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

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | Record quarterly cash flow of $824 million and record annual cash flow of $2.9 billion for 2012 |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | Record sales volume from continuing operations of 255 thousand barrels of oil equivalent per day (MBoe/d) and 239 MBoe/d for the year |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | DJ Basin volumes increased to 86 MBoe/d with horizontal production contributing 39 MBoe/d, 45 percent of the total volumes |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Production in the Marcellus Shale averaged 121 million cubic feet equivalent per day (MMcfe/d) net, a 19 percent increase over third quarter 2012 |

|         |                                             |
|---------|---------------------------------------------|
| • | Discovery at Big Bend in the Gulf of Mexico |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | New reservoir discovery at Carla offshore Equatorial Guinea |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | Tamar platform installed and commissioning process initiated |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | Announced a strategic partner in the Leviathan leases offshore Israel |

----

----

----

----

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Noble Energy has divested the majority of its North Sea properties and has reclassified the results of its entire North Sea operations as discontinued operations for all accounting periods presented in this release. See Schedule 7 for a financial summary of discontinued operations. |

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | Three Months Ended December 31, |   | Year Ended December 31, |
|                                                          |   | 2012 |   | Per Share,Diluted  |   | 2011 |   | Per Share,Diluted  |   | 2012 |   | Per Share,Diluted  |   | 2011 |   | Per Share,Diluted  |
| Net Income                                                    |   | $ | 251 |  |   | $ | 1.39 |  |   | $ | (296 | ) |   | $ | (1.67 | ) |   | $ | 1,027 |  |   | $ | 5.71 |  |   | $ | 453 |  |   | $ | 2.54 |  |
| Discontinued Operations, Net of Tax                           |   | 26 |  |   | 0.15 |  |   | (18 | ) |   | (0.10 | ) |   | (62 | ) |   | (0.34 | ) |   | (41 | ) |   | (0.23 | ) |
| Income from Continuing Operations                             |   | 277 |  |   | 1.54 |  |   | (314 | ) |   | (1.77 | ) |   | 965 |  |   | 5.37 |  |   | 412 |  |   | 2.31 |  |
| Unrealized (gains) losses on commodity derivative instruments |   | (36 | ) |   | (0.20 | ) |   | 162 |  |   | 0.91 |  |   | (109 | ) |   | (0.61 | ) |   | 22 |  |   | 0.12 |  |
| (Gain) loss on divestitures [1]                               |   | 13 |  |   | 0.07 |  |   | 1 |  |   | 0.01 |  |   | (154 | ) |   | (0.85 | ) |   | (25 | ) |   | (0.14 | ) |
| Asset impairments [2]                                         |   | 31 |  |   | 0.18 |  |   | 620 |  |   | 3.48 |  |   | 104 |  |   | 0.58 |  |   | 757 |  |   | 4.24 |  |
| Drilling rig expense [3]                                      |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 18 |  |   | 0.10 |  |
| Other adjustments                                             |   | — |  |   | — |  |   | (1 | ) |   | (0.01 | ) |   | — |  |   | — |  |   | 4 |  |   | 0.02 |  |
| Total adjustments before tax                                  |   | 8 |  |   | 0.05 |  |   | 782 |  |   | 4.39 |  |   | (159 | ) |   | (0.88 | ) |   | 776 |  |   | 4.34 |  |
| Income Tax Effect of Adjustments [4]                          |   | 11 |  |   | 0.06 |  |   | (191 | ) |   | (1.07 | ) |   | 83 |  |   | 0.46 |  |   | (284 | ) |   | (1.59 | ) |
| Adjusted Net Income from Continuing Operations                |   | $ | 296 |  |   | $ | 1.65 |  |   | $ | 277 |  |   | $ | 1.55 |  |   | $ | 889 |  |   | $ | 4.95 |  |   | $ | 904 |  |   | $ | 5.06 |  |
| Weighted average number of shares outstanding                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                       |   | 180 |  |   |   |   | 177 |  |   |   |   | 180 |  |   |   |   | 179 |  |   |   |

|       |
|-------|
|       |  |
| NOTE: | Adjusted net income from continuing operations should not be considered a substitute for net income as reported in accordance with GAAP. Adjusted net income from continuing operations is provided for comparison to earnings forecasts prepared by analysts and other third parties. Our management believes, and certain investors may find, that adjusted net income from continuing operations is beneficial in evaluating our financial performance as it excludes the impact of significant non-cash items. We believe such measures can facilitate comparisons of operating performance between periods and with our peers. See Schedule 2: Summary Statement of Operations |

