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|                                          |
|------------------------------------------|
|                                          |  |  |
| Delaware                                 |   | 73-0785597 |
| (State of incorporation)                 |   | (I.R.S. employer identification number) |
| 1001 Noble Energy Way                    |   |   |
| Houston, Texas                           |   | 77070 |
| (Address of principal executive offices) |   | (Zip Code) |

|                               |
|-------------------------------|
|                               |  |  |
| Title of each class           |   | Name of each exchange on which registered |
| Common Stock, $0.01 par value |   | New York Stock Exchange |

|                           |
|---------------------------|
|                           |  |  |  |
| Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
|                      | (Do not check if a smaller reporting company) |

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|                 |
|-----------------|
|                 |  |  |
| PART I          |
| Items 1. and 2. | Business and Properties | 2 |
| Item 1A.        | Risk Factors | 31 |
| Item 1B.        | Unresolved Staff Comments | 48 |
| Item 3.         | Legal Proceedings | 48 |
| Item 4.         | Mine Safety Disclosures | 48 |
| PART II         |
| Item 5.         | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 48 |
| Item 6.         | Selected Financial Data | 52 |
| Item 7.         | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 53 |
| Item 7A.        | Quantitative and Qualitative Disclosures About Market Risk | 82 |
| Item 8.         | Financial Statements and Supplementary Data | 83 |
| Item 9.         | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 138 |
| Item 9A.        | Controls and Procedures | 138 |
| Item 9B.        | Other Information | 138 |
| PART III        |
| Item 10.        | Directors, Executive Officers and Corporate Governance | 139 |
| Item 11.        | Executive Compensation | 139 |
| Item 12.        | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 139 |
| Item 13.        | Certain Relationships and Related Transactions, and Director Independence | 139 |
| Item 14.        | Principal Accounting Fees and Services | 139 |
| PART IV         |
| Item 15.        | Exhibits and Financial Statements Schedules | 139 |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |
| We have operations in five core areas:        |   | These five core areas provide: |
| l the DJ Basin (onshore US);                  |   | l the majority of our crude oil, natural gas and NGL production; |
| l the Marcellus Shale (onshore US);           |   | l visible growth from major development projects; and |
| l the deepwater Gulf of Mexico (offshore US); |   | l numerous exploration opportunities. |
| l offshore West Africa; and                   |   |   |
| l offshore Eastern Mediterranean.             |   |   |

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|                             |
|-----------------------------|
|                             |  |  |  |
| Sanctioned(1) Projects | Unsanctioned Projects |
|                        |   |   |   |
| ·                      | Horizontal Niobrara (onshore US) (2) | · | Leviathan (offshore Israel) |
| ·                      | Marcellus Shale (onshore US) (2) | · | Cyprus (offshore Cyprus) |
| ·                      | Gunflint (deepwater Gulf of Mexico) | · | Diega and Carla (offshore Equatorial Guinea) |
| ·                      | Big Bend (deepwater Gulf of Mexico) | · | Dantzler (deepwater Gulf of Mexico) |
| ·                      | Tamar Expansion (offshore Israel) |   |   |
| ·                      | Tamar Southwest (offshore Israel) |   |   |

|           |                                          |
|-----------|------------------------------------------|
| (1)  | Final investment decision has been made. |

|           |                                                                                                                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Represents multiple ongoing development projects. The Keota plant and East Pony Integrated Development Plan (IDP) in the Horizontal Niobrara were sanctioned during 2013. We are currently evaluating additional onshore US IDPs for future sanction. |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |
|                              |   | December 31, 2013 |
|                              |   | Proved Reserves |
|                              |   | Crude Oil,Condensate& NGLs |   | Natural Gas |   | Total |
| Reserves Category                 |   | (MMBbls) |   | (Bcf) |   | (MMBoe) (1) |
| Proved Developed                  |   |   |   |   |   |   |
| United States                     |   | 147 |  |   | 1,212 |  |   | 349 |  |
| Equatorial Guinea                 |   | 75 |  |   | 457 |  |   | 151 |  |
| Israel                            |   | 3 |  |   | 2,046 |  |   | 344 |  |
| Other International (2)           |   | 5 |  |   | 2 |  |   | 5 |  |
| Total Proved Developed Reserves   |   | 230 |  |   | 3,717 |  |   | 849 |  |
| Proved Undeveloped                |   |   |  |   |   |  |   |   |  |
| United States                     |   | 185 |  |   | 1,444 |  |   | 425 |  |
| Equatorial Guinea                 |   | 19 |  |   | 234 |  |   | 58 |  |
| Israel                            |   | — |  |   | 433 |  |   | 72 |  |
| Other International (2)           |   | 2 |  |   | — |  |   | 2 |  |
| Total Proved Undeveloped Reserves |   | 206 |  |   | 2,111 |  |   | 557 |  |
| Total Proved Reserves             |   | 436 |  |   | 5,828 |  |   | 1,406 |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Million barrels oil equivalent. Natural gas is converted on the basis of six Mcf of gas per one barrel of crude oil equivalent. This ratio reflects an energy content equivalency and not a price or revenue equivalency. Given commodity price disparities, the price for a barrel of crude oil equivalent for natural gas is significantly less than the price for a barrel of crude oil. The price for a barrel of NGL is also less than the price for a barrel of crude oil. See Item 6. Selected Financial Data. |

|           |                                                       |
|-----------|-------------------------------------------------------|
| (2)  | Other international includes the North Sea and China. |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   | Year Ended December 31, 2013 |   | December 31, 2013 |
|                     |   | Sales Volumes |   | Proved Reserves |
|                     |   | Crude Oil &Condensate |   | NaturalGas |   | NGLs |   | Total |   | Crude Oil &Condensate |   | NaturalGas |   | NGLs |   | Total |
|                     |   | (MBbl/d) |   | (MMcf/d) |   | (MBbl/d) |   | (MBoe/d) |   | (MMBbls) |   | (Bcf) |   | (MMBbls) |   | (MMBoe) |
| DJ Basin                 |   | 46 |  |   | 209 |  |   | 14 |  |   | 95 |  |   | 206 |  |   | 1,044 |  |   | 72 |  |   | 450 |  |
| Marcellus Shale          |   | — |  |   | 139 |  |   | 1 |  |   | 24 |  |   | 1 |  |   | 1,374 |  |   | 22 |  |   | 252 |  |
| Deepwater Gulf of Mexico |   | 16 |  |   | 13 |  |   | 1 |  |   | 19 |  |   | 28 |  |   | 33 |  |   | 1 |  |   | 35 |  |
| Other Onshore US         |   | 1 |  |   | 79 |  |   | — |  |   | 15 |  |   | 2 |  |   | 205 |  |   | — |  |   | 37 |  |
| Total                    |   | 63 |  |   | 440 |  |   | 16 |  |   | 153 |  |   | 237 |  |   | 2,656 |  |   | 95 |  |   | 774 |  |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |
|                     |   | Year Ended December 31, 2013 |   | December 31, 2013 |
|                     |   | Gross Wells Drilledor Participated in (1) |   | Gross ProductiveWells |
| DJ Basin                 |   | 470 |  |   | 8,383 |  |
| Marcellus Shale          |   | 117 |  |   | 284 |  |
| Deepwater Gulf of Mexico |   | 2 |  |   | 13 |  |
| Other Onshore US         |   | 23 |  |   | 3,632 |  |
| Total                    |   | 612 |  |   | 12,312 |  |

|           |                                                                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Excludes exploratory wells drilled and suspended awaiting a sanctioned development plan or being evaluated to assess the economic viability of the well. See Drilling Activity, below. |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Year Ended December 31, 2013 |   | December 31, 2013 |
|                                            |   | Sales Volumes |   | Proved Reserves |
|                                            |   | Crude Oil &Condensate |   | Natural Gas |   | NGLs |   | Total |   | Crude Oil,Condensate& NGLs |   | NaturalGas |   | Total |
|                                            |   | (MBbl/d) |   | (MMcf/d) |   | (MBbl/d) |   | (MBoe/d) |   | (MMBbls) |   | (Bcf) |   | (MMBoe) |
| International                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equatorial Guinea                               |   | 32 |  |   | 252 |  |   | — |  |   | 73 |  |   | 94 |  |   | 691 |  |   | 209 |  |
| Israel                                          |   | — |  |   | 209 |  |   | — |  |   | 35 |  |   | 3 |  |   | 2,479 |  |   | 416 |  |
| China                                           |   | 4 |  |   | — |  |   | — |  |   | 4 |  |   | 6 |  |   | 2 |  |   | 6 |  |
| Total International                             |   | 36 |  |   | 461 |  |   | — |  |   | 112 |  |   | 103 |  |   | 3,172 |  |   | 631 |  |
| Equity Investee                                 |   | 2 |  |   | — |  |   | 6 |  |   | 8 |  |   | — |  |   | — |  |   | — |  |
| Discontinued Operations (North Sea)             |   | 1 |  |   | 2 |  |   | — |  |   | 1 |  |   | 1 |  |   | — |  |   | 1 |  |
| Total                                           |   | 39 |  |   | 463 |  |   | 6 |  |   | 121 |  |   | 104 |  |   | 3,172 |  |   | 632 |  |
| Equity Investee Share of Methanol Sales (MMgal) |   |   |  |   | 155 |  |   |   |  |   |   |  |   |   |  |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |
|                |   | Year Ended December 31, 2013 |   | December 31, 2013 |
|                |   | Gross Wells Drilledor Participated in (1) |   | Gross ProductiveWells |
| International       |   |   |   |   |
| Equatorial Guinea   |   | — |  |   | 24 |  |
| Israel              |   | — |  |   | 7 |  |
| North Sea           |   | — |  |   | 6 |  |
| China               |   | 3 |  |   | 30 |  |
| Nicaragua           |   | 1 |  |   | — |  |
| Total International |   | 4 |  |   | 67 |  |

|           |                                                                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Excludes exploratory wells drilled and suspended awaiting a sanctioned development plan or being evaluated to assess the economic viability of the well. See Drilling Activity, below. |

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|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the Audit Committee of our Board of Directors reviews significant reserves changes on an annual basis; |

|         |                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | fields that meet a minimum reserve quantity threshold, newly sanctioned development projects, and certain fields selected on a rotational basis, which combined represent over 80% of our proved reserves, are audited by Netherland, Sewell & Associates, Inc. (NSAI), a third-party petroleum consulting firm, on an annual basis; and |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | NSAI is engaged by and has direct access to the Audit Committee. See Third-Party Reserves Audit, below. |

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|         |                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 227 MMBoe in the DJ Basin. Based on our current inventory of identified horizontal well locations and our anticipated rate of drilling activity, we expect these PUDs to be converted to proved developed reserves over an approximate three-year period; |

|         |                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 177 MMBoe in the Marcellus Shale. Based on our current inventory of identified horizontal well locations and our anticipated rate of drilling activity, we expect these PUDs to be converted to proved developed reserves over an approximate two-year period; |

|         |                                               |
|---------|-----------------------------------------------|
| • | 20 MMBoe in the deepwater Gulf of Mexico; |

|         |                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 58 MMBoe in the Alba field, offshore Equatorial Guinea, 55 MMBoe of which have been recorded as PUDs for over five years and are attributable to a sanctioned compression project, for which construction has commenced. These volumes, which will be recovered through existing wells, will be reclassified to proved developed at start-up, currently expected in 2016; and |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | 72 MMBoe in Israel primarily in the Tamar and Tamar Southwest fields. |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | United States |   | EquatorialGuinea |   | Israel |   | China |   | Total |
| (MMBoe)                                       |   |   |   |   |   |   |   |   |   |   |
| Proved Undeveloped Reserves Beginning of Year |   | 272 |  |   | 74 |  |   | 375 |  |   | 2 |  |   | 723 |  |
| Revisions of Previous Estimates               |   | 41 |  |   | 8 |  |   | 2 |  |   | (1 | ) |   | 50 |  |
| Extensions, Discoveries and Other Additions   |   | 153 |  |   | 3 |  |   | 30 |  |   | 1 |  |   | 187 |  |
| Purchase of Minerals in Place                 |   | 22 |  |   | — |  |   | — |  |   | — |  |   | 22 |  |
| Conversion to Proved Developed                |   | (63 | ) |   | (27 | ) |   | (335 | ) |   | — |  |   | (425 | ) |
| Proved Undeveloped Reserves End of Year       |   | 425 |  |   | 58 |  |   | 72 |  |   | 2 |  |   | 557 |  |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | positive revisions of 39 MMBoe, primarily due to increased recovery assumptions in the DJ Basin and Marcellus Shale as a result of better than expected performance from existing wells; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | positive revisions of 2 MMBoe, primarily in the Marcellus Shale, due to changes in commodity prices; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | additions of 81 MMBoe in the DJ Basin horizontal drilling program; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | additions of 58 MMBoe in the Marcellus Shale horizontal drilling program; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | additions of 14 MMBoe in the deepwater Gulf of Mexico due to recently sanctioned Gunflint and Big Bend projects; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | purchases of 22 MMBoe related to acquisitions of additional Marcellus Shale acreage; and |

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | conversion of 63 MMBoe into proved developed reserves attributable to ongoing development in the DJ Basin (19% of year end 2012 PUD volumes converted) and Marcellus Shale (30% of year end 2012 PUD volumes converted). |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | positive revisions of 8 MMBoe due to performance revisions for the Alba field; |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | additions of 3 MMBoe attributable to an infill location at the Alba field; and |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | conversion of 27 MMBoe due to start-up of the Alen field. |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | positive revisions of 2 MMBoe due to performance revisions for the Tamar field; |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | additions of 30 MMBoe in the recently discovered and sanctioned Tamar Southwest field; and |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | conversion of 335 MMBoe due to start-up of the Tamar field. |

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|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Proved Reserves for a discussion of changes in proved reserves; |

|         |                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates – Reserves for further discussion of our reserves estimation process; and |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Item 8. Financial Statements and Supplementary Data – Supplementary Oil and Gas Information (Unaudited) for additional information regarding estimates of crude oil and natural gas reserves, including estimates of proved, proved developed, and proved undeveloped reserves, the standardized measure of discounted future net cash flows, and the changes in the standardized measure of discounted future net cash flows. |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          |   | Sales Volumes |   | Average Sales Price |   | Production Cost (1) |
|                          |   | Crude Oil &CondensateMBbl/d |   | Natural GasMMcf/d |   | NGLsMBbl/d |   | Crude Oil &CondensatePer Bbl |   | Natural GasPer Mcf |   | NGLs PerBbl |   | Per BOE |
| Year Ended December 31, 2013  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                 |   |   |   |   |  |   |   |  |   |   |   |   |   |   |   |   |
| DJ Basin                      |   | 46 |  |   | 209 |  |   | 14 |  |   | $ | 93.28 |  |   | $ | 3.50 |  |   | $ | 36.33 |  |   | $ | 4.71 |  |
| Marcellus Shale               |   | — |  |   | 139 |  |   | 1 |  |   | 79.62 |  |   | 3.67 |  |   | 30.92 |  |   | 2.80 |  |
| Other US                      |   | 17 |  |   | 92 |  |   | 1 |  |   | 105.56 |  |   | 3.44 |  |   | 31.73 |  |   | 13.99 |  |
| Total US                      |   | 63 |  |   | 440 |  |   | 16 |  |   | 96.53 |  |   | 3.54 |  |   | 35.53 |  |   | 6.47 |  |
| Equatorial Guinea             |   | 32 |  |   | 252 |  |   | — |  |   | 107.48 |  |   | 0.27 |  |   | — |  |   | 3.96 |  |
| Israel                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Tamar Field       |   | — |  |   | 153 |  |   | — |  |   | — |  |   | 5.32 |  |   | — |  |   | 2.61 |  |
|   Other Israel      |   | — |  |   | 56 |  |   | — |  |   | — |  |   | 4.22 |  |   | — |  |   | 6.79 |  |
|   Total Israel      |   | — |  |   | 209 |  |   | — |  |   | — |  |   | 5.02 |  |   | — |  |   | 3.73 |  |
| China                         |   | 4 |  |   | — |  |   | — |  |   | 103.21 |  |   | — |  |   | — |  |   | 9.45 |  |
| Total Consolidated Operations |   | 99 |  |   | 901 |  |   | 16 |  |   | 100.29 |  |   | 2.97 |  |   | 35.53 |  |   | $ | 5.46 |  |
| Equity Investee (3)           |   | 2 |  |   | — |  |   | 6 |  |   | 105.37 |  |   |   |   | 68.12 |  |   |   |
| Total Continuing Operations   |   | 101 |  |   | 901 |  |   | 22 |  |   | $ | 100.38 |  |   | $ | 2.97 |  |   | $ | 43.90 |  |   |   |
| Year Ended December 31, 2012  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                 |   |   |   |   |  |   |   |  |   |   |   |   |   |   |   |   |
| DJ Basin                      |   | 32 |  |   | 194 |  |   | 13 |  |   | $ | 89.41 |  |   | $ | 2.67 |  |   | $ | 35.50 |  |   | $ | 4.45 |  |
| Other US                      |   | 17 |  |   | 244 |  |   | 3 |  |   | 104.30 |  |   | 2.57 |  |   | 34.92 |  |   | 8.00 |  |
| Total US                      |   | 49 |  |   | 438 |  |   | 16 |  |   | 94.69 |  |   | 2.61 |  |   | 35.36 |  |   | 6.04 |  |
| Equatorial Guinea             |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Alba Field (2)                |   | 12 |  |   | 235 |  |   | — |  |   | 107.08 |  |   | 0.27 |  |   | — |  |   | 2.79 |  |
| Aseng Field                   |   | 21 |  |   | — |  |   | — |  |   | 111.93 |  |   | — |  |   | — |  |   | 4.88 |  |
| Total Equatorial Guinea       |   | 33 |  |   | 235 |  |   | — |  |   | 110.14 |  |   | 0.27 |  |   | — |  |   | 3.39 |  |
| Mari-B Field (Israel)         |   | — |  |   | 101 |  |   | — |  |   | — |  |   | 4.85 |  |   | — |  |   | 3.23 |  |
| China                         |   | 4 |  |   | — |  |   | — |  |   | 114.54 |  |   | — |  |   | — |  |   | 10.33 |  |
| Total Consolidated Operations |   | 86 |  |   | 774 |  |   | 16 |  |   | 101.52 |  |   | 2.19 |  |   | 35.36 |  |   | $ | 5.09 |  |
| Equity Investee (3)           |   | 2 |  |   | — |  |   | 5 |  |   | 104.56 |  |   | — |  |   | 69.14 |  |   |   |  |
| Total Continuing Operations   |   | 88 |  |   | 774 |  |   | 21 |  |   | $ | 101.58 |  |   | $ | 2.19 |  |   | $ | 44.15 |  |   |   |  |
| Year Ended December 31, 2011  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| United States                 |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| DJ Basin                      |   | 23 |  |   | 166 |  |   | 11 |  |   | $ | 90.05 |  |   | $ | 3.95 |  |   | $ | 49.45 |  |   | $ | 4.58 |  |
| Other US                      |   | 15 |  |   | 222 |  |   | 4 |  |   | 103.30 |  |   | 3.87 |  |   | 45.40 |  |   | 7.45 |  |
| Total US                      |   | 38 |  |   | 388 |  |   | 15 |  |   | 95.19 |  |   | 3.90 |  |   | 48.35 |  |   | 6.24 |  |
| Equatorial Guinea             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alba Field (2)                |   | 12 |  |   | 245 |  |   | — |  |   | 107.70 |  |   | 0.27 |  |   | — |  |   | 2.35 |  |
| Aseng Field                   |   | 2 |  |   | — |  |   | — |  |   | 106.87 |  |   | — |  |   | — |  |   | 9.08 |  |
| Total Equatorial Guinea       |   | 14 |  |   | 245 |  |   | — |  |   | 107.57 |  |   | 0.27 |  |   | — |  |   | 2.64 |  |
| Mari-B Field (Israel)         |   | — |  |   | 173 |  |   | — |  |   | — |  |   | 4.86 |  |   | — |  |   | 1.16 |  |
| China                         |   | 4 |  |   | — |  |   | — |  |   | 106.19 |  |   | — |  |   | — |  |   | 9.61 |  |
| Total Consolidated Operations |   | 56 |  |   | 806 |  |   | 15 |  |   | 99.17 |  |   | 3.00 |  |   | 48.35 |  |   | $ | 4.47 |  |
| Equity Investee (3)           |   | 2 |  |   | — |  |   | 5 |  |   | 108.76 |  |   | — |  |   | 72.71 |  |   |   |  |
| Total Continuing Operations   |   | 58 |  |   | 806 |  |   | 20 |  |   | $ | 99.46 |  |   | $ | 3.00 |  |   | $ | 54.84 |  |   |   |  |

|           |                                                                                                                                                                        |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Average production cost includes oil and gas operating costs and workover and repair expense and excludes production and ad valorem taxes and transportation expenses. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Natural gas is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. Sales to these plants are based on a Btu equivalent and then converted to a dry gas equivalent volume. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting. The volumes produced by the LPG plant are included in the crude oil information. |

|           |                                                                                        |
|-----------|----------------------------------------------------------------------------------------|
| (3)  | Volumes represent sales of condensate and LPG from the LPG plant in Equatorial Guinea. |

----

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Index to Financial Statements

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | Crude Oil Wells |   | Natural Gas Wells |   | Total |
|              |   | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| United States     |   | 6,376 |  |   | 5,848.5 |  |   | 5,936 |  |   | 4,647.6 |  |   | 12,312 |  |   | 10,496.1 |  |
| Equatorial Guinea |   | 5 |  |   | 2.0 |  |   | 19 |  |   | 7.1 |  |   | 24 |  |   | 9.1 |  |
| Israel            |   | — |  |   | — |  |   | 7 |  |   | 2.7 |  |   | 7 |  |   | 2.7 |  |
| North Sea         |   | 5 |  |   | 0.7 |  |   | 1 |  |   | 0.2 |  |   | 6 |  |   | 0.9 |  |
| China             |   | 29 |  |   | 16.5 |  |   | 1 |  |   | 0.6 |  |   | 30 |  |   | 17.1 |  |
| Total             |   | 6,415 |  |   | 5,867.7 |  |   | 5,964 |  |   | 4,658.2 |  |   | 12,379 |  |   | 10,525.9 |  |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | Developed Acreage |   | Undeveloped Acreage |
|                 |   | Gross |   | Net |   | Gross |   | Net |
| (thousands of acres) |   |   |   |   |   |   |   |   |
| United States        |   |   |   |   |   |   |   |   |
| Onshore              |   | 1,613 |  |   | 1,074 |  |   | 1,458 |  |   | 933 |  |
| Offshore             |   | 115 |  |   | 52 |  |   | 575 |  |   | 409 |  |
| Total United States  |   | 1,728 |  |   | 1,126 |  |   | 2,033 |  |   | 1,342 |  |
| International        |   |   |  |   |   |  |   |   |  |   |   |  |
| Equatorial Guinea    |   | 284 |  |   | 118 |  |   | 180 |  |   | 80 |  |
| Falkland Islands     |   | — |  |   | — |  |   | 9,921 |  |   | 3,472 |  |
| Cameroon             |   | — |  |   | — |  |   | 1,084 |  |   | 695 |  |
| Israel               |   | 185 |  |   | 80 |  |   | 752 |  |   | 326 |  |
| Cyprus               |   | — |  |   | — |  |   | 852 |  |   | 596 |  |
| North Sea            |   | 6 |  |   | 1 |  |   | 20 |  |   | 4 |  |
| China                |   | 7 |  |   | 4 |  |   | — |  |   | — |  |
| Sierra Leone         |   | — |  |   | — |  |   | 1,380 |  |   | 414 |  |
| Nicaragua            |   | — |  |   | — |  |   | 1,923 |  |   | 1,346 |  |
| Total International  |   | 482 |  |   | 203 |  |   | 16,112 |  |   | 6,933 |  |
| Total                |   | 2,210 |  |   | 1,329 |  |   | 18,145 |  |   | 8,275 |  |

----

Table of Contents

Index to Financial Statements

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   | Year Ended December 31, |
|                     |   | 2014 |   | 2015 |   | 2016 |
|                     |   | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| (thousands of acres)     |   |   |   |   |   |   |   |   |   |   |   |   |
| Onshore US (1)           |   | 321 |  |   | 205 |  |   | 306 |  |   | 153 |  |   | 272 |  |   | 219 |  |
| Deepwater Gulf of Mexico |   | 20 |  |   | 14 |  |   | 42 |  |   | 40 |  |   | 81 |  |   | 50 |  |
| Equatorial Guinea        |   | 55 |  |   | 19 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Israel (2)               |   | 691 |  |   | 303 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Cyprus (2)               |   | 852 |  |   | 596 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Cameroon (3)             |   | — |  |   | — |  |   | 458 |  |   | 305 |  |   | — |  |   | — |  |
| Total                    |   | 1,939 |  |   | 1,137 |  |   | 806 |  |   | 498 |  |   | 353 |  |   | 269 |  |

|           |                                                                                                                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Represents acreage that will expire if no further action is taken to extend. Approximately 52% of the acreage is located in core areas where we currently expect to continue development activities and/or extend the lease terms. |

|           |                                                                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Represents acreage that will expire if no further action is taken to extend. We currently intend to extend the leases prior to expiration in accordance with license terms. See also Regulations - Update on Israel Natural Gas Policy. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The acreage in Cameroon is comprised of our Tilapia PSC and YoYo mining concession. Pursuant to the Tilapia PSC, our second exploration period expires on July 6, 2015; however, we have the right to extend our acreage for an additional two years. Pursuant to our YoYo mining concession, development must commence prior to December 2014, and we are actively engaged in negotiations to extend the term of the mining concession to 35 years. |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   | Net Exploratory Wells |   | Net Development Wells |   |   |
|                         |   | Productive |   | Dry |   | Total |   | Productive |   | Dry |   | Total |   | Total |
| Year Ended December 31, 2013 |   |   |   |   |   |   |   |   |  |   |   |   |   |   |   |
| United States                |   | 5.8 |  |   | — |  |   | 5.8 |  |   | 341.7 |  |   | 3.9 |  |   | 345.6 |  |   | 351.4 |  |
| Equatorial Guinea            |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| China                        |   | — |  |   | — |  |   | — |  |   | 1.7 |  |   | — |  |   | 1.7 |  |   | 1.7 |  |
| Nicaragua                    |   | — |  |   | 0.7 |  |   | 0.7 |  |   | — |  |   | — |  |   | — |  |   | 0.7 |  |
| Total                        |   | 5.8 |  |   | 0.7 |  |  | 6.5 |  |  | 343.4 |  |  | 3.9 |  |  | 347.3 |  |  | 353.8 |  |
| Year Ended December 31, 2012 |   |   |   |   |   |   |   |   |  |   |   |   |   |   |   |
| United States                |   | 8.1 |  |   | 2.3 |  |   | 10.4 |  |   | 457.5 |  |   | — |  |   | 457.5 |  |   | 467.9 |  |
| Equatorial Guinea            |   | — |  |   | — |  |   | — |  |   | 2.3 |  |   | — |  |   | 2.3 |  |   | 2.3 |  |
| Cameroon                     |   | — |  |   | 0.5 |  |   | 0.5 |  |   | — |  |   | — |  |   | — |  |   | 0.5 |  |
| Israel                       |   | — |  |   | — |  |   | — |  |   | 3.2 |  |   | — |  |   | 3.2 |  |   | 3.2 |  |
| China                        |   | — |  |   | — |  |   | — |  |   | 1.7 |  |   | — |  |   | 1.7 |  |   | 1.7 |  |
| Total                        |   | 8.1 |  |   | 2.8 |  |   | 10.9 |  |   | 464.7 |  |   | — |  |   | 464.7 |  |   | 475.6 |  |
| Year Ended December 31, 2011 |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| United States                |   | 9.6 |  |   | 3.7 |  |   | 13.3 |  |   | 641.2 |  |   | 4.0 |  |   | 645.2 |  |   | 658.5 |  |
| Equatorial Guinea            |   | — |  |   | — |  |   | — |  |   | 0.5 |  |   | — |  |   | 0.5 |  |   | 0.5 |  |
| Cameroon                     |   | — |  |   | 0.5 |  |   | 0.5 |  |   | — |  |   | — |  |   | — |  |   | 0.5 |  |
| Senegal/Guinea-Bissau        |   | — |  |   | 0.3 |  |   | 0.3 |  |   | — |  |   | — |  |   | — |  |   | 0.3 |  |
| China                        |   | — |  |   | — |  |   | — |  |   | 2.9 |  |   | — |  |   | 2.9 |  |   | 2.9 |  |
| Total                        |   | 9.6 |  |   | 4.5 |  |   | 14.1 |  |   | 644.6 |  |   | 4.0 |  |   | 648.6 |  |   | 662.7 |  |

