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

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Approximately 50,000 net acres in the Eagle Ford Shale and 54,000 net acres in the Permian (45,000 in the Delaware Basin and 9,000 in the Midland Basin). |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | Year-end 2014 proved reserves of 282 million barrels of oil equivalent. |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Production of approximately 63 MBoe/d (second quarter 2015 average). |

|         |                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | More than 1,800 gross horizontal drilling locations identified for development, with net unrisked resource potential of approximately one billion barrels of oil equivalent. |

|         |                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Per well estimated ultimate recoveries have been increased 25 percent for Lower Eagle Ford wells in the South Gates Ranch area of the Eagle Ford Shale and 30 percent for Wolfcamp A wells in the Delaware Basin.  Recent well results are outperforming even the enhanced type curves. |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Noble Energy anticipates more than 15 percent compounded annual production growth from these assets to an average of more than 100 MBoe/d in 2018. |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Approximately $40 million G&A synergies per year. |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Substantial operational efficiencies expected across the combined onshore U.S. portfolio (DJ Basin, Marcellus Shale, Eagle Ford Shale, Delaware Basin). |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | Horizontal sales volumes totaled 90 MBoe/d, up more than 30 percent from the same quarter of last year. |

|         |                                        |
|---------|----------------------------------------|
| • | Operated 4 drilling rigs in the Basin. |

|         |                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled 44 wells at an average lateral length of more than 5,950 feet.  The average spud to rig release time for a standard lateral length well (4,500 lateral feet) decreased to 6.1 days, or 24 percent lower than the corresponding time in the second quarter of 2014.  The Company recently drilled a 9,287 foot lateral well in less than seven days. |

|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Standard lateral length well costs, including allocated production facility costs, continue to decline and are anticipated to average $3.5 million in Wells Ranch and $3.9 million in East Pony for the second half of the year. |

|         |                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Long lateral well costs, normalized to a standard length lateral, are below $3.0 million.  Approximately 60 percent of wells to be drilled in the second half of this year will be extended reach lateral wells. |

|         |                                                                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on 46 wells, including 11 extended reach lateral wells (equivalent to 57 standard length wells).  70 percent of wells that commenced production in the second quarter were located in the East Pony IDP, where production was up more than 100 percent from the second quarter of 2014, exiting the quarter at approximately 25 MBoe/d net. |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | The 100% owned Keota gas processing plant in the East Pony IDP area commenced operation. |

|         |                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Tallgrass crude oil lateral pipeline connecting East Pony IDP production to the Pony Express pipeline to Cushing, started-up in the second quarter of 2015.  Noble Energy is exporting approximately 85 percent of gross oil produced out of the basin via pipeline or rail. |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | Averaged 2 operated and 2 non-operated horizontal drilling rigs. |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled 20 operated wells at an average lateral length of 9,200 feet.  Included in the wells drilled was a record 13,917 foot lateral on the OXF-97 pad in Doddridge County, West Virginia. |

|         |                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Reduced drilling cost per lateral foot to an average of approximately $300, more than 30 percent lower than the 2014 average.  The OXF-97 pad, including 8 wells, is the Company’s first operated pad to have all wells drilled to the curve point with a top hole rig. |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | Commenced production on 19 operated wells, having an average lateral length of 7,800 feet. |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | JV partner CONSOL Energy drilled 15 wells (9,400 foot average lateral length), and 11 dry gas wells commenced production. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Progress towards first production for the Big Bend and Dantzler fields remains on schedule.  Pipeline installation for the Big Bend project is nearing completion.  Big Bend (1 well), with total project completion of 85 percent, is planned to commence production in the fourth quarter of 2015.  Dantzler (2 wells), which has a total project completion of 70 percent, is planned to startup around the end of the year.  The two fields will tie back to the Thunderhawk production facility. |

|         |                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Successfully drilled a development well at Gunflint, encountering net pay and reservoir quality consistent with pre-drill expectations.  Sidetrack drilling operations have commenced on the second development well at Gunflint.  First production from the field is projected in mid-2016 as a two-well tieback to the Gulfstar 1 facility. |

|         |                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Active production management, facility optimization, and strong reservoir performance resulted in better than forecasted gross daily production averages of 33 MBbl/d for Aseng and 31 MBbl/d for Alen.  Production volumes for Alen were a quarterly record. |

