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

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Sales volumes of 293 thousand barrels of oil equivalent per day (MBoe/d), including record quarterly volumes in the DJ Basin and Marcellus Shale |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Recorded year-end proved reserves of 1.4 billion barrels of oil equivalent (BBoe), up 19 percent from 2012 |

|         |                                                   |
|---------|---------------------------------------------------|
| • | Closed a 50,000 net acre exchange in the DJ Basin |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Acquired 50 percent interest in approximately 90,000 gross acres in the Marcellus Shale, with net risked resources of 1.8 trillion cubic feet of natural gas equivalent (Tcfe) |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Approved the Big Bend and Gunflint development projects in the deepwater Gulf of Mexico |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | Announced discoveries at Dantzler in the deepwater Gulf of Mexico and Tamar Southwest offshore Israel |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Drilled the first two wells at the Wilson unconventional play in northeast Nevada |

----

----

----

----

|     |                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

----

----

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              |   | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                              |   | 2013 |   | Per Diluted Share |   | 2012 |   | Per Diluted Share |   | 2013 |   | Per Diluted Share |   | 2012 |   | Per Diluted Share |
| Net Income                                                        |   | $ | 134 |  |   | $ | 0.37 |  |   | $ | 251 |  |   | $ | 0.70 |  |   | $ | 978 |  |   | $ | 2.69 |  |   | $ | 1,027 |  |   | $ | 2.86 |  |
| Discontinued Operations, Net of Tax                               |   | (12 | ) |   | (0.04 | ) |   | 26 |  |   | 0.07 |  |   | (71 | ) |   | (0.19 | ) |   | (62 | ) |   | (0.18 | ) |
| Income from Continuing Operations                                 |   | 122 |  |   | 0.33 |  |   | 277 |  |   | 0.77 |  |   | 907 |  |   | 2.50 |  |   | 965 |  |   | 2.68 |  |
| Unrealized (gains) losses on commodity derivative instruments [1] |   | 65 |  |   | 0.19 |  |   | (36 | ) |   | (0.10 | ) |   | 131 |  |   | 0.36 |  |   | (109 | ) |   | (0.30 | ) |
| (Gain) loss on divestitures [2]                                   |   | (24 | ) |   | (0.07 | ) |   | 13 |  |   | 0.03 |  |   | (36 | ) |   | (0.10 | ) |   | (154 | ) |   | (0.43 | ) |
| Asset impairments [3]                                             |   | 23 |  |   | 0.06 |  |   | 31 |  |   | 0.09 |  |   | 86 |  |   | 0.24 |  |   | 104 |  |   | 0.29 |  |
| Other adjustments                                                 |   | — |  |   | — |  |   | — |  |   | — |  |   | 5 |  |   | 0.01 |  |   | — |  |   | — |  |
| Total adjustments before tax                                      |   | 64 |  |   | 0.18 |  |   | 8 |  |   | 0.02 |  |   | 186 |  |   | 0.51 |  |   | (159 | ) |   | (0.44 | ) |
| Income tax effect of adjustments [4]                              |   | (4 | ) |   | (0.01 | ) |   | (3 | ) |   | (0.01 | ) |   | (44 | ) |   | (0.12 | ) |   | 56 |  |   | 0.16 |  |
| Adjusted Income from Continuing Operations                        |   | $ | 182 |  |   | $ | 0.50 |  |   | $ | 282 |  |   | $ | 0.78 |  |   | $ | 1,049 |  |   | $ | 2.89 |  |   | $ | 862 |  |   | $ | 2.40 |  |
| Weighted average number of shares outstanding                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                           |   | 364 |  |   |   |   | 360 |  |   |   |   | 363 |  |   |   |   | 359 |  |   |   |

|       |
|-------|
|       |  |
| NOTE: | Adjusted income from continuing operations should not be considered a substitute for net income as reported in accordance with GAAP. Adjusted 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 income from continuing operations is beneficial in evaluating our financial performance as it primarily 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 |

|        |
|--------|
|        |  |
|   | All per share and shares outstanding amounts have been retroactively adjusted for the two-for-one stock split, which was distributed on May 28, 2013 to shareholders of record as of May 14, 2013. |

