |  |   | $ | 212 |  |   | $ | 0.52 |  |   | $ | 865 |  |   | $ | 2.36 |  |
| Weighted average number of shares outstanding                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                                      |   | 431 |  |   |   |   | 367 |  |   |   |   | 405 |  |   |   |   | 367 |  |   |   |

|       |
|-------|
|       |  |
| NOTE: | Adjusted income should not be considered an alternative to, or more meaningful than, net income (loss) as reported in accordance with GAAP. Adjusted income is provided for comparison to earnings forecasts prepared by analysts and other third parties. Our management believes, and certain investors may find, that adjusted income is beneficial in evaluating our financial performance. We believe such measures can facilitate comparisons of operating performance between periods and with our peers. However, Noble Energy's method of computing this measure may not be the same method used to compute similar measures reported by other entities. See Schedule 1: Summary Statement of Operations.On July 20, 2015, we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods. |

|     |
|-----|
|     |  |
| [1] | Many factors impact our gain or loss on commodity derivative instruments, net of cash settlements, including: increases and decreases in the commodity forward price curves compared to our executed hedging arrangements; increases in hedged future revenues; and the mix of hedge arrangements between NYMEX WTI, Dated Brent and NYMEX HH commodities. These gains or losses on commodity derivative instruments, net of cash settlements, recognized in the current period, will be realized in the future when cash settlement occurs. |

|     |
|-----|
|     |  |
| [2] | Amount for 2015 relates to Equatorial Guinea, Gulf of Mexico and Eastern Mediterranean properties. Amount for 2014 primarily relates to US Onshore, Gulf of Mexico and North Sea properties. |

|     |
|-----|
|     |  |
| [3] | Due to continuing declines in commodity prices and the market value of our common stock, we determined that our goodwill, associated with the US reporting unit, was impaired. |

|     |
|-----|
|     |  |
| [4] | Amount represents (increases) decreases in the fair value of shares of our common stock held in a rabbi trust. |

|     |
|-----|
|     |  |
| [5] | Amount represents our Northeast Nevada exploration efforts which we elected to discontinue after assessing commercial viability in the current commodity price environment. |

|     |
|-----|
|     |  |
| [6] | Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, as well as the change in the indefinite reinvestment assertion related to accumulated undistributed earnings of foreign subsidiaries. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | Three Months Ended December 31, |   | Twelve Months EndedDecember 31, |
|                                                                |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Adjusted Income [1]                                                 |   | $ | 191 |  |   | $ | 139 |  |   | $ | 212 |  |   | $ | 865 |  |
| Adjustments to reconcile adjusted income to discretionary cash flow |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                            |   | 686 |  |   | 462 |  |   | 2,131 |  |   | 1,759 |  |
| Exploration expense                                                 |   | 85 |  |   | 147 |  |   | 393 |  |   | 498 |  |
| (Income)/Dividends from equity method investments, net              |   | (10 | ) |   | (20 | ) |   | (14 | ) |   | 33 |  |
| Deferred income taxes                                               |   | (362 | ) |   | 4 |  |   | (457 | ) |   | 72 |  |
| Stock-based compensation expense                                    |   | 17 |  |   | 21 |  |   | 71 |  |   | 87 |  |
| Other                                                               |   | 2 |  |   | 1 |  |   | (2 | ) |   | 10 |  |
| Discretionary Cash Flow                                             |   | $ | 609 |  |   | $ | 754 |  |   | $ | 2,334 |  |   | $ | 3,324 |  |
| Reconciliation to Operating Cash Flows                              |   |   |   |   |   |   |   |   |
| Net changes in working capital                                      |   | (55 | ) |   | 127 |  |   | (129 | ) |   | 412 |  |
| Cash exploration costs                                              |   | (33 | ) |   | (79 | ) |   | (106 | ) |   | (229 | ) |
| Current tax benefit of earnings adjustments                         |   | 77 |  |   | — |  |   | 97 |  |   | — |  |
| Corporate restructuring                                             |   | (12 | ) |   | — |  |   | (51 | ) |   | — |  |
| Stacked drilling rig                                                |   | (11 | ) |   | — |  |   | (30 | ) |   | — |  |
| Rosetta merger expenses                                             |   | (8 | ) |   | — |  |   | (66 | ) |   | — |  |
| Other adjustments                                                   |   | 9 |  |   | 1 |  |   | 13 |  |   | (1 | ) |
| Net Cash Provided by Operating Activities                           |   | $ | 576 |  |   | $ | 803 |  |   | $ | 2,062 |  |   | $ | 3,506 |  |
|                                                                |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                |   | $ | 527 |  |   | $ | 1,353 |  |   | $ | 2,852 |  |   | $ | 4,883 |  |
| Rosetta merger capital expenditures                                 |   | — |  |   | — |  |   | 3,175 |  |   | — |  |
| Increase in capital lease obligations [2]                           |   | (5 | ) |   | 29 |  |   | 55 |  |   | 110 |  |
| Total Capital Expenditures (Accrual Based)                          |   | $ | 522 |  |   | $ | 1,382 |  |   | $ | 6,082 |  |   | $ | 4,993 |  |