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | Successfully drilled the C-21 development well at Alba.  First production from the well is planned by the end of the third quarter of 2015. |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | Installation of compression upgrades at Alba is now 70 percent complete and expected to commence operation in 2016. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilling the Cheetah prospect, located in the shallow water offshore Cameroon, commenced in early July 2015.  Results are anticipated by the end of the third quarter.  Cheetah, with unrisked gross mean resources of more than 100 million barrels of oil equivalent, is a four-way structure and represents the Company’s first Cretaceous oil prospect in Cameroon.  Noble Energy operates the Cheetah prospect with a 47 percent interest. |

|         |                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Submitted Declaration of Commerciality and Preliminary Development Plan for the Cyprus Aphrodite natural gas field.  Noble Energy and partners are beginning regional gas marketing of the Aphrodite resource and performing pre-FEED work for a potential development connecting the Aphrodite field to natural gas customers in Egypt. |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Completed the Ashdod Onshore Terminal compression project, increasing peak natural gas deliverability at Tamar to 1.2 billion cubic feet of natural gas equivalent per day. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Worked with the government of Israel on establishing a regulatory framework to provide certainty necessary for future investment, which the government of Israel is progressing toward final approval. |

|         |                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilling at the Humpback prospect, offshore the Falkland Islands, is underway.  Humpback (NBL operated with a 35 percent interest), with more than 250 million barrels of gross unrisked oil resources, is anticipated to be at total depth by the end of the third quarter. |

|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced decommissioning of the MacCulloch field in the North Sea.  Shut in of the field, which took place as expected, reduced Company volumes by approximately 800 Boe/d beginning May 2015. |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Exited the second quarter of 2015 with $5.3 billion in financial liquidity, including $1.3 billion in cash and $4 billion of an unused credit facility. |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |
|                                                              |   | 3Q 2015 | 4Q 2015 |
| Crude Oil and Condensate (MBbl/d)                                 |   |   |   |
| United States                                                     |   | 80 - 83 | 92 - 96 |
| Equatorial Guinea                                                 |   | 23 - 25 | 33 - 36 |
| Equatorial Guinea - equity method investment                      |      | 1 - 2 | 1 - 2 |
|                                                              |   |   |   |
| Natural Gas (MMcf/d)                                              |   |   |   |
| United States                                                     |   | 710 - 730 | 780 - 800 |
| Equatorial Guinea                                                 |   | 200 - 220 | 200 - 220 |
| Israel                                                            |   | 260 - 285 | 230 - 255 |
|                                                              |   |   |   |
| Natural Gas Liquids (MBbl/d)                                      |   |   |   |
| United States                                                     |   | 41 - 44 | 45 - 49 |
| Equatorial Guinea - equity method investment                      |      | 4 - 6 | 4 - 6 |
|                                                              |   |   |   |
| Costs and Expenses                                                |   |   |   |
| Lease operating ($/Boe)                                           |   | $4.40 - $4.60 | $4.25 - $4.50 |
| Transportation and gathering ($/Boe)                              |   | $2.40 - $2.60 | $2.40 - $2.60 |
| Depreciation, depletion and amortization ($/Boe)                  |   | $15.50 - $16.00 | $15.50 - $16.00 |
| Production and ad valorem taxes (% of oil, gas, and NGL revenues) |   | 3.8% - 4.2% | 3.8% - 4.2% |
| Exploration ($MM)                                                 |   | $150 - $200 | $60 - $100 |
| General and administrative ($MM)                                  |   | $120 - $135 | $120 - $135 |
| Interest ($MM net)                                                |   | $80 - $90 | $80 - $90 |
|                                                              |   |   |   |
| Other Items                                                       |   |   |   |
| Outstanding shares - diluted (MM)                                 |   | 420 - 430 | 430 - 440 |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |
|                             |   |   | Crude Oil Hedges |
|                             |   |   | Swaps | Collars |
|                             |   |   | Average | Average | Average | Average |
|                             |   | Volume | Price | Short Put Price | Floor Price | Ceiling Price |
| Type of Contract                 | Index | (Bbl/d) | ($/Bbl) | ($/Bbl) | ($/Bbl) | ($/Bbl) |
|                             |   |   |   |   |   |   |
| Fixed Swaps                      | NYMEX WTI | 27,000 |  $88.80 |   |   |   |
| Fixed Swaps                      | Dated Brent | 8,000 | $100.31 |   |   |   |
| Two-Way CollarsThree-Way Collars | NYMEX WTINYMEX WTI | 5,00020,000 |   | $70.50 | $50.00$87.55 | $64.94$94.41 |
| Three-Way Collars                | Dated Brent | 13,000 |   | $76.92 | $96.00 | $108.49 |
|                             |   |   |   |   |   |   |
|                             |   |   |   |   |   |   |
|                             |   |   | Natural Gas Hedges |
|                             |   |   | Swaps | Collars |
|                             |   |   | Average | Average | Average | Average |
|                             |   | Volume | Price | Short Put Price | Floor Price | Ceiling Price |
| Type of Contract                 | Index | (MMBtu/d) | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) |
|                             |   |   |   |   |   |   |
| Fixed Swaps                      | NYMEX HH | 140,000 | $4.30 |   |   |   |
| Three-Way Collars                | NYMEX HH | 150,000 |   | $3.58 | $4.25 | $5.04 |
|                             |   |   |   |   |   |   |