|     |
|-----|
|     |  |
| [1] | Unrealized gains and losses on commodity derivative instruments represent non-cash gains or losses which are due to the change in the mark-to-market value of our commodity contracts. Many factors impact our unrealized gain and loss on commodity derivative instruments including: increases and decreases in the commodity forward curves compared to our executed hedging arrangements; increases in hedged future volumes; and the mix of hedge arrangements between NYMEX WTI, Dated Brent and NYMEX HH commodities. Unrealized gains or losses on commodity derivative instruments recognized in the current period will be realized in the future when cash settlement occurs. |

|     |
|-----|
|     |  |
| [2] | During 2013 and 2012, we completed the sale of certain non-core onshore U.S. properties. |

|     |
|-----|
|     |  |
| [3] | Amount for 2013 represents impairments related to our Mari-B field, offshore Israel, due to natural field decline, and certain non-core onshore US properties divested during the year and held for sale at December 31, 2013. 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, as well as our Piceance development onshore U.S., because of declines in realized natural gas prices. |

|     |
|-----|
|     |  |
| [4] | The income tax effects of adjusting items are determined by applying the statutory tax rate to each adjusting item. Prior to first quarter 2013, the income tax effects were determined by calculating the tax provision for GAAP net income from continuing operations, which included the adjusting items, and comparing the results to the tax provision for adjusted earnings from continuing operations, which excluded the adjusting items. The difference in the tax provision calculations represented the tax impact of the adjusting items. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Three Months EndedDecember 31, |   | Twelve Months EndedDecember 31, |
|                                                  |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Revenues                                              |   |   |   |   |   |   |   |   |
| Crude oil and condensate                              |   | $ | 935 |  |   | $ | 866 |  |   | $ | 3,618 |  |   | $ | 3,205 |  |
| Natural gas                                           |   | 258 |  |   | 191 |  |   | 976 |  |   | 620 |  |
| Natural gas liquids                                   |   | 79 |  |   | 55 |  |   | 215 |  |   | 212 |  |
| Income from equity method investees                   |   | 56 |  |   | 55 |  |   | 206 |  |   | 186 |  |
| Total revenues                                        |   | 1,328 |  |   | 1,167 |  |   | 5,015 |  |   | 4,223 |  |
| Operating Expenses                                    |   |   |   |   |   |   |   |   |
| Lease operating expense                               |   | 136 |  |   | 122 |  |   | 530 |  |   | 431 |  |
| Production and ad valorem taxes                       |   | 51 |  |   | 39 |  |   | 188 |  |   | 151 |  |
| Transportation and gathering expense                  |   | 44 |  |   | 26 |  |   | 132 |  |   | 91 |  |
| Exploration expense                                   |   | 204 |  |   | 86 |  |   | 415 |  |   | 409 |  |
| Depreciation, depletion and amortization              |   | 422 |  |   | 383 |  |   | 1,568 |  |   | 1,370 |  |
| General and administrative                            |   | 109 |  |   | 98 |  |   | 433 |  |   | 384 |  |
| (Gain) loss on divestitures                           |   | (24 | ) |   | 13 |  |   | (36 | ) |   | (154 | ) |
| Asset impairments                                     |   | 23 |  |   | 31 |  |   | 86 |  |   | 104 |  |
| Other operating expense, net                          |   | 15 |  |   | 8 |  |   | 43 |  |   | 25 |  |
| Total operating expenses                              |   | 980 |  |   | 806 |  |   | 3,359 |  |   | 2,811 |  |
| Operating Income                                      |   | 348 |  |   | 361 |  |   | 1,656 |  |   | 1,412 |  |
| Other (Income) Expense                                |   |   |  |   |   |  |   |   |   |   |
| (Gain) loss on commodity derivative instruments       |   | 65 |  |   | (29 | ) |   | 133 |  |   | (75 | ) |
| Interest, net of amount capitalized                   |   | 54 |  |   | 30 |  |   | 158 |  |   | 125 |  |
| Other non-operating (income) expense, net             |   | — |  |   | 4 |  |   | 21 |  |   | 6 |  |
| Total other (income) expense                          |   | 119 |  |   | 5 |  |   | 312 |  |   | 56 |  |
| Income from Continuing Operations Before Income Taxes |   | 229 |  |   | 356 |  |   | 1,344 |  |   | 1,356 |  |
| Income Tax Provision                                  |   | 107 |  |   | 79 |  |   | 437 |  |   | 391 |  |
| Income from Continuing Operations                     |   | 122 |  |   | 277 |  |   | 907 |  |   | 965 |  |
| Discontinued Operations, Net of Tax                   |   | 12 |  |   | (26 | ) |   | 71 |  |   | 62 |  |
| Net Income                                            |   | $ | 134 |  |   | $ | 251 |  |   | $ | 978 |  |   | $ | 1,027 |  |
| Earnings Per Share [1]                                |   |   |   |   |   |   |   |   |
| Basic                                                 |   |   |   |   |   |   |   |   |
| Income from continuing operations                     |   | $ | 0.34 |  |   | $ | 0.78 |  |   | $ | 2.53 |  |   | $ | 2.71 |  |
| Discontinued operations, net of tax                   |   | 0.04 |  |   | (0.07 | ) |   | 0.19 |  |   | 0.18 |  |
| Net Income                                            |   | $ | 0.38 |  |   | $ | 0.71 |  |   | $ | 2.72 |  |   | $ | 2.89 |  |
| Diluted                                               |   |   |   |   |   |   |   |   |
| Income from continuing operations                     |   | $ | 0.33 |  |   | $ | 0.77 |  |   | $ | 2.50 |  |   | $ | 2.68 |  |
| Discontinued operations, net of tax                   |   | 0.04 |  |   | (0.07 | ) |   | 0.19 |  |   | 0.18 |  |
| Net Income                                            |   | $ | 0.37 |  |   | $ | 0.70 |  |   | $ | 2.69 |  |   | $ | 2.86 |  |
| Weighted average number of shares outstanding [1]     |   |   |   |   |   |   |   |   |
| Basic                                                 |   | 360 |  |   | 356 |  |   | 359 |  |   | 356 |  |
| Diluted                                               |   | 364 |  |   | 360 |  |   | 363 |  |   | 359 |  |