----

Table of Contents

Index to Financial Statements

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | Exploratory (1) |   | Development(2) |   | Total |
|              |   | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| United States     |   | 10 |  |   | 5.6 |  |   | 188 |  |   | 106.8 |  |   | 198 |  |   | 112.4 |  |
| Cameroon          |   | 1 |  |   | 0.5 |  |   | — |  |   | — |  |   | 1 |  |   | 0.5 |  |
| Cyprus            |   | 2 |  |   | 1.4 |  |   | — |  |   | — |  |   | 2 |  |   | 1.4 |  |
| Equatorial Guinea |   | 9 |  |   | 4.2 |  |   | — |  |   | — |  |   | 9 |  |   | 4.2 |  |
| Falkland Islands  |   | 1 |  |   | 0.4 |  |   | — |  |   | — |  |   | 1 |  |   | 0.4 |  |
| Israel            |   | 8 |  |   | 3.3 |  |   |  |  |   |  |  |   | 8 |  |   | 3.3 |  |
| Total             |   | 31 |  |   | 15.4 |  |   | 188 |  |   | 106.8 |  |   | 219 |  |   | 122.2 |  |

|           |                                                                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Includes exploratory wells drilled and suspended awaiting a sanctioned development plan or being evaluated to assess the economic viability of the well. |

|           |                                               |
|-----------|-----------------------------------------------|
| (2)  | Includes wells pending completion activities. |

----

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Index to Financial Statements

----

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Index to Financial Statements

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Ministry of Mines, Industry and Energy which, under such laws as the hydrocarbons law enacted in 2006 by the government of Equatorial Guinea, regulates our exploration, development and production activities offshore Equatorial Guinea; |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Ministry of Energy and Water Resources which regulates our exploration and development activities offshore Israel and the Israeli electricity market into which we sell our natural gas production; |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | the Israeli Antitrust Commission which reviews Israel's domestic natural gas sales and ownership in offshore blocks and leases; |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | the Ministry of Energy, Commerce, Industry and Tourism which regulates our exploration and development activities offshore Cyprus; |

|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Department of Energy and Climate Change which regulates our exploration and development activities in the UK sector of the North Sea; |

|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | various agencies in China which, under such laws as the Provisional Regulations on Administration and Management of the Abandonment of Offshore Oil and Gas Producing Facilities enacted in 2010, regulate our development and production activities offshore China; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | the Petroleum Directorate which regulates our exploration activities offshore Sierra Leone; and |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | the Department of Mineral Resources which regulates our exploration activities offshore the Falkland Islands. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Bureau of Land Management (BLM), the Bureau of Ocean Energy Management (BOEM) and BSEE, which under laws such as the Federal Land Policy and Management Act, Endangered Species Act, National Environmental Policy Act and Outer Continental Shelf Lands Act, have certain authority over our operations on federal lands, particularly in the Rocky Mountains and deepwater Gulf of Mexico; |

|         |                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Office of Natural Resources Revenue, which under the Federal Oil and Gas Royalty Management Act of 1982 has certain authority over our payment of royalties, rentals, bonuses, fines, penalties, assessments, and other revenue; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the US Environmental Protection Agency (EPA) and the Occupational Safety and Health Administration (OSHA), which under laws such as the Comprehensive Environmental Response, Compensation and Liability Act, as amended, the Resource Conservation and Recovery Act, as amended, the Oil Pollution Act of 1990, the Clean Air Act, the Clean Water Act, the Safe Drinking Water Act, and the Occupational Safety and Health Act have certain authority over environmental, health and safety matters affecting our operations; |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the US Fish and Wildlife Service, which under the Endangered Species Act has authority over activities that may result in the take of an endangered species or its habitat; |

|         |                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the US Army Corps of Engineers, which under the Clean Water Act has authority to regulate the construction of structures involving the fill of certain waters and wetlands subject to federal jurisdiction, including well pads, pipelines, and roads; |

|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Federal Energy Regulatory Commission (FERC), which under laws such as the Energy Policy Act of 2005 has certain authority over the marketing and transportation of crude oil and natural gas we produce onshore and from the deepwater Gulf of Mexico; and |

|         |                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Department of Transportation (DOT), which has certain authority over the transportation of products, equipment and personnel necessary to our onshore US and deepwater Gulf of Mexico operations. |

----

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Index to Financial Statements

----

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Index to Financial Statements

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | documentation of environmental changes that are coincident with shale gas production; |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | development of technology or management practices that mitigate any unintended environmental changes; and |

|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | development of monitoring technologies to (1) assess the impact of shale gas production on air quality and (2)determine if zonal isolation between producing formations and drinking water aquifers is maintained after hydraulic fracturing. |

|         |                                          |
|---------|------------------------------------------|
| • | ensuring energy security in the economy; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | providing a framework for substantial resource exports; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | designating a certain percentage of production from each field for domestic natural gas demand; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | maintaining competition in the different sectors of the local economy; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | maximizing economic and political benefits; and |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | leveraging environmental advantages with respect to the use of natural gas. |

----

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Index to Financial Statements

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | as a rule, all reservoirs should be charged with supplying a certain percentage of natural gas to the local economy, with minimum requirements based on reservoir size (minimum of 25%-50%). The minimum supply obligations will not apply for reservoirs under a certain size (25 BCM) but the reservoirs will be required to be connected to the domestic market. The recommendations allow for a lease in a developed reservoir to exchange its export quota against an "obligation to supply to the domestic market" which applies to any other leaseholder which submitted a development plan so long as approval therefor is given by the Petroleum Commissioner in the Ministry of Energy and Water Resources and by the Israeli Antitrust Authority; |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a determination that the quantity of natural gas that should be guaranteed in favor of the local economy should be 450 BCM and that the quantity should be updated in five years; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the export of natural gas should be permitted as long as the quantity from all reservoirs does not exceed 500 BCM, which amount may be reassessed; |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | regulatory approval required for export, with export licenses eligible for periods up to 25 years; |

|         |                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | there should be an absolute preference for the export of natural gas from a facility in an area under Israeli control, including Israel's exclusive economic zone, although further study of various export means (such as export from a foreign area governed by bilateral agreement) and statutory feasibility is necessary; and |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | steps should be taken to increase competition in the natural gas market. |

----

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Index to Financial Statements

----

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Index to Financial Statements

----

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Index to Financial Statements

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | disclose chemicals they inject by using an online database, with an exception for chemicals deemed to be trade secrets; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | verify that wells are drilled properly so that toxic fluids do not contaminate groundwater; and |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | submit plans for managing drilling wastewater in lined pits or storage tanks. |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | Items 1. and 2. Business and Properties – Regulations; |

|         |                            |
|---------|----------------------------|
| • | Item 1A. Risk Factors; and |

|         |                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Risk and Insurance Program. |

----

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Index to Financial Statements

----

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Index to Financial Statements

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |
|                                           |   | Daily Average Settlement Price for Prompt Month Contracts |
|                                           |   | High |   | Low |
| Year Ended December 31, 2013                   |   |   |   |   |
| NYMEX                                          |   |   |   |   |
|    Crude Oil - WTI (Per Bbl)    |   | $ | 110.53 |  |   | $ | 86.68 |  |
|    Natural Gas - HH (Per MMBtu) |   | 4.46 |  |   | 3.11 |  |
| Brent                                          |   |   |   |   |
|    Crude Oil (Per Bbl)          |   | 118.90 |  |   | 97.69 |  |

----

Table of Contents

Index to Financial Statements

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | economic factors impacting global gross domestic product growth rates; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | global demand for crude oil, natural gas and NGLs; |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | global factors impacting supply quantities of crude oil, natural gas and NGLs, in particular, US crude oil and NGL supply growth resulting from shale oil development; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Organization of Petroleum-Exporting Countries (OPEC) spare capacity relative to global crude oil supply; |

|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | further application of horizontal drilling techniques which could increase production and significantly impact both domestic and global supplies of crude oil, natural gas, and NGLs; |

|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | ability to develop natural gas in shale or crude oil in tight formations relatively inexpensively which could increase the supply of natural gas or crude oil; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | developments in the global LNG market, including potential exports from the US; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | actions taken by foreign hydrocarbon-producing nations; |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | political conditions and events (including instability or armed conflict) in hydrocarbon-producing regions; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the existence of government imposed price and/or product subsidies; |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | the price and availability of alternative fuels, including coal, solar, wind, nuclear energy and biofuels; |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | the long-term impact on the crude oil market of the use of natural gas as an alternative fuel for road transportation; |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | the availability of pipeline capacity and infrastructure; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the availability of crude oil transportation and refining capacity; |

|         |                     |
|---------|---------------------|
| • | weather conditions; |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | demand for electricity as well as natural gas used as fuel for electricity generation; |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | fuel efficiency regulations, such as the Corporate Average Fuel Economy (CAFE) standards, and its impacts on crude oil demand as a transportation fuel; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | access to government-owned and other lands for exploration and production activities; and |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | domestic and foreign governmental regulations and taxes. |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | reduction of our revenues, operating income and cash flows; |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | curtailment or shut-in of our production due to lack of transportation or storage capacity; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | reduction in the amount of crude oil, natural gas, and NGLs that we can produce economically; |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | certain properties in our portfolio may become economically unviable; |

|         |                                                        |
|---------|--------------------------------------------------------|
| • | delay or postponement of some of our capital projects; |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | significant reductions in our capital investment programs, resulting in a reduced ability to develop our reserves; |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | limitations on our financial condition, liquidity, and/or ability to finance planned capital expenditures and operations; |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | limitations on our access to sources of capital, such as equity and debt; and |

|         |                              |
|---------|------------------------------|
| • | declines in our stock price. |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | asset impairment charges resulting from reductions in the carrying values of our crude oil and natural gas properties at the date of assessment; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | additional counterparty credit risk exposure on commodity hedges; or |

|         |                                              |
|---------|----------------------------------------------|
| • | reduction in the carrying value of goodwill. |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | inability to attract and/or retain a sufficient quantity of personnel with the skills required to bring these complex projects to production on schedule and on budget; |

|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | significant delays in delivery of essential items or performance of services, cost overruns, supplier insolvency, or other critical supply failure which could adversely affect project development; |

|         |                                           |
|---------|-------------------------------------------|
| • | lack of government approval for projects; |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | civil disturbances, anti-development activities, legal challenges or other potential interruptions which could prevent access; and |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | drilling hazards or accidents or natural disasters. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | renegotiation, modification or nullification of existing contracts, such as may occur pursuant to future regulations enacted as a result of changes in Israel's export and natural gas development policies, or the hydrocarbons law enacted in 2006 by the government of Equatorial Guinea, which can result in an increase in the amount of revenues that the host government receives from production (government take) or otherwise decrease project profitability; |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | loss of revenue, property and equipment as a result of actions taken by host nations, such as expropriation or nationalization of assets or termination of contracts; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | disruptions caused by territorial or boundary disputes in certain international regions; |

|         |                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes in drilling or safety regulations in other countries as a result of the Deepwater Horizon Incident, a large oil spill occurring in the Gulf of Mexico in 2010, or other incidents that have occurred; |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | laws and policies of the US and foreign jurisdictions affecting foreign investment, taxation, trade and business conduct; |

|         |                                |
|---------|--------------------------------|
| • | foreign exchange restrictions; |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | international monetary fluctuations and changes in the relative value of the US dollar as compared with the currencies of other countries in which we conduct business; and |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | other hazards arising out of foreign governmental sovereignty over areas in which we conduct operations. |

----

Table of Contents

Index to Financial Statements

|         |                                                          |
|---------|----------------------------------------------------------|
| • | restrict resource access or investment in lease holding; |

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | reduce exploration activities, which could have a long-term negative impact on the quantities of proved reserves we record and inhibit future production growth; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | have a negative impact on the ability of us and/or our partners to obtain financing; |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | cause delay in or cancellation of development plans, which could also have a long-term negative impact on the quantities of proved reserves we record and inhibit future production growth; |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | reduce the profitability of our projects, resulting in decreases in net income and cash flows with the potential to make future investments uneconomical; |

|         |                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | result in currently producing projects becoming uneconomic, to the extent fiscal changes are retroactive, thereby reducing the amount of proved reserves we record and cash flows we receive, and possibly resulting in asset impairment charges; |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | require that valuation allowances be established against deferred tax assets, with offsetting increases in income tax expense, resulting in decreases in net income and cash flow; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | restrict our ability to compete with imported volumes of crude oil or natural gas; and/or |

|         |                                                 |
|---------|-------------------------------------------------|
| • | adversely affect the price of our common stock. |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | volatility in global crude oil prices which could negatively impact the global economy, resulting in slower economic growth rates, which could reduce demand for our products; |

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | negative impact on the world crude oil supply if infrastructure or transportation are disrupted, leading to further commodity price volatility; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | difficulty in attracting and retaining qualified personnel to work in areas with potential for conflict; |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | inability of our personnel or supplies to enter or exit the countries where we are conducting operations; |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | disruption of our operations due to evacuation of personnel; |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | inability to deliver our production due to disruption or closing of transportation routes; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | reduced ability to export our production due to efforts of countries to conserve domestic resources; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | damage to or destruction of our wells, production facilities, receiving terminals or other operating assets; |

|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | damage to or destruction of property belonging to our natural gas purchasers leading to interruption of gas deliveries, claims of force majeure, and/or termination of natural gas sales contracts, resulting in a reduction in our revenues; |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | inability of our service and equipment providers to deliver items necessary for us to conduct our operations resulting in a halt or delay in our planned exploration activities, delayed development of major projects, or shut-in of producing fields; |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | lack of availability of drilling rig, oilfield equipment or services if third party providers decide to exit the region; |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | shutdown of a financial system, communications network, or power grid causing a disruption to our business activities; and |

|         |                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | capital market reassessment of risk and reduction of available capital making it more difficult for us and our partners to obtain financing for potential development projects. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | injuries and/or deaths of employees, supplier personnel, or other individuals; |

|         |                               |
|---------|-------------------------------|
| • | pipeline ruptures and spills; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | fires, explosions, blowouts and well cratering; |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | equipment malfunctions and/or mechanical failure on high-volume, high-impact wells; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | leaks or spills occurring during the transfer of hydrocarbons from an FPSO to an oil tanker; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | loss of product occurring as a result of transfer to a rail car or train derailments; |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | formations with abnormal pressures and basin subsidence; |

|         |                        |
|---------|------------------------|
| • | release of pollutants; |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | surface spillage of, or contamination of groundwater by, fluids used in operations; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | security breaches, cyber attacks, piracy, or terroristic acts; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | theft or vandalism of oilfield equipment and supplies, especially in areas of active onshore operations; |

|         |                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | hurricanes, cyclones, windstorms, or “superstorms” which could affect our operations in areas such as the Gulf Coast, deepwater Gulf of Mexico, Marcellus Shale, Eastern Mediterranean or offshore China; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | winter storms and snow which could affect our operations in the DJ Basin and Marcellus Shale; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | extremely high temperatures, which could affect third party gathering and processing facilities in the DJ Basin; |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | volcanoes which could affect our operations offshore Equatorial Guinea; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | flooding which could affect our operations in low-lying areas; |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | harsh weather and rough seas offshore the Falkland Islands, which could limit certain exploration activities; and |

|         |                          |
|---------|--------------------------|
| • | other natural disasters. |

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | declines in commodity prices, which reduce revenues and available cash flows; |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | changes in fiscal regimes impacting royalties, taxes, fees, resource access, or level of government participation in projects; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | delay in government project approval, which could have a negative impact on the ability to obtain financing; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | downgrades in credit rating or liquidity problems; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | increased banking regulation which could reduce access to sources of funding or make funding more expensive; and |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | regional conflict, which could result in capital market reassessment of risk and withdrawal of capital. |

----

Table of Contents

Index to Financial Statements

|         |                      |
|---------|----------------------|
| • | blocked development; |

|         |                                      |
|---------|--------------------------------------|
| • | denial or delay of drilling permits; |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | shortening of lease terms or reduction in lease size; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | restrictions on installation or operation of gathering or processing facilities; |

----

Table of Contents

Index to Financial Statements

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | restrictions on the use of certain operating practices, such as hydraulic fracturing; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | reduced access to water supplies or restrictions on water disposal; |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | limited access or damage to or destruction of our property; |

|         |                               |
|---------|-------------------------------|
| • | legal challenges or lawsuits; |

|         |                                       |
|---------|---------------------------------------|
| • | increased regulation of our business; |

|         |                                       |
|---------|---------------------------------------|
| • | damaging publicity about the Company; |

|         |                                    |
|---------|------------------------------------|
| • | increased costs of doing business; |

|         |                                           |
|---------|-------------------------------------------|
| • | reduction in demand for our products; and |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | other adverse effects on our ability to develop our properties and expand production. |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | unauthorized access to seismic data, reserves information or other sensitive or proprietary information could have a negative impact on our ability to compete for oil and gas resources; |

|         |                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | data corruption, communication interruption, or other operational disruption during drilling activities could result in a dry hole cost or even drilling incidents; |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | data corruption or operational disruption of production infrastructure could result in loss of production, or accidental discharge; |

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a cyber attack on a vendor or service provider could result in supply chain disruptions which could delay or halt one of our major development projects, effectively delaying the start of cash flows from the project; |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a cyber attack on a third party gathering or pipeline service provider could prevent us from marketing our production, resulting in a loss of revenues; |

|         |                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a cyber attack involving commodities exchanges or financial institutions could slow or halt commodities trading, thus preventing us from marketing our production or engaging in hedging activities, resulting in a loss of revenues; |

|         |                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a cyber attack which halts activities at a power generation facility or refinery using natural gas as feed stock could have a significant impact on the natural gas market, resulting in reduced demand for our production, lower natural gas prices, and reduced revenues; |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | a cyber attack on a communications network or power grid could cause operational disruption resulting in loss of revenues; |

|         |                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a deliberate corruption of our financial or operational data could result in events of non-compliance which could lead to regulatory fines or penalties; and |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | business interruptions could result in expensive remediation efforts, distraction of management, damage to our reputation, or a negative impact on the price of our common stock. |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | new municipal or state land use regulations, which may restrict drilling locations or certain activities such as hydraulic fracturing; |

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | local and municipal government control of land or zoning requirements, which can conflict with state law and deprive land owners of property development rights; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | landowner and/or foreign governments' opposition to infrastructure development; |

|         |                                        |
|---------|----------------------------------------|
| • | regulation of federal land by the BLM; |

|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | anti-development activities, which can reduce our access to leases through legal challenges or lawsuits, disruption of drilling, or damage to equipment; |

|         |                                |
|---------|--------------------------------|
| • | disputes regarding leases; and |

|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | disputes with landowners, royalty owners, or other operators over such matters as title transfer, joint interest billing arrangements, revenue distribution, or production or cost sharing arrangements. |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | exploration activities in frontier areas may not result in commercially productive quantities of crude oil and natural gas reserves; |

|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | exploration activities on federal lands in northeast Nevada subject us to additional regulatory requirements as compared with such activities conducted on private land; |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | the remote location of the Falkland Islands makes it more difficult and time-consuming to transport personnel, equipment and supplies; |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the operating environment offshore the Falkland Islands includes harsh weather and rough seas which could limit seismic surveys and other exploration activities during certain periods; and |

|         |                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | there have been numerous acts of piracy, kidnapping, civil strife, regional conflict, border disputes, cross-border violence, and war, as well as violence associated with corruption, drug trafficking and regime changes in certain areas. |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | a portion of our cash flows from operating activities must be used to service our indebtedness and is not available for other purposes; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | we may be at a competitive disadvantage as compared to similar companies that have less debt; |

|         |                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a covenant contained in our Credit Agreement provides that our total debt to capitalization ratio (as defined) will not exceed 65% at any time, which may limit our ability to borrow additional funds, thereby affecting our flexibility in planning for, and reacting to, changes in the economy and in our industry;     |

|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | additional financing in the future for working capital, capital expenditures, acquisitions, general corporate or other purposes may have higher costs and more restrictive covenants; |

|         |                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes in the credit ratings of our debt may negatively affect the cost, terms, conditions and/or availability of future financing, and lower ratings will increase the interest rate and fees we pay on our unsecured revolving credit facility (Credit Facility); and |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | we may be more vulnerable to general adverse economic and industry conditions. |

----

Table of Contents

Index to Financial Statements

|         |                                                 |
|---------|-------------------------------------------------|
| • | large multi-national, integrated oil companies; |

|         |                                          |
|---------|------------------------------------------|
| • | state-controlled national oil companies; |

|         |                                       |
|---------|---------------------------------------|
| • | US independent oil and gas companies; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | service companies engaging in exploration and production activities; and |

|         |                                   |
|---------|-----------------------------------|
| • | private oil and gas equity funds. |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | seeking to acquire desirable producing properties or new leases for future exploration; |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | marketing our crude oil and natural gas production; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | seeking to acquire the equipment and expertise necessary to operate and develop properties; and |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | attracting and retaining employees with certain skills. |

----

Table of Contents

Index to Financial Statements

|         |                 |
|---------|-----------------|
| • | title problems; |

|         |                             |
|---------|-----------------------------|
| • | near-term lease expiration; |

|         |                                            |
|---------|--------------------------------------------|
| • | decisions impacting allocation of capital; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | compliance with environmental and other governmental requirements; |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | increases in the cost of, or shortages or delays in the availability of, drilling rigs, equipment and qualified personnel; |

|         |                                 |
|---------|---------------------------------|
| • | unexpected drilling conditions; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | pressure or other irregularities in formations; |

|         |                                      |
|---------|--------------------------------------|
| • | equipment failures or accidents; and |

|         |                             |
|---------|-----------------------------|
| • | adverse weather conditions. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | historical production from the area compared with production from other areas; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | the assumed effects of regulations by governmental agencies, including the SEC; |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | assumptions concerning future crude oil, natural gas, and NGL prices; |

|         |                                     |
|---------|-------------------------------------|
| • | anticipated development cycle time; |

|         |                           |
|---------|---------------------------|
| • | future development costs; |

|         |                         |
|---------|-------------------------|
| • | future operating costs; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | impacts of cost recovery provisions in contracts with foreign governments; |

|         |                                 |
|---------|---------------------------------|
| • | severance and excise taxes; and |

|         |                              |
|---------|------------------------------|
| • | workover and remedial costs. |

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | increase the costs of drilling exploratory and development wells; |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | cause delays in, or preclude, the development of our projects resulting in longer development cycle times; |

|         |                                       |
|---------|---------------------------------------|
| • | result in additional operating costs; |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | divert our cash flows from capital investments in order to maintain liquidity; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | increase or remove liability caps for claims of damages from oil spills; |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | increase our share of civil or criminal fines or sanctions for actual or alleged violations if a well incident were to occur; and |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | limit our ability to obtain additional insurance coverage, at a level that balances the cost of insurance and our desired rates of return, to protect against any increase in liability. |

|         |                        |
|---------|------------------------|
| • | our growth strategies; |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | our ability to successfully and economically explore for and develop crude oil and natural gas resources; |

|         |                                     |
|---------|-------------------------------------|
| • | anticipated trends in our business; |

|         |                                   |
|---------|-----------------------------------|
| • | our future results of operations; |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | our liquidity and ability to finance our exploration, development, and acquisition activities; |

|         |                                                |
|---------|------------------------------------------------|
| • | market conditions in the oil and gas industry; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | our ability to make and integrate acquisitions; |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of governmental fiscal terms and/or regulation, such as that involving the protection of the environment or marketing of production, as well as other regulations; and |

----

Table of Contents

Index to Financial Statements

|         |                      |
|---------|----------------------|
| • | access to resources. |

----

Table of Contents

Index to Financial Statements

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |
|           |   | High (1) |   | Low (1) |   | DividendsPer Share(1) |
| 2012           |   |   |   |   |   |   |
| First Quarter  |   | $ | 52.73 |  |   | $ | 46.79 |  |   | $ | 0.11 |  |
| Second Quarter |   | 50.49 |  |   | 38.42 |  |   | 0.11 |  |
| Third Quarter  |   | 48.80 |  |   | 41.17 |  |   | 0.11 |  |
| Fourth Quarter |   | 51.54 |  |   | 45.00 |  |   | 0.12 |  |
| 2013           |   |   |  |   |   |  |   |   |  |
| First Quarter  |   | $ | 58.23 |  |   | $ | 51.62 |  |   | $ | 0.13 |  |
| Second Quarter |   | 61.25 |  |   | 53.25 |  |   | 0.14 |  |
| Third Quarter  |   | 67.77 |  |   | 59.88 |  |   | 0.14 |  |
| Fourth Quarter |   | 77.13 |  |   | 64.80 |  |   | 0.14 |  |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period               |   | Total Number ofShares Purchased (1) |   | AveragePrice PaidPer Share |   | Total Number ofShares Purchasedas Part of PubliclyAnnounced Plans orPrograms |   | Approximate DollarValue of Shares thatMay Yet BePurchased Under thePlans or Programs |
|                 |   |   |   |   |   |   |   | (in thousands) |
| 10/1/2013 - 10/31/13 |   | 678 |  |   | $ | 72.00 |  |   | — |  |   | — |  |
| 11/1/2013 - 11/30/13 |   | 531 |  |   | 74.83 |  |   | — |  |   | — |  |
| 12/1/2013 - 12/31/13 |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                |   | 1,209 |  |   | $ | 73.25 |  |   | — |  |   | — |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |
| Plan Category                                              |   | Number of Securitiesto be Issued UponExercise ofOutstanding Options,Warrants and Rights |   | Weighted AverageExercise Price ofOutstanding Options,Warrants and Rights |   | Number of SecuritiesRemaining Available forFuture Issuance UnderEquity Compensation Plans(Excluding SecuritiesReflected in Column (a)) |
|                                                       |   | (a) |   | (b) |   | (c) |
| Equity Compensation Plans Approved by Security Holders     |   | 12,677,857 |  |   | $ | 39.82 |  |   | 19,443,748 |  |
| Equity Compensation Plans Not Approved by Security Holders |   | — |  |   | — |  |   | — |  |
| Total                                                      |   | 12,677,857 |  |   | $ | 39.82 |  |   | 19,443,748 |  |

----

Table of Contents

Index to Financial Statements

|                             |
|-----------------------------|
|                             |  |
| Anadarko Petroleum Corp.    | Murphy Oil Corp. |
| Apache Corp.                | Newfield Exploration Company |
| Cabot Oil & Gas Corp.   | Noble Energy, Inc. |
| Chesapeake Energy Corp.     | Pioneer Natural Resources Company |
| Continental Resources, Inc. | Plains Exploration and Production Company |
| Devon Energy Corp.          | Range Resources Corp. |
| EOG Resources, Inc.         | Southwestern Energy Company |
| Marathon Oil Corporation    |   |

|                             |
|-----------------------------|
|                             |  |
| Anadarko Petroleum Corp.    | Marathon Oil Corporation |
| Apache Corp.                | Murphy Oil Corp. |
| Cabot Oil & Gas Corp.   | Newfield Exploration Company |
| Chesapeake Energy Corp.     | Noble Energy, Inc. |
| Continental Resources, Inc. | Pioneer Natural Resources Company |
| Devon Energy Corp.          | Range Resources Corp. |
| EOG Resources, Inc.         | Southwestern Energy Company |
| Hess Corporation            |   |

----

Table of Contents

Index to Financial Statements

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, |   | 2008 |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |
| Noble Energy, Inc.      |   | $ | 100.00 |  |   | $ | 146.46 |  |   | $ | 178.73 |  |   | $ | 197.75 |  |   | $ | 215.20 |  |   | $ | 290.67 |  |
| S&P 500             |   | 100.00 |  |   | 126.46 |  |   | 145.51 |  |   | 148.59 |  |   | 172.37 |  |   | 228.19 |  |
| Old Peer Group          |   | 100.00 |  |   | 143.92 |  |   | 163.23 |  |   | 158.03 |  |   | 160.08 |  |   | 206.82 |  |
| New Peer Group          |   | 100.00 |  |   | 140.93 |  |   | 161.39 |  |   | 153.07 |  |   | 154.23 |  |   | 202.31 |  |