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| NOTE: | Discretionary cash flow should not be considered an alternative to, or more meaningful than, net income (loss), net cash provided by operating activities, or any other measure as reported in accordance with GAAP. The table above reconciles discretionary cash flow to net cash provided by operating activities. Our management believes, and certain investors may find that discretionary cash flow is useful as an indicator of the company's ability to fund exploration and production activities and meet financial obligations.  Discretionary cash flow is also useful as a basis for valuing companies in the oil and gas industry.  However, Noble Energy's method of computing this measure may not be the same method used to compute similar measures reported by other entities.On July 20, 2015, we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods. |

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| [1] | See Schedule 4: Reconciliation of Net Income (Loss) to Adjusted Income. |

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| [2] | Represents estimated construction in progress to date on US operating assets and corporate buildings. |

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|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2015 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l [1] |   | Total |
|                                               |   |   |   |   |   |   |
| Proved property acquisition costs                  |   | $ | 1,613 |  |   | $ | — |  |   | $ | 1,613 |  |
| Unproved property acquisition costs                |   | 1,478 |  |   | 2 |  |   | 1,480 |  |
| Exploration costs                                  |   | 206 |  |   | 278 |  |   | 484 |  |
| Development costs [2]                              |   | 2,455 |  |   | 189 |  |   | 2,644 |  |
| Total costs incurred                               |   | $ | 5,752 |  |   | $ | 469 |  |   | $ | 6,221 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (accrual basis) |   |   |   |   |   |   |
| Total costs incurred                               |   |   |   |   |   | $ | 6,221 |  |
| Exploration overhead                               |   |   |   |   |   | (154 | ) |
| Lease rentals                                      |   |   |   |   |   | (8 | ) |
| Asset retirement obligations                       |   |   |   |   |   | (233 | ) |
| Total oil and gas spending                         |   |   |   |   |   | 5,826 |  |
| Investment in equity method investee               |   |   |   |   |   | 104 |  |
| Other corporate capital and capital leases         |   |   |   |   |   | 152 |  |
| Total capital spending (accrual basis)             |   |   |   |   |   | $ | 6,082 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves [3]                                |   | United States |   | Int’l [4] |   | Total |
| Total Barrel Oil Equivalents (MMBoe)               |   |   |   |   |   |   |
| Beginning reserves - December 31, 2014             |   | 816 |  |   | 588 |  |   | 1,404 |  |
| Price-related revisions                            |   | (293 | ) |   | (14 | ) |   | (307 | ) |
| Other non-price-related revisions                  |   | 84 |  |   | 7 |  |   | 91 |  |
| Extensions, discoveries and other additions        |   | 100 |  |   | — |  |   | 100 |  |
| Purchase of minerals in place                      |   | 269 |  |   | — |  |   | 269 |  |
| Sale of minerals in place                          |   | (6 | ) |   | — |  |   | (6 | ) |
| Production                                         |   | (86 | ) |   | (44 | ) |   | (130 | ) |
| Ending reserves - December 31, 2015                |   | 884 |  |   | 537 |  |   | 1,421 |  |
| Proved Developed Reserves (MMBoe)                  |   |   |   |   |   |   |
| December 31, 2014                                  |   | 426 |  |   | 455 |  |   | 881 |  |
| December 31, 2015                                  |   | 540 |  |   | 396 |  |   | 936 |  |

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| [1] | International primarily includes Cameroon, Cyprus, Equatorial Guinea, Falkland Islands and Israel. |

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| [2] | Includes ARO costs of $194 million for United States and $39 million for International. |

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| [3] | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2015 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. |

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| [4] | International primarily includes Equatorial Guinea and Israel. |