|                  |
|------------------|
|                  |  |  |  |  |  |  |
|             |   |   | Crude Oil Hedges |
|             |   |   | Swaps | Collars |
|             |   |   | Average | Average | Average | Average |
|             |   | Volume | Price | Short Put Price | Floor Price | Ceiling Price |
| Type of Contract | Index (2)   | (Bbl/d) | ($/Bbl) | ($/Bbl) | ($/Bbl) | ($/Bbl) |
|             |   |   |   |   |   |   |
| Two-Way Collars  |   | 8,000 |   |   | $55.00 | $84.80 |
| Fixed Swaps      |   | 12,000 | $89.81 |   |   |   |
|             |   |   |   |   |   |   |
|             |   |   |   |   |   |   |
|             |   |   | Natural Gas Hedges |
|             |   |   | Swaps | Collars |
|             |   |   | Average | Average | Average | Average |
|             |   | Volume | Price | Short Put Price | Floor Price | Ceiling Price |
| Type of Contract | Index (2)   | (MMBtu/d) | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) |
|             |   |   |   |   |   |   |
| Fixed Swaps      |   | 50,000 | $4.13 |   |   |   |
| Two-Way Collars  |   | 50,000 |   |   | $3.60 | $5.04 |
|             |   |   |   |   |   |   |
|             |   |   |   |   |   |   |
|             |   |   | Natural Gas Liquids Hedges |
|             |   |   | Swaps | Collars |
|             |   |   | Average | Average | Average | Average |
|             |   | Volume | Price | Short Put Price | Floor Price | Ceiling Price |
| Type of Contract | Index | (Bbl/d) | ($/Bbl) | ($/Bbl) | ($/Bbl) | ($/Bbl) |
|             |   |   |   |   |   |   |
| Fixed Swaps      | Ethane | 2,476 | $11.31 |   |   |   |
| Fixed Swaps      | Propane | 1,750 | $43.35 |   |   |   |
| Fixed Swaps      | Isobutane | 617 | $53.05 |   |   |   |
| Fixed Swaps      | Butane | 579 | $52.53 |   |   |   |
| Fixed Swaps      | Pentanes | 579 | $77.72 |   |   |   |
|             |   |   |   |   |   |   |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   | Three Months Ended June 30, |   | Six Months Ended June 30, |
|                                                                         |   | 2015 |   | Per Diluted Share |   | 2014 |   | Per Diluted Share |   | 2015 |   | Per Diluted Share |   | 2014 |   | Per Diluted Share |
| Net Income (Loss)                                                            |   | $ | (109 | ) |   | $ | (0.28 | ) |   | $ | 192 |  |   | $ | 0.52 |  |   | $ | (131 | ) |   | $ | (0.35 | ) |   | $ | 392 |  |   | $ | 1.07 |  |
| (Gain) loss on commodity derivative instruments, net of cash settlements [1] |   | 274 |  |   | 0.70 |  |   | 187 |  |   | 0.52 |  |   | 334 |  |   | 0.88 |  |   | 228 |  |   | 0.63 |  |
| Asset impairments [2]                                                        |   | 15 |  |   | 0.04 |  |   | 34 |  |   | 0.09 |  |   | 43 |  |   | 0.11 |  |   | 131 |  |   | 0.36 |  |
| (Gain) on divestitures [3]                                                   |   | (1 | ) |   | — |  |   | (44 | ) |   | (0.12 | ) |   | — |  |   | — |  |   | (42 | ) |   | (0.12 | ) |
| Deferred compensation [4]                                                    |   | (7 | ) |   | (0.02 | ) |   | 8 |  |   | 0.02 |  |   | (5 | ) |   | (0.01 | ) |   | 12 |  |   | 0.03 |  |
| Corporate restructuring [5]                                                  |   | 18 |  |   | 0.05 |  |   | — |  |   | — |  |   | 18 |  |   | 0.05 |  |   | — |  |   | — |  |
| Stacked drilling rig [6]                                                     |   | 7 |  |   | 0.02 |  |   | — |  |   | — |  |   | 7 |  |   | 0.02 |  |   | — |  |   | — |  |
| Pension plan termination [7]                                            |   | 21 |  |   | 0.05 |  |   | — |  |   | — |  |   | 21 |  |   | 0.05 |  |   | — |  |   | — |  |
| Other adjustments                                                            |   | 7 |  |   | 0.02 |  |   | (1 | ) |   | — |  |   | 8 |  |   | 0.02 |  |   | (1 | ) |   | — |  |
| Total adjustments before tax                                                 |   | 334 |  |   | 0.86 |  |   | 184 |  |   | 0.51 |  |   | 426 |  |   | 1.12 |  |   | 328 |  |   | 0.90 |  |
| Income tax effect of adjustments [8]                                         |   | (124 | ) |   | (0.32 | ) |   | (53 | ) |   | (0.15 | ) |   | (184 | ) |   | (0.48 | ) |   | (97 | ) |   | (0.26 | ) |
| Adjusted Income                                                              |   | $ | 101 |  |   | $ | 0.26 |  |   | $ | 323 |  |   | $ | 0.88 |  |   | $ | 111 |  |   | $ | 0.29 |  |   | $ | 623 |  |   | $ | 1.71 |  |
| Weighted average number of shares outstanding                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                                      |   | 390 |  |   |   |   | 366 |  |   |   |   | 382 |  |   |   |   | 365 |  |   |   |