|     |
|-----|
|     |  |
| [1] | During the third quarter of 2012, we completed the sale of certain non-core onshore U.S. properties as well as certain North Sea properties. During the second quarter of 2011, we completed the transfer of assets and exit from Ecuador. |

|     |
|-----|
|     |  |
| [2] | Amount for 2012 represents impairments of our South Raton assets in the Deepwater Gulf of Mexico, due to declines in near-term crude oil prices, our Piceance development onshore U.S., because of recent declines in realized natural gas prices, and the fourth quarter impairment of our Mari-B, Pinnacles and Noa fields, offshore Israel due to end-of-field life declines in production. Amount for 2011 represents impairments of certain of our onshore U.S. developments, primarily in East Texas due to field performance combined with a significant decline in natural gas prices, specifically during fourth quarter 2011. |

|     |
|-----|
|     |  |
| [3] | Amount for 2011 represents stand-by rig expense incurred prior to receiving permits to resume drilling activities, which were suspended under the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico. |

|     |
|-----|
|     |  |
| [4] | The net tax effects are determined by calculating the tax provision for GAAP Net Income, which includes the adjusting items, and comparing the results to the tax provision for adjusted earnings from continuing operations, which excludes the adjusting items. The difference in the tax provision calculations represents the tax impact of the adjusting items listed here. The calculation is performed at the end of each quarter and, as a result, the tax rates for each discrete period may be different. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Three Months Ended December 31, |   | Year Ended December 31, |
|                                                  |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Revenues                                              |   |   |   |   |   |   |   |   |
| Crude oil and condensate                              |   | $ | 866 |  |   | $ | 571 |  |   | $ | 3,205 |  |   | $ | 2,034 |  |
| Natural gas                                           |   | 191 |  |   | 213 |  |   | 620 |  |   | 883 |  |
| NGLs                                                  |   | 55 |  |   | 67 |  |   | 212 |  |   | 262 |  |
| Income from equity method investees                   |   | 55 |  |   | 46 |  |   | 186 |  |   | 193 |  |
| Other revenues                                        |   | — |  |   | — |  |   | — |  |   | 32 |  |
| Total revenues                                        |   | 1,167 |  |   | 897 |  |   | 4,223 |  |   | 3,404 |  |
| Operating Expenses                                    |   |   |   |   |   |   |   |   |
| Lease operating expense                               |   | 122 |  |   | 96 |  |   | 431 |  |   | 346 |  |
| Production and ad valorem taxes                       |   | 39 |  |   | 38 |  |   | 151 |  |   | 146 |  |
| Transportation and gathering expense                  |   | 26 |  |   | 19 |  |   | 91 |  |   | 66 |  |
| Exploration expense                                   |   | 86 |  |   | 85 |  |   | 409 |  |   | 277 |  |
| Depreciation, depletion and amortization              |   | 383 |  |   | 259 |  |   | 1,370 |  |   | 878 |  |
| General and administrative                            |   | 98 |  |   | 87 |  |   | 384 |  |   | 339 |  |
| (Gain) loss on divestitures                           |   | 13 |  |   | 1 |  |   | (154 | ) |   | (25 | ) |
| Asset impairments                                     |   | 31 |  |   | 620 |  |   | 104 |  |   | 757 |  |
| Other operating (income) expense, net                 |   | 8 |  |   | 39 |  |   | 25 |  |   | 86 |  |
| Total operating expenses                              |   | 806 |  |   | 1,244 |  |   | 2,811 |  |   | 2,870 |  |
| Operating Income                                      |   | 361 |  |   | (347 | ) |   | 1,412 |  |   | 534 |  |
| Other (Income) Expense                                |   |   |   |   |   |   |   |   |
| (Gain) Loss on commodity derivative instruments       |   | (29 | ) |   | 136 |  |   | (75 | ) |   | (42 | ) |
| Interest, net of amount capitalized                   |   | 30 |  |   | 14 |  |   | 125 |  |   | 65 |  |
| Other (income) expense, net                           |   | 4 |  |   | 25 |  |   | 6 |  |   | 9 |  |
| Total other (income) expense                          |   | 5 |  |   | 175 |  |   | 56 |  |   | 32 |  |
| Income (Loss) from Continuing Operations Before Taxes |   | 356 |  |   | (522 | ) |   | 1,356 |  |   | 502 |  |
| Income Tax Provision (Benefit)                        |   | 79 |  |   | (208 | ) |   | 391 |  |   | 90 |  |
| Income (Loss) from Continuing Operations              |   | 277 |  |   | (314 | ) |   | 965 |  |   | 412 |  |
| Discontinued Operations, Net of Tax [1]               |   | (26 | ) |   | 18 |  |   | 62 |  |   | 41 |  |
| Net Income (Loss)                                     |   | $ | 251 |  |   | $ | (296 | ) |   | $ | 1,027 |  |   | $ | 453 |  |
| Earnings Per Share                                    |   |   |   |   |   |   |   |   |
| Basic                                                 |   |   |   |   |   |   |   |   |
| Income (Loss) from continuing operations              |   | $ | 1.56 |  |   | $ | (1.77 | ) |   | $ | 5.43 |  |   | $ | 2.34 |  |
| Discontinued operations, net of tax                   |   | (0.15 | ) |   | 0.10 |  |   | 0.34 |  |   | 0.23 |  |
| Net Income (Loss)                                     |   | $ | 1.41 |  |   | $ | (1.67 | ) |   | $ | 5.77 |  |   | $ | 2.57 |  |
| Diluted                                               |   |   |   |   |   |   |   |   |
| Income (Loss) from continuing operations              |   | $ | 1.54 |  |   | $ | (1.77 | ) |   | $ | 5.37 |  |   | $ | 2.31 |  |
| Discontinued operations, net of tax                   |   | (0.15 | ) |   | 0.10 |  |   | 0.34 |  |   | 0.23 |  |
| Net Income (Loss)                                     |   | $ | 1.39 |  |   | $ | (1.67 | ) |   | $ | 5.71 |  |   | $ | 2.54 |  |
| Weighted average number of shares outstanding         |   |   |   |   |   |   |   |   |
| Basic                                                 |   | 178 |  |   | 177 |  |   | 178 |  |   | 176 |  |
| Diluted                                               |   | 180 |  |   | 177 |  |   | 180 |  |   | 179 |  |