----

Table of Contents

Index to Financial Statements

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Year Ended December 31, |
| (millions, except as noted)                      |   | 2013 |   | 2012 |   | 2011 |   | 2010 |   | 2009 |
| Revenues and Income (Loss)                       |   |   |   |   |   |   |   |   |   |   |
| Total Revenues                                   |   | $ | 5,015 |  |   | $ | 4,223 |  |   | $ | 3,404 |  |   | $ | 2,713 |  |   | $ | 2,160 |  |
| Income (Loss) from Continuing Operations         |   | 907 |  |   | 965 |  |   | 412 |  |   | 631 |  |   | (159 | ) |
| Net Income (Loss)                                |   | 978 |  |   | 1,027 |  |   | 453 |  |   | 725 |  |   | (131 | ) |
| Per Share Data (1)                               |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Earnings (Loss) Per Share - Basic                |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Income (Loss) from Continuing Operations         |   | $ | 2.53 |  |   | $ | 2.71 |  |   | $ | 1.17 |  |   | $ | 1.80 |  |   | $ | (0.46 | ) |
| Net Income (Loss)                                |   | 2.72 |  |   | 2.89 |  |   | 1.28 |  |   | 2.07 |  |   | (0.38 | ) |
| Earnings Per Share - Diluted                     |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from Continuing Operations         |   | 2.50 |  |   | 2.68 |  |   | 1.15 |  |   | 1.78 |  |   | (0.46 | ) |
| Net Income (Loss)                                |   | 2.69 |  |   | 2.86 |  |   | 1.27 |  |   | 2.05 |  |   | (0.38 | ) |
| Cash Dividends Per Share                         |   | 0.55 |  |   | 0.45 |  |   | 0.40 |  |   | 0.36 |  |   | 0.36 |  |
| Year-End Stock Price Per Share                   |   | 68.11 |  |   | 50.87 |  |   | 47.20 |  |   | 43.04 |  |   | 35.61 |  |
| Weighted Average Shares Outstanding              |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Basic                                            |   | 359 |  |   | 356 |  |   | 353 |  |   | 350 |  |   | 347 |  |
| Diluted                                          |   | 363 |  |   | 359 |  |   | 357 |  |   | 354 |  |   | 347 |  |
| Cash Flows                                       |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net Cash Provided by Operating Activities        |   | $ | 2,937 |  |   | $ | 2,933 |  |   | $ | 2,170 |  |   | $ | 1,946 |  |   | $ | 1,508 |  |
| Additions to Property, Plant and Equipment       |   | 3,947 |  |   | 3,650 |  |   | 2,594 |  |   | 1,885 |  |   | 1,268 |  |
| Acquisitions                                     |   | — |  |   | — |  |   | 527 |  |   | 458 |  |   | — |  |
| Proceeds from Divestitures                       |   | 327 |  |   | 1,160 |  |   | 77 |  |   | 564 |  |   | 3 |  |
| Financial Position                               |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Cash and Cash Equivalents                        |   | $ | 1,117 |  |   | $ | 1,387 |  |   | $ | 1,455 |  |   | $ | 1,081 |  |   | $ | 1,014 |  |
| Property, Plant, and Equipment, Net              |   | 15,725 |  |   | 13,551 |  |   | 12,782 |  |   | 10,264 |  |   | 8,916 |  |
| Goodwill                                         |   | 627 |  |   | 635 |  |   | 696 |  |   | 696 |  |   | 758 |  |
| Total Assets                                     |   | 19,642 |  |   | 17,554 |  |   | 16,444 |  |   | 13,282 |  |   | 11,807 |  |
| Long-term Obligations                            |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Long-Term Debt                                   |   | 4,566 |  |   | 3,736 |  |   | 4,100 |  |   | 2,272 |  |   | 2,037 |  |
| Deferred Income Taxes                            |   | 2,441 |  |   | 2,218 |  |   | 2,059 |  |   | 2,110 |  |   | 2,076 |  |
| Asset Retirement Obligations                     |   | 547 |  |   | 333 |  |   | 344 |  |   | 208 |  |   | 181 |  |
| Other                                            |   | 562 |  |   | 477 |  |   | 408 |  |   | 422 |  |   | 366 |  |
| Shareholders' Equity                             |   | 9,184 |  |   | 8,258 |  |   | 7,265 |  |   | 6,848 |  |   | 6,157 |  |
| Operations Information - Consolidated Operations |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consolidated Crude Oil Sales (MBbl/d)            |   | 99 |  |   | 86 |  |   | 56 |  |   | 54 |  |   | 55 |  |
| Average Realized Price ($/Bbl) (2)               |   | $ | 100.29 |  |   | $ | 101.52 |  |   | $ | 99.17 |  |   | $ | 75.76 |  |   | $ | 55.32 |  |
| Consolidated Natural Gas Sales (MMcf/d)          |   | 901 |  |   | 774 |  |   | 806 |  |   | 781 |  |   | 776 |  |
| Average Realized Price ($/Mcf) (2)               |   | $ | 2.97 |  |   | $ | 2.19 |  |   | $ | 3.00 |  |   | $ | 2.98 |  |   | $ | 2.52 |  |
| Consolidated NGL Sales (MBbl/d)                  |   | 16 |  |   | 16 |  |   | 15 |  |   | 14 |  |   | 10 |  |
| Average Realized Price ($/Bbl)                   |   | $ | 35.53 |  |   | $ | 35.36 |  |   | $ | 48.35 |  |   | $ | 41.21 |  |   | $ | 27.96 |  |
| Proved Reserves                                  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Crude Oil, Condensate and NGL Reserves (MMBbls)  |   | 436 |  |   | 357 |  |   | 369 |  |   | 365 |  |   | 336 |  |
| Natural Gas Reserves (Bcf)                       |   | 5,828 |  |   | 4,964 |  |   | 5,043 |  |   | 4,361 |  |   | 2,904 |  |
| Total Reserves (MMBoe)                           |   | 1,406 |  |   | 1,184 |  |   | 1,209 |  |   | 1,092 |  |   | 820 |  |
| Number of Employees                              |   | 2,527 |  |   | 2,190 |  |   | 1,876 |  |   | 1,772 |  |   | 1,630 |  |

|           |                                                                                                |
|-----------|------------------------------------------------------------------------------------------------|
| (1)  | Amounts adjusted for the 2-for-1 stock split which occurred during the second quarter of 2013. |

|           |                                                                                  |
|-----------|----------------------------------------------------------------------------------|
| (2)  | Prices through 2010 include effects of oil and gas cash flow hedging activities. |

----

Table of Contents

Index to Financial Statements

|         |                     |
|---------|---------------------|
| • | Executive Overview; |

|         |                    |
|---------|--------------------|
| • | Operating Outlook; |

|         |                        |
|---------|------------------------|
| • | Results of Operations; |

|         |                  |
|---------|------------------|
| • | Proved Reserves; |

|         |                                      |
|---------|--------------------------------------|
| • | Liquidity and Capital Resources; and |

|         |                                                   |
|---------|---------------------------------------------------|
| • | Critical Accounting Policies and Estimates.  |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | net income of $978 million (including $907 million from continuing operations), as compared with $1.0 billion (including $965 million from continuing operations) for 2012; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | gain on divestitures of $36 million, as compared with $154 million for 2012; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | dry hole cost of $149 million, as compared with $155 million for 2012; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | asset impairment charges of $86 million, as compared with $104 million for 2012; |

|         |                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | loss on commodity derivative instruments of $133 million (including unrealized mark-to-market loss of $131 million), as compared with $75 million gain on commodity derivative instruments (including unrealized mark-to-market gain of $109 million) for 2012; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | diluted earnings per share of $2.69, as compared with $2.86 for 2012; |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | cash flows provided by operating activities of $2.9 billion, as compared with $2.9 billion in 2012; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | capital spending on a cash basis of $3.9 billion, as compared with $3.7 billion in 2012; |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | ending cash and cash equivalents balance of $1.1 billion at December 31, 2013, as compared with $1.4 billion at December 31, 2012; |

|         |                                                      |
|---------|------------------------------------------------------|
| • | issuance of $1.0 billion of 30-year unsecured notes; |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | proceeds of $327 million from sales of non-core properties and an acreage exchange, as compared with sales proceeds of $1.2 billion in 2012; |

|         |                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | total liquidity of $5.1 billion at December 31, 2013, consisting of year-end cash balance plus funds available under our Credit Facility, as compared with $5.4 billion at December 31, 2012; and |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | year-end ratio of debt-to-book capital of 35%, as compared with 33% at December 31, 2012. |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | overall level and timing of capital expenditures which, as discussed below and dependent upon our drilling success,    are expected to maintain our near-term production volumes; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | changes to drilling plans in the DJ Basin and the Marcellus Shale; |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Israeli demand for electricity, which affects demand for natural gas as fuel for power generation and industrial market growth, and which is impacted by unseasonable weather; |

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | variations in West Africa crude oil and condensate sales volumes due to potential Aseng FPSO downtime and timing of liftings, and variations in natural gas sales volumes related to potential downtime at the methanol, LPG and/or LNG plants; |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | natural field decline in the deepwater Gulf of Mexico and non-core onshore US areas and the Alba and Aseng fields offshore Equatorial Guinea; |

|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | potential weather-related volume curtailments due to hurricanes in the deepwater Gulf of Mexico, heat in the Rocky Mountain area of our US operations, or winter storms and flooding in the DJ Basin, Marcellus Shale and/or Rocky Mountain areas; |

|         |                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | reliability of support equipment and facilities and/or potential pipeline and processing facility capacity constraints which may cause restrictions or interruptions in production and/or mid-stream processing; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | potential shut-in of US producing properties if storage capacity becomes unavailable; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | potential drilling and/or completion permit delays due to future regulatory changes; and |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | potential purchases of producing properties or divestments of non-core operating assets. |

|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | commodity prices, including price realizations on specific crude oil and natural gas production including the impact of NGLs; |

|         |                             |
|---------|-----------------------------|
| • | cash flows from operations; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | operating and development costs and possible inflationary pressures; |

|         |                                                      |
|---------|------------------------------------------------------|
| • | permitting activity in the deepwater Gulf of Mexico; |

|         |                   |
|---------|-------------------|
| • | drilling results; |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | CONSOL Carried Cost Obligation (See Liquidity and Capital Resources – Off-Balance Sheet Arrangements); |

|         |                                         |
|---------|-----------------------------------------|
| • | property acquisitions and divestitures; |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | increase in exploration activities in new areas, including offshore Sierra Leone and the Falkland Islands; |

|         |                            |
|---------|----------------------------|
| • | availability of financing; |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | potential legislative or regulatory changes regarding the use of hydraulic fracturing; |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | potential changes in the fiscal regimes of the US and other countries in which we operate; and |

|         |                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | impact of new laws and regulations, including implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has resulted in significant derivatives regulations and disclosure requirements, on our business practices. |

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Year Ended December 31, |
|                                                  |   | 2013 |   | 2012 |   | 2011 |
| (millions, except per share)                          |   |   |   |   |   |   |
| Total Revenues                                        |   | $ | 5,015 |  |   | $ | 4,223 |  |   | $ | 3,404 |  |
| Total Operating Expenses                              |   | 3,359 |  |   | 2,811 |  |   | 2,870 |  |
| Operating Income                                      |   | 1,656 |  |   | 1,412 |  |   | 534 |  |
| Total Other (Income) Expense                          |   | 312 |  |   | 56 |  |   | 32 |  |
| Income from Continuing Operations Before Income Taxes |   | 1,344 |  |   | 1,356 |  |   | 502 |  |
| Income from Continuing Operations                     |   | 907 |  |   | 965 |  |   | 412 |  |
| Discontinued Operations, Net of Tax                   |   | 71 |  |   | 62 |  |   | 41 |  |
| Net Income                                            |   | 978 |  |   | 1,027 |  |   | 453 |  |
| Earnings from Continuing Operations Per Share         |   |   |  |   |   |  |   |   |  |
| Basic                                                 |   | 2.53 |  |   | 2.71 |  |   | 1.17 |  |
| Diluted                                               |   | 2.50 |  |   | 2.68 |  |   | 1.15 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Crude Oil &Condensate |   | NaturalGas |   | NGLs |   | Total |
| (millions)                               |   |   |   |   |   |   |   |   |
| 2011 Sales Revenues                      |   | $ | 2,034 |  |   | $ | 883 |  |   | $ | 262 |  |   | $ | 3,179 |  |
| Changes due to                           |   |   |  |   |   |  |   |   |  |   |   |  |
| Increase (Decrease) in Sales Volumes     |   | 1,097 |  |   | (34 | ) |   | 28 |  |   | 1,091 |  |
| Increase (Decrease) in Sales Prices |   | 74 |  |   | (229 | ) |   | (78 | ) |   | (233 | ) |
| 2012 Sales Revenues                      |   | 3,205 |  |   | 620 |  |   | 212 |  |   | 4,037 |  |
| Changes due to                           |   |   |   |   |   |   |   |   |
| Increase in Sales Volumes                |   | 458 |  |   | 100 |  |   | 2 |  |   | 560 |  |
| Increase (Decrease) in Sales Prices |   | (45 | ) |   | 256 |  |   | 1 |  |   | 212 |  |
| 2013 Sales Revenues                      |   | $ | 3,618 |  |   | $ | 976 |  |   | $ | 215 |  |   | $ | 4,809 |  |

----

Table of Contents

Index to Financial Statements

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Sales Volumes |   | Average Realized Sales Prices |
|                          | Crude Oil & Condensate(MBbl/d) |   | NaturalGas(MMcf/d) |   | NGLs(MBbl/d) |   | Total(MBoe/d) |   | Crude Oil & Condensate(Per Bbl) |   | NaturalGas(Per Mcf) |   | NGLs(Per Bbl) |
| Year Ended December 31, 2013  |
| United States                 | 63 |  |   | 440 |  |   | 16 |  |   | 153 |  |   | $ | 96.53 |  |   | $ | 3.54 |  |   | $ | 35.53 |  |
| Equatorial Guinea (1)         | 32 |  |   | 252 |  |   | — |  |   | 73 |  |   | 107.48 |  |   | 0.27 |  |   | — |  |
| Israel                        | — |  |   | 209 |  |   | — |  |   | 35 |  |   | — |  |   | 5.02 |  |   | — |  |
| China                         | 4 |  |   | — |  |   | — |  |   | 4 |  |   | 103.21 |  |   | — |  |   | — |  |
| Total Consolidated Operations | 99 |  |   | 901 |  |   | 16 |  |   | 265 |  |   | 100.29 |  |   | 2.97 |  |   | 35.53 |  |
| Equity Investees (2)          | 2 |  |   | — |  |   | 6 |  |   | 8 |  |   | 105.37 |  |   | — |  |   | 68.12 |  |
| Total Continuing Operations   | 101 |  |   | 901 |  |   | 22 |  |   | 273 |  |   | $ | 100.38 |  |   | $ | 2.97 |  |   | $ | 43.90 |  |
| Year Ended December 31, 2012  |
| United States                 | 49 |  |   | 438 |  |   | 16 |  |   | 139 |  |   | $ | 94.69 |  |   | $ | 2.61 |  |   | $ | 35.36 |  |
| Equatorial Guinea (1)         | 33 |  |   | 235 |  |   | — |  |   | 72 |  |   | 110.14 |  |   | 0.27 |  |   | — |  |
| Israel                        | — |  |   | 101 |  |   | — |  |   | 17 |  |   | — |  |   | 4.85 |  |   | — |  |
| China                         | 4 |  |   | — |  |   | — |  |   | 4 |  |   | 114.54 |  |   | — |  |   | — |  |
| Total Consolidated Operations | 86 |  |   | 774 |  |   | 16 |  |   | 232 |  |   | 101.52 |  |   | 2.19 |  |   | 35.36 |  |
| Equity Investees (2)          | 2 |  |   | — |  |   | 5 |  |   | 7 |  |   | 104.56 |  |   | — |  |   | 69.14 |  |
| Total Continuing Operations   | 88 |  |   | 774 |  |   | 21 |  |   | 239 |  |   | $ | 101.58 |  |   | $ | 2.19 |  |   | $ | 44.15 |  |
| Year Ended December 31, 2011  |
| United States                 | 38 |  |   | 388 |  |   | 15 |  |   | 117 |  |   | $ | 95.19 |  |   | $ | 3.90 |  |   | $ | 48.35 |  |
| Equatorial Guinea (1)         | 14 |  |   | 245 |  |   | — |  |   | 56 |  |   | 107.57 |  |   | 0.27 |  |   | — |  |
| Israel                        | — |  |   | 173 |  |   | — |  |   | 29 |  |   | — |  |   | 4.86 |  |   | — |  |
| China                         | 4 |  |   | — |  |   | — |  |   | 4 |  |   | 106.19 |  |   | — |  |   | — |  |
| Total Consolidated Operations | 56 |  |   | 806 |  |   | 15 |  |   | 206 |  |   | 99.17 |  |   | 3.00 |  |   | 48.35 |  |
| Equity Investees (2)          | 2 |  |   | — |  |   | 5 |  |   | 7 |  |   | 108.76 |  |   | — |  |   | 72.71 |  |
| Total Continuing Operations   | 58 |  |   | 806 |  |   | 20 |  |   | 213 |  |   | $ | 99.46 |  |   | $ | 3.00 |  |   | $ | 54.84 |  |

|           |                                                                                                                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting. |

|           |                                                                                                                                            |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Volumes represent sales of condensate and LPG from the Alba plant in Equatorial Guinea. See Income from Equity Method Investees below. |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes of 14 MBoe/d in the DJ Basin attributable to the acceleration of our horizontal drilling program; |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | the addition of sales volumes from Alen, offshore Equatorial Guinea, which began producing in late second quarter of 2013; and |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | higher production at Galapagos due to continued strong performance and a full year online; |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | reduction in sales volumes due to the sales of non-core, onshore US properties during 2013; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | a 1% decrease in total consolidated average realized prices primarily due to increased supply; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | a volume reduction in West Africa due to natural field decline at Aseng; and |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | natural field decline in non-core onshore US and deepwater Gulf of Mexico areas. |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes in the DJ Basin attributable to the acceleration of our horizontal drilling programs onshore US; |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | commencement of production at Galapagos and South Raton in the deepwater Gulf of Mexico which increased production by approximately 7 MBoe/d, net, during 2012; |

|         |                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes in Equatorial Guinea due to the commencement of oil production at Aseng during the fourth quarter of 2011, which impacted our sales volumes by approximately 21 MBbl/d, net, in 2012 as compared with 2011; and |

|         |                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a 2% increase in total consolidated average realized prices primarily due to higher Brent pricing resulting from the global economic recovery; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | reduction in sales volumes due to the sales of non-core, onshore US properties during the third quarter of 2012; |

|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | a volume reduction in the Gulf of Mexico of nearly 7 MBoe/d as a result of shut-ins due to Hurricane Isaac; and |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | natural field decline in non-core onshore US and deepwater Gulf of Mexico areas. |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | increases in total consolidated average realized prices primarily due to increased demand from expectations of cooler weather and higher-than-expected inventory withdrawals; |

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes in Israel from Tamar, which began production at the end of the first quarter of 2013 and contributed 153 Mmcf/d during 2013; and |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes in the DJ Basin (15 MMcf/d) and Marcellus Shale (49 MMcf/d) in 2013 primarily attributable to our horizontal drilling programs; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | lower sales volumes due to our non-core onshore US divestiture program; and |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | lower sales volumes due to natural field decline from Mari-B, Noa and Pinnacles, offshore Israel, which contributed a combined 56 Mmcf/d during 2013, compared with 101 Mmcf/d during 2012. |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | decreases in US average realized prices primarily due to oversupply and above average levels of natural gas in storage; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | lower sales volumes due to the sales of non-core onshore US properties during the third quarter of 2012; |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | lower sales volumes in the DJ Basin and Rocky Mountain area of our US operations due to third-party processing facility constraints; |

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | lower sales volumes from the Alba field, offshore Equatorial Guinea, due to scheduled maintenance activities at the non-operated Alba facilities; and |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | lower sales volumes in Israel due to a reduction in the rate of production from the Mari-B field in order to manage the reservoir; |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes attributable to the acceleration of our horizontal drilling programs in the DJ Basin; and |

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | new sales volumes from Marcellus Shale producing properties, which we acquired September 30, 2011 and current Marcellus Shale development activities, which added 90 MMcf/d, net to our sales volumes for 2012. |

----

Table of Contents

Index to Financial Statements

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   | Year Ended December 31, |
|                     |   | 2013 |   | 2012 |   | 2011 |
| Net Income (in millions) |   |   |   |   |   |   |
| AMPCO and Affiliates     |   | $ | 85 |  |   | $ | 64 |  |   | $ | 68 |  |
| Alba Plant               |   | 121 |  |   | 122 |  |   | 125 |  |
| Dividends (in millions)  |   |   |   |   |  |   |   |  |
| AMPCO and Affiliates     |   | 82 |  |   | 70 |  |   | 86 |  |
| Alba Plant               |   | 122 |  |   | 130 |  |   | 139 |  |
| Sales Volumes            |   |   |   |   |  |   |   |  |
| Methanol (MMgal)         |   | 155 |  |   | 156 |  |   | 155 |  |
| Condensate (MBbl/d)      |   | 2 |  |   | 2 |  |   | 2 |  |
| LPG (MBbl/d)             |   | 6 |  |   | 5 |  |   | 5 |  |
| Average Realized Prices  |   |   |   |   |  |   |   |  |
| Methanol (per gallon)    |   | $ | 1.27 |  |   | $ | 1.07 |  |   | $ | 1.05 |  |
| Condensate (per Bbl)     |   | 105.37 |  |   | 104.56 |  |   | 108.76 |  |
| LPG (per Bbl)            |   | 68.12 |  |   | 69.14 |  |   | 72.71 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   | Inc (Dec) from Prior Year |   |   |   | Inc (Dec) from Prior Year |   |   |
| (millions)                               | 2013 |   |   | 2012 |   |   | 2011 |
| Production Expense                       | $ | 850 |  |   | 26 |  % |   | $ | 673 |  |   | 21 |  % |   | 558 |  |
| Exploration Expense                      | 415 |  |   | 1 |  % |   | 409 |  |   | 48 |  % |   | 277 |  |
| Depreciation, Depletion and Amortization | 1,568 |  |   | 14 |  % |   | 1,370 |  |   | 56 |  % |   | 878 |  |
| General and Administrative               | 433 |  |   | 13 |  % |   | 384 |  |   | 13 |  % |   | 339 |  |
| Gain on Divestitures                     | (36 | ) |   | (77 | )% |   | (154 | ) |   | 516 |  % |   | (25 | ) |
| Asset Impairments                        | 86 |  |   | (17 | )% |   | 104 |  |   | (86 | )% |   | 757 |  |
| Other Operating (Income) Expense, Net    | 43 |  |   | 72 |  % |   | 25 |  |   | (71 | )% |   | 86 |  |
| Total                                    | $ | 3,359 |  |   | 19 |  % |   | $ | 2,811 |  |   | (2 | )% |   | 2,870 |  |

----

Table of Contents

Index to Financial Statements

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Total per BOE (1) |   | Total |   | UnitedStates |   | Equatorial Guinea |   | Israel |   | Other Int'l/Corporate (2) |
| (millions, except unit rate)         |   |   |   |   |   |   |   |   |   |   |   |
| Year Ended December 31, 2013         |   |   |   |   |   |   |   |   |   |   |   |
| Lease Operating Expense (3)          | $ | 5.46 |  |   | $ | 530 |  |   | $ | 343 |  |   | $ | 106 |  |   | $ | 48 |  |   | $ | 33 |  |
| Production and Ad Valorem Taxes      | 1.94 |  |   | 188 |  |   | 154 |  |   | — |  |   | — |  |   | 34 |  |
| Transportation and Gathering Expense | 1.36 |  |   | 132 |  |   | 129 |  |   | — |  |   | — |  |   | 3 |  |
| Total Production Expense             | $ | 8.76 |  |   | $ | 850 |  |   | $ | 626 |  |   | $ | 106 |  |   | $ | 48 |  |   | $ | 70 |  |
| Total Production Expense per BOE     |   |   | $ | 8.76 |  |   | $ | 11.21 |  |   | $ | 3.97 |  |   | $ | 3.75 |  |   | N/M |  |
| Year Ended December 31, 2012         |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Lease Operating Expense (3)          | $ | 5.09 |  |   | $ | 431 |  |   | $ | 287 |  |   | $ | 89 |  |   | $ | 20 |  |   | $ | 35 |  |
| Production and Ad Valorem Taxes      | 1.79 |  |   | 151 |  |   | 113 |  |   | — |  |   | — |  |   | 38 |  |
| Transportation and Gathering Expense | 1.06 |  |   | 91 |  |   | 87 |  |   | — |  |   | — |  |   | 4 |  |
| Total Production Expense             | $ | 7.94 |  |   | $ | 673 |  |   | $ | 487 |  |   | $ | 89 |  |   | $ | 20 |  |   | $ | 77 |  |
| Total Production Expense per BOE     |   |   | $ | 7.94 |  |   | $ | 9.60 |  |   | $ | 3.39 |  |   | $ | 3.23 |  |   | N/M |  |
| Year Ended December 31, 2011         |   |   |   |   |   |   |   |   |   |   |   |
| Lease Operating Expense (3)          | $ | 4.47 |  |   | $ | 346 |  |   | $ | 254 |  |   | $ | 53 |  |   | $ | 12 |  |   | $ | 27 |  |
| Production and Ad Valorem Taxes      | 1.88 |  |   | 146 |  |   | 102 |  |   | — |  |   | — |  |   | 44 |  |
| Transportation and Gathering Expense | 0.85 |  |   | 66 |  |   | 63 |  |   | — |  |   | — |  |   | 3 |  |
| Total Production Expense             | $ | 7.20 |  |   | $ | 558 |  |   | $ | 419 |  |   | $ | 53 |  |   | $ | 12 |  |   | $ | 74 |  |
| Total Production Expense per BOE     |   |   | $ | 7.20 |  |   | $ | 9.85 |  |   | $ | 2.64 |  |   | $ | 1.16 |  |   | N/M |  |

|           |                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------|
| (1)  | Consolidated unit rates exclude sales volumes and costs attributable to equity method investees. |

|           |                                                                                                |
|-----------|------------------------------------------------------------------------------------------------|
| (2)  | Other Int'l/Corporate includes China and unallocated expenses incurred at the corporate level. |

|           |                                                                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Lease operating expense includes oil and gas operating costs (labor, fuel, repairs, replacements, saltwater disposal and other related lifting costs) and workover and repair expense. |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | increases of $46 million in the DJ Basin and $4 million in the Marcellus Shale due to new wells coming on line and increased production; |

|         |                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an increase of $58 million in the deepwater Gulf of Mexico due to a full year of production at Galapagos, mechanical repairs at Swordfish, and other repair and maintenance expense; |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | operating expenses of $24 million related to the Tamar field, offshore Israel, which began producing at the end of first quarter 2013; and |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | operating expenses of $18 million related to the Alen field, offshore Equatorial Guinea, which began producing at the end of second quarter of 2013; |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | a reduction of $52 million related to the sale of non-core, onshore US properties in 2012 and 2013. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes from the DJ Basin due to ongoing development activities accounted for an increase of $24 million in US lease operating expense; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | new production at Galapagos and higher production handling costs at Swordfish, deepwater Gulf of Mexico, accounted for an increase of $22 million; |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a full year of production from Marcellus Shale properties acquired in 2011, and additional development activity accounted for an increase of $17 million; |

|         |                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | lease operating expense associated with the Aseng field, offshore Equatorial Guinea, which began producing in November 2011, accounted for an increase of $36 million; and |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | the start-up of the Noa and Pinnacles wells, offshore Israel, in second quarter of 2012 accounted for an increase of $8 million; |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | lower volumes in the US due to the sale of non-core onshore US properties during the third quarter of 2012. |

----

Table of Contents

Index to Financial Statements

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | Total |   | United States |   | West   Africa (1) |   | Eastern Mediter-ranean (2) |   | Other Int'l, Corporate (3) |
| (millions)                   |   |   |   |   |   |   |   |   |   |
| Year Ended December 31, 2013 |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Dry Hole Cost                | $ | 149 |  |   | $ | 20 |  |   | $ | 8 |  |   | $ | — |  |   | $ | 121 |  |
| Seismic                      | 97 |  |   | 31 |  |   | 3 |  |   | 18 |  |   | 45 |  |
| Staff Expense                | 128 |  |   | 33 |  |   | 9 |  |   | 6 |  |   | 80 |  |
| Other                        | 41 |  |   | 40 |  |   | — |  |   | — |  |   | 1 |  |
| Total Exploration Expense    | $ | 415 |  |   | $ | 124 |  |   | $ | 20 |  |   | $ | 24 |  |   | $ | 247 |  |
| Year Ended December 31, 2012 |   |   |   |   |   |   |   |   |   |
| Dry Hole Cost                | $ | 155 |  |   | $ | 121 |  |   | $ | 34 |  |   | $ | — |  |   | $ | — |  |
| Seismic                      | 81 |  |   | 59 |  |   | 4 |  |   | — |  |   | 18 |  |
| Staff Expense                | 148 |  |   | 22 |  |   | 49 |  |   | 5 |  |   | 72 |  |
| Other                        | 25 |  |   | 23 |  |   | 1 |  |   | — |  |   | 1 |  |
| Total Exploration Expense    | $ | 409 |  |   | $ | 225 |  |   | $ | 88 |  |   | $ | 5 |  |   | $ | 91 |  |
| Year Ended December 31, 2011 |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Dry Hole Cost                | $ | 105 |  |   | $ | 46 |  |   | $ | 59 |  |   | $ | — |  |   | $ | — |  |
| Seismic                      | 63 |  |   | 33 |  |   | 1 |  |   | 4 |  |   | 25 |  |
| Staff Expense                | 94 |  |   | 22 |  |   | 7 |  |   | 2 |  |   | 63 |  |
| Other                        | 15 |  |   | 15 |  |   | — |  |   | — |  |   | — |  |
| Total Exploration Expense    | $ | 277 |  |   | $ | 116 |  |   | $ | 67 |  |   | $ | 6 |  |   | $ | 88 |  |

|           |                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------|
| (1)  | West Africa includes Equatorial Guinea, Cameroon, Sierra Leone, and Senegal/Guinea-Bissau, which we exited in 2012. |

|           |                                                   |
|-----------|---------------------------------------------------|
| (2)  | Eastern Mediterranean includes Israel and Cyprus. |

|           |                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------|
| (3)  | Other International includes various international new ventures such as offshore Nicaragua and offshore Falkland Islands. |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Other Int'l dry hole cost related to the Paraiso exploratory well, offshore Nicaragua, which did not find commercial quantities of hydrocarbons; |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | seismic expense related to the Gulf of Mexico lease sale and our exploration programs offshore Cyprus and offshore Falkland Islands; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | staff expense associated with new ventures and corporate expenditures. |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | US dry hole cost related primarily to the Deep Blue exploratory well (deepwater Gulf of Mexico); |