|       |
|-------|
|       |  |
| 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 2: Summary Statement of Operations. |

|     |
|-----|
|     |  |
| [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 volumes; 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 primarily to Eastern Mediterranean and Gulf of Mexico properties and amount for 2014 relates primarily to North Sea properties. |

|     |
|-----|
|     |  |  |  |  |
| [3] | Amounts for 2014 represent sales of non-core onshore U.S. properties and China assets. |

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

|     |
|-----|
|     |  |
| [5] | Amount represents severance costs and expenses associated with the relocation of our accounting department from Ardmore, Oklahoma, to Houston, Texas. |

|     |
|-----|
|     |  |
| [6] | Amount represents the day rate cost associated with drilling rigs under contract, but not currently being utilized in our US onshore drilling programs. |

|     |
|-----|
|     |  |  |  |  |
| [7] | Amount represents reclassification of previously unrecognized pension plan loss from other comprehensive loss. Noble Energy is terminating a defined benefit pension plan. |

|     |
|-----|
|     |  |
| [8] | The income tax effect of adjustments is determined for each major tax jurisdiction for each adjusting item. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Three Months Ended June 30, |   | Six Months EndedJune 30, |
|                                            |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Revenues                                        |   |   |   |   |   |   |   |   |
| Crude oil and condensate                        |   | $ | 483 |  |   | $ | 971 |  |   | $ | 914 |  |   | $ | 1,899 |  |
| Natural gas                                     |   | 215 |  |   | 297 |  |   | 492 |  |   | 622 |  |
| Natural gas liquids                             |   | 24 |  |   | 70 |  |   | 56 |  |   | 144 |  |
| Income from equity method investees             |   | 6 |  |   | 45 |  |   | 24 |  |   | 97 |  |
| Other                                           |   | 2 |  |   | — |  |   | 4 |  |   | — |  |
| Total revenues                                  |   | 730 |  |   | 1,383 |  |   | 1,490 |  |   | 2,762 |  |
| Operating Expenses                              |   |   |   |   |   |   |   |   |
| Lease operating expense                         |   | 129 |  |   | 150 |  |   | 286 |  |   | 292 |  |
| Production and ad valorem taxes                 |   | 28 |  |   | 53 |  |   | 61 |  |   | 102 |  |
| Transportation and gathering expense            |   | 56 |  |   | 41 |  |   | 112 |  |   | 80 |  |
| Exploration expense                             |   | 41 |  |   | 59 |  |   | 106 |  |   | 133 |  |
| Depreciation, depletion and amortization        |   | 451 |  |   | 413 |  |   | 905 |  |   | 837 |  |
| General and administrative                      |   | 104 |  |   | 127 |  |   | 198 |  |   | 266 |  |
| Asset impairments                               |   | 15 |  |   | 34 |  |   | 43 |  |   | 131 |  |
| Other operating (income) expense, net           |   | 67 |  |   | (23 | ) |   | 73 |  |   | (12 | ) |
| Total operating expenses                        |   | 891 |  |   | 854 |  |   | 1,784 |  |   | 1,829 |  |
| Operating Income (Loss)                         |   | (161 | ) |   | 529 |  |   | (294 | ) |   | 933 |  |
| Other (Income) Expense                          |   |   |  |   |   |  |   |   |   |   |
| (Gain) loss on commodity derivative instruments |   | 87 |  |   | 236 |  |   | (63 | ) |   | 311 |  |
| Interest, net of amount capitalized             |   | 54 |  |   | 52 |  |   | 112 |  |   | 99 |  |
| Other non-operating (income) expense, net       |   | (9 | ) |   | 8 |  |   | (9 | ) |   | 13 |  |
| Total other (income) expense                    |   | 132 |  |   | 296 |  |   | 40 |  |   | 423 |  |
| Income (Loss) Before Income Taxes               |   | (293 | ) |   | 233 |  |   | (334 | ) |   | 510 |  |
| Income Tax (Benefit) Provision                  |   | (184 | ) |   | 41 |  |   | (203 | ) |   | 118 |  |
| Net Income (Loss)                               |   | $ | (109 | ) |   | $ | 192 |  |   | $ | (131 | ) |   | $ | 392 |  |
| Earnings (Loss) Per Share                       |   |   |   |   |   |   |   |   |
| Earnings (Loss) Per Share, Basic                |   | $ | (0.28 | ) |   | $ | 0.53 |  |   | $ | (0.35 | ) |   | $ | 1.09 |  |