|     |
|-----|
|     |  |
| [1] | Represents our North Sea operations reclassified as held for sale at June 30, 2012. See Schedule 7: Discontinued Operations. |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |   | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                             |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)                  |   |   |   |   |   |   |   |   |
| United States                                                    |   | 58 |  |   | 39 |  |   | 49 |  |   | 38 |  |
| Equatorial Guinea                                                |   | 34 |  |   | 19 |  |   | 33 |  |   | 14 |  |
| China                                                            |   | 4 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                    |   | 96 |  |   | 62 |  |   | 86 |  |   | 56 |  |
| Equity method investee                                           |   | 2 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total sales volumes                                              |   | 98 |  |   | 64 |  |   | 88 |  |   | 58 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl)                 |   |   |   |   |   |   |   |   |
| United States                                                    |   | $ | 91.08 |  |   | $ | 95.45 |  |   | $ | 94.69 |  |   | $ | 95.19 |  |
| Equatorial Guinea                                                |   | 108.62 |  |   | 105.90 |  |   | 110.14 |  |   | 107.57 |  |
| China                                                            |   | 106.06 |  |   | 109.37 |  |   | 114.54 |  |   | 106.19 |  |
| Consolidated average realized prices                             |   | $ | 97.98 |  |   | $ | 99.62 |  |   | $ | 101.52 |  |   | $ | 99.17 |  |
| Natural Gas Sales Volumes (MMcf/d)                               |   |   |   |   |   |   |   |   |
| United States                                                    |   | 447 |  |   | 432 |  |   | 438 |  |   | 388 |  |
| Equatorial Guinea                                                |   | 245 |  |   | 250 |  |   | 235 |  |   | 245 |  |
| Israel                                                           |   | 118 |  |   | 150 |  |   | 101 |  |   | 173 |  |
| Total consolidated operations                                    |   | 810 |  |   | 832 |  |   | 774 |  |   | 806 |  |
| Natural Gas Realized Prices ($/Mcf)                              |   |   |   |   |   |   |   |   |
| United States                                                    |   | $ | 3.09 |  |   | $ | 3.42 |  |   | $ | 2.61 |  |   | $ | 3.90 |  |
| Equatorial Guinea                                                |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                                           |   | 5.29 |  |   | 5.10 |  |   | 4.85 |  |   | 4.86 |  |
| Consolidated average realized prices                             |   | $ | 2.56 |  |   | $ | 2.78 |  |   | $ | 2.19 |  |   | $ | 3.00 |  |
| Natural Gas Liquids (NGL) Sales Volumes (MBbl/d)                 |   |   |   |   |   |   |   |   |
| United States                                                    |   | 17 |  |   | 16 |  |   | 16 |  |   | 15 |  |
| Equity method investee                                           |   | 5 |  |   | 6 |  |   | 5 |  |   | 5 |  |
| Total sales volumes                                              |   | 22 |  |   | 22 |  |   | 21 |  |   | 20 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)                      |   |   |   |   |   |   |   |   |
| United States                                                    |   | $ | 36.86 |  |   | $ | 46.11 |  |   | $ | 35.36 |  |   | $ | 48.35 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)                       |   |   |   |   |   |   |   |   |
| United States                                                    |   | 149 |  |   | 127 |  |   | 139 |  |   | 117 |  |
| Equatorial Guinea                                                |   | 75 |  |   | 61 |  |   | 72 |  |   | 56 |  |
| Israel                                                           |   | 20 |  |   | 25 |  |   | 17 |  |   | 29 |  |
| China                                                            |   | 4 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                    |   | 248 |  |   | 217 |  |   | 232 |  |   | 206 |  |
| Equity method investee                                           |   | 7 |  |   | 7 |  |   | 7 |  |   | 7 |  |
| Total barrels of oil equivalent from continuing operations       |   | 255 |  |   | 224 |  |   | 239 |  |   | 213 |  |
| Total barrels of oil equivalent from discontinued operations [1] |   | 2 |  |   | 9 |  |   | 5 |  |   | 9 |  |
| Total barrels of oil equivalent                                  |   | 257 |  |   | 233 |  |   | 244 |  |   | 222 |  |