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | West Africa dry hole cost related to the Trema exploratory well, offshore West Africa, which found noncommercial quantities of hydrocarbons; |

|         |                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | exploration expense in West Africa includes $40 million for the non-operated AGC Profond block offshore Senegal/Guinea-Bissau, which was written off during the third quarter of 2012 when we decided not to proceed with additional appraisal activities; |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | seismic expenditures related to the deepwater Gulf of Mexico lease sale and international new ventures; and |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | exploration expense also includes staff expense associated with new ventures and corporate expenditures. |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |
|                               | Year Ended December 31, |
| (millions, except unit rate)       | 2013 |   | 2012 |   | 2011 |
| United States                      | $ | 1,117 |  |   | $ | 929 |  |   | $ | 732 |  |
| Equatorial Guinea                  | 261 |  |   | 255 |  |   | 69 |  |
| Israel                             | 97 |  |   | 111 |  |   | 25 |  |
| Other International, and Corporate | 93 |  |   | 75 |  |   | 52 |  |
| Total DD&A Expense (1)         | $ | 1,568 |  |   | $ | 1,370 |  |   | $ | 878 |  |
| Unit Rate per BOE (2)              | $ | 16.18 |  |   | $ | 16.16 |  |   | $ | 11.32 |  |

|           |                                                                                                                                                           |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | DD&A expense includes accretion of discount on asset retirement obligations of $26 million in 2013, $22 million in 2012, and $13 million in 2011. |

|           |                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------|
| (2)  | Consolidated unit rates exclude sales volumes and costs attributable to equity method investees. |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes due to increased development activity in the DJ Basin and Marcellus Shale accounted for increases of $218 million and $34 million, respectively; |

|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher production at Galapagos and a new well at Ticonderoga, deepwater Gulf of Mexico, resulted in additional DD&A expense of approximately $48 million; |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | the start up of Alen, offshore Equatorial Guinea, resulted in additional DD&A expense of $44 million; and |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | the start up of Tamar, offshore Israel, resulted in additional DD&A expense of $40 million; |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | a decrease of approximately $53 million onshore US, primarily due to the impact of sales of non-core properties during 2012 and 2013; |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | a decrease of $52 million in the deepwater Gulf of Mexico due to maintenance and repair downtime and declining production at older fields; |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | a decrease of $40 million at the Aseng field, offshore Equatorial Guinea, due to natural field decline and timing of liftings; and |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a decrease of $54 million at the Mari-B/Noa/Pinnacles fields, offshore Israel, due to natural field decline and decreased book value from  impairments. |

|         |                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | higher sales volumes in the DJ Basin accounted for $189 million of the increase and the addition of DD&A expense related to the Marcellus Shale accounted for $46 million of the increase; |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | the start up of Noa and Pinnacles (offshore Israel), which have higher DD&A rates, accounted for $86 million of the increase; |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the start up of Galapagos and South Raton in the deepwater Gulf of Mexico, which have higher DD&A rates, accounted for $92 million of the increase; |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a full year of production from the Aseng field, offshore Equatorial Guinea, which includes the Aseng FPSO in its depreciation base, accounted for $183 million of the increase; and |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | higher costs associated with development activities in China; |

----

Table of Contents

Index to Financial Statements

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the impact of sales of non-core, onshore US properties during 2012. |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |
|                       | Year Ended December 31, |
|                       | 2013 |   | 2012 |   | 2011 |
| G&A Expense (millions) | $ | 433 |  |   | $ | 384 |  |   | $ | 339 |  |
| Unit Rate per BOE (1)      | 4.47 |  |   | 4.53 |  |   | 4.37 |  |

|           |                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------|
| (1)  | Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees. |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | Year Ended December 31, |
| (millions)           |   | 2013 |   | 2012 |   | 2011 |
| Gain on Divestitures |   | $ | (36 | ) |   | $ | (154 | ) |   | $ | (25 | ) |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | Year Ended December 31, |
| (millions)        |   | 2013 |   | 2012 |   | 2011 |
| Asset Impairments |   | $ | 86 |  |   | $ | 104 |  |   | $ | 757 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | Year Ended December 31, |
| (millions)                                  |   | 2013 |   | 2012 |   | 2011 |
| Deepwater Gulf of Mexico Moratorium Expense |   | $ | — |  |   | $ | — |  |   | $ | 18 |  |
| Electricity Generation Expense              |   | — |  |   | — |  |   | 26 |  |
| Other (Income) Expense, Net                 |   | 43 |  |   | 25 |  |   | 42 |  |
| Total                                       |   | $ | 43 |  |   | $ | 25 |  |   | $ | 86 |  |

----

Table of Contents

Index to Financial Statements

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Year Ended December 31, |
| (millions)                                      |   | 2013 |   | 2012 |   | 2011 |
| (Gain) Loss on Commodity Derivative Instruments |   | $ | 133 |  |   | $ | (75 | ) |   | $ | (42 | ) |
| Interest, Net of Amount Capitalized             |   | 158 |  |   | 125 |  |   | 65 |  |
| Other Non-Operating (Income) Expense, Net       |   | 21 |  |   | 6 |  |   | 9 |  |
| Total                                           |   | $ | 312 |  |   | $ | 56 |  |   | $ | 32 |  |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                        |   | Year Ended December 31, |
| (millions, except per unit) |   | 2013 |   | 2012 |   | 2011 |
| Interest Expense            |   | $ | 279 |  |   | $ | 276 |  |   | $ | 197 |  |
| Capitalized Interest        |   | (121 | ) |   | (151 | ) |   | (132 | ) |
| Interest Expense, Net       |   | $ | 158 |  |   | $ | 125 |  |   | $ | 65 |  |
| Unit Rate per BOE (1)       |   | $ | 1.63 |  |   | $ | 1.48 |  |   | $ | 0.84 |  |

|           |                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------|
| (1)  | Consolidated unit rates exclude sales volumes and costs attributable to equity method investees. |

----

Table of Contents

Index to Financial Statements

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | Year Ended December 31, |
| (millions)           |   | 2013 |   | 2012 |   | 2011 |
| Income Tax Provision |   | $ | 437 |  |   | $ | 391 |  |   | $ | 90 |  |
| Effective Rate       |   | 32.5 | % |   | 28.8 | % |   | 17.9 | % |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |
|                                              | Year Ended December 31, |
| (millions)                                        | 2013 |   | 2012 |   | 2011 |
| Oil and Gas Sales                                 | $ | 37 |  |   | $ | 208 |  |   | $ | 357 |  |
| Less:                                             |   |   |   |   |   |
|    Production Expense              | 19 |  |   | 44 |  |   | 58 |  |
|    DD&A Expense                | 2 |  |   | 33 |  |   | 87 |  |
|    Other (Income) Expense, Net (1) | 4 |  |   | 30 |  |   | (3 | ) |
| Income Before Income Taxes                        | 12 |  |   | 101 |  |   | 215 |  |
| Income Tax Expense (Benefit)                      | 6 |  |   | 55 |  |   | 174 |  |
| Operating Income, Net of Tax                      | 6 |  |   | 46 |  |   | 41 |  |
| Gain on Sale, Net of Tax                          | 65 |  |   | 16 |  |   | — |  |
| Discontinued Operations, Net of Tax               | $ | 71 |  |   | $ | 62 |  |   | $ | 41 |  |
|                                              |   |   |   |   |   |
| Key Statistics:                                   |   |   |   |   |   |
| Daily Production                                  |   |   |   |   |   |
| Crude Oil & Condensate (MBbl/d)               | 1 |  |   | 5 |  |   | 8 |  |
| Natural Gas (MMcf/d)                              | 2 |  |   | 4 |  |   | 5 |  |
| Average Realized Price                            |   |   |   |   |   |
| Crude Oil & Condensate (Per Bbl)              | $ | 108.73 |  |   | 112.94 |  |   | 112.97 |  |
| Natural Gas (Per Mcf)                             | 10.65 |  |   | 8.62 |  |   | 8.11 |  |

|           |                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Includes exploration expense of $27 million in 2012 related to the Selkirk field, which we determined was uneconomic for joint development. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |
|                                        |   | Year Ended December 31, |
|                                        |   | 2013 |   | 2012 |   | 2011 |
| (MMBoe)                                     |   |   |   |   |   |   |
| Proved Reserves Beginning of Year           |   | 1,184 |  |   | 1,209 |  |   | 1,092 |  |
| Revisions of Previous Estimates             |   | 95 |  |   | (97 | ) |   | (50 | ) |
| Extensions, Discoveries and Other Additions |   | 250 |  |   | 218 |  |   | 180 |  |
| Purchase of Minerals in Place               |   | 24 |  |   | — |  |   | 68 |  |
| Sale of Minerals in Place                   |   | (47 | ) |   | (57 | ) |   | — |  |
| Production                                  |   | (100 | ) |   | (89 | ) |   | (81 | ) |
| Proved Reserves End of Year                 |   | 1,406 |  |   | 1,184 |  |   | 1,209 |  |

----

Table of Contents

Index to Financial Statements

|         |                                                                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2013 included positive performance revisions of 48 MMBoe for the DJ Basin and Marcellus Shale programs, 11 MMBoe for Alba field, and 21 MMBoe for the Tamar field, and positive price revisions of 13 MMBoe due to increases in commodity prices; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2012 included a negative revision of 94 MMBoe due to our decision to terminate the legacy vertical drilling program in the DJ Basin and focus on horizontal development; net positive revisions of 23 MMBoe, primarily related to better than expected well performance in the Marcellus Shale, the deepwater Gulf of Mexico, and the Aseng field; and negative revisions of 26 MMBoe due to changes in commodity prices; and |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2011 include a negative revision of 28 MMBoe, due primarily to reclassifications of proved undeveloped reserves in the DJ Basin that are no longer expected to be developed within five years due to additional shifting of activity from vertical to horizontal development, a negative revision of 10 MMBoe due to reduced activity assumptions for dry gas properties onshore US, as well as other lesser revisions in various other areas related to well performance and changes in commodity prices. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2013 included increases of 130 MMBoe in the DJ Basin, 61 MMBoe in the Marcellus Shale, 18 MMBoe deepwater Gulf of Mexico primarily attributable to the sanction of the Big Bend and Gunflint developments, 8 MMBoe in Equatorial Guinea attributable to the Alba and Aseng fields, 30 MMBoe in Israel attributable to the discovery and sanction of  the Tamar Southwest field, and 2 MMBoe associated with other development programs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2012 included an increase of 149 MMBoe in the DJ Basin as a result of our decision to focus capital and resources on horizontal development of the Niobrara formation, 56 MMBoe related to ongoing development of the Marcellus Shale, 7 MMBoe related to the ongoing appraisal of the Tamar field, and 6 MMBoe for other projects; and |

|         |                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes for the year ended December 31, 2011 included increases of 97 MMBoe in the onshore US, primarily associated with horizontal drilling in the DJ Basin and development activities in the Marcellus Shale, 80 MMBoe at the Tamar field due to appraisal activities, and 3 MMBoe for other projects. |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | the acquisition of additional acreage primarily in the Marcellus Shale and DJ Basin in 2013; and |

|         |                                                |
|---------|------------------------------------------------|
| • | the Marcellus Shale asset acquisition in 2011. |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | the sales of non-core, onshore US and North Sea assets and the net impact of the DJ Basin acreage exchange in 2013; and |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the sale of non-core, onshore US and North Sea assets in 2012. |

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                                      | December 31, |
|                                                      | 2013 |   | 2012 |   | 2011 |
| (millions, except percentages)                            |   |   |   |   |   |
| Cash and Cash Equivalents                                 | $ | 1,117 |  |   | $ | 1,387 |  |   | $ | 1,455 |  |
| Amount Available to be Borrowed Under Credit Facility (1) | 4,000 |  |   | 4,000 |  |   | 3,000 |  |
| Total Liquidity                                           | $ | 5,117 |  |   | $ | 5,387 |  |   | $ | 4,455 |  |
| Total Debt (2)                                            | $ | 4,843 |  |   | $ | 4,123 |  |   | $ | 4,495 |  |
| Total Shareholders' Equity                                | 9,184 |  |   | 8,258 |  |   | 7,265 |  |
| Ratio of Debt-to-Book Capital (3)                         | 35 | % |   | 33 | % |   | 38 | % |

|           |                                 |
|-----------|---------------------------------|
| (1)  | See Credit Facility, below. |

|           |                                                                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Total debt includes capital lease and other obligations and remaining CONSOL installment payments (at December 31, 2012 and 2011) and excludes unamortized debt discount. |

|           |                                                                                                                                                                                                                                                              |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | We define our ratio of debt-to-book capital as total debt (which includes long-term debt excluding unamortized discount, the current portion of long-term debt, and short-term borrowings) divided by the sum of total debt plus shareholders’ equity. |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Year Ended December 31, |
|                                             |   | 2013 |   | 2012 |   | 2011 |
| (millions)                                       |   |   |   |   |   |   |
| Total Cash Provided By (Used in)                 |   |   |   |   |   |   |
| Operating Activities                             |   | $ | 2,937 |  |   | $ | 2,933 |  |   | $ | 2,170 |  |
| Investing Activities                             |   | (3,675 | ) |   | (2,527 | ) |   | (3,113 | ) |
| Financing Activities                             |   | 468 |  |   | (474 | ) |   | 1,317 |  |
| (Decrease) Increase in Cash and Cash Equivalents |   | $ | (270 | ) |   | $ | (68 | ) |   | $ | 374 |  |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   | Year Ended December 31, |
|                                                 |   | 2013 |   | 2012 |   | 2011 |
| (millions)                                           |   |   |   |   |   |   |
| Acquisition, Capital and Exploration Expenditures    |   |   |  |   |   |  |   |   |
| Unproved Property Acquisition (1)                    |   | $ | 208 |  |   | $ | 96 |  |   | $ | 982 |  |
| Proved Property Acquisition (2)                      |   | — |  |   | — |  |   | 392 |  |
| Exploration                                          |   | 871 |  |   | 572 |  |   | 493 |  |
| Development                                          |   | 2,996 |  |   | 2,847 |  |   | 2,200 |  |
| Corporate and Other                                  |   | 188 |  |   | 70 |  |   | 196 |  |
| Total                                                |   | $ | 4,263 |  |   | $ | 3,585 |  |   | $ | 4,263 |  |
| Other                                                |   |   |  |   |   |   |   |  |
| Investment in Equity Method Investee (3)             |   | $ | 48 |  |   | $ | 41 |  |   | $ | 69 |  |
| Increase in Capital Lease Obligations  (4) |   | 76 |  |   | — |  |   | 66 |  |

|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unproved property acquisition cost for 2013 includes $27 million in the DJ Basin, $166 million in the Marcellus Shale and $12 million in the deepwater Gulf of Mexico. |

|           |                                                                                       |
|-----------|---------------------------------------------------------------------------------------|
| (2)  | Proved property acquisition in 2011 related to the Marcellus Shale asset acquisition. |

|           |                                                                                                                                                                                                                                                         |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | In connection with the Marcellus Shale joint venture, we acquired a 50% interest in CONE which is accounted for using the equity method.  CONE constructs, owns and operates gathering lines and facilities related to the Marcellus Shale development. |

|           |                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------|
| (4)  | Relates to estimated construction in progress on onshore US assets in 2013 and the Aseng FSPO in 2011. |

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|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | $1.0 billion increase in debt due to the issuance of 5.25% notes due November 15, 2043; and |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | $198 million decrease in shareholders’ equity from dividends paid; |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | $328 million reduction in debt due to the final installment payment to CONSOL as well as payments under our FPSO lease obligation; and |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | $978 million increase in shareholders’ equity from current year net income. |

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Index to Financial Statements

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Obligation                       | Total |   | 2014 |   | 2015 and2016 |   | 2017 and2018 |   | 2019 andbeyond |
| (millions)                             |   |   |   |   |   |   |   |   |   |
| Long-Term Debt (1)                     | $ | 4,484 |  |   | $ | 200 |  |   | $ | — |  |   | $ | — |  |   | $ | 4,284 |  |
| Interest Payments (2)                  | 4,604 |  |   | 263 |  |   | 522 |  |   | 522 |  |   | 3,297 |  |
| Capital Lease Payments (3)             | 581 |  |   | 77 |  |   | 148 |  |   | 132 |  |   | 224 |  |
| Drilling and Equipment Obligations (4) | 427 |  |   | 216 |  |   | 211 |  |   | — |  |   | — |  |
| Purchase Obligations (5)               | 273 |  |   | 178 |  |   | 93 |  |   | 2 |  |   | — |  |
| Transportation and Gathering (6)       | 1,092 |  |   | 91 |  |   | 269 |  |   | 267 |  |   | 465 |  |
| Operating Lease Obligations (7)        | 666 |  |   | 42 |  |   | 110 |  |   | 114 |  |   | 400 |  |
| Other Liabilities (8)                  |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Asset Retirement Obligations (9)       | 586 |  |   | 39 |  |   | 74 |  |   | 158 |  |   | 315 |  |
| Commodity Derivative Instruments (10)  | 75 |  |   | 65 |  |   | 10 |  |   | — |  |   | — |  |
| Total Contractual Obligations          | $ | 12,788 |  |   | $ | 1,171 |  |   | $ | 1,437 |  |   | $ | 1,195 |  |   | $ | 8,985 |  |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Long-term debt excludes our capital lease and other obligations. See Item 8. Financial Statements and Supplementary Data – Note 10.  Long-Term Debt. |

|     |                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interest payments are based on the total debt balance, scheduled maturities and interest rates in effect at December 31, 2013. See Item 8. Financial Statements and Supplementary Data – Note 10.  Long-Term Debt. |

|     |                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Annual lease payments, net to our interest, exclude regular maintenance and operational costs. See Item 8. Financial Statements and Supplementary Data – Note 10.  Long-Term Debt. |

|     |                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Drilling and equipment obligations represent contractual agreements with third-party service providers to procure drilling rigs and other related equipment for exploratory and development drilling activities. See Item 8. Financial Statements and Supplementary Data – Note 18.  Commitments and Contingencies. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Purchase obligations represent agreements to purchase goods or services that are enforceable, are legally binding and specify all significant terms, including fixed and minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. See Item 8. Financial Statements and Supplementary Data – Note 18.  Commitments and Contingencies. |

|     |                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Transportation and gathering obligations represent minimum charges for firm transportation and gathering agreements.  See Item 8. Financial Statements and Supplementary Data – Note 18.  Commitments and Contingencies. |

|     |                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Operating lease obligations represent non-cancelable leases for office buildings and facilities and oil and gas operations equipment used in our daily operations. Amounts have not been discounted. See Item 8. Financial Statements and Supplementary Data – Note 18.  Commitments and Contingencies. |

|     |                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The table excludes deferred compensation liabilities of $253 million and accrued benefit costs of $165 million as specific payment dates are unknown. See Item 8. Financial Statements and Supplementary Data – Note 12.  Stock-Based and Other Compensation Plans. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Asset retirement obligations are discounted. See Item 8. Financial Statements and Supplementary Data – Note 9.  Asset Retirement Obligations. |

|      |                                                                                                                                                                                                                                                                                                                                                                        |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Amount represents open commodity derivative instruments that were in a net payable position with the counterparty at December 31, 2013. Our remaining commodity derivative instruments were in a net receivable position at December 31, 2013. See Item 8. Financial Statements and Supplementary Data – Note 8.  Derivative Instruments and Hedging Activities. |

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|                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                          |  |
| Consolidated Financial Statements of Noble Energy, Inc.                                                                                                                                                  |   |
|                                                                                                                                                                                                     |   |
| Management’s Report on Internal Control over Financial Reporting                                                                                                                                   | 84 |
|                                                                                                                                                                                                     |   |
| Report of Independent Registered Public Accounting Firm (Financial Statements)                                                                                                                           | 85 |
|                                                                                                                                                                                                     |   |
| Report of Independent Registered Public Accounting Firm (Internal Control over Financial Reporting)                                                                                                      | 86 |
|                                                                                                                                                                                                     |   |
| Consolidated Statements of Operations for Each of the Years in the Three-year Period Ended December 31, 2013                                                                                             | 87 |
|                                                                                                                                                                                                     |   |
| Consolidated Statements of Comprehensive Income for Each of the Years                                                                        in the Three-year Period Ended December 31, 2013            | 88 |
|                                                                                                                                                                                                     |   |
| Consolidated Balance Sheets as of December 31, 2013 and 2012                                                                                                                                             | 89 |
|                                                                                                                                                                                                     |   |
| Consolidated Statements of Cash Flows for Each of the Years in the Three-Year Period Ended December 31, 2013                                                                                             | 90 |
|                                                                                                                                                                                                     |   |
| Consolidated Statements of Shareholders’ Equity for Each of the Years                                                                             in the Three-year Period Ended December 31, 2013 | 91 |
|                                                                                                                                                                                                     |   |
| Notes to Consolidated Financial Statements                                                                                                                                                               |   |
|                                                                                                                                                                                                     |   |
| Note 1. Summary of Significant Accounting Policies                                                                                                                                                  | 92 |
| Note 2. Additional Financial Statement Information                                                                                                                                                  | 97 |
| Note 3. Property Transactions                                                                                                                                                                       | 99 |
| Note 4. Asset Impairments                                                                                                                                                                                | 101 |
| Note 5. Allowance for Doubtful Accounts                                                                                                                                                             | 101 |
| Note 6. Capitalized Exploratory Well Costs                                                                                                                                                          | 101 |
| Note 7. Equity Method Investments                                                                                                                                                                   | 103 |
| Note 8. Derivative Instruments and Hedging Activities                                                                                                                                               | 104 |
| Note 9. Asset Retirement Obligations                                                                                                                                                                | 108 |
| Note 10. Long-Term Debt                                                                                                                                                                                  | 109 |
| Note 11. Income Taxes                                                                                                                                                                               | 110 |
| Note 12. Stock-Based and Other Compensation Plans                                                                                                                                                   | 113 |
| Note 13. Fair Value Measurements and Disclosures                                                                                                                                                    | 117 |
| Note 14. Earnings Per Share                                                                                                                                                                         | 119 |
| Note 15. Segment Information                                                                                                                                                                        | 119 |
| Note 16. Concentration of Risk                                                                                                                                                                           | 121 |
| Note 17. Additional Shareholders’ Equity Information                                                                                                                                          | 122 |
| Note 18. Commitments and Contingencies                                                                                                                                                              | 122 |
|                                                                                                                                                                                                     |   |
| Supplemental Oil and Gas Information (Unaudited)                                                                                                                                                         | 124 |
|                                                                                                                                                                                                     |   |
| Supplemental Quarterly Financial Information (Unaudited)                                                                                                                                                 | 136 |

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|        |
|--------|
|        |  |  |  |  |
|   |   |   | Noble Energy, Inc. |   |

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|                       |
|-----------------------|
|                       |  |  |  |  |
|                  |   | /s/ KPMG LLP |   |   |
| Houston, Texas        |   |   |   |   |
| February 6, 2014 |   |   |   |   |

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|                       |
|-----------------------|
|                       |  |  |  |  |
|                  |   | /s/ KPMG LLP |   |   |
| Houston, Texas        |   |   |   |   |
| February 6, 2014 |   |   |   |   |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Year Ended December 31, |
|                                                  | 2013 |   | 2012 |   | 2011 |
| Revenues                                              |   |   |   |   |   |
| Oil, Gas and NGL Sales                                | $ | 4,809 |  |   | $ | 4,037 |  |   | $ | 3,179 |  |
| Income from Equity Method Investees                   | 206 |  |   | 186 |  |   | 193 |  |
| Other Revenues                                        | — |  |   | — |  |   | 32 |  |
| Total Revenues                                        | 5,015 |  |   | 4,223 |  |   | 3,404 |  |
| Costs and Expenses                                    |   |   |   |   |   |
| Production Expense                                    | 850 |  |   | 673 |  |   | 558 |  |
| Exploration Expense                                   | 415 |  |   | 409 |  |   | 277 |  |
| Depreciation, Depletion and Amortization              | 1,568 |  |   | 1,370 |  |   | 878 |  |
| General and Administrative                            | 433 |  |   | 384 |  |   | 339 |  |
| Gain on Divestitures                                  | (36 | ) |   | (154 | ) |   | (25 | ) |
| Asset Impairments                                     | 86 |  |   | 104 |  |   | 757 |  |
| Other Operating (Income) Expense, Net                 | 43 |  |   | 25 |  |   | 86 |  |
| Total Operating Expenses                              | 3,359 |  |   | 2,811 |  |   | 2,870 |  |
| Operating Income                                      | 1,656 |  |   | 1,412 |  |   | 534 |  |
| Other (Income) Expense                                |   |   |   |   |   |
| (Gain) Loss on Commodity Derivative Instruments       | 133 |  |   | (75 | ) |   | (42 | ) |
| Interest, Net of Amount Capitalized                   | 158 |  |   | 125 |  |   | 65 |  |
| Other Non-Operating (Income) Expense, Net             | 21 |  |   | 6 |  |   | 9 |  |
| Total Other (Income) Expense                          | 312 |  |   | 56 |  |   | 32 |  |
| Income from Continuing Operations Before Income Taxes | 1,344 |  |   | 1,356 |  |   | 502 |  |
| Income Tax Provision                                  | 437 |  |   | 391 |  |   | 90 |  |
| Income from Continuing Operations                     | 907 |  |   | 965 |  |   | 412 |  |
| Discontinued Operations, Net of Tax                   | 71 |  |   | 62 |  |   | 41 |  |
| Net Income                                            | $ | 978 |  |   | $ | 1,027 |  |   | $ | 453 |  |
|                                                  |   |   |   |   |   |
| Earnings Per Share, Basic                             |   |   |   |   |   |
| Income from Continuing Operations                     | $ | 2.53 |  |   | $ | 2.71 |  |   | $ | 1.17 |  |
| Discontinued Operations, Net of Tax                   | 0.19 |  |   | 0.18 |  |   | 0.11 |  |
| Net Income                                            | $ | 2.72 |  |   | $ | 2.89 |  |   | $ | 1.28 |  |
| Earnings Per Share, Diluted                           |   |   |   |   |   |
| Income from Continuing Operations                     | $ | 2.50 |  |   | $ | 2.68 |  |   | $ | 1.15 |  |
| Discontinued Operations, Net of Tax                   | 0.19 |  |   | 0.18 |  |   | 0.12 |  |
| Net Income                                            | $ | 2.69 |  |   | $ | 2.86 |  |   | $ | 1.27 |  |
|                                                  |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding         |   |   |   |   |   |
|    Basic                               | 359 |  |   | 356 |  |   | 353 |  |
|    Diluted                             | 363 |  |   | 359 |  |   | 357 |  |

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|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Year Ended December 31, |
|                                                   | 2013 |   | 2012 |   | 2011 |
| Net Income                                             | $ | 978 |  |   | $ | 1,027 |  |   | $ | 453 |  |
| Other Items of Comprehensive Income (Loss)             |   |   |   |   |   |
| Interest Rate Cash Flow Hedges                         |   |   |   |   |   |
| Unrealized Change in Fair Value                        | — |  |   | — |  |   | 23 |  |
|     Less Tax Provision             | — |  |   | — |  |   | (8 | ) |
| Net Change in Pension and Other                        | (6 | ) |   | (20 | ) |   | (17 | ) |
|       Less Tax (Benefit) | 2 |  |   | 7 |  |   | 6 |  |
| Other Comprehensive Income (Loss)                      | (4 | ) |   | (13 | ) |   | 4 |  |
| Comprehensive Income                                   | $ | 974 |  |   | $ | 1,014 |  |   | $ | 457 |  |

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|                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                   | December 31, 2013 |   | December 31, 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 |  |
| Property, Plant and Equipment                                                                                          |   |   |   |
| Oil and Gas Properties (Successful Efforts Method of Accounting)                                                       | 22,243 |  |   | 19,496 |  |
| Property, Plant and Equipment, Other                                                                                   | 517 |  |   | 344 |  |
| Total Property, Plant and Equipment, Gross                                                                             | 22,760 |  |   | 19,840 |  |
| Accumulated Depreciation, Depletion and Amortization                                                                   | (7,035 | ) |   | (6,289 | ) |
| Total Property, Plant and Equipment, Net                                                                               | 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, Noncurrent                                                                                      | 2,441 |  |   | 2,218 |  |
| Other Noncurrent Liabilities                                                                                           | 1,109 |  |   | 810 |  |
| Total Liabilities                                                                                                      | 10,458 |  |   | 9,296 |  |
| Commitments and Contingencies                                                                                          |  |   |  |  |
| Shareholders’ Equity                                                                                             |   |   |   |
| Preferred Stock - Par Value $1.00 per share; 4 Million Shares Authorized, None Issued                                  | — |  |   | — |  |
| Common Stock - Par Value $0.01; 500 Million Shares Authorized; 400 Million and 397 Million Shares Issued, Respectively | 4 |  |   | 4 |  |
| Additional Paid in Capital                                                                                             | 3,463 |  |   | 3,302 |  |
| Accumulated Other Comprehensive Loss                                                                                   | (117 | ) |   | (113 | ) |
| Treasury Stock, at Cost; 38 Million Shares                                                                             | (659 | ) |   | (648 | ) |
| Retained Earnings                                                                                                      | 6,493 |  |   | 5,713 |  |
| Total Shareholders’ Equity                                                                                       | 9,184 |  |   | 8,258 |  |
| Total Liabilities and Shareholders’ Equity                                                                       | $ | 19,642 |  |   | $ | 17,554 |  |