| Earnings (Loss) Per Share, Diluted              |   | $ | (0.28 | ) |   | $ | 0.52 |  |   | $ | (0.35 | ) |   | $ | 1.07 |  |
|                                            |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding   |   |   |   |   |   |   |   |   |
| Basic                                           |   | 387 |  |   | 361 |  |   | 378 |  |   | 361 |  |
| Diluted                                         |   | 387 |  |   | 366 |  |   | 378 |  |   | 365 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Three Months Ended June 30, |   | Six Months EndedJune 30, |
|                                             |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)  |   |   |   |   |   |   |   |   |
| United States                                    |   | 65 |  |   | 65 |  |   | 69 |  |   | 65 |  |
| Equatorial Guinea                                |   | 31 |  |   | 34 |  |   | 30 |  |   | 34 |  |
| Other International                              |   | — |  |   | 5 |  |   | 1 |  |   | 5 |  |
| Total consolidated operations                    |   | 96 |  |   | 104 |  |   | 100 |  |   | 104 |  |
| Equity method investee - Equatorial Guinea       |   | 1 |  |   | 2 |  |   | 1 |  |   | 2 |  |
| Total sales volumes                              |   | 97 |  |   | 106 |  |   | 101 |  |   | 106 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl) |   |   |   |   |   |   |   |   |
| United States                                    |   | $ | 52.44 |  |   | $ | 99.39 |  |   | $ | 48.20 |  |   | $ | 98.22 |  |
| Equatorial Guinea                                |   | 60.02 |  |   | 108.08 |  |   | 54.97 |  |   | 106.92 |  |
| Other International                              |   | — |  |   | 104.70 |  |   | 55.52 |  |   | 104.48 |  |
| Consolidated average realized prices             |   | $ | 54.91 |  |   | $ | 102.53 |  |   | $ | 50.29 |  |   | $ | 101.39 |  |
| Natural Gas Sales Volumes (MMcf/d)               |   |   |   |   |   |   |   |   |
| United States                                    |   | 613 |  |   | 469 |  |   | 616 |  |   | 476 |  |
| Equatorial Guinea                                |   | 202 |  |   | 248 |  |   | 216 |  |   | 245 |  |
| Israel                                           |   | 215 |  |   | 218 |  |   | 229 |  |   | 218 |  |
| Total sales volumes                              |   | 1,030 |  |   | 935 |  |   | 1,061 |  |   | 939 |  |
| Natural Gas Realized Prices ($/Mcf)              |   |   |   |   |   |   |   |   |
| United States                                    |   | $ | 1.90 |  |   | $ | 4.24 |  |   | $ | 2.31 |  |   | $ | 4.52 |  |
| Equatorial Guinea                                |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                           |   | 5.34 |  |   | 5.57 |  |   | 5.40 |  |   | 5.59 |  |
| Consolidated average realized prices             |   | $ | 2.30 |  |   | $ | 3.50 |  |   | $ | 2.56 |  |   | $ | 3.66 |  |
| Natural Gas Liquids Sales Volumes (MBbl/d)       |   |   |   |   |   |   |   |   |
| United States                                    |   | 27 |  |   | 22 |  |   | 26 |  |   | 20 |  |
| Equity method investee - Equatorial Guinea       |   | 3 |  |   | 6 |  |   | 4 |  |   | 6 |  |
| Total sales volumes                              |   | 30 |  |   | 28 |  |   | 30 |  |   | 26 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)      |   |   |   |   |   |   |   |   |
| United States                                    |   | $ | 9.64 |  |   | $ | 34.66 |  |   | $ | 12.00 |  |   | $ | 39.10 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)       |   |   |   |   |   |   |   |   |
| United States                                    |   | 194 |  |   | 166 |  |   | 198 |  |   | 165 |  |
| Equatorial Guinea                                |   | 65 |  |   | 75 |  |   | 66 |  |   | 74 |  |
| Israel                                           |   | 36 |  |   | 37 |  |   | 38 |  |   | 37 |  |
| Other International                              |   | — |  |   | 5 |  |   | 1 |  |   | 5 |  |
| Total consolidated operations                    |   | 295 |  |   | 283 |  |   | 303 |  |   | 281 |  |
| Equity method investee - Equatorial Guinea       |   | 4 |  |   | 7 |  |   | 6 |  |   | 7 |  |
| Total sales volumes                              |   | 299 |  |   | 290 |  |   | 309 |  |   | 288 |  |