|     |
|-----|
|     |  |
| [1] | All per share and shares outstanding amounts have been retroactively adjusted for the two-for-one stock split, which was distributed on May 28, 2013 to shareholders of record as of May 14, 2013. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | Three Months EndedDecember 31, |   | Twelve Months EndedDecember 31, |
|                                                         |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)              |   |   |   |   |   |   |   |   |
| United States                                                |   | 68 |  |   | 58 |  |   | 63 |  |   | 49 |  |
| Equatorial Guinea                                            |   | 31 |  |   | 34 |  |   | 32 |  |   | 33 |  |
| China                                                        |   | 5 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                |   | 104 |  |   | 96 |  |   | 99 |  |   | 86 |  |
| Equity method investee                                       |   | 2 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total sales volumes                                          |   | 106 |  |   | 98 |  |   | 101 |  |   | 88 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl)             |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 92.49 |  |   | $ | 91.08 |  |   | $ | 96.53 |  |   | $ | 94.69 |  |
| Equatorial Guinea                                            |   | 109.59 |  |   | 108.62 |  |   | 107.48 |  |   | 110.14 |  |
| China                                                        |   | 103.76 |  |   | 106.06 |  |   | 103.21 |  |   | 114.54 |  |
| Consolidated average realized prices                         |   | $ | 98.09 |  |   | $ | 97.98 |  |   | $ | 100.29 |  |   | $ | 101.52 |  |
| Natural Gas Sales Volumes (MMcf/d)                           |   |   |   |   |   |   |   |   |
| United States                                                |   | 458 |  |   | 447 |  |   | 440 |  |   | 438 |  |
| Equatorial Guinea                                            |   | 252 |  |   | 245 |  |   | 252 |  |   | 235 |  |
| Israel                                                       |   | 248 |  |   | 118 |  |   | 209 |  |   | 101 |  |
| Total consolidated operations                                |   | 958 |  |   | 810 |  |   | 901 |  |   | 774 |  |
| Natural Gas Realized Prices ($/Mcf)                          |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 3.27 |  |   | $ | 3.09 |  |   | $ | 3.54 |  |   | $ | 2.61 |  |
| Equatorial Guinea                                            |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                                       |   | 5.00 |  |   | 5.29 |  |   | 5.02 |  |   | 4.85 |  |
| Consolidated average realized prices                         |   | $ | 2.93 |  |   | $ | 2.56 |  |   | $ | 2.97 |  |   | $ | 2.19 |  |
| Natural Gas Liquids Sales Volumes (MBbl/d)                   |   |   |   |   |   |   |   |   |
| United States                                                |   | 22 |  |   | 17 |  |   | 16 |  |   | 16 |  |
| Equity method investee                                       |   | 5 |  |   | 5 |  |   | 6 |  |   | 5 |  |
| Total sales volumes                                          |   | 27 |  |   | 22 |  |   | 22 |  |   | 21 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)                  |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 39.38 |  |   | $ | 36.86 |  |   | $ | 35.53 |  |   | $ | 35.36 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)                   |   |   |   |   |   |   |   |   |
| United States                                                |   | 166 |  |   | 149 |  |   | 153 |  |   | 139 |  |
| Equatorial Guinea                                            |   | 73 |  |   | 75 |  |   | 73 |  |   | 72 |  |
| Israel                                                       |   | 42 |  |   | 20 |  |   | 35 |  |   | 17 |  |
| China                                                        |   | 5 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                |   | 286 |  |   | 248 |  |   | 265 |  |   | 232 |  |
| Equity method investee                                       |   | 7 |  |   | 7 |  |   | 8 |  |   | 7 |  |
| Total barrels of oil equivalent from continuing operations   |   | 293 |  |   | 255 |  |   | 273 |  |   | 239 |  |
| Total barrels of oil equivalent from discontinued operations |   | — |  |   | 2 |  |   | 1 |  |   | 5 |  |
| Total barrels of oil equivalent                              |   | 293 |  |   | 257 |  |   | 274 |  |   | 244 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | December 31, |   | December 31, |
|                                             |   | 2013 |   | 2012 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 1,117 |  |   | $ | 1,387 |  |
| Accounts receivable, net                         |   | 947 |  |   | 964 |  |
| Other current assets                             |   | 547 |  |   | 420 |  |
| Total current assets                             |   | 2,611 |  |   | 2,771 |  |
| Net property, plant and equipment                |   | 15,725 |  |   | 13,551 |  |
| Goodwill                                         |   | 627 |  |   | 635 |  |
| Other noncurrent assets                          |   | 679 |  |   | 597 |  |
| Total Assets                                     |   | $ | 19,642 |  |   | $ | 17,554 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable - trade                         |   | $ | 1,354 |  |   | $ | 1,508 |  |
| Other current liabilities                        |   | 988 |  |   | 1,024 |  |
| Total current liabilities                        |   | 2,342 |  |   | 2,532 |  |
| Long-term debt                                   |   | 4,566 |  |   | 3,736 |  |
| Deferred income taxes                            |   | 2,441 |  |   | 2,218 |  |
| Other noncurrent liabilities                     |   | 1,109 |  |   | 810 |  |
| Total Liabilities                                |   | 10,458 |  |   | 9,296 |  |
| Total Shareholders’ Equity                 |   | 9,184 |  |   | 8,258 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 19,642 |  |   | $ | 17,554 |  |