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|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | Year Ended December 31, |
|                                                                             | 2013 |   | 2012 |   | 2011 |
| Cash Flows From Operating Activities                                             |   |   |   |   |   |
| Net Income                                                                       | $ | 978 |  |   | $ | 1,027 |  |   | $ | 453 |  |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities |   |  |   |   |  |   |   |
| Depreciation, Depletion and Amortization                                         | 1,570 |  |   | 1,403 |  |   | 965 |  |
| Asset Impairments                                                                | 86 |  |   | 104 |  |   | 759 |  |
| Dry Hole Cost                                                                    | 149 |  |   | 182 |  |   | 105 |  |
| Deferred Income Taxes                                                            | 269 |  |   | 109 |  |   | (81 | ) |
| Dividends (Income) from Equity Method Investees, Net                             | (17 | ) |   | 7 |  |   | 30 |  |
| Unrealized (Gain) Loss on Commodity Derivative Instruments                       | 131 |  |   | (109 | ) |   | 22 |  |
| Gain on Divestitures                                                             | (93 | ) |   | (72 | ) |   | (25 | ) |
| Stock Based Compensation                                                         | 80 |  |   | 65 |  |   | 58 |  |
| Other Adjustments for Noncash Items Included in Income                           | 75 |  |   | 83 |  |   | 40 |  |
| Changes in Operating Assets and Liabilities                                      |   |   |   |   |   |
| (Increase) in Accounts Receivable                                                | (239 | ) |   | (130 | ) |   | (249 | ) |
| (Decrease) Increase in Accounts Payable                                          | (87 | ) |   | 237 |  |   | 3 |  |
| (Decrease) Increase in Current Income Taxes Payable                              | (47 | ) |   | 64 |  |   | 37 |  |
| Increase in Other Current Liabilities                                            | 20 |  |   | 18 |  |   | 38 |  |
| Other Operating Assets and Liabilities, Net                                      | 62 |  |   | (55 | ) |   | 15 |  |
| Net Cash Provided by Operating Activities                                        | 2,937 |  |   | 2,933 |  |   | 2,170 |  |
| Cash Flows From Investing Activities                                             |   |  |   |   |  |   |   |
| Additions to Property, Plant and Equipment                                       | (3,947 | ) |   | (3,650 | ) |   | (2,594 | ) |
| Marcellus Shale Asset Acquisition                                                | — |  |   | — |  |   | (527 | ) |
| Additions to Equity Method Investments                                           | (48 | ) |   | (41 | ) |   | (69 | ) |
| Proceeds from Divestitures                                                       | 327 |  |   | 1,160 |  |   | 77 |  |
| Other                                                                            | (7 | ) |   | 4 |  |   | — |  |
| Net Cash Used in Investing Activities                                            | (3,675 | ) |   | (2,527 | ) |   | (3,113 | ) |
| Cash Flows From Financing Activities                                             |   |  |   |   |  |   |   |
| Exercise of Stock Options                                                        | 51 |  |   | 56 |  |   | 38 |  |
| Excess Tax Benefits from Stock-Based Awards                                      | 20 |  |   | 25 |  |   | 15 |  |
| Dividends Paid, Common Stock                                                     | (198 | ) |   | (164 | ) |   | (143 | ) |
| Purchase of Treasury Stock                                                       | (14 | ) |   | (13 | ) |   | (17 | ) |
| Proceeds from Credit Facilities                                                  | 900 |  |   | 150 |  |   | 520 |  |
| Repayment of Credit Facilities                                                   | (900 | ) |   | (150 | ) |   | (870 | ) |
| Repayment of CONSOL Installment Loan                                             | (328 | ) |   | (328 | ) |   | — |  |
| Proceeds from Issuance of Senior Long-Term Debt, Net                             | 985 |  |   | — |  |   | 1,828 |  |
| Settlement of Interest Rate Derivative Instrument                                | — |  |   | — |  |   | (40 | ) |
| Repayment of Capital Lease Obligation                                            | (48 | ) |   | (45 | ) |   | (3 | ) |
| Other                                                                            | — |  |   | (5 | ) |   | (11 | ) |
| Net Cash Provided By (Used in) Financing Activities                              | 468 |  |   | (474 | ) |   | 1,317 |  |
| Increase (Decrease) in Cash and Cash Equivalents                                 | (270 | ) |   | (68 | ) |   | 374 |  |
| Cash and Cash Equivalents at Beginning of Period                                 | 1,387 |  |   | 1,455 |  |   | 1,081 |  |
| Cash and Cash Equivalents at End of Period                                       | $ | 1,117 |  |   | $ | 1,387 |  |   | $ | 1,455 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              | CommonStock (1) |   | AdditionalPaid inCapital (1) |   | Accumulated OtherComprehensiveLoss |   | TreasuryStock atCost |   | RetainedEarnings |   | TotalShareholders'Equity |
| December 31, 2010                            | $ | 1,302 |  |   | $ | 1,734 |  |   | $ | (104 | ) |   | $ | (624 | ) |   | $ | 4,540 |  |   | $ | 6,848 |  |
| Net Income                                        | — |  |   | — |  |   | — |  |   | — |  |   | 453 |  |   | 453 |  |
| Stock-based Compensation Expense                  | — |  |   | 58 |  |   | — |  |   | — |  |   | — |  |   | 58 |  |
| Exercise of Stock Options                         | 6 |  |   | 32 |  |   | — |  |   | — |  |   | — |  |   | 38 |  |
| Tax Benefits Related to Exercise of Stock Options | — |  |   | 15 |  |   | — |  |   | — |  |   | — |  |   | 15 |  |
| Cash Dividends (40 cents per share)               | — |  |   | — |  |   | — |  |   | — |  |   | (143 | ) |   | (143 | ) |
| Purchase of Treasury Stock                        | — |  |   | — |  |   | — |  |   | (17 | ) |   | — |  |   | (17 | ) |
| Rabbi Trust Shares Sold                           | — |  |   | 6 |  |   | — |  |   | 3 |  |   | — |  |   | 9 |  |
| Interest Rate Cash Flow Hedges                    |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized Change in Fair Value                   | — |  |   | — |  |   | 15 |  |   | — |  |   | — |  |   | 15 |  |
| Net Change in Other                               | 4 |  |   | (4 | ) |   | (11 | ) |   | — |  |   | — |  |   | (11 | ) |
| December 31, 2011                            | $ | 1,312 |  |   | $ | 1,841 |  |   | $ | (100 | ) |   | $ | (638 | ) |   | $ | 4,850 |  |   | $ | 7,265 |  |
| Net Income                                        | — |  |   | — |  |   | — |  |   | — |  |   | 1,027 |  |   | 1,027 |  |
| Stock-based Compensation Expense                  | — |  |   | 65 |  |   | — |  |   | — |  |   | — |  |   | 65 |  |
| Exercise of Stock Options                         | 4 |  |   | 52 |  |   | — |  |   | — |  |   | — |  |   | 56 |  |
| Tax Benefits Related to Exercise of Stock Options | — |  |   | 25 |  |   | — |  |   | — |  |   | — |  |   | 25 |  |
| Cash Dividends (45 cents per share)               | — |  |   | — |  |   | — |  |   | — |  |   | (164 | ) |   | (164 | ) |
| Purchase of Treasury Stock                        | — |  |   | — |  |   | — |  |   | (13 | ) |   | — |  |   | (13 | ) |
| Change in Par Value                               | (1,312 | ) |   | 1,312 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Rabbi Trust Shares Sold                           | — |  |   | 7 |  |   | — |  |   | 3 |  |   | — |  |   | 10 |  |
| Net Change in Other                               | — |  |   | — |  |   | (13 | ) |   | — |  |   | — |  |   | (13 | ) |
| December 31, 2012                            | $ | 4 |  |   | $ | 3,302 |  |   | $ | (113 | ) |   | $ | (648 | ) |   | $ | 5,713 |  |   | $ | 8,258 |  |
| Net Income                                        | — |  |   | — |  |   | — |  |   | — |  |   | 978 |  |   | 978 |  |
| Stock-based Compensation Expense                  | — |  |   | 80 |  |   | — |  |   | — |  |   | — |  |   | 80 |  |
| Exercise of Stock Options                         | — |  |   | 51 |  |   | — |  |   | — |  |   | — |  |   | 51 |  |
| Tax Benefits Related to Exercise of Stock Options | — |  |   | 20 |  |   | — |  |   | — |  |   | — |  |   | 20 |  |
| Cash Dividends (55 cents per share)               | — |  |   | — |  |   | — |  |   | — |  |   | (198 | ) |   | (198 | ) |
| Purchase of Treasury Stock                        | — |  |   | — |  |   | — |  |   | (14 | ) |   | — |  |   | (14 | ) |
| Rabbi Trust Shares Sold                           | — |  |   | 10 |  |   | — |  |   | 3 |  |   | — |  |   | 13 |  |
| Net Change in Other                               | — |  |   | — |  |   | (4 | ) |   | — |  |   | — |  |   | (4 | ) |
| December 31, 2013                            | $ | 4 |  |   | $ | 3,463 |  |   | $ | (117 | ) |   | $ | (659 | ) |   | $ | 6,493 |  |   | $ | 9,184 |  |

|           |                                                            |
|-----------|------------------------------------------------------------|
| (1)  | Amounts restated to reflect impact of 2-for-1 stock split. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. |

|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Level 3 measurements are fair value measurements which use unobservable inputs. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

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|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

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|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

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|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Year Ended December 31, |
| (millions)                                      |   | 2013 |   | 2012 |   | 2011 |
| Other Revenues (1)                              |   | — |  |   | — |  |   | 32 |  |
| Production Expense                              |   |   |  |   |   |  |   |   |  |
| Lease Operating Expense                         |   | $ | 530 |  |   | $ | 431 |  |   | $ | 346 |  |
| Production and Ad Valorem Taxes                 |   | 188 |  |   | 151 |  |   | 146 |  |
| Transportation Expense                          |   | 132 |  |   | 91 |  |   | 66 |  |
| Total                                           |   | $ | 850 |  |   | $ | 673 |  |   | $ | 558 |  |
| Other Operating Expense, Net                    |   |   |  |   |   |  |   |   |  |
| Deepwater Gulf of Mexico Moratorium Expense (2) |   | $ | — |  |   | $ | — |  |   | $ | 18 |  |
| Electricity Generation Expense (1)              |   | — |  |   | — |  |   | 26 |  |
| Other, Net                                      |   | 43 |  |   | 25 |  |   | 42 |  |
| Total                                           |   | $ | 43 |  |   | $ | 25 |  |   | $ | 86 |  |
| Other Non-Operating (Income) Expense, Net       |   |   |  |   |   |  |   |   |  |
| Deferred Compensation Expense (3)               |   | $ | 26 |  |   | $ | 6 |  |   | $ | 8 |  |
| Other (Income) Expense, Net                     |   | (5 | ) |   | — |  |   | 1 |  |
| Total                                           |   | $ | 21 |  |   | $ | 6 |  |   | $ | 9 |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Other revenues consist primarily of electricity sales from the Machala power plant, located in Machala, Ecuador, through May 2011. Electricity generation expense includes all operating and non-operating expenses associated with the plant, including depreciation and changes in the allowance for doubtful accounts. In May 2011, we transferred our assets in Ecuador to the Ecuadorian government. |

|           |                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------|
| (2)  | Amounts relate to rig stand-by expense incurred due to the deepwater Gulf of Mexico drilling moratorium.  |

|           |                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------|
| (3)  | Amounts represent increases in the fair value of shares of our common stock held in a rabbi trust. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |
|                                                   |   | December 31, |
| (millions)                                             |   | 2013 |   | 2012 |
| Accounts Receivable, Net                               |   |   |   |   |
| Commodity Sales                                        |   | $ | 495 |  |   | $ | 349 |  |
| Joint Interest Billings                                |   | 382 |  |   | 486 |  |
| Other                                                  |   | 81 |  |   | 139 |  |
| Allowance for Doubtful Accounts                        |   | (11 | ) |   | (10 | ) |
| Total                                                  |   | $ | 947 |  |   | $ | 964 |  |
| Other Current Assets                                   |   |   |  |   |   |  |
| Inventories, Materials and Supplies                    |   | $ | 96 |  |   | $ | 68 |  |
| Inventories, Crude Oil                                 |   | 25 |  |   | 22 |  |
| Commodity Derivative Assets, Current                   |   | 1 |  |   | 63 |  |
| Deferred Income Taxes, Net, Current                    |   | 62 |  |   | 106 |  |
| Assets Held for Sale (1)                               |   | 292 |  |   | 45 |  |
| Prepaid Expenses and Other Assets, Current             |   | 71 |  |   | 116 |  |
| Total                                                  |   | $ | 547 |  |   | $ | 420 |  |
| Other Noncurrent Assets                                |   |   |   |   |
| Equity Method Investments                              |   | $ | 437 |  |   | $ | 367 |  |
| Mutual Fund Investments                                |   | 114 |  |   | 103 |  |
| Commodity Derivative Assets, Noncurrent                |   | 16 |  |   | 21 |  |
| Other Assets, Noncurrent                               |   | 112 |  |   | 106 |  |
| Total                                                  |   | $ | 679 |  |   | $ | 597 |  |
| Other Current Liabilities                              |   |   |   |   |
| Production and Ad Valorem Taxes                        |   | $ | 103 |  |   | $ | 113 |  |
| Commodity Derivative Liabilities, Current              |   | 65 |  |   | 7 |  |
| Income Taxes Payable                                   |   | 156 |  |   | 203 |  |
| Asset Retirement Obligations, Current                  |   | 39 |  |   | 69 |  |
| Interest Payable                                       |   | 63 |  |   | 55 |  |
| Current Portion of Long Term Debt (2)                  |   | 200 |  |   | 324 |  |
| Current Portion of Capital Lease and Other Obligations |   | 58 |  |   | 48 |  |
| Liabilities Associated with Assets Held for Sale (1)   |   | 111 |  |   | 12 |  |
| Other Liabilities, Current                             |   | 193 |  |   | 193 |  |
| Total                                                  |   | $ | 988 |  |   | $ | 1,024 |  |
| Other Noncurrent Liabilities                           |   |   |   |   |
| Deferred Compensation Liabilities, Noncurrent          |   | $ | 253 |  |   | $ | 229 |  |
| Asset Retirement Obligations, Noncurrent               |   | 547 |  |   | 333 |  |
| Accrued Benefit Costs, Noncurrent (3)                  |   | 155 |  |   | 116 |  |
| Other Liabilities, Noncurrent                          |   | 154 |  |   | 132 |  |
| Total                                                  |   | $ | 1,109 |  |   | $ | 810 |  |

|           |                                                                                                                                                                                                                                                                                             |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Assets held for sale consist primarily of oil and gas properties and liabilities associated with asset retirement obligations located in China, the North Sea and onshore US at December 31, 2013 and the North Sea at December 31, 2012. See Note 3.  Property Transactions. |

|           |                               |
|-----------|-------------------------------|
| (2)  | See Note 10.  Long-Term Debt. |

|           |                                                                                                                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Amount includes liabilities accrued under our defined benefit pension plan, restoration plan, and other postretirement benefit plans. See Note 12.  Stock-Based and Other Compensation Plans. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | Year Ended December 31, |
| (millions)                                                   |   | 2013 |   | 2012 |   | 2011 |
| Cash Paid During the Year For                                |   |   |   |   |   |   |
| Interest, Net of Amount Capitalized                          |   | $ | 137 |  |   | $ | 107 |  |   | $ | 32 |  |
| Income Taxes Paid, Net                                       |   | 165 |  |   | 168 |  |   | 288 |  |
| Non-Cash Financing and Investing Activities                  |   |   |  |   |   |  |   |   |  |
| Increase in CONSOL Installment Payments, Net of Discount (1) |   | — |  |   | — |  |   | 639 |  |
| Increase in Capital Lease and Other Obligations (1)          |   | 96 |  |   | — |  |   | 66 |  |

|           |                                                                      |
|-----------|----------------------------------------------------------------------|
| (1)  | See Note 3.  Property Transactions and Note 10.  Long-Term Debt. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                | Year Ended December 31, |
| (millions)                          | 2013 |   | 2012 |   | 2011 |
| Oil and Gas Sales                   | $ | 37 |  |   | $ | 208 |  |   | $ | 357 |  |
| Income Before Income Taxes          | 12 |  |   | 101 |  |   | 215 |  |
| Income Tax Expense                  | 6 |  |   | 55 |  |   | 174 |  |
| Operating Income, Net of Tax        | 6 |  |   | 46 |  |   | 41 |  |
| Gain on Sale, Net of Tax            | 65 |  |   | 16 |  |   | — |  |
| Discontinued Operations, Net of Tax | $ | 71 |  |   | $ | 62 |  |   | $ | 41 |  |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |
|                                                                                   |   | Year Ended December 31, |
| (millions)                                                                             |   | 2013 |   | 2012 |
| Cash Proceeds                                                                          |   | $ | 150 |  |   | $ | 1,044 |  |
| Less                                                                                   |   |   |   |   |
|      Net Book Value of Assets Sold                            |   | (117 | ) |   | (836 | ) |
|      Goodwill Allocated to Assets Sold                        |   | (8 | ) |   | (61 | ) |
|      Asset Retirement Obligations Associated with Assets Sold |   | 8 |  |   | 20 |  |
|      Other Closing Adjustments                                |   | 3 |  |   | (13 | ) |
| Gain on Divestitures                                                                   |   | $ | 36 |  |   | $ | 154 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |
| (millions)                       | December 31, 2012 |
| Unproved Oil and Gas Properties  | $ | 803 |  |
| Proved Oil and Gas Properties    | 386 |  |
| Investment in CONE Gathering LLC | 69 |  |
| Total Assets Acquired (1)        | $ | 1,258 |  |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Total reflects impact of $17 million imputed interest on CONSOL installment payments. |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | estimated quantities of crude oil and natural gas reserves prepared by our qualified petroleum engineers; |

|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | management’s estimates of future commodity prices based on NYMEX Henry Hub natural gas futures prices and adjusted for estimated location and quality differentials;  |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | estimated future production rates based on our experience with similar properties which we operate; and |

|         |                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------|
| • | estimated timing and amounts of future operating and development costs based on our experience with similar properties which we operate.  |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Year Ended December 31, |
| (millions)                             | 2013 |   | 2012 |   | 2011 |
| Piceance (Onshore US)                  | $ | — |  |   | $ | 39 |  |   | $ | 487 |  |
| South Raton (Deepwater Gulf of Mexico) | — |  |   | 34 |  |   | — |  |
| Mari-B (Offshore Israel)               | 47 |  |   | 31 |  |   | — |  |
| Other Onshore US Properties            | 39 |  |   | — |  |   | 270 |  |
| Total                                  | $ | 86 |  |   | $ | 104 |  |   | $ | 757 |  |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  |   | Year Ended December 31, |
| (millions)                            |   | 2013 |   | 2012 |   | 2011 |
| Balance, Beginning of Period          |   | $ | 10 |  |   | $ | 9 |  |   | $ | 27 |  |
| Changes                               |   |   |  |   |   |  |   |   |  |
| Changes in Ecuador Receivable, Net(1) |   | — |  |   | — |  |   | (19 | ) |
| Other Changes                         |   | 1 |  |   | 1 |  |   | 1 |  |
| Net Changes                           |   | 1 |  |   | 1 |  |   | (18 | ) |
| Balance, End of Period                |   | $ | 11 |  |   | $ | 10 |  |   | $ | 9 |  |

|           |                                                                                                                                                                                                                                                                                |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | During 2011, recovery of approximately $19 million for outstanding receivables was included in the final terms of our agreement to transfer our assets and the associated electricity concession and PSC to the Ecuadorian government. See Note 3.  Property Transactions. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | Year Ended December 31, |
| (millions)                                                                                       | 2013 |   | 2012 |   | 2011 |
| Capitalized Exploratory Well Costs, Beginning of Period                                          | $ | 900 |  |   | $ | 696 |  |   | $ | 466 |  |
| Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves         | 581 |  |   | 360 |  |   | 322 |  |
| Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves (1) | (177 | ) |   | (18 | ) |   | (55 | ) |
| Capitalized Exploratory Well Costs Charged to Expense (2)                                        | (3 | ) |   | (114 | ) |   | (37 | ) |
| Other (3)                                                                                        | — |  |   | (24 | ) |   | — |  |
| Capitalized Exploratory Well Costs, End of Period                                                | $ | 1,301 |  |   | $ | 900 |  |   | $ | 696 |  |

|           |                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------|
| (1)  | The 2013 amount relates primarily to Gunflint (deepwater Gulf of Mexico), for which we sanctioned a development plan. |

|           |                                                                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The 2012 amount primarily represents Deep Blue (deepwater Gulf of Mexico) exploratory well costs capitalized prior to December 31, 2012. |

|           |                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The 2012 amount relates to Selkirk (North Sea) exploratory well costs capitalized prior to December 31, 2012. See Note 3.  Property Transactions. |

|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                        | December 31, |
| (millions)                                                                                                                                  | 2013 |   | 2012 |   | 2011 |
| Exploratory Well Costs Capitalized for a Period of One Year or Less                                                                         | $ | 568 |  |   | $ | 355 |  |   | $ | 318 |  |
| Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling                                        | 733 |  |   | 545 |  |   | 378 |  |
| Balance at End of Period                                                                                                                    | $ | 1,301 |  |   | $ | 900 |  |   | $ | 696 |  |
| Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 13 |  |   | 14 |  |   | 13 |  |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   | Suspended Since |   |   |
| (millions)                     | Total |   | 2011 - 2012 |   | 2009 - 2010 |   | 2008 & Prior |   | Progress |
| Country/Project:               |   |   |   |   |   |   |   |   |   |
| Offshore Equatorial Guinea     |   |   |   |   |   |   |   |   |   |
| Diega (including Carmen)       | $ | 108 |  |   | $ | 43 |  |   | $ | 23 |  |   | $ | 42 |  |   | We are evaluating regional development scenarios for this 2008 crude oil discovery |
| Carla                          | 44 |  |   | 44 |  |   | — |  |   | — |  |   | We are evaluating regional development scenarios for this 2011 crude oil discovery |
| Felicita                       | 37 |  |   | 2 |  |   | 6 |  |   | 29 |  |   | We are evaluating regional development plans for this 2008 condensate and natural gas discovery |
| Yolanda                        | 19 |  |   | 1 |  |   | 3 |  |   | 15 |  |   | We are evaluating regional development plans for this 2007 condensate and natural gas discovery |
| Offshore Cameroon              |   |  |   |   |  |   |   |  |   |   |  |   |   |
| YoYo                           | 47 |  |   | 5 |  |   | 8 |  |   | 34 |  |   | We are working with the government to assess commercialization of this 2007 condensate and natural gas discovery |
| Offshore Israel                |   |  |   |   |  |   |   |  |   |   |  |   |   |
| Leviathan                      | 144 |  |   | 97 |  |   | 47 |  |   | — |  |   | We are evaluating both domestic and export development concepts for this 2010 natural gas discovery |
| Leviathan-1 Deep               | 73 |  |   | 73 |  |   | — |  |   | — |  |   | The well did not reach the target interval; we are developing future drilling plans to test this deep oil concept |
| Dalit                          | 24 |  |   | 1 |  |   | 23 |  |   | — |  |   | We have submitted a development plan to the government to develop this 2009 natural gas discovery as a tie-in to existing infrastructure |
| Tanin 1                        | 34 |  |   | 34 |  |   | — |  |   | — |  |   | We are reviewing regional development scenarios for this 2011 natural gas discovery |
| Dolphin 1                      | 23 |  |   | 23 |  |   | — |  |   | — |  |   | We are reviewing regional development scenarios for this 2011 natural gas discovery |
| Offshore Cyprus                |   |   |   |   |   |   |   |   |   |
| Cyprus A-1                     | 74 |  |   | 74 |  |   | — |  |   | — |  |   | We are continuing to drill and evaluate appraisal wells for this 2011 natural gas discovery |
| Falkland Islands               |   |  |   |   |  |   |   |  |   |   |  |   |   |
| Scotia                         | 72 |  |   | 72 |  |   | — |  |   | — |  |   | We are evaluating future appraisal well locations and are in the process of acquiring seismic data |
| Other                          |   |  |   |   |  |   |   |  |   |   |  |   |   |
| Projects less than $10 million | 34 |  |   | 29 |  |   | 5 |  |   | — |  |   | We are continuing to drill and evaluate appraisal wells |
| Total                          | $ | 733 |  |   | $ | 498 |  |   | $ | 115 |  |   | $ | 120 |  |   |   |

|         |                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 45% interest in Atlantic Methanol Production Company, LLC (AMPCO), which owns and operates a methanol plant and related facilities in Equatorial Guinea; |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | 28% interest in Alba Plant LLC (Alba Plant), which owns and operates a liquefied petroleum gas processing plant in Equatorial Guinea; and |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 50% interest in CONE Gathering LLC (CONE), which owns and operates natural gas gathering facilities servicing our joint venture properties in the Marcellus Shale. |