|     |
|-----|
|     |  |
| [1] | Represents our North Sea operations reclassified as held for sale at June 30, 2012. See Schedule 7: Discontinued Operations. |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | December 31, |   | December 31, |
|                                             |   | 2012 |   | 2011 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 1,387 |  |   | $ | 1,455 |  |
| Accounts receivable, net                         |   | 964 |  |   | 783 |  |
| Other current assets                             |   | 420 |  |   | 180 |  |
| Total current assets                             |   | 2,771 |  |   | 2,418 |  |
| Net property, plant and equipment                |   | 13,551 |  |   | 12,782 |  |
| Goodwill                                         |   | 635 |  |   | 696 |  |
| Other noncurrent assets                          |   | 597 |  |   | 548 |  |
| Total Assets                                     |   | $ | 17,554 |  |   | $ | 16,444 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable - trade                         |   | $ | 1,508 |  |   | $ | 1,343 |  |
| Other current liabilities                        |   | 1,024 |  |   | 925 |  |
| Total current liabilities                        |   | 2,532 |  |   | 2,268 |  |
| Long-term debt                                   |   | 3,736 |  |   | 4,100 |  |
| Deferred income taxes                            |   | 2,218 |  |   | 2,059 |  |
| Other noncurrent liabilities                     |   | 810 |  |   | 752 |  |
| Total Liabilities                                |   | 9,296 |  |   | 9,179 |  |
| Total Shareholders’ Equity                 |   | 8,258 |  |   | 7,265 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 17,554 |  |   | $ | 16,444 |  |