----

|                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                       |   | Three Months EndedDecember 31, |   | Twelve Months EndedDecember 31, |
|                                                                                                                       |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Adjusted Income from Continuing Operations [1]                                                                             |   | $ | 182 |  |   | $ | 282 |  |   | $ | 1,049 |  |   | $ | 862 |  |
| Adjustments to reconcile adjusted income from continuing operations to discretionary cash flow from continuing operations: |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                                                                                   |   | 422 |  |   | 383 |  |   | 1,568 |  |   | 1,370 |  |
| Exploration expense                                                                                                        |   | 204 |  |   | 86 |  |   | 415 |  |   | 409 |  |
| (Income)/Dividends from equity method investments, net                                                                     |   | (5 | ) |   | 3 |  |   | (17 | ) |   | 7 |  |
| Deferred compensation expense                                                                                              |   | 2 |  |   | 8 |  |   | 26 |  |   | 6 |  |
| Deferred income taxes                                                                                                      |   | 105 |  |   | 63 |  |   | 319 |  |   | 178 |  |
| Stock-based compensation expense                                                                                           |   | 21 |  |   | 16 |  |   | 80 |  |   | 65 |  |
| Other                                                                                                                      |   | (6 | ) |   | — |  |   | (4 | ) |   | (1 | ) |
| Discretionary Cash Flow from Continuing Operations                                                                         |   | $ | 925 |  |   | $ | 841 |  |   | $ | 3,436 |  |   | $ | 2,896 |  |
| Reconciliation to Operating Cash Flows                                                                                     |   |   |   |   |   |   |   |   |
| Net changes in working capital                                                                                             |   | (91 | ) |   | (7 | ) |   | (291 | ) |   | 134 |  |
| Cash exploration costs                                                                                                     |   | (69 | ) |   | (66 | ) |   | (236 | ) |   | (193 | ) |
| Current tax benefit of earnings adjustments                                                                                |   | (1 | ) |   | 1 |  |   | (5 | ) |   | (1 | ) |
| Impact of discontinued operations                                                                                          |   | 7 |  |   | (9 | ) |   | 11 |  |   | 82 |  |
| Other adjustments                                                                                                          |   | 11 |  |   | 2 |  |   | 22 |  |   | 15 |  |
| Net Cash Provided by Operating Activities                                                                                  |   | $ | 782 |  |   | $ | 762 |  |   | $ | 2,937 |  |   | $ | 2,933 |  |
|                                                                                                                       |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                                                                       |   | $ | 1,125 |  |   | $ | 1,083 |  |   | $ | 4,311 |  |   | $ | 3,626 |  |
| Increase in capital lease obligations [2]                                                                                  |   | 22 |  |   | — |  |   | 76 |  |   | — |  |
| Total Capital Expenditures (Accrual Based)                                                                                 |   | $ | 1,147 |  |   | $ | 1,083 |  |   | $ | 4,387 |  |   | $ | 3,626 |  |