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|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |
|                            |   | December 31, |
| (millions)                      |   | 2013 |   | 2012 |
| Equity Method Investments       |   |   |   |   |
| AMPCO                           |   | $ | 139 |  |   | $ | 137 |  |
| Alba Plant                      |   | 95 |  |   | 93 |  |
| CONE                            |   | 184 |  |   | 121 |  |
| Other                           |   | 19 |  |   | 16 |  |
| Total Equity Method Investments |   | $ | 437 |  |   | $ | 367 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |
|                      |   | December 31, |
| (millions)                |   | 2013 |   | 2012 |
| Balance Sheet Information |   |   |   |   |
| Current Assets            |   | $ | 463 |  |   | $ | 384 |  |
| Noncurrent Assets         |   | 983 |  |   | 902 |  |
| Current Liabilities       |   | 373 |  |   | 348 |  |
| Noncurrent Liabilities    |   | 29 |  |   | 24 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Year Ended December 31, |
| (millions)                           |   | 2013 |   | 2012 |   | 2011 |
| Statements of Operations Information |   |   |   |   |   |   |
| Operating Revenues                   |   | $ | 1,256 |  |   | $ | 1,173 |  |   | $ | 1,139 |  |
| Operating Expenses                   |   | 388 |  |   | 361 |  |   | 335 |  |
| Operating Income                     |   | 868 |  |   | 812 |  |   | 804 |  |
| Other (Income) Net                   |   | (14 | ) |   | (5 | ) |   | (12 | ) |
| Income Before Income Taxes           |   | 882 |  |   | 817 |  |   | 816 |  |
| Income Tax Provision                 |   | 212 |  |   | 200 |  |   | 201 |  |
| Net Income                           |   | $ | 670 |  |   | $ | 617 |  |   | $ | 615 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   |   |   |   | Swaps |   | Collars |
| SettlementPeriod                                      | Type of Contract | Index |   | Bbls PerDay | WeightedAverageFixedPrice |   | WeightedAverage Short Put Price | WeightedAverageFloorPrice | WeightedAverage CeilingPrice |
| Instruments Entered Into as of December 31, 2013 |   |   |   |   |   |
| 2014                                                  | Swaps | NYMEX WTI |   | 37,000 | $ | 92.67 |  |   | $ | — |  | $ | — |  | $ | — |  |
| 2014                                                  | Swaps | Dated Brent |   | 13,000 | 103.21 |  |   | — |  | — |  | — |  |
| 2014                                                  | Three-Way Collars | NYMEX WTI |   | 12,000 | — |  |   | 75.67 |  | 90.67 |  | 100.88 |  |
| 2014                                                  | Three-Way Collars | Dated Brent |   | 8,000 | — |  |   | 84.38 |  | 98.25 |  | 121.56 |  |
| 2015                                                  | Swaps | NYMEX WTI |   | 16,000 | 87.66 |  |   | — |  | — |  | — |  |
| 2015                                                  | Swaps | Dated Brent |   | 8,000 | 100.20 |  |   | — |  | — |  | — |  |
| 2015                                                  | Three-Way Collars | NYMEX WTI |   | 15,000 | — |  |   | 70.67 |  | 88.00 |  | 94.78 |  |
| 2015                                                  | Three-Way Collars | Dated Brent |   | 11,000 | — |  |   | 76.36 |  | 95.27 |  | 109.26 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   |   |   |   | Swaps |   | Collars |
| SettlementPeriod                                      | Type of Contract | Index |   | MMBtuPer Day | WeightedAverageFixedPrice |   | WeightedAverageShort Put Price | WeightedAverageFloorPrice | WeightedAverageCeilingPrice |
| Instruments Entered Into as of December 31, 2013 |   |   |   |   |   |   |   |
| 2014                                                  | Swaps | NYMEX HH |   | 60,000 | $ | 4.24 |  |   | $ | — |  | $ | — |  | $ | — |  |
| 2014                                                  | Three-Way Collars | NYMEX HH |   | 230,000 | — |  |   | 2.83 |  | 3.75 |  | 4.98 |  |
| 2015                                                  | Swaps | NYMEX HH |   | 80,000 | 4.32 |  |   | — |  | — |  | — |  |
| 2015                                                  | Three-Way Collars | NYMEX HH |   | 120,000 | — |  |   | 3.54 |  | 4.25 |  | 5.06 |  |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair Value of Derivative Instruments  |
|                                  | Asset Derivative Instruments |   | Liability Derivative Instruments |
|                                  | December 31, 2013 |   | December 31, 2012 |   | December 31, 2013 |   | December 31, 2012 |
|                                  | BalanceSheetLocation |   | FairValue |   | Balance Sheet Location |   | Fair Value |   | Balance Sheet Location |   | FairValue |   | Balance Sheet Location |   | FairValue |
| (millions)                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commodity Derivative Instruments | CurrentAssets |   | $ | 1 |  |   | Current Assets |   | $ | 63 |  |   | Current Liabilities |   | $ | 65 |  |   | Current Liabilities |   | $ | 7 |  |
|                                  | Noncurrent Assets |   | 16 |  |   | Noncurrent Assets |   | 21 |  |   | Noncurrent Liabilities |   | 10 |  |   | Noncurrent Liabilities |   | 3 |  |
| Total                                 |   |   | $ | 17 |  |   |   |   | $ | 84 |  |   |   |   | $ | 75 |  |   |   |   | $ | 10 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Year Ended December 31, |
| (millions)                                            | 2013 |   | 2012 |   | 2011 |
| Realized Mark-to-Market (Gain) Loss (1)               |   |   |   |   |   |
| Crude Oil                                             | $ | 52 |  |   | $ | 83 |  |   | $ | 44 |  |
| Natural Gas                                           | (50 | ) |   | (49 | ) |   | (108 | ) |
| Total Realized Mark-to-Market (Gain) Loss             | 2 |  |   | 34 |  |   | (64 | ) |
| Unrealized Mark-to-Market (Gain) Loss (1)             |   |   |   |   |   |
| Crude Oil                                             | 87 |  |   | (120 | ) |   | 5 |  |
| Natural Gas                                           | 44 |  |   | 11 |  |   | 17 |  |
| Total Unrealized Mark-to-Market (Gain) Loss           | 131 |  |   | (109 | ) |   | 22 |  |
| Total (Gain) Loss on Commodity Derivative Instruments | $ | 133 |  |   | $ | (75 | ) |   | $ | (42 | ) |

|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (1)  | Gains and losses on commodity derivative instruments included in net income include both pre-tax realized gains and losses, which equals the cash settlements during the period, and pre-tax, unrealized, 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 gain and loss on commodity derivative instruments including: increases and decreases in the commodity forward curves compared to our executed hedging arrangements; increases and decreases in hedged future volumes; and the mix of hedge arrangements between NYMEX WTI, Dated Brent and NYMEX HH commodities. Unrealized mark-to-market gains or losses recognized in the current period will be realized in the future when cash settlement occurs. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivative Instruments in Cash Flow Hedge Relationships                 |
|                                                                    |   | Amount of (Gain) Loss on Derivative Instruments Recognized in Other Comprehensive (Income) Loss |   | Amount of (Gain) Loss on Derivative Instruments Reclassified from Accumulated Other Comprehensive (Income) Loss |
| (millions)                                                              |   | 2013 |   | 2012 |   | 2011 |   | 2013 |   | 2012 |   | 2011 |
| Interest Rate Derivative Instruments in Cash Flow Hedging Relationships |   | $ | — |  |   | $ | — |  |   | $ | (23 | ) |   | $ | 1 |  |   | $ | 1 |  |   | $ | 1 |  |
| Total                                                                   |   | — |  |   | — |  |   | (23 | ) |   | 1 |  |   | 1 |  |   | 1 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | Year Ended December 31, |
| (millions)                                      | 2013 |   | 2012 |
| Asset Retirement Obligations, Beginning Balance | $ | 402 |  |   | $ | 377 |  |
| Liabilities Incurred                            | 90 |  |   | 43 |  |
| Liabilities Settled                             | (41 | ) |   | (112 | ) |
| Revision of Estimate                            | 156 |  |   | 102 |  |
| Accretion Expense                               | 28 |  |   | 22 |  |
| Other                                           | (49 | ) |   | (30 | ) |
| Asset Retirement Obligations, Ending Balance    | $ | 586 |  |   | $ | 402 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | December 31, 2013 |   |   | December 31, 2012 |   |
| (millions, except percentages)                     | Debt |   | Interest Rate |   |   | Debt |   | Interest Rate |   |
| Credit Facility, due October 3, 2018 (1)           | $ | — |  |   | — |  |   |   | $ | — |  |   | — |  |   |
| CONSOL Installment Payment                         | — |  |   | — |  |  |   | 328 |  |   | 1.79 | % | (2)  |
| Capital Lease and Other Obligations                | 359 |  |   | — |  |   |   | 311 |  |   | — |  |   |
| 5¼% Senior Notes, due April 15, 2014          | 200 |  |   | 5.25 | % |   |   | 200 |  |   | 5.25 | % |   |
| 8¼% Senior Notes, due March 1, 2019           | 1,000 |  |   | 8.25 | % |   |   | 1,000 |  |   | 8.25 | % |   |
| 4.15% Senior Notes, due December 15, 2021          | 1,000 |  |   | 4.15 | % |   |   | 1,000 |  |   | 4.15 | % |   |
| 7¼% Senior Notes, due October 15, 2023        | 100 |  |   | 7.25 | % |   |   | 100 |  |   | 7.25 | % |   |
| 8% Senior Notes, due April 1, 2027                 | 250 |  |   | 8.00 | % |   |   | 250 |  |   | 8.00 | % |   |
| 6% Senior Notes, due March 1, 2041                 | 850 |  |   | 6.00 | % |   |   | 850 |  |   | 6.00 | % |   |
| 5¼% Senior Notes, due November 15, 2043       | 1,000 |  |   | 5.25 | % |   |   | — |  |   | — |  |   |
| 7¼% Senior Debentures, due August 1, 2097     | 84 |  |   | 7.25 | % |   |   | 84 |  |   | 7.25 | % |   |
| Total                                              | 4,843 |  |   |   |  |   |   | 4,123 |  |   |   |  |   |
| Unamortized Discount                               | (19 | ) |   |   |  |   |   | (15 | ) |   |   |  |   |
| Total Debt, Net of Discount                        | 4,824 |  |   |   |  |   |   | 4,108 |  |   |   |  |   |
| Less Amounts Due Within One Year                   |   |  |   |   |  |   |   |   |  |   |   |  |   |
| Current Portion of Long Term Debt, net of discount | (200 | ) |   |   |  |   |   | (324 | ) |   |   |  |   |
| Capital Lease and Other Obligations                | (58 | ) |   |   |  |   |   | (48 | ) |   |   |  |   |
| Long-Term Debt Due After One Year                  | $ | 4,566 |  |   |   |  |   |   | $ | 3,736 |  |   |   |  |   |

|           |                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Our Credit Agreement provides for a $4.0 billion Credit Facility. The Credit Facility is available for general corporate purposes. |

|           |                                                                                                           |
|-----------|-----------------------------------------------------------------------------------------------------------|
| (2)  | Imputed rate based on the prevailing market rates for similar debt instruments at the date of assessment. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                        |
|------------------------|
|                        |  |  |  |
| (millions)             | DebtPrincipalPayments |
| December 31, 2013 |   |
| 2014                   | $ | 200 |  |
| 2015                   | — |  |
| 2016                   | — |  |
| 2017                   | — |  |
| 2018                   | — |  |
| Thereafter             | 4,284 |  |
| Total                  | $ | 4,484 |  |

|            |
|------------|
|            |  |  |  |  |  |  |  |  |  |  |  |  |
|       |   | Year Ended December 31, |
| (millions) |   | 2013 |   | 2012 |   | 2011 |
| Domestic   |   | $ | 202 |  |   | $ | 92 |  |   | $ | (537 | ) |
| Foreign    |   | 1,142 |  |   | 1,264 |  |   | 1,039 |  |
| Total      |   | $ | 1,344 |  |   | $ | 1,356 |  |   | $ | 502 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                       |   | Year Ended December 31, |
| (millions)                 |   | 2013 |   | 2012 |   | 2011 |
| Current Taxes              |   |   |   |   |   |   |
| Federal                    |   | $ | 21 |  |   | $ | 14 |  |   | $ | 11 |  |
| State                      |   | 1 |  |   | 1 |  |   | 2 |  |
| Foreign                    |   | 144 |  |   | 143 |  |   | 155 |  |
| Total Current              |   | 166 |  |   | 158 |  |   | 168 |  |
| Deferred Taxes             |   |   |  |   |   |  |   |   |  |
| Federal                    |   | 96 |  |   | 60 |  |   | (130 | ) |
| State                      |   | 1 |  |   | 1 |  |   | (3 | ) |
| Foreign                    |   | 174 |  |   | 172 |  |   | 55 |  |
| Total Deferred             |   | 271 |  |   | 233 |  |   | (78 | ) |
| Total Income Tax Provision |   | $ | 437 |  |   | $ | 391 |  |   | $ | 90 |  |
| Effective Tax Rate         |   | 32.5 | % |   | 28.8 | % |   | 17.9 | % |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |
|                                    |   | Year Ended December 31, |
| (percentages)                           |   | 2013 |   | 2012 |   | 2011 |
| Federal Statutory Rate                  |   | 35.0 |  |   | 35.0 |  |   | 35.0 |  |
| Effect of                               |   |   |  |   |   |  |   |   |  |
| Earnings of Equity Method Investees     |   | (5.3 | ) |   | (4.9 | ) |   | (13.3 | ) |
| State Taxes, Net of Federal Benefit     |   | 0.1 |  |   | 0.2 |  |   | (0.1 | ) |
| Difference Between US and Foreign Rates |   | (6.3 | ) |   | (4.9 | ) |   | (7.0 | ) |
| Foreign Exploration Loss                |   | 2.7 |  |   | (3.8 | ) |   | (4.2 | ) |
| Change in Valuation Allowance           |   | 3.8 |  |   | 4.3 |  |   | 6.6 |  |
| Oil Profits Tax - Israel                |   | 0.3 |  |   | 0.9 |  |   | 2.6 |  |
| Tax Contingency                         |   | 0.4 |  |   | 1.8 |  |   | — |  |
| Other, Net                              |   | 1.8 |  |   | 0.2 |  |   | (1.7 | ) |
| Effective Rate                          |   | 32.5 |  |   | 28.8 |  |   | 17.9 |  |

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |
|                                                                                                                           |   | December 31, |
| (millions)                                                                                                                     |   | 2013 |   | 2012 |
| Deferred Tax Assets                                                                                                            |   |   |   |   |
| Loss Carryforwards                                                                                                             |   | $ | 174 |  |   | $ | 235 |  |
| Employee Compensation & Benefits                                                                                           |   | 143 |  |   | 134 |  |
| Foreign Tax Credits                                                                                                            |   | 31 |  |   | 38 |  |
| Other                                                                                                                          |   | 56 |  |   | 81 |  |
| Total Deferred Tax Assets                                                                                                      |   | 404 |  |   | 488 |  |
| Valuation Allowance - Foreign Loss Carryforwards                                                                               |   | (135 | ) |   | (81 | ) |
| Valuation Allowance - Foreign Tax Credits                                                                                      |   | (31 | ) |   | (38 | ) |
| Valuation Allowance - Capital Loss Carryforwards                                                                               |   | (2 | ) |   | — |  |
| Net Deferred Tax Assets                                                                                                        |   | 236 |  |   | 369 |  |
| Deferred Tax Liabilities                                                                                                       |   |   |  |   |   |  |
| Property, Plant and Equipment, Principally Due to Differences in Depreciation, Amortization, Lease Impairment and Abandonments |   | (2,615 | ) |   | (2,481 | ) |
| Total Deferred Tax Liability                                                                                                   |   | (2,615 | ) |   | (2,481 | ) |
| Net Deferred Tax Liability                                                                                                     |   | $ | (2,379 | ) |   | $ | (2,112 | ) |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |
|                                       |   | December 31, |
| (millions)                                 |   | 2013 |   | 2012 |
| Deferred Income Tax Asset - Current        |   | $ | 62 |  |   | $ | 106 |  |
| Deferred Income Tax Liability - Noncurrent |   | (2,441 | ) |   | (2,218 | ) |
| Net Deferred Tax Liability                 |   | $ | (2,379 | ) |   | $ | (2,112 | ) |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |
| (millions)                                          |   | Twelve Months Ended December 31, 2013 |
| Unrecognized Tax Benefits, Beginning Balance        |   | $ | 23 |  |
| Additions for tax positions related to current year |   | — |  |
| Additions for tax positions of prior years          |   | 7 |  |
| Reductions for tax positions of prior years         |   | (2 | ) |
| Settlements                                         |   | — |  |
| Unrecognized Tax Benefits, Ending Balance           |   | $ | 28 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | Year Ended December 31, |
| (millions)                                   |   | 2013 |   | 2012 |   | 2011 |
| Stock-Based Compensation Expense Included in |   |   |   |   |   |   |
| General and Administrative Expense           |   | $ | 58 |  |   | $ | 48 |  |   | $ | 42 |  |
| Exploration Expense and Other                |   | 22 |  |   | 17 |  |   | 16 |  |
| Total Stock-Based Compensation Expense       |   | $ | 80 |  |   | $ | 65 |  |   | $ | 58 |  |
| Tax Benefit Recognized                       |   | $ | (28 | ) |   | $ | (23 | ) |   | $ | (20 | ) |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Expected term   The expected term represents the period of time that options granted are expected to be outstanding, which is the grant date to the date of expected exercise or other expected settlement for options granted. The hypothetical midpoint scenario we use considers our actual exercise and post-vesting cancellation history and expectations for future periods, which assumes that all vested, outstanding options are settled halfway between the current date and their expiration date. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Expected volatility   The expected volatility represents the extent to which our stock price is expected to fluctuate between the grant date and the expected term of the award. We use the historical volatility of our common stock for a period equal to the expected term of the option prior to the date of grant. We believe that historical volatility produces an estimate that is representative of our expectations about the future volatility of our common stock over the expected term. |

|         |                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Risk-free rate The risk-free rate is the implied yield available on US Treasury securities with a remaining term equal to the expected term of the option. We base our risk-free rate on a weighting of five and seven year US Treasury securities as of the date of grant. |

|         |                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Dividend yield The dividend yield represents the value of our stock’s annualized dividend as compared to our stock’s average price for the three-year period ended prior to the date of grant. It is calculated by dividing one full year of our expected dividends by our average stock price over the three-year period ended prior to the date of grant. |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Year Ended December 31, |
| (weighted averages)                    |   | 2013 |   | 2012 |   | 2011 |
| Expected Term (in Years)               |   | 5.7 |  |   | 5.7 |  |   | 5.7 |  |
| Expected Volatility                    |   | 36.4 | % |   | 37.0 | % |   | 36.2 | % |
| Risk-Free Rate                         |   | 1.1 | % |   | 0.9 | % |   | 2.2 | % |
| Expected Dividend Yield                |   | 1.2 | % |   | 1.2 | % |   | 1.1 | % |
| Weighted Average Grant-Date Fair Value |   | $ | 17.08 |  |   | $ | 15.99 |  |   | $ | 15.09 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             |   | Options |   | WeightedAverageExercise Price |   | WeightedAverageRemaining Contractual Term |   | Aggregate Intrinsic Value |
|                             |   |   |   | (per share) |   | (in years) |   | (in millions) |
| Outstanding at December 31, 2012 |   | 12,411,572 |  |   | $ | 35.14 |  |   |   |   |   |
| Granted                          |   | 2,492,855 |  |   | 54.64 |  |   |   |   |   |
| Exercised                        |   | (1,892,962 | ) |   | 27.05 |  |   |   |   |   |
| Forfeited                        |   | (333,608 | ) |   | 51.99 |  |   |   |   |   |
| Outstanding at December 31, 2013 |   | 12,677,857 |  |   | $ | 39.82 |  |   | 6.2 |   | $ | 359 |  |
| Exercisable at December 31, 2013 |   | 8,383,018 |  |   | $ | 33.53 |  |   | 5.0 |   | $ | 290 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                       |
|-----------------------|
|                       |  |  |  |
|                  |   | Year Ended December 31, 2013 |
| Number of Simulations |   | 500,000 |  |
| Expected Volatility   |   | 30 | % |
| Risk-Free Rate        |   | 0.4 | % |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             |   | Subject to Time                                                         Vesting |   | Subject to Market Conditions |
|                             |   | Number of Shares |   | WeightedAverageAward Date Fair Value |   | Number of Shares |   | Weighted Average Award Date Fair Value |
|                             |   |   |   | (per share) |   |   |   | (per share) |
| Outstanding at December 31, 2012 |   | 1,866,462 |  |   | $ | 46.40 |  |   | — |  |   | $ | — |  |
| Awarded                          |   | 485,587 |  |   | 54.81 |  |   | 891,504 |  |   | 28.96 |  |
| Vested                           |   | (781,838 | ) |   | 43.04 |  |   | — |  |   | — |  |
| Forfeited                        |   | (82,342 | ) |   | 50.04 |  |   | (43,478 | ) |   | 28.65 |  |
| Outstanding at December 31, 2013 |   | 1,487,869 |  |   | $ | 50.74 |  |   | 848,026 |  |   | $ | 28.93 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |
|                                                              |   | December 31, |
| (millions, except share amounts)                                  |   | 2013 |   | 2012 |
| Rabbi Trust Assets                                                |   |   |   |   |
| Mutual Fund Investments                                           |   | $ | 88 |  |   | $ | 84 |  |
| Noble Energy Common Stock (at Fair Value)                         |   | 88 |  |   | 76 |  |
| Total Rabbi Trust Assets                                          |   | 176 |  |   | 160 |  |
| Liability Under Related Deferred Compensation Plan                |   | $ | 176 |  |   | $ | 160 |  |
| Number of Shares of Noble Energy Common Stock Held by Rabbi Trust |   | 1,292,335 |  |   | 1,493,343 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | Retirement and Restoration Plans |   | Medical and Life Plans |
| (millions)                                          |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Pension Benefit Obligation                          |   | $ | (394 | ) |   | $ | (343 | ) |   | $ | (36 | ) |   | $ | (27 | ) |
| Fair Value of Plan Assets                           |   | 265 |  |   | 247 |  |   | — |  |   | — |  |
| Net Amount Recognized in Consolidated Balance Sheet |   | (129 | ) |   | (96 | ) |   | (36 | ) |   | (27 | ) |
| Noncurrent Liabilities                              |   | (123 | ) |   | (90 | ) |   | (34 | ) |   | (26 | ) |
|                                                |   |   |   |   |   |   |   |   |
| Net Prior Service (Cost) Credit, Before Tax         |   | $ | (88 | ) |   | $ | (2 | ) |   | $ | 6 |  |   | $ | 8 |  |
| Net Gains (Losses), Before Tax                      |   | (56 | ) |   | (133 | ) |   | (15 | ) |   | (12 | ) |
| Accumulated Other Comprehensive Income (Loss)       |   | $ | (144 | ) |   | $ | (135 | ) |   | $ | (9 | ) |   | $ | (4 | ) |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Fair Value Measurements Using |   |   |   |   |
| (millions)                                                        | Quoted Prices in  Active Markets(Level 1) (1) |   | Significant OtherObservable Inputs(Level 2) (1) |   | SignificantUnobservableInputs      (Level 3) (1) |   | Adjustment (2) |   | Fair Value Measurement |
| December 31, 2013                                            |   |   |   |   |   |   |   |   |   |
| Financial Assets                                                  |   |   |   |   |   |   |   |   |   |
| Mutual Fund Investments                                           | $ | 114 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 114 |  |
| Commodity Derivative Instruments                                  | — |  |   | 28 |  |   | — |  |   | (11 | ) |   | 17 |  |
| Financial Liabilities                                             |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Commodity Derivative Instruments                                  | — |  |   | (86 | ) |   | — |  |   | 11 |  |   | (75 | ) |
| Portion of Deferred Compensation Liability Measured at Fair Value | (176 | ) |   | — |  |   | — |  |   | — |  |   | (176 | ) |
| December 31, 2012                                            |   |   |   |   |   |   |   |  |   |   |  |
| Financial Assets                                                  |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Mutual Fund Investments                                           | $ | 103 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 103 |  |
| Commodity Derivative Instruments                                  | — |  |   | 113 |  |   | — |  |   | (29 | ) |   | 84 |  |
| Financial Liabilities                                             |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Commodity Derivative Instruments                                  | — |  |   | (39 | ) |   | — |  |   | 29 |  |   | (10 | ) |
| Portion of Deferred Compensation Liability Measured at Fair Value | (160 | ) |   | — |  |   | — |  |   | — |  |   | (160 | ) |

|           |                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | See Note 1.  Summary of Significant Accounting Policies - Fair Value Measurements for a description of the fair value hierarchy. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|           |                                                                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Amount represents the impact of netting clauses within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty. |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements Using |   |   |   |   |
| Description                     | Quoted Prices in Active Markets (Level 1) (1) |   | Significant Other Observable Inputs (Level 2) (1) |   | Significant Unobservable Inputs (Level 3) (1) |   | Net Book Value (2) |   | Total Pre-tax (Non-cash) Impairment Loss |
| (millions)                      |   |   |   |   |   |   |   |   |   |
| Year Ended December 31, 2013    |   |   |   |   |   |   |   |   |
| Impaired Oil and Gas Properties | $ | — |  |   | $ | — |  |   | $ | 113 |  |   | $ | 199 |  |   | $ | 86 |  |
| Year Ended December 31, 2012    |   |   |   |   |   |   |   |   |
| Impaired Oil and Gas Properties | — |  |   | — |  |   | 228 |  |   | 332 |  |   | 104 |  |
| Year Ended December 31, 2011    |   |   |   |   |   |   |   |   |
| Impaired Oil and Gas Properties | — |  |   | — |  |   | 213 |  |   | 970 |  |   | 757 |  |

|           |                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | See Note 1.  Summary of Significant Accounting Policies - Fair Value Measurements for a description of the fair value hierarchy. |

|           |                                                             |
|-----------|-------------------------------------------------------------|
| (2)  | Amount represents net book value at the date of assessment. |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | December 31, 2013 |   | December 31, 2012 |
| (millions)                                      | Carrying Amount |   | Fair Value |   | Carrying Amount |   | Fair Value |
| Long-Term Debt, Net of Unamortized Discount (1) | $ | 4,465 |  |   | $ | 4,959 |  |   | $ | 3,797 |  |   | $ | 4,570 |  |