----

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                           |   | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                                                                                           |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Adjusted Net Income from Continuing Operations [1]                                                                             |   | $ | 296 |  |   | $ | 277 |  |   | $ | 889 |  |   | $ | 904 |  |
| Adjustments to reconcile adjusted net income from continuing operations to discretionary cash flow from continuing operations: |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                                                                                       |   | 383 |  |   | 259 |  |   | 1,370 |  |   | 878 |  |
| Exploration expense                                                                                                            |   | 86 |  |   | 86 |  |   | 409 |  |   | 277 |  |
| (Income)/Dividends from equity method investments, net                                                                         |   | 3 |  |   | 7 |  |   | 7 |  |   | 30 |  |
| Deferred compensation (income) expense                                                                                         |   | 8 |  |   | 23 |  |   | 6 |  |   | 8 |  |
| Deferred income taxes                                                                                                          |   | 32 |  |   | 34 |  |   | 149 |  |   | 207 |  |
| Stock-based compensation expense                                                                                               |   | 16 |  |   | 15 |  |   | 65 |  |   | 58 |  |
| Other                                                                                                                          |   | — |  |   | 9 |  |   | (1 | ) |   | 10 |  |
| Discretionary Cash Flow from Continuing Operations                                                                             |   | $ | 824 |  |   | $ | 710 |  |   | $ | 2,894 |  |   | $ | 2,372 |  |
| Reconciliation to Operating Cash Flows                                                                                         |   |   |   |   |   |   |   |   |
| Net changes in working capital                                                                                                 |   | (7 | ) |   | (259 | ) |   | 134 |  |   | (156 | ) |
| Cash exploration costs                                                                                                         |   | (66 | ) |   | (35 | ) |   | (193 | ) |   | (173 | ) |
| Current tax expense of earnings adjustments                                                                                    |   | 18 |  |   | 5 |  |   | — |  |   | — |  |
| Drilling rig expense [2]                                                                                                       |   | — |  |   | — |  |   | — |  |   | (18 | ) |
| Impact of Discontinued Operations                                                                                              |   | (9 | ) |   | (36 | ) |   | 82 |  |   | 126 |  |
| Other adjustments                                                                                                              |   | 2 |  |   | — |  |   | 16 |  |   | 19 |  |
| Net Cash Provided by Operating Activities                                                                                      |   | $ | 762 |  |   | $ | 385 |  |   | $ | 2,933 |  |   | $ | 2,170 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                                                                           |   | $ | 1,083 |  |   | $ | 1,041 |  |   | $ | 3,626 |  |   | $ | 3,026 |  |
| Marcellus Shale Asset Acquisition [3]                                                                                     |   | — |  |   | 75 |  |   | — |  |   | 1,308 |  |
| Increase in FPSO lease obligation                                                                                              |   | — |  |   | 10 |  |   | — |  |   | 66 |  |
| Total Capital Expenditures (Accrual Based)                                                                                     |   | $ | 1,083 |  |   | $ | 1,126 |  |   | $ | 3,626 |  |   | $ | 4,400 |  |

|       |
|-------|
|       |  |
| NOTE: | The table above reconciles discretionary cash flow from continuing operations to net cash provided by operating activities. While discretionary cash flow from continuing operations is not a GAAP measure of financial performance, our management believes it is a useful tool for evaluating our overall financial performance. Among our management, research analysts, portfolio managers and investors, discretionary cash flow from continuing operations is broadly used as an indicator of a company’s ability to fund exploration and production activities and meet financial obligations. Discretionary cash flow from continuing operations is also commonly used as a basis to value and compare companies in the oil and gas industry. |

|     |
|-----|
|     |  |
| [1] | See Schedule 1: Reconciliation of Net Income to Adjusted Net Income from Continuing Operations. |

|     |
|-----|
|     |  |
| [2] | Amount for 2011 represents stand-by rig expense incurred prior to receiving permits to resume drilling activities, which were suspended under the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico. |

|     |
|-----|
|     |  |
| [3] | Includes $73 million representing our initial investment in CONE Gathering LLC for year-ended 2011. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                  |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| (Gain) Loss on Commodity Derivative Instruments       |   |   |   |   |   |   |   |   |
| Crude Oil                                             |   |   |   |   |   |   |   |   |
| Realized                                              |   | $ | 15 |  |   | $ | 8 |  |   | $ | 83 |  |   | $ | 44 |  |
| Unrealized                                            |   | (24 | ) |   | 173 |  |   | (120 | ) |   | 5 |  |
| Total Crude Oil                                       |   | (9 | ) |   | 181 |  |   | (37 | ) |   | 49 |  |
| Natural Gas                                           |   |   |   |   |   |   |   |   |
| Realized                                              |   | (9 | ) |   | (33 | ) |   | (49 | ) |   | (108 | ) |
| Unrealized                                            |   | (12 | ) |   | (11 | ) |   | 11 |  |   | 17 |  |
| Total Natural Gas                                     |   | (21 | ) |   | (44 | ) |   | (38 | ) |   | (91 | ) |
| Total (Gain) Loss on Commodity Derivative Instruments |   | $ | (30 | ) |   | $ | 137 |  |   | $ | (75 | ) |   | $ | (42 | ) |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Three Months Ended December 31, |   | Year EndedDecember 31, |
|                                        |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Summary Statement of Discontinued Operations:    |   |   |   |   |   |   |   |   |
| Oil and gas revenues                             |   | $ | 14 |  |   | $ | 86 |  |   | $ | 208 |  |   | $ | 357 |  |
| Production expense                               |   | 5 |  |   | 15 |  |   | 44 |  |   | 58 |  |
| Exploration expense                              |   | 26 |  |   | — |  |   | 29 |  |   | 2 |  |
| Depreciation, depletion and amortization         |   | — |  |   | 25 |  |   | 33 |  |   | 87 |  |
| General and administrative                       |   | 1 |  |   | — |  |   | 3 |  |   | 2 |  |
| Asset impairments                                |   | — |  |   | — |  |   | — |  |   | 2 |  |
| Other (income) expense, net                      |   | (3 | ) |   | (6 | ) |   | (2 | ) |   | (9 | ) |
| Income (Loss) Before Income Taxes                |   | (15 | ) |   | 52 |  |   | 101 |  |   | 215 |  |
| Current tax expense                              |   | 16 |  |   | 31 |  |   | 80 |  |   | 175 |  |
| Deferred tax expense (benefit)                   |   | (11 | ) |   | 3 |  |   | (25 | ) |   | (1 | ) |
| Operating Income (Loss), Net of Tax              |   | (20 | ) |   | 18 |  |   | 46 |  |   | 41 |  |
| Gain (Loss) on Sale, Net of Tax                  |   | (6 | ) |   | — |  |   | 16 |  |   | — |  |
| Income (Loss) From Discontinued Operations       |   | $ | (26 | ) |   | $ | 18 |  |   | $ | 62 |  |   | $ | 41 |  |
| Volume and Price Statistics:                     |   |   |   |   |   |   |   |   |
| Crude Oil and Condensate Sales Volumes (MBbl/d)  |   | 1 |  |   | 8 |  |   | 5 |  |   | 8 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl) |   | $ | 109.56 |  |   | $ | 112.90 |  |   | $ | 112.94 |  |   | $ | 112.97 |  |
| Natural Gas Sales Volumes (MMcf/d)               |   | 5 |  |   | 4 |  |   | 4 |  |   | 5 |  |
| Natural Gas Realized Prices ($/Mcf)              |   | $ | 9.39 |  |   | $ | 9.09 |  |   | $ | 8.62 |  |   | $ | 8.11 |  |