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|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | June 30, |   | December 31, |
|                                             |   | 2015 |   | 2014 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 1,278 |  |   | $ | 1,183 |  |
| Accounts receivable, net                         |   | 554 |  |   | 857 |  |
| Commodity derivative assets, current             |   | 456 |  |   | 710 |  |
| Other current assets                             |   | 244 |  |   | 325 |  |
| Total current assets                             |   | 2,532 |  |   | 3,075 |  |
| Net property, plant and equipment                |   | 18,823 |  |   | 18,143 |  |
| Goodwill                                         |   | 616 |  |   | 620 |  |
| Other noncurrent assets                          |   | 714 |  |   | 715 |  |
| Total Assets                                     |   | $ | 22,685 |  |   | $ | 22,553 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable - trade                         |   | $ | 1,222 |  |   | $ | 1,578 |  |
| Other current liabilities                        |   | 834 |  |   | 944 |  |
| Total current liabilities                        |   | 2,056 |  |   | 2,522 |  |
| Long-term debt                                   |   | 6,112 |  |   | 6,103 |  |
| Deferred income taxes                            |   | 2,278 |  |   | 2,516 |  |
| Other noncurrent liabilities                     |   | 1,030 |  |   | 1,087 |  |
| Total Liabilities                                |   | 11,476 |  |   | 12,228 |  |
| Total Shareholders’ Equity                 |   | 11,209 |  |   | 10,325 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 22,685 |  |   | $ | 22,553 |  |