|           |                                                                                                                                                                            |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Excludes capital lease and other obligations. No floating rate debt was outstanding at December 31, 2013 or December 31, 2012. See Note 10.  Long-Term Debt. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                       |   | Year Ended December 31, |
| (millions, except per share amounts)                                                                                                       |   | 2013 |   | 2012 |   | 2011 |
| Income from Continuing Operations Used for Diluted Earnings Per Share Calculation                                                          |   | $ | 907 |  |   | $ | 965 |  |   | $ | 412 |  |
|                                                                                                                                       |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding, Basic                                                                                       |   | 359 |  |   | 356 |  |   | 353 |  |
| Incremental Shares From Assumed Conversion of Dilutive Stock Options and Restricted Stock                                                  |   | 4 |  |   | 3 |  |   | 4 |  |
| Weighted Average Number of Shares Outstanding, Diluted                                                                                     |   | 363 |  |   | 359 |  |   | 357 |  |
| Earnings from Continuing Operations Per Share, Basic                                                                                       |   | $ | 2.53 |  |   | $ | 2.71 |  |   | $ | 1.17 |  |
| Earnings from Continuing Operations Per Share, Diluted                                                                                     |   | 2.50 |  |   | 2.68 |  |   | 1.15 |  |
|                                                                                                                                       |   |   |   |   |   |   |
| Additional Information                                                                                                                     |   |   |   |   |   |   |
| Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above |   | 3 |  |   | 5 |  |   | 4 |  |
| Weighted average option exercise price per share                                                                                           |   | $ | 53.40 |  |   | $ | 48.73 |  |   | $ | 42.70 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (millions)                                                   | Consolidated |   | UnitedStates |   | WestAfrica |   | EasternMediterranean |   | Other Int'l &Corporate |
| Year Ended December 31, 2013                                 |   |   |   |   |   |   |   |   |   |
| Revenues from Third Parties (1)                              | $ | 4,809 |  |   | $ | 3,004 |  |   | $ | 1,252 |  |   | $ | 391 |  |   | $ | 162 |  |
| Income from Equity Method Investees                          | 206 |  |   | — |  |   | 206 |  |   | — |  |   | — |  |
| Total Revenues                                               | 5,015 |  |   | 3,004 |  |   | 1,458 |  |   | 391 |  |   | 162 |  |
| DD&A                                                     | 1,568 |  |   | 1,117 |  |   | 261 |  |   | 97 |  |   | 93 |  |
| Asset Impairments                                            | 86 |  |   | 39 |  |   | — |  |   | 47 |  |   | — |  |
| Gain on Divestitures                                         | (36 | ) |   | (36 | ) |   | — |  |   | — |  |   | — |  |
| Income (Loss) from Continuing Operations Before Income Taxes | 1,344 |  |   | 790 |  |   | 936 |  |   | 162 |  |   | (544 | ) |
| Equity Method Investments                                    | 437 |  |   | 184 |  |   | 234 |  |   | — |  |   | 19 |  |
| Additions to Long-Lived Assets                               | 4,534 |  |   | 3,475 |  |   | 453 |  |   | 420 |  |   | 186 |  |
| Goodwill at End of Year                                      | 627 |  |   | 627 |  |   | — |  |   | — |  |   | — |  |
| Total Assets at End of Year (2)                              | 19,598 |  |   | 13,094 |  |   | 3,199 |  |   | 2,753 |  |   | 552 |  |
| Year Ended December 31, 2012                                 |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Revenues from Third Parties (1)                         | $ | 4,037 |  |   | $ | 2,339 |  |   | $ | 1,343 |  |   | $ | 178 |  |   | $ | 177 |  |
| Income from Equity Method Investees                          | 186 |  |   | — |  |   | 186 |  |   | — |  |   | — |  |
| Total Revenues                                               | 4,223 |  |   | 2,339 |  |   | 1,529 |  |   | 178 |  |   | 177 |  |
| DD&A                                                     | 1,370 |  |   | 929 |  |   | 255 |  |   | 111 |  |   | 75 |  |
| Asset Impairments                                            | 104 |  |   | 73 |  |   | — |  |   | 31 |  |   | — |  |
| Gain on Divestitures                                         | (154 | ) |   | (154 | ) |   | — |  |   | — |  |   | — |  |
| Income (Loss) from Continuing Operations Before Income Taxes | 1,356 |  |   | 806 |  |   | 1,074 |  |   | 9 |  |   | (533 | ) |
| Equity Method Investments                                    | 367 |  |   | 121 |  |   | 230 |  |   | — |  |   | 16 |  |
| Additions to Long-Lived Assets                               | 3,525 |  |   | 2,046 |  |   | 447 |  |   | 869 |  |   | 163 |  |
| Goodwill at End of Year                                      | 635 |  |   | 635 |  |   | — |  |   | — |  |   | — |  |
| Total Assets at End of Year (2)                              | 17,509 |  |   | 11,199 |  |   | 3,063 |  |   | 2,572 |  |   | 675 |  |
| Year Ended December 31, 2011                                 |   |   |   |   |   |   |   |   |   |
| Revenues from Third Parties (1)                         | $ | 3,211 |  |   | $ | 2,125 |  |   | $ | 592 |  |   | $ | 307 |  |   | $ | 187 |  |
| Income from Equity Method Investees                          | 193 |  |   | — |  |   | 193 |  |   | — |  |   | — |  |
| Total Revenues                                               | 3,404 |  |   | 2,125 |  |   | 785 |  |   | 307 |  |   | 187 |  |
| DD&A                                                     | 878 |  |   | 732 |  |   | 69 |  |   | 25 |  |   | 52 |  |
| Asset Impairments                                            | 757 |  |   | 757 |  |   | — |  |   | — |  |   | — |  |
| Gain on Divestitures                                         | (25 | ) |   | — |  |   | — |  |   | — |  |   | (25 | ) |
| Income (Loss) from Continuing Operations Before Income Taxes | 502 |  |   | 96 |  |   | 561 |  |   | 228 |  |   | (383 | ) |
| Equity Method Investments                                    | 329 |  |   | 72 |  |   | 257 |  |   | — |  |   | — |  |
| Additions to Long-Lived Assets                               | 4,358 |  |   | 3,007 |  |   | 618 |  |   | 687 |  |   | 46 |  |
| Goodwill at End of Year                                      | 696 |  |   | 696 |  |   | — |  |   | — |  |   | — |  |
| Total Assets at End of Year (2)                              | 16,105 |  |   | 11,201 |  |   | 2,728 |  |   | 1,751 |  |   | 425 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |
|                         |   | Percentage of Crude Oil Sales |   | Percentage of Total Oil, Gas & NGL Sales |
| Year Ended December 31, 2013 |   |   |   |   |
| Glencore Energy UK Ltd       |   | 34 | % |   | 25 | % |
| Shell (1)                    |   | 17 | % |   | 13 | % |
| Year Ended December 31, 2012 |   |   |  |   |   |  |
| Glencore Energy UK Ltd       |   | 39 | % |   | 31 | % |
| Shell (1)                    |   | 17 | % |   | 14 | % |
| Year Ended December 31, 2011 |   |   |  |   |   |  |
| Glencore Energy UK Ltd       |   | 24 | % |   | 16 | % |
| Shell (1)                    |   | 17 | % |   | 12 | % |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |
|                                                                                                        |   | Year Ended December 31, |
|                                                                                                        |   | 2013 |   | 2012 |
| Common Stock Shares Issued                                                                                  |   |   |  |   |   |  |
| Shares, Beginning of Period                                                                                 |   | 396,697,484 |  |   | 393,313,692 |  |
| Exercise of Common Stock Options                                                                            |   | 1,892,962 |  |   | 2,530,462 |  |
| Restricted Stock Awards, Net of Forfeitures                                                                 |   | 1,251,271 |  |   | 853,330 |  |
| Shares, End of Period                                                                                       |   | 399,841,717 |  |   | 396,697,484 |  |
| Treasury Stock                                                                                              |   |   |  |   |   |  |
| Shares, Beginning of Period                                                                                 |   | 37,550,752 |  |   | 37,473,040 |  |
| Shares Received From Employees in Payment of Withholding Taxes Due on Vesting of Shares of Restricted Stock |   | 250,307 |  |   | 282,248 |  |
| Rabbi Trust Shares Distributed and/or Sold                                                                  |   | (201,008 | ) |   | (204,536 | ) |
| Shares, End of Period                                                                                       |   | 37,600,051 |  |   | 37,550,752 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | Accumulated Other Comprehensive Loss |
| (millions)                                  |   | Interest Rate Cash FlowHedges |   | Pension-Related and Other |   | Total |
| December 31, 2010                      |   | $ | (42 | ) |   | $ | (62 | ) |   | $ | (104 | ) |
| Realized Amounts Reclassified Into Earnings |   | 1 |  |   | 4 |  |   | 5 |  |
| Unrealized Change in Fair Value             |   | 15 |  |   | (16 | ) |   | (1 | ) |
| December 31, 2011                      |   | (26 | ) |   | (74 | ) |   | (100 | ) |
| Realized Amounts Reclassified Into Earnings |   | 1 |  |   | 6 |  |   | 7 |  |
| Unrealized Change in Fair Value             |   | — |  |   | (20 | ) |   | (20 | ) |
| December 31, 2012                      |   | (25 | ) |   | (88 | ) |   | (113 | ) |
| Realized Amounts Reclassified Into Earnings |   | 1 |  |   | 12 |  |   | 13 |  |
| Unrealized Change in Fair Value             |   | — |  |   | (17 | ) |   | (17 | ) |
| December 31, 2013                      |   | $ | (24 | ) |   | $ | (93 | ) |   | $ | (117 | ) |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Notes to Consolidated Financial Statements |   |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (millions)          |   | Drilling, Equipment,and Purchase Obligations |   | Transportationand Gathering |   | OperatingLease Obligations |   |  Capital Lease Payments(1) |   | Total |
| 2014                |   | $ | 394 |  |   | $ | 91 |  |   | $ | 42 |  |   | $ | 77 |  |   | $ | 604 |  |
| 2015                |   | 201 |  |   | 134 |  |   | 49 |  |   | 82 |  |   | 466 |  |
| 2016                |   | 103 |  |   | 135 |  |   | 61 |  |   | 66 |  |   | 365 |  |
| 2017                |   | 2 |  |   | 134 |  |   | 61 |  |   | 66 |  |   | 263 |  |
| 2018                |   | — |  |   | 133 |  |   | 53 |  |   | 66 |  |   | 252 |  |
| 2019 and Thereafter |   | — |  |   | 465 |  |   | 400 |  |   | 224 |  |   | 1,089 |  |
| Total               |   | $ | 700 |  |   | $ | 1,092 |  |   | $ | 666 |  |   | $ | 581 |  |   | $ | 3,039 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Crude Oil, Condensate and NGLs (MMBbls) |
|                                            |   | United States (1) |   | EquatorialGuinea |   | OtherInt'l (2) |   | Total |
| Proved Reserves as of:                          |   |   |   |   |   |   |   |   |
| December 31, 2010                          |   | 225 |  |   | 112 |  |   | 28 |  |   | 365 |  |
| Revisions of Previous Estimates (3)             |   | (5 | ) |   | 2 |  |   | (6 | ) |   | (9 | ) |
| Extensions, Discoveries and Other Additions (4) |   | 43 |  |   | — |  |   | 2 |  |   | 45 |  |
| Purchase of Minerals in Place (5)               |   | — |  |   | — |  |   | — |  |   | — |  |
| Sale of Minerals in Place (6)                   |   | — |  |   | — |  |   | — |  |   | — |  |
| Production (7)                                  |   | (19 | ) |   | (8 | ) |   | (5 | ) |   | (32 | ) |
| December 31, 2011                          |   | 244 |  |   | 106 |  |   | 19 |  |   | 369 |  |
| Revisions of Previous Estimates (3)             |   | (57 | ) |   | 9 |  |   | — |  |   | (48 | ) |
| Extensions, Discoveries and Other Additions (4) |   | 106 |  |   | — |  |   | 1 |  |   | 107 |  |
| Purchase of Minerals in Place (5)               |   | — |  |   | — |  |   | — |  |   | — |  |
| Sale of Minerals in Place (6)                   |   | (25 | ) |   | — |  |   | (4 | ) |   | (29 | ) |
| Production (7)                                  |   | (24 | ) |   | (15 | ) |   | (3 | ) |   | (42 | ) |
| December 31, 2012                          |   | 244 |  |   | 100 |  |   | 13 |  |   | 357 |  |
| Revisions of Previous Estimates (3)             |   | 20 |  |   | 7 |  |   | — |  |   | 27 |  |
| Extensions, Discoveries and Other Additions (4) |   | 113 |  |   | 1 |  |   | 1 |  |   | 115 |  |
| Purchase of Minerals in Place (5)               |   | 3 |  |   | — |  |   | — |  |   | 3 |  |
| Sale of Minerals in Place (6)                   |   | (20 | ) |   | — |  |   | (2 | ) |   | (22 | ) |
| Production (7)                                  |   | (29 | ) |   | (14 | ) |   | (2 | ) |   | (45 | ) |
| December 31, 2013                          |   | 331 |  |   | 94 |  |   | 10 |  |   | 435 |  |
| Proved Developed Reserves as of                 |   |   |  |   |   |  |   |   |  |   |   |  |
| December 31, 2010                          |   | 119 |  |   | 43 |  |   | 21 |  |   | 183 |  |
| December 31, 2011                          |   | 134 |  |   | 60 |  |   | 13 |  |   | 207 |  |
| December 31, 2012                          |   | 130 |  |   | 60 |  |   | 8 |  |   | 198 |  |
| December 31, 2013                          |   | 147 |  |   | 75 |  |   | 8 |  |   | 230 |  |
| Proved Undeveloped Reserves as of               |   |   |  |   |   |  |   |   |  |   |   |  |
| December 31, 2010                          |   | 106 |  |   | 69 |  |   | 7 |  |   | 182 |  |
| December 31, 2011                          |   | 110 |  |   | 46 |  |   | 6 |  |   | 162 |  |
| December 31, 2012                          |   | 114 |  |   | 40 |  |   | 5 |  |   | 159 |  |
| December 31, 2013                          |   | 185 |  |   | 19 |  |   | 2 |  |   | 206 |  |

|           |                                            |
|-----------|--------------------------------------------|
| (1)  | United States NGL proved reserves totaled: |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |
|                   | United States NGL Reserves (MMBbls) |
|                   | Proved Developed | Proved Undeveloped | Total Proved |
| December 31, 2010 | 38 |  | 23 |  | 61 |  |
| December 31, 2011 | 49 |  | 24 |  | 73 |  |
| December 31, 2012 | 42 |  | 30 |  | 72 |  |
| December 31, 2013 | 44 |  | 51 |  | 95 |  |

|           |                                                               |
|-----------|---------------------------------------------------------------|
| (2)  | Other International includes China, the North Sea and Israel. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The 2011 US revisions were primarily associated with reclassification of vertical PUDs to probable reserves in the DJ Basin which were no longer expected to be developed in five years due to shifting emphasis from vertical to horizontal development, partially offset by positive revisions in other onshore US fields. International revisions were associated with performance revisions in China and the North Sea. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|           |                                                                                      |
|-----------|--------------------------------------------------------------------------------------|
| (4)  | The 2011 increase was from development of onshore assets, primarily in the DJ Basin. |

|           |                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------|
| (5)  | The 2013 increase is attributable to the acquisition of additional acreage in the Marcellus Shale and other onshore US locations. |

|           |                                                             |
|-----------|-------------------------------------------------------------|
| (6)  | In 2012, we sold non-core, onshore US and North Sea assets. |

|           |                                                                                                                              |
|-----------|------------------------------------------------------------------------------------------------------------------------------|
| (7)  | Equatorial Guinea production includes sales from the Alba field to the Alba LPG plant of 3 MMBbl in 2013, 2012 and 2011. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Natural Gas and Casinghead Gas (Bcf) |
|                                            |   | United States |   | Equatorial Guinea |   | Israel |   | Other      Int'l (1) |   | Total |
| Proved Reserves as of:                          |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010                          |   | 1,626 |  |   | 869 |  |   | 1,844 |  |   | 22 |  |   | 4,361 |  |
| Revisions of Previous Estimates (2)             |   | (241 | ) |   | 7 |  |   | — |  |   | (8 | ) |   | (242 | ) |
| Extensions, Discoveries and Other Additions (3) |   | 326 |  |   | — |  |   | 488 |  |   | — |  |   | 814 |  |
| Purchase of Minerals in Place (4)               |   | 406 |  |   | — |  |   | — |  |   | — |  |   | 406 |  |
| Sale of Minerals in Place (5)                   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Production                                      |   | (141 | ) |   | (90 | ) |   | (63 | ) |   | (2 | ) |   | (296 | ) |
| December 31, 2011                          |   | 1,976 |  |   | 786 |  |   | 2,269 |  |   | 12 |  |   | 5,043 |  |
| Revisions of Previous Estimates (2)             |   | (266 | ) |   | 2 |  |   | (24 | ) |   | — |  |   | (288 | ) |
| Extensions, Discoveries and Other Additions (3) |   | 601 |  |   | 16 |  |   | 42 |  |   | — |  |   | 659 |  |
| Purchase of Minerals in Place (4)               |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Sale of Minerals in Place (5)                   |   | (164 | ) |   | — |  |   | — |  |   | (2 | ) |   | (166 | ) |
| Production                                      |   | (160 | ) |   | (86 | ) |   | (37 | ) |   | (1 | ) |   | (284 | ) |
| December 31, 2012                          |   | 1,987 |  |   | 718 |  |   | 2,250 |  |   | 9 |  |   | 4,964 |  |
| Revisions of Previous Estimates (2)             |   | 262 |  |   | 24 |  |   | 124 |  |   | — |  |   | 410 |  |
| Extensions, Discoveries and Other Additions (3) |   | 587 |  |   | 41 |  |   | 181 |  |   | — |  |   | 809 |  |
| Purchase of Minerals in Place (4)               |   | 126 |  |   | — |  |   | — |  |   | — |  |   | 126 |  |
| Sale of Minerals in Place (5)                   |   | (145 | ) |   | — |  |   | — |  |   | (6 | ) |   | (151 | ) |
| Production                                      |   | (161 | ) |   | (92 | ) |   | (76 | ) |   | (1 | ) |   | (330 | ) |
| December 31, 2013                          |   | 2,656 |  |   | 691 |  |   | 2,479 |  |   | 2 |  |   | 5,828 |  |
| Proved Developed Reserves as of                 |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| December 31, 2010                          |   | 1,156 |  |   | 597 |  |   | 145 |  |   | 19 |  |   | 1,917 |  |
| December 31, 2011                          |   | 1,195 |  |   | 497 |  |   | 83 |  |   | 11 |  |   | 1,786 |  |
| December 31, 2012                          |   | 1,042 |  |   | 514 |  |   | 18 |  |   | 8 |  |   | 1,582 |  |
| December 31, 2013                          |   | 1,212 |  |   | 457 |  |   | 2,046 |  |   | 2 |  |   | 3,717 |  |
| Proved Undeveloped Reserves as of               |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| December 31, 2010                          |   | 470 |  |   | 272 |  |   | 1,699 |  |   | 3 |  |   | 2,444 |  |
| December 31, 2011                          |   | 781 |  |   | 289 |  |   | 2,186 |  |   | 1 |  |   | 3,257 |  |
| December 31, 2012                          |   | 945 |  |   | 204 |  |   | 2,232 |  |   | 1 |  |   | 3,382 |  |
| December 31, 2013                          |   | 1,444 |  |   | 234 |  |   | 433 |  |   | — |  |   | 2,111 |  |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Other International includes China and the North Sea. See Note 3.  Property Transactions. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The 2011 US revisions were primarily associated with reclassification of vertical PUDs in the DJ Basin which were no longer expected to be developed in five years due to shifting activity level from vertical to horizontal development and revisions to onshore dry gas assets due to reduced activity assumptions, performance, and price. International revisions were associated with performance revisions in the North Sea. |

|           |                                                                                                                                                                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The 2011 increase in the US was primarily due to active development programs in the DJ Basin and the Marcellus Shale.  The increase in Israel was primarily due to continuing appraisal at Tamar and included reserves for Noa which we decided to develop. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|           |                                                                        |
|-----------|------------------------------------------------------------------------|
| (4)  | The increase related to the Marcellus Shale asset acquisition in 2011. |

|           |                                                             |
|-----------|-------------------------------------------------------------|
| (5)  | In 2012, we sold non-core, onshore US and North Sea assets. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   | UnitedStates |   | EquatorialGuinea |   | Israel |   | OtherInt'l (1) |   | Total |
| (millions)              |   |   |   |   |   |   |   |   |   |   |
| Year Ended December 31, 2013 |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Revenues                     |   | $ | 3,004 |  |   | $ | 1,252 |  |   | $ | 391 |  |   | $ | 199 |  |   | $ | 4,846 |  |
| Production Costs (2)         |   | 653 |  |   | 120 |  |   | 60 |  |   | 68 |  |   | 901 |  |
| Exploration Expense          |   | 124 |  |   | 12 |  |   | 3 |  |   | 276 |  |   | 415 |  |
| DD&A                     |   | 1,117 |  |   | 261 |  |   | 97 |  |   | 95 |  |   | 1,570 |  |
| Asset Impairments            |   | 39 |  |   | — |  |   | 47 |  |   | — |  |   | 86 |  |
| Income before Income Taxes   |   | 1,071 |  |   | 859 |  |   | 184 |  |   | (240 | ) |   | 1,874 |  |
| Income Tax Expense (3)       |   | 375 |  |   | 215 |  |   | 69 |  |   | 26 |  |   | 685 |  |
| Results of Operations (4)    |   | $ | 696 |  |   | $ | 644 |  |   | $ | 115 |  |   | $ | (266 | ) |   | $ | 1,189 |  |
| Year Ended December 31, 2012 |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Revenues                     |   | $ | 2,339 |  |   | $ | 1,343 |  |   | $ | 178 |  |   | $ | 384 |  |   | $ | 4,244 |  |
| Production Costs (2)         |   | 539 |  |   | 105 |  |   | 31 |  |   | 105 |  |   | 780 |  |
| Exploration Expense          |   | 225 |  |   | 3 |  |   | — |  |   | 210 |  |   | 438 |  |
| DD&A                     |   | 929 |  |   | 255 |  |   | 111 |  |   | 75 |  |   | 1,370 |  |
| Asset Impairments            |   | 73 |  |   | — |  |   | 31 |  |   | — |  |   | 104 |  |
| Income before Income Taxes   |   | 573 |  |   | 980 |  |   | 5 |  |   | (6 | ) |   | 1,552 |  |
| Income Tax Expense (3)       |   | 201 |  |   | 245 |  |   | 4 |  |   | 74 |  |   | 524 |  |
| Results of Operations (4)    |   | $ | 372 |  |   | $ | 735 |  |   | $ | 1 |  |   | $ | (80 | ) |   | $ | 1,028 |  |
| Year Ended December 31, 2011 |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Revenues                     |   | $ | 2,124 |  |   | $ | 592 |  |   | $ | 307 |  |   | $ | 513 |  |   | $ | 3,536 |  |
| Production Costs (2)         |   | 453 |  |   | 71 |  |   | 26 |  |   | 123 |  |   | 673 |  |
| Exploration Expense          |   | 116 |  |   | 67 |  |   | 6 |  |   | 90 |  |   | 279 |  |
| DD&A                     |   | 732 |  |   | 70 |  |   | 25 |  |   | 113 |  |   | 940 |  |
| Asset Impairments            |   | 757 |  |   | — |  |   | — |  |   | 2 |  |   | 759 |  |
| Income before Income Taxes   |   | 66 |  |   | 384 |  |   | 250 |  |   | 185 |  |   | 885 |  |
| Income Tax Expense           |   | 24 |  |   | 96 |  |   | 72 |  |   | 74 |  |   | 266 |  |
| Results of Operations (4)    |   | $ | 42 |  |   | $ | 288 |  |   | $ | 178 |  |   | $ | 111 |  |   | $ | 619 |  |

|           |                                                                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Other International includes the North Sea, China, Cameroon, Cyprus, Senegal/Guinea-Bissau (through 2011), Nicaragua, Falkland Islands, Sierra Leone and other new ventures. See Note 3.  Property Transactions. |

|           |                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Production costs consist of lease operating expense, production and ad valorem taxes, transportation expense, and general and administrative expense supporting oil and gas operations. |

|           |                                                                                                                                                                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | During 2013 and 2012, we incurred exploration expense in currently non-commercial international locations; therefore, no tax benefit was included in income tax expense associated with Other International as we could not conclude it was more likely than not that some portion or all of the deferred tax assets would be realized. |

|           |                                                                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Results of operations exclude the mark-to-market gain or loss on commodity derivative instruments, corporate overhead and interest costs. See Note 8.  Derivative Instruments and Hedging Activities. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | UnitedStates |   | Equatorial Guinea |   | Israel |   | OtherInt'l (2) |   | Total |
| (millions)                                    |   |   |   |   |   |   |   |   |   |   |
| Year Ended December 31, 2013                  |   |   |   |   |   |   |   |   |   |   |
| Property Acquisition Costs                    |   |   |   |   |   |   |   |   |   |   |
| Unproved (3)                                  |   | $ | 209 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 209 |  |
| Exploration Costs (4)                         |   | 340 |  |   | 213 |  |   | 119 |  |   | 338 |  |   | 1,010 |  |
| Development Costs (5)                         |   | 2,847 |  |   | 223 |  |   | 163 |  |   | 62 |  |   | 3,295 |  |
| Total Consolidated Operations                 |   | $ | 3,396 |  |   | $ | 436 |  |   | $ | 282 |  |   | $ | 400 |  |   | $ | 4,514 |  |
| Company's share of CONE LLC development costs |   | $ | 57 |  |   | — |  |   | — |  |   | — |  |   | $ | 57 |  |
| Year Ended December 31, 2012                  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Property Acquisition Costs                    |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Unproved (3)                                  |   | $ | 68 |  |   | $ | — |  |   | $ | — |  |   | $ | 28 |  |   | $ | 96 |  |
| Exploration Costs (4)                         |   | 335 |  |   | 56 |  |   | 125 |  |   | 173 |  |   | 689 |  |
| Development Costs (5)                         |   | 1,839 |  |   | 366 |  |   | 718 |  |   | 70 |  |   | 2,993 |  |
| Total Consolidated Operations                 |   | $ | 2,242 |  |   | $ | 422 |  |   | $ | 843 |  |   | $ | 271 |  |   | $ | 3,778 |  |
| Company's share of CONE LLC development costs |   | $ | 55 |  |   | — |  |   | — |  |   | — |  |   | $ | 55 |  |
| Year Ended December 31, 2011                  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Property Acquisition Costs                    |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Proved (6)                                    |   | $ | 392 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 392 |  |
| Unproved (3)                                  |   | 942 |  |   | — |  |   | — |  |   | 40 |  |   | 982 |  |
| Total Acquisition Costs                       |   | 1,334 |  |   | — |  |   | — |  |   | 40 |  |   | 1,374 |  |
| Exploration Costs (4)                         |   | 241 |  |   | 54 |  |   | 146 |  |   | 152 |  |   | 593 |  |
| Development Costs (5)                         |   | 1,511 |  |   | 499 |  |   | 485 |  |   | 37 |  |   | 2,532 |  |
| Total Consolidated Operations                 |   | $ | 3,086 |  |   | $ | 553 |  |   | $ | 631 |  |   | $ | 229 |  |   | $ | 4,499 |  |
| Company's share of CONE LLC development costs |   | $ | 60 |  |   | — |  |   | — |  |   | — |  |   | $ | 60 |  |

|           |                                                        |
|-----------|--------------------------------------------------------|
| (1)  | Costs incurred include capitalized and expensed items. |

|           |                                                                                                                                                                                                            |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Other International includes Cameroon, China, Cyprus, Falkland Islands, the North Sea, Nicaragua, Sierra Leone, and Senegal/Guinea-Bissau (through December 31, 2011). See Note 3.  Property Transactions. |

|           |                                                                                                                                                                                                                                 |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | 2013 unproved property acquisition costs include: $166 million and $27 million related to expanding our positions in the Marcellus Shale and DJ Basin, respectively, and $12 million for deepwater Gulf of Mexico lease blocks. |

|           |                                                                                                                                                                                                                                                                                                |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | 2013 exploration costs include drilling and completion of $106 million in the deepwater Gulf of Mexico, $23 million in northeast Nevada, $19 million in the Marcellus Shale, $11 million in the DJ Basin, $187 million in Equatorial Guinea, $93 million in Israel and $115 million in Cyprus. |

|           |                                                                                                                                                                                     |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Worldwide development costs include amounts spent to develop PUDs of approximately $1.0 billion in 2013, $1.8 billion in 2012 and $1.4 billion in 2011.   |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|           |                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------|
| (6)  | Proved property acquisition costs include $386 million related to the Marcellus Shale asset acquisition in 2011. |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | December 31, |
|                                              |   | 2013 |   | 2012 |
| (millions)                                        |   |   |   |   |
| Unproved Oil and Gas Properties (1)               |   | $ | 1,463 |  |   | $ | 1,399 |  |
| Proved Oil and Gas Properties (2)                 |   | 21,195 |  |   | 18,297 |  |
| Total Oil and Gas Properties                      |   | 22,658 |  |   | 19,696 |  |
| Accumulated DD&A (3)                          |   | (7,082 | ) |   | (6,252 | ) |
| Net Capitalized Costs                             |   | $ | 15,576 |  |   | $ | 13,444 |  |
| Company's share of CONE LLC Net Capitalized Costs |   | $ | 179 |  |   | $ | 118 |  |

|           |                                                                                                                                                                                                                                                                        |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Unproved oil and gas properties include amounts remaining from the allocation of costs to unproved properties acquired in previous acquisitions, primarily the Marcellus Shale, of  $860 million and $740 million at December 31, 2013 and 2012, respectively. |

|           |                                                                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Proved oil and gas properties at December 31, 2013 include assets held for sale of $323 million related to China and $88 million related to the North Sea, and asset retirement costs of $501 million. |

|           |                                                                                                                                                                      |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Accumulated DD&A at December 31, 2013 includes $187 million related to China assets held for sale and and $50 million related to North Sea assets held for sale. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     |   | UnitedStates |   | Equatorial Guinea |   | Israel |   | OtherInt'l (1) |   | Total |
| (millions)                                               |   |   |   |   |   |   |   |   |   |   |
| December 31, 2013                                   |   |   |   |   |   |   |   |   |   |   |
| Future Cash Inflows (2)                                  |   | $ | 34,611 |  |   | $ | 9,393 |  |   | $ | 15,046 |  |   | $ | 726 |  |   | $ | 59,776 |  |
| Future Production Costs (3)                              |   | 8,901 |  |   | 2,364 |  |   | 1,742 |  |   | 293 |  |   | 13,300 |  |
| Future Development Costs                                 |   | 7,613 |  |   | 212 |  |   | 848 |  |   | 133 |  |   | 8,806 |  |
| Future Income Tax Expense                                |   | 5,889 |  |   | 1,578 |  |   | 2,408 |  |   | 88 |  |   | 9,963 |  |
| Future Net Cash Flows                                    |   | 12,208 |  |   | 5,239 |  |   | 10,048 |  |   | 212 |  |   | 27,707 |  |
| 10% Annual Discount for Estimated Timing of Cash Flows   |   | 5,867 |  |   | 1,515 |  |   | 6,213 |  |   | 22 |  |   | 13,617 |  |
| Standardized Measure of Discounted Future Net Cash Flows |   | $ | 6,341 |  |   | $ | 3,724 |  |   | $ | 3,835 |  |   | $ | 190 |  |   | $ | 14,090 |  |
| December 31, 2012                                   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Future Cash Inflows (2)                                  |   | $ | 23,495 |  |   | $ | 10,318 |  |   | $ | 14,608 |  |   | $ | 1,171 |  |   | $ | 49,592 |  |
| Future Production Costs (3)                              |   | 6,531 |  |   | 2,148 |  |   | 942 |  |   | 487 |  |   | 10,108 |  |
| Future Development Costs                                 |   | 5,372 |  |   | 417 |  |   | 440 |  |   | 177 |  |   | 6,406 |  |
| Future Income Tax Expense                                |   | 3,622 |  |   | 1,811 |  |   | 2,568 |  |   | 166 |  |   | 8,167 |  |
| Future Net Cash Flows                                    |   | 7,970 |  |   | 5,942 |  |   | 10,658 |  |   | 341 |  |   | 24,911 |  |
| 10% Annual Discount for Estimated Timing of Cash Flows   |   | 3,506 |  |   | 1,750 |  |   | 6,523 |  |   | 51 |  |   | 11,830 |  |
| Standardized Measure of Discounted Future Net Cash Flows |   | $ | 4,464 |  |   | $ | 4,192 |  |   | $ | 4,135 |  |   | $ | 290 |  |   | $ | 13,081 |  |
| December 31, 2011                                   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Future Cash Inflows (2)                                  |   | $ | 27,663 |  |   | $ | 11,112 |  |   | $ | 13,603 |  |   | $ | 1,806 |  |   | $ | 54,184 |  |
| Future Production Costs (3)                              |   | 7,367 |  |   | 1,808 |  |   | 1,144 |  |   | 496 |  |   | 10,815 |  |
| Future Development Costs                                 |   | 5,283 |  |   | 716 |  |   | 639 |  |   | 267 |  |   | 6,905 |  |
| Future Income Tax Expense                                |   | 4,939 |  |   | 2,028 |  |   | 2,407 |  |   | 471 |  |   | 9,845 |  |
| Future Net Cash Flows                                    |   | 10,074 |  |   | 6,560 |  |   | 9,413 |  |   | 572 |  |   | 26,619 |  |
| 10% Annual Discount for Estimated Timing of Cash Flows   |   | 4,930 |  |   | 2,110 |  |   | 6,203 |  |   | 87 |  |   | 13,330 |  |
| Standardized Measure of Discounted Future Net Cash Flows |   | $ | 5,144 |  |   | $ | 4,450 |  |   | $ | 3,210 |  |   | $ | 485 |  |   | $ | 13,289 |  |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Other International includes China and the North Sea. See Note 3.  Property Transactions. |

|           |                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The standardized measure of discounted future net cash flows does not include cash flows relating to anticipated future methanol sales. |

|           |                                                                                                                                                                                                 |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Production costs include oil and gas lease operating expense, production and ad valorem taxes, transportation expense and general and administrative expense supporting oil and gas operations. |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   | United States |   | Equatorial Guinea |   | Israel |   | OtherInt'l (1) |   | Total |
| December 31, 2013                         |   |   |   |   |   |   |   |   |   |   |
| Average Crude Oil and Condensate Price per Bbl |   | $ | 89.76 |  |   | $ | 98.08 |  |   | $ | 97.30 |  |   | $ | 104.94 |  |   | $ | 92.44 |  |
| Average Natural Gas Price per Mcf              |   | 3.59 |  |   | 0.25 |  |   | 5.94 |  |   | — |  |   | 4.19 |  |
| Average NGL Price per Bbl                      |   | 40.98 |  |   | — |  |   | — |  |   | — |  |   | 40.98 |  |
| December 31, 2012                         |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Average Crude Oil and Condensate Price per Bbl |   | $ | 89.22 |  |   | $ | 100.97 |  |   | $ | 105.38 |  |   | $ | 114.54 |  |   | $ | 94.40 |  |
| Average Natural Gas Price per Mcf              |   | 2.66 |  |   | 0.25 |  |   | 6.36 |  |   | 6.77 |  |   | 3.99 |  |
| Average NGL Price per Bbl                      |   | 40.11 |  |   | — |  |   | — |  |   | — |  |   | 40.11 |  |
| December 31, 2011                         |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Average Crude Oil and Condensate Price per Bbl |   | $ | 91.44 |  |   | $ | 103.01 |  |   | $ | 99.92 |  |   | $ | 111.50 |  |   | $ | 96.73 |  |
| Average Natural Gas Price per Mcf              |   | 4.24 |  |   | 0.25 |  |   | 5.85 |  |   | 6.55 |  |   | 4.35 |  |
| Average NGL Price per Bbl                      |   | 49.36 |  |   | — |  |   | — |  |   | — |  |   | 49.36 |  |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Other International includes China and the North Sea. See Note 3.  Property Transactions. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                  |   | Year Ended December 31, |
|                  |   | 2013 |   | 2012 |   | 2011 |
| (millions)            |   |   |   |   |   |   |
| Imbalance Receivables |   | $ | 31 |  |   | $ | 29 |  |   | $ | 28 |  |
| Imbalance Liabilities |   | 29 |  |   | 25 |  |   | 22 |  |