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|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2012 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l [1] |   | Total |
| Unproved property acquisition costs                |   | 68 |  |   | 28 |  |   | 96 |  |
| Exploration costs                                  |   | 335 |  |   | 354 |  |   | 689 |  |
| Development costs [2]                              |   | 1,839 |  |   | 1,154 |  |   | 2,993 |  |
| Total costs incurred                               |   | $ | 2,242 |  |   | $ | 1,536 |  |   | $ | 3,778 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (accrual basis) |   |   |   |   |   |   |
| Total costs incurred                               |   |   |   |   |   | $ | 3,778 |  |
| Exploration overhead                               |   |   |   |   |   | (110 | ) |
| Lease rentals                                      |   |   |   |   |   | (7 | ) |
| Asset retirement obligations                       |   |   |   |   |   | (145 | ) |
| Total oil and gas spending                         |   |   |   |   |   | 3,516 |  |
| CONE LLC investment                                |   |   |   |   |   | 41 |  |
| Other capital                                      |   |   |   |   |   | 69 |  |
| Total capital spending (accrual basis)             |   |   |   |   |   | $ | 3,626 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves [3]                                |   | United States |   | Int’l [4] |   | Total |
| Total Barrel Oil Equivalents (MMBoe)               |   |   |   |   |   |   |
| Beginning reserves - December 31, 2011             |   | 573 |  |   | 636 |  |   | 1,209 |  |
| Revisions of previous estimates                    |   | (101 | ) |   | 4 |  |   | (97 | ) |
| Extensions, discoveries and other additions        |   | 206 |  |   | 12 |  |   | 218 |  |
| Purchase of minerals in place                      |   | — |  |   | — |  |   | — |  |
| Sale of minerals in place                          |   | (52 | ) |   | (5 | ) |   | (57 | ) |
| Production                                         |   | (51 | ) |   | (38 | ) |   | (89 | ) |
| Ending reserves - December 31, 2012                |   | 575 |  |   | 609 |  |   | 1,184 |  |
| Proved Developed Reserves (MMBoe)                  |   |   |   |   |   |   |
| December 31, 2011                             |   | 333 |  |   | 171 |  |   | 504 |  |
| December 31, 2012                             |   | 303 |  |   | 158 |  |   | 461 |  |

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| [1] | International includes Cameroon, China, Cyprus, Equatorial Guinea, Falkland Islands, Israel, the North Sea, Senegal/Guinea-Bissau, Nicaragua, Sierra Leone and other new ventures. |

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| [2] | Includes ARO costs of $73 million for United States and $72 million for Int'l. |

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|     |  |
| [3] | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2012 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 includes China, Equatorial Guinea, Israel, and the North Sea. |