----

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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | Three Months Ended June 30, |   | Six Months EndedJune 30, |
|                                                                |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Adjusted Income [1]                                                 |   | $ | 101 |  |   | $ | 323 |  |   | $ | 111 |  |   | $ | 623 |  |
| Adjustments to reconcile adjusted income to discretionary cash flow |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                            |   | 451 |  |   | 412 |  |   | 905 |  |   | 837 |  |
| Exploration expense                                                 |   | 41 |  |   | 59 |  |   | 106 |  |   | 133 |  |
| (Income)/Dividends from equity method investments, net              |   | 22 |  |   | 10 |  |   | 4 |  |   | (3 | ) |
| Deferred income taxes                                               |   | (168 | ) |   | 61 |  |   | (136 | ) |   | 122 |  |
| Stock-based compensation expense                                    |   | 17 |  |   | 22 |  |   | 38 |  |   | 45 |  |
| Other                                                               |   | (3 | ) |   | — |  |   | (11 | ) |   | — |  |
| Discretionary Cash Flow                                             |   | $ | 461 |  |   | $ | 887 |  |   | $ | 1,017 |  |   | $ | 1,757 |  |
| Reconciliation to Operating Cash Flows                              |   |   |   |   |   |   |   |   |
| Net changes in working capital                                      |   | 16 |  |   | (13 | ) |   | 34 |  |   | 105 |  |
| Cash exploration costs                                              |   | (31 | ) |   | (47 | ) |   | (60 | ) |   | (107 | ) |
| Current tax benefit of earnings adjustments                         |   | 8 |  |   | — |  |   | 8 |  |   | — |  |
| Corporate restructuring                                             |   | (18 | ) |   | — |  |   | (18 | ) |   | — |  |
| Stacked drilling rig                                                |   | (7 | ) |   | — |  |   | (7 | ) |   | — |  |
| Other adjustments                                                   |   | (5 | ) |   | — |  |   | (8 | ) |   | 2 |  |
| Net Cash Provided by Operating Activities                           |   | $ | 424 |  |   | $ | 827 |  |   | $ | 966 |  |   | $ | 1,757 |  |
|                                                                |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                |   | $ | 799 |  |   | $ | 1,272 |  |   | $ | 1,663 |  |   | $ | 2,223 |  |
| Increase in capital lease obligations [2]                           |   | 8 |  |   | 16 |  |   | 31 |  |   | 21 |  |
| Total Capital Expenditures (Accrual Based)                          |   | $ | 807 |  |   | $ | 1,288 |  |   | $ | 1,694 |  |   | $ | 2,244 |  |

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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. While discretionary cash flow 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 is broadly used as an indicator of a company’s ability to fund exploration and production activities and meet financial obligations. Discretionary cash flow is also commonly used as a basis to value and compare 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. |

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

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