|       |
|-------|
|       |  |
| 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 Income from Continuing Operations. |

|     |
|-----|
|     |  |
| [2] | Other capital lease obligations represent estimated construction in progress to date on US operating assets and corporate buildings. |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2013 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l [1] |   | Total |
| Unproved property acquisition costs                |   | $ | 209 |  |   | $ | — |  |   | $ | 209 |  |
| Exploration costs                                  |   | 340 |  |   | 670 |  |   | 1,010 |  |
| Development costs [2]                              |   | 2,847 |  |   | 448 |  |   | 3,295 |  |
| Total costs incurred                               |   | $ | 3,396 |  |   | $ | 1,118 |  |   | $ | 4,514 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (accrual basis) |   |   |   |   |   |   |
| Total costs incurred                               |   |   |   |   |   | $ | 4,514 |  |
| Exploration overhead                               |   |   |   |   |   | (129 | ) |
| Lease rentals                                      |   |   |   |   |   | (10 | ) |
| Asset retirement obligations                       |   |   |   |   |   | (246 | ) |
| Total oil and gas spending                         |   |   |   |   |   | 4,129 |  |
| CONE LLC investment                                |   |   |   |   |   | 48 |  |
| Other corporate capital                            |   |   |   |   |   | 210 |  |
| Total capital spending (accrual basis)             |   |   |   |   |   | $ | 4,387 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves [3]                                |   | United States |   | Int’l [4] |   | Total |
| Total Barrel Oil Equivalents (MMBoe)               |   |   |   |   |   |   |
| Beginning reserves - December 31, 2012             |   | 576 |  |   | 608 |  |   | 1,184 |  |
| Revisions of previous estimates                    |   | 64 |  |   | 31 |  |   | 95 |  |
| Extensions, discoveries and other additions        |   | 211 |  |   | 39 |  |   | 250 |  |
| Purchase of minerals in place                      |   | 24 |  |   | — |  |   | 24 |  |
| Sale of minerals in place                          |   | (45 | ) |   | (2 | ) |   | (47 | ) |
| Production                                         |   | (56 | ) |   | (44 | ) |   | (100 | ) |
| Ending reserves - December 31, 2013                |   | 774 |  |   | 632 |  |   | 1,406 |  |
| Proved Developed Reserves (MMBoe)                  |   |   |   |   |   |   |
| December 31, 2012                             |   | 303 |  |   | 158 |  |   | 461 |  |
| December 31, 2013                             |   | 349 |  |   | 500 |  |   | 849 |  |

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

|     |
|-----|
|     |  |
| [2] | Includes ARO costs of $214 million for United States and $32 million for Int'l as well as $53 million of capital lease obligations for United States. |

|     |
|-----|
|     |  |
| [3] | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2013 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. |

|     |
|-----|
|     |  |
| [4] | International includes China, Equatorial Guinea, Israel, and the North Sea. |