----

|                               |
|-------------------------------|
|                               |  |  |
| Table of Contents             | Noble Energy, Inc. |   |
| Index to Financial Statements | Supplemental Oil and Gas Information |   |
|                          | (Unaudited) |   |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                           |   | Year Ended December 31, |
|                                                                           |   | 2013 |   | 2012 |   | 2011 |
| (millions)                                                                     |   |   |   |   |   |   |
| Standardized Measure of Discounted Future Net Cash Flows, Beginning of Year    |   | $ | 13,081 |  |   | $ | 13,289 |  |   | $ | 9,006 |  |
| Changes in  Standardized Measure of Discounted Future Net Cash Flows |   |   |  |   |   |  |   |   |  |
| Sales of Oil and Gas Produced, Net of Production Costs                         |   | (3,937 | ) |   | (3,463 | ) |   | (2,864 | ) |
| Net Changes in Prices and Production Costs                                     |   | (237 | ) |   | (1,902 | ) |   | 4,926 |  |
| Extensions, Discoveries and Improved Recovery, Less Related Costs              |   | 3,386 |  |   | 1,811 |  |   | 2,039 |  |
| Changes in Estimated Future Development Costs                                  |   | (1,825 | ) |   | 1,042 |  |   | (710 | ) |
| Development Costs Incurred During the Period                                   |   | 3,195 |  |   | 2,988 |  |   | 2,529 |  |
| Revisions of Previous Quantity Estimates                                       |   | 1,541 |  |   | (1,256 | ) |   | (1,320 | ) |
| Purchases of Minerals in Place                                                 |   | 78 |  |   | — |  |   | 115 |  |
| Sales of Minerals in Place                                                     |   | (768 | ) |   | (1,141 | ) |   | (6 | ) |
| Accretion of Discount                                                          |   | 1,765 |  |   | 1,860 |  |   | 1,278 |  |
| Net Change in Income Taxes                                                     |   | (780 | ) |   | 732 |  |   | (1,540 | ) |
| Change in Timing of Estimated Future Production and Other                      |   | (1,409 | ) |   | (879 | ) |   | (164 | ) |
| Aggregate Change in Standardized Measure of Discounted Future Net Cash Flows   |   | 1,009 |  |   | (208 | ) |   | 4,283 |  |
| Standardized Measure of Discounted Future Net Cash Flows, End of Year          |   | $ | 14,090 |  |   | $ | 13,081 |  |   | $ | 13,289 |  |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Quarter Ended |
|                                                  |   | March 31, |   | June 30, |   | Sep 30, |   | Dec 31, |   | Total |
| (millions except per share amounts)                   |   |   |   |   |   |   |   |   |   |   |
| 2013 (1)                                              |   |   |   |   |   |   |   |   |   |   |
| Revenues                                              |   | $ | 1,143 |  |   | $ | 1,149 |  |   | $ | 1,394 |  |   | $ | 1,328 |  |   | $ | 5,015 |  |
| Income from Continuing Operations Before Income Taxes |   | 318 |  |   | 486 |  |   | 311 |  |   | 229 |  |   | 1,344 |  |
| Income from Continuing Operations                     |   | 232 |  |   | 358 |  |   | 195 |  |   | 122 |  |   | 907 |  |
| Discontinued Operations, Net of Tax                   |   | 29 |  |   | 19 |  |   | 10 |  |   | 12 |  |   | 71 |  |
| Net Income                                            |   | 261 |  |   | 377 |  |   | 205 |  |   | 134 |  |   | 978 |  |
|                                                  |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Share (3)                          |   |   |   |   |   |   |   |   |   |   |  |
| Income from Continuing Operations                     |   | $ | 0.65 |  |   | $ | 1.00 |  |   | $ | 0.54 |  |   | $ | 0.34 |  |   | $ | 2.53 |  |
| Discontinued Operations, Net of Tax                   |   | 0.08 |  |   | 0.05 |  |   | 0.03 |  |   | 0.04 |  |   | 0.19 |  |
| Net Income                                            |   | 0.73 |  |   | 1.05 |  |   | 0.57 |  |   | 0.38 |  |   | 2.72 |  |
|                                                  |   |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Share (3) (4)                    |   |   |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                     |   | $ | 0.65 |  |   | $ | 0.99 |  |   | $ | 0.53 |  |   | $ | 0.33 |  |   | $ | 2.50 |  |
| Discontinued Operations, Net of Tax                   |   | 0.08 |  |   | 0.05 |  |   | 0.03 |  |   | 0.04 |  |   | 0.19 |  |
| Net Income                                            |   | 0.73 |  |   | 1.04 |  |   | 0.56 |  |   | 0.37 |  |   | 2.69 |  |
| 2012 (2)                                              |   |   |   |   |   |   |   |   |   |   |
| Revenues                                              |   | $ | 1,088 |  |   | $ | 965 |  |   | $ | 1,003 |  |   | $ | 1,167 |  |   | $ | 4,223 |  |
| Income from Continuing Operations Before Income Taxes |   | 335 |  |   | 390 |  |   | 275 |  |   | 356 |  |   | 1,356 |  |
| Income from Continuing Operations                     |   | 249 |  |   | 275 |  |   | 164 |  |   | 277 |  |   | 965 |  |
| Discontinued Operations, Net of Tax                   |   | 14 |  |   | 17 |  |   | 57 |  |   | (26 | ) |   | 62 |  |
| Net Income                                            |   | 263 |  |   | 292 |  |   | 221 |  |   | 251 |  |   | 1,027 |  |
|                                                  |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings (Loss) Per Share (3)                   |   |   |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                     |   | $ | 0.70 |  |   | $ | 0.77 |  |   | $ | 0.46 |  |   | $ | 0.78 |  |   | $ | 2.71 |  |
| Discontinued Operations, Net of Tax                   |   | 0.04 |  |   | 0.05 |  |   | 0.16 |  |   | (0.07 | ) |   | 0.18 |  |
| Net Income                                            |   | 0.74 |  |   | 0.82 |  |   | 0.62 |  |   | 0.71 |  |   | 2.89 |  |
|                                                  |   |   |   |   |   |   |   |   |   |   |
| Diluted Earnings (Loss) Per Share (3) (4)             |   |   |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                     |   | $ | 0.70 |  |   | $ | 0.75 |  |   | $ | 0.46 |  |   | $ | 0.77 |  |   | $ | 2.68 |  |
| Discontinued Operations, Net of Tax                   |   | 0.04 |  |   | 0.04 |  |   | 0.16 |  |   | (0.07 | ) |   | 0.18 |  |
| Net Income                                            |   | 0.74 |  |   | 0.79 |  |   | 0.62 |  |   | 0.70 |  |   | 2.86 |  |

|           |                                                |
|-----------|------------------------------------------------|
| (1)  | First quarter 2013 included the following: |

|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $72 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $79 million (See Note 8.  Derivative Instruments and Hedging Activities); and |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $12 million pre-tax gain on sale of non-core asset (See Note 3.  Property Transactions). |

|         |                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $161 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $159 million (See Note 8.  Derivative Instruments and Hedging Activities). |

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $157 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $147 million (See Note 8.  Derivative Instruments and Hedging Activities); and |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | $63 million impairment charges (See Note 4.  Asset Impairments). |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | $23 million impairment charges (See Note 4.  Asset Impairments); |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | $24 million pre-tax gain on sale of non-core onshore US assets (See Note 3.  Property Transactions); and |

----

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $65 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $64 million (See Note 8.  Derivative Instruments and Hedging Activities). |

|           |                                            |
|-----------|--------------------------------------------|
| (2)  | First quarter 2012 included the following: |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $96 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $73 million (See Note 8.  Derivative Instruments and Hedging Activities). |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | $73 million asset impairment charges (See Note 4.  Asset Impairments); |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $276 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $277 million (See Note 8.  Derivative Instruments and Hedging Activities); and |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | $9 million pre-tax gain on sale of non-core onshore US assets (See Note 3.  Property Transactions). |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $135 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $131 million (See Note 8.  Derivative Instruments and Hedging Activities); and |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | $157 million pre-tax gain on sale of non-core onshore US assets  (See Note 3.  Property Transactions). |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | $31 million impairment charges (See Note 4.  Asset Impairments); |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | $13 million pre-tax loss on sale of non-core onshore US assets (See Note 3.  Property Transactions); and |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $30 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $36 million (See Note 8.  Derivative Instruments and Hedging Activities). |

|           |                                                                                                                                                                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The sum of the individual quarterly earnings (loss) per share amounts may not agree with year-to-date earnings per share as each quarterly computation is based on the income or loss for that quarter and the weighted average number of shares outstanding during that quarter. |

|           |                                                                                                                                                                                                                                                                                                                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while the Noble Energy shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculation for the three months ended June 30, 2012 excludes deferred compensation gains of $7 million, net of tax. |

----

Table of Contents

Index to Financial Statements

----

Table of Contents

Index to Financial Statements

|     |                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|
| (3) | Exhibits: The exhibits required to be filed by this Item 15 are set forth in the Index to Exhibits accompanying this report. |

|        |
|--------|
|        |  |  |
|   |   | NOBLE ENERGY, INC. |
|   |   | (Registrant) |
|   |   |   |
| Date:  | February 6, 2014 | By: /s/ Charles D. Davidson |
|   |   | Charles D. Davidson, |
|   |   | Chairman of the Board, |
|   |   | Chief Executive Officer and Director |
|   |   |   |
| Date:  | February 6, 2014 | By: /s/ Kenneth M. Fisher |
|   |   | Kenneth M. Fisher, |
|   |   | Executive Vice President, Chief Financial Officer |
|   |   |   |
| Date:  | February 6, 2014 | By: /s/ Dustin A. Hatley |
|   |   | Dustin A. Hatley, |
|   |   | Vice President, Chief Accounting Officer and Controller |

----

Table of Contents

Index to Financial Statements

|                          |
|--------------------------|
|                          |  |  |  |  |
| Signature                |   | Capacity in which signed |   | Date |
|                     |   |   |   |   |
| /s/ Charles D. Davidson  |   | Chairman of the Board, |   | February 6, 2014 |
| Charles D. Davidson      |   | Chief Executive Officer and Director |   |   |
|                     |   | (Principal Executive Officer) |   |   |
|                     |   |   |   |   |
| /s/ Kenneth M. Fisher    |   | Executive Vice President, Chief Financial Officer |   | February 6, 2014 |
| Kenneth M. Fisher        |   | (Principal Financial Officer) |   |   |
|                     |   |   |   |   |
| /s/ Dustin A. Hatley     |   | Vice President, Chief Accounting Officer and Controller |   | February 6, 2014 |
| Dustin A. Hatley         |   | (Principal Accounting Officer) |   |   |
|                     |   |   |   |   |
| /s/ Jeffrey L. Berenson  |   | Director |   | February 6, 2014 |
| Jeffrey L. Berenson      |   |   |   |   |
|                     |   |   |   |   |
| /s/ Michael A. Cawley    |   | Director |   | February 6, 2014 |
| Michael A. Cawley        |   |   |   |   |
|                     |   |   |   |   |
| /s/ Edward F. Cox        |   | Director |   | February 6, 2014 |
| Edward F. Cox            |   |   |   |   |
|                     |   |   |   |   |
| /s/ Thomas J. Edelman    |   | Director |   | February 6, 2014 |
| Thomas J. Edelman        |   |   |   |   |
|                     |   |   |   |   |
| /s/ Eric P. Grubman      |   | Director |   | February 6, 2014 |
| Eric P. Grubman          |   |   |   |   |
|                     |   |   |   |   |
| /s/ Kirby L. Hedrick     |   | Director |   | February 6, 2014 |
| Kirby L. Hedrick         |   |   |   |   |
|                     |   |   |   |   |
| /s/ Scott D. Urban       |   | Director |   | February 6, 2014 |
| Scott D. Urban           |   |   |   |   |
|                     |   |   |   |   |
| /s/ William T. Van Kleef |   | Director |   | February 6, 2014 |
| William T. Van Kleef     |   |   |   |   |
|                     |   |   |   |   |
| /s/ Molly K. Williamson  |   | Director |   | February 6, 2014 |
| Molly K. Williamson      |   |   |   |   |

----

Table of Contents

Index to Financial Statements

|                |
|----------------|
|                |  |  |
| Exhibit Number | Exhibit ** |
| 2.1            | — | Asset Acquisition Agreement dated August 17, 2011 between CNX Gas Company LLC and Noble Energy, Inc. including Annex I (Definitions) thereto, filed as Exhibit 2.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and incorporated herein by reference). |
| 3.1            | — | Certificate of Incorporation, as amended through April 23, 2013, of the Registrant (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference). |
| 3.2            | — | By-Laws of Noble Energy, Inc. as amended through April 23, 2013 (filed as Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference). |
| 4.1            | — | Certificate of Designations of Series A Junior Participating Preferred Stock of the Registrant dated August 27, 1997 (filed as Exhibit A of Exhibit 4.1 to the Registrant’s Registration Statement on Form 8-A filed on August 28, 1997 and incorporated herein by reference). |
| 4.2            | — | Certificate of Designations of Series B Mandatorily Convertible Preferred Stock of the Registrant dated November 9, 1999 (filed as Exhibit 3.4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference). |
| 4.3            | — | Indenture dated as of February 27, 2009 between Noble Energy, Inc. and Wells Fargo Bank, National Association, as Trustee, relating to the Registrant’s 8¼% Notes Due March 1, 2019 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (Date of Event: February 24, 2009) filed February 27, 2009 and incorporated herein by reference). |
| 4.4            | — | First Supplemental Indenture dated as of February 27, 2009, to Indenture dated as of February 27, 2009 between Noble Energy, Inc. and Wells Fargo Bank, National Association, as Trustee, relating to the Registrant’s 8¼% Notes Due March 1, 2019 (including the form of 2019 Notes) (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (Date of Event: February 24, 2009) filed February 27, 2009 and incorporated herein by reference). |
| 4.5            | — | Second Supplemental Indenture dated as of February 18, 2011, to Indenture dated as of February 27, 2009 between Noble Energy, Inc. and Wells Fargo Bank, National Association, as Trustee, relating to senior debt securities of Noble Energy, Inc. (including the form of 2041 Notes) (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (Date of Event: February 15, 2011) filed February 22, 2011 and incorporated herein by reference). |
| 4.6            | —  | Third Supplemental Indenture dated as of December 8, 2011, to Indenture dated as of February 27, 2009 between Noble Energy, Inc. and Wells Fargo Bank, National Association, as Trustee, relating to senior debt securities of Noble Energy, Inc. (including the form of 2021 Notes) (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (Date of Event: December 5, 2011) filed December 8, 2011 and incorporated herein by reference). |
| 4.7            | —  | Fourth Supplemental Indenture dated as of November 8, 2013, to Indenture dated as of February 27, 2009 between Noble Energy, Inc. and Wells Fargo Bank, National Association, as Trustee, relating to senior debt securities of Noble Energy, Inc. (including the form of 2043 Notes) (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (Date of Event: November 5, 2013) filed November 8, 2013 and incorporated herein by reference). |
| 4.8            | — | Indenture dated as of October 14, 1993 between the Registrant and U.S. Trust Company of Texas, N.A., as Trustee, relating to the Registrant’s 7¼% Notes Due 2023, including form of the Registrant’s 7¼% Notes Due 2023 (filed as Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1993 and incorporated herein by reference). |
| 4.9            | — | Indenture relating to Senior Debt Securities dated as of April 1, 1997 between the Registrant and U.S. Trust Company of Texas, N.A., as Trustee (filed as Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 and incorporated herein by reference). |
| 4.10           | — | First Indenture Supplement relating to $250 million of the Registrant’s 8% Senior Notes Due 2027 dated as of April 1, 1997 between the Registrant and U.S. Trust Company of Texas, N.A., as Trustee (filed as Exhibit 4.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 and incorporated herein by reference). |
| 4.11           | — | Second Indenture Supplement, between the Company and U.S. Trust Company of Texas, N.A. as trustee, relating to $100 million of the Registrant’s 7¼% Senior Debentures Due 2097 dated as of August 1, 1997 (filed as Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1997 and incorporated herein by reference). |
| 4.12           | — | Third Indenture Supplement relating to $200 million of the Registrant’s 5¼% Notes due 2014 dated April 19, 2004 between the Company and the Bank of New York Trust Company, N.A., as successor trustee to U.S. Trust Company of Texas, N.A. (filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-4 (Registration No. 333-116092) and incorporated herein by reference). |

----

Table of Contents

Index to Financial Statements

|                |
|----------------|
|                |  |  |
| Exhibit Number | Exhibit ** |
| 10.1*          | — | Noble Energy, Inc. Retirement Restoration Plan dated effective as of January 1, 2009, (filed as Exhibit 10.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference). |
| 10.2*          | — | Amendment No. 1 to the Noble Energy, Inc. Retirement Restoration Plan, dated effective as of December 31, 2013 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: December 20, 2013) filed December 23, 2013 and incorporated herein by reference). |
| 10.3*          | — | Noble Energy, Inc. Restoration Trust effective August 1, 2002 (filed as Exhibit 10.3 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002 and incorporated herein by reference). |
| 10.4*          | — | Form of Nonqualified Stock Option Agreement under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: February 1, 2005) filed February 7, 2005 and incorporated herein by reference). |
| 10.5*          | — | 1988 Nonqualified Stock Option Plan for Non-Employee Directors of the Registrant, as amended and restated, effective as of April 27, 2004 (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 and incorporated herein by reference). |
| 10.6*          | — | Form of Indemnity Agreement entered into between the Registrant and each of the Registrant’s directors and bylaw officers (filed as Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995 and incorporated herein by reference). |
| 10.7*          | — | Amendment to the Noble Energy, Inc. Change of Control Severance Plan for Executives dated effective February 1, 2011 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: February 1, 2011), filed February 4, 2011 and incorporated herein by reference). |
| 10.8           | — | $3.0 billion five-year Credit Agreement, dated October 14, 2011, among Noble Energy, Inc., JPMorgan Chase Bank, N.A., as administrative agent, Citibank N.A., as syndication agent, Bank of America, N.A., Mizuho Corporate Bank, LTD., and Morgan Stanley MUFG Loan Partners, LLC, as documentation agents, and certain other commercial lending institutions named therein (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: October 14, 2011) filed October 18, 2011 and incorporated herein by reference). |
| 10.9           | — | First Amendment to Credit Agreement, dated October 3, 2013, by and among Noble Energy, Inc., JPMorgan Chase Bank, N.A., as administrative agent, Citibank N.A., as syndication agent, and Bank of America, N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd. and DNB Bank ASA as documentation agents, and the other commercial lending institutions party thereto (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: October 3, 2013) filed October 9, 2013 and incorporated herein by reference). |
| 10.10*         | — | Noble Energy, Inc. 2005 Non-Employee Director Fee Deferral Plan, dated December 11, 2008, and effective as of January 1, 2009, (filed as Exhibit 10.20 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference). |
| 10.11*         | — | 2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc. (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: April 26, 2005) filed April 29, 2005 and incorporated herein by reference). |
| 10.12*         | — | Form of Stock Option Agreement under the Noble Energy, Inc. 2005 Non-Employee Director Stock Plan (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 and incorporated herein by reference). |
| 10.13*         | — | Amendment to the 2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc. (effective September 1, 2008) (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 and incorporated herein by reference). |
| 10.14*         | — | Amendment to the 2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc. dated effective March 17, 2011 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: March 17, 2011) filed March 22, 2011 and incorporated herein by reference). |
| 10.15*         | — | Form of Restricted Stock Agreement under the Noble Energy, Inc. 2005 Non-Employee Director Stock Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (Date of Event: January 27, 2009) filed on February 2, 2009 and incorporated herein by reference). |
| 10.16*         | — | Form of Restricted Stock Agreement under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference). |
| 10.17*         | — | Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (as amended through April 23, 2013) (filed as Exhibit 10.1 to Registrant’s Registration Statement (Registration No. 333-191878) on Form S-8 filed October 24, 2013 and incorporated herein by reference). |

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Index to Financial Statements

|                |
|----------------|
|                |  |  |
| Exhibit Number | Exhibit ** |
| 10.18*         | — | Noble Energy, Inc. Change of Control Severance Plan for Executives (as amended effective January 1, 2008), (filed as Exhibit 10.40 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference). |
| 10.19*         | — | Form of Noble Energy, Inc. Change of Control Agreement (as amended effective January 1, 2008), (filed as Exhibit 10.41 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference). |
| 10.20*         | — | Amendment to the Noble Energy, Inc. Change of Control Agreement dated effective February 1, 2011 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (Date of Event: February 1, 2011), filed February 4, 2011 and incorporated herein by reference). |
| 10.21*         | — | Noble Energy, Inc. Deferred Compensation Plan (formerly known as the Noble Affiliates, Inc. Deferred Compensation Plan) as restated effective August 1, 2001 (filed as Exhibit 10.4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002 and incorporated herein by reference). |
| 10.22*         | — | Amendment No. 1 to the Noble Energy, Inc. Deferred Compensation Plan (formerly known as the Noble Affiliates, Inc. Deferred Compensation Plan), dated effective as of January 1, 2014 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (Date of Event: December 20, 2013) filed December 23, 2013 and incorporated herein by reference). |
| 10.23*         | — | Noble Energy, Inc. 2005 Deferred Compensation Plan (as amended effective January 1, 2009), (filed as Exhibit 10.31 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference). |
| 10.24*         | — | Amendment No. 1 to the Noble Energy, Inc. 2005 Deferred Compensation Plan, dated effective as of January 1, 2014 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (Date of Event: December 20, 2013) filed December 23, 2013 and incorporated herein by reference). |
| 10.25          | — | Gas Sale and Purchase Agreement dated March 14, 2012, by and between Noble Energy Mediterranean Ltd. and Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and Dor Gas Exploration Limited Partnership (Sellers) and The Israel Electric Corporation Limited (Purchaser), (filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2012 and incorporated herein by reference). |
| 10.26          | — | Amendment No. 1 dated July 22, 2012 to the Gas Sale and Purchase Agreement dated March 14, 2012, by and between Noble Energy Mediterranean Ltd, and Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and Dor Gas Exploration Limited Partnership (Sellers) and The Israel Electric Corporation Limited (Purchaser), (filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference). |
| 10.27          | — | Commitment Increase Agreement (Existing Lenders) dated September 28, 2012, among Noble Energy, Inc., JPMorgan Chase Bank, N.A., as administrative agent, and certain other commercial lending institutions party thereto (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K (Date of Event: September 28, 2012), filed October 2, 2012 and incorporated herein by reference). |
| 10.28          | — | Commitment Increase Agreement (New Lenders) dated September 28, 2012, among Noble Energy, Inc., JPMorgan Chase Bank, N.A., as administrative agent, and certain other commercial lending institutions party thereto (filed as Exhibit 10.2 to the Company's Current Report on Form 8-K (Date of Event: September 28, 2012), filed October 2, 2012 and incorporated herein by reference). |
| 10.29*         | — | Retention and Confidentiality Agreement between Noble Energy, Inc. and Rodney D. Cook, Senior Vice President, dated May 1, 2013 (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and incorporated herein by reference). |
| 10.30*         | — | Retention and Confidentiality Agreement between Noble Energy, Inc. and Ted D. Brown, Senior Vice President, dated May 1, 2013 (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and incorporated herein by reference). |
| 10.31*         | — | Form of Stock Option Agreement under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.24 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference). |
| 10.32*         | — | Form of Restricted Stock Agreement (two-year vested) under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference). |
| 10.33*         | — | Form of Restricted Stock Agreement (for inducement awards) under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.26 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference). |
| 10.34*         | — | Form of Restricted Stock Agreement (performance-vested) under the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan (filed as Exhibit 10.27 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference). |

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Table of Contents

Index to Financial Statements

|                |
|----------------|
|                |  |  |
| Exhibit Number | Exhibit ** |
| 10.35*         | — | Amendment to Retention and Confidentiality Agreement between Noble Energy, Inc. and Rodney D. Cook, Senior Vice President, dated January 28, 2014, filed herewith. |
| 12.1           | — | Calculation of ratio of earnings to fixed charges, filed herewith. |
| 21             | — | Subsidiaries, filed herewith. |
| 23.1           | — | Consent of Independent Registered Public Accounting Firm—KPMG LLP, filed herewith. |
| 23.2           | — | Consent of Independent Petroleum Engineers and Geologists—Netherland, Sewell & Associates, Inc., filed herewith. |
| 31.1           | — | Certification of the Company’s Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241), filed herewith. |
| 31.2           | — | Certification of the Company’s Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241), filed herewith. |
| 32.1           | — | Certification of the Company’s Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), filed herewith. |
| 32.2           | — | Certification of the Company’s Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), filed herewith. |
| 99.1           | — | Report of Netherland, Sewell & Associates, Inc., filed herewith. |
| 101.INS        | — | XBRL Instance Document |
| 101.SCH        | — | XBRL Schema Document |
| 101.CAL        | — | XBRL Calculation Linkbase Document |
| 101.LAB        | — | XBRL Label Linkbase Document |
| 101.PRE        | — | XBRL Presentation Linkbase Document |
| 101.DEF        | — | XBRL Definition Linkbase Document |

|   |
|---|
|   |  |
| * | Management contract or compensatory plan or arrangement required to be filed as an exhibit hereto. |

|    |
|----|
|    |  |
| ** | Copies of exhibits will be furnished upon prepayment of 25 cents per page. Requests should be addressed to the Executive Vice President and Chief Financial Officer, Noble Energy, Inc., 1001 Noble Energy Way, Houston, Texas 77070. |

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Table of Contents

Index to Financial Statements

|         |
|---------|
|         |  |  |
| Bbl     |   | Barrel |
| BBoe    |   | Billion barrels oil equivalent |
| Bcf     |   | Billion cubic feet |
| Bcf/d   |   | Billion cubic feet per day |
| BCM     |   | Billion cubic meters |
| BOE     |   | Barrels oil equivalent. Natural gas is converted on the basis of six Mcf of gas per one barrel of crude oil equivalent. This ratio reflects an energy content equivalency and not a price or revenue equivalency. Given commodity price disparities, the price for a barrel of crude oil equivalent for natural gas is significantly less than the price for a barrel of crude oil. The price for a barrel of NGL is also less than the price for a barrel of crude oil. |
| Boe/d   |   | Barrels oil equivalent per day |
| Btu     |   | British thermal unit |
| FPSO    |   | Floating production, storage and offloading vessel |
| GHG     |   | Greenhouse gas emissions |
| HH      |   | Henry Hub index |
| LNG     |   | Liquefied natural gas |
| LPG     |   | Liquefied petroleum gas |
| MBbl/d  |   | Thousand barrels per day |
| MBoe/d  |   | Thousand barrels oil equivalent per day |
| Mcf     |   | Thousand cubic feet |
| MMBbls  |   | Million barrels |
| MMBoe   |   | Million barrels oil equivalent |
| MMBtu   |   | Million British thermal units |
| MMBtu/d |   | Million British thermal units per day |
| MMcf/d  |   | Million cubic feet per day |
| MMcfe/d |   | Million cubic feet equivalent per day |
| MMgal   |   | Million gallons |
| NGL     |   | Natural gas liquids |
| NYMEX   |   | The New York Mercantile Exchange |
| PSC     |   | Production sharing contract |
| Tcf     |   | Trillion cubic feet |
| US GAAP |   | United States generally accepted accounting principles |
| WTI     |   | West Texas Intermediate index |