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

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | Achieved record sales volumes of 260 thousand barrels of oil equivalent per day (MBoe/d) |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Attained record DJ Basin horizontal production averaging 50 MBoe/d |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | Reached record exit rate of 150 million cubic feet equivalent per day (MMcfe/d) in the Marcellus Shale |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Confirmed primary resource target with the successful Gunflint appraisal well in the Gulf of Mexico |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | Announced a natural gas discovery at the Karish prospect offshore Israel |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | Reached full operation at Tamar natural gas field and averaged over 99 percent reliability since initial production in April |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | Initiated first production from the Alen field offshore Equatorial Guinea |

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----

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

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----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   | Three Months Ended June 30, |   | Six Months Ended June 30, |
|                                                 |   | 2013 |   | Per Diluted Share |   | 2012 |   | Per Diluted Share [3] |   | 2013 |   | Per Diluted Share |   | 2012 |   | Per Diluted Share [3] |
| Net Income                                           |   | $ | 377 |  |   | $ | 1.04 |  |   | $ | 292 |  |   | $ | 0.79 |  |   | $ | 639 |  |   | $ | 1.76 |  |   | $ | 556 |  |   | $ | 1.53 |  |
| Discontinued Operations, Net of Tax                  |   | (19 | ) |   | (0.05 | ) |   | (17 | ) |   | (0.05 | ) |   | (49 | ) |   | (0.13 | ) |   | (32 | ) |   | (0.09 | ) |
| Income from Continuing Operations                    |   | 358 |  |   | 0.99 |  |   | 275 |  |   | 0.74 |  |   | 590 |  |   | 1.63 |  |   | 524 |  |   | 1.44 |  |
| Unrealized gains on commodity derivative instruments |   | (159 | ) |   | (0.44 | ) |   | (277 | ) |   | (0.77 | ) |   | (80 | ) |   | (0.22 | ) |   | (204 | ) |   | (0.56 | ) |
| Gain on divestitures [1]                             |   | — |  |   | — |  |   | (9 | ) |   | (0.02 | ) |   | (12 | ) |   | (0.03 | ) |   | (9 | ) |   | (0.03 | ) |
| Asset impairment                                     |   | — |  |   | — |  |   | 73 |  |   | 0.20 |  |   | — |  |   | — |  |   | 73 |  |   | 0.20 |  |
| Other adjustments                                    |   | 10 |  |   | 0.03 |  |   | — |  |   | — |  |   | (4 | ) |   | (0.01 | ) |   | — |  |   | — |  |
| Total adjustments before tax                         |   | (149 | ) |   | (0.41 | ) |   | (213 | ) |   | (0.59 | ) |   | (96 | ) |   | (0.26 | ) |   | (140 | ) |   | (0.39 | ) |
| Income tax effect of adjustments [2]                 |   | 40 |  |   | 0.11 |  |   | 75 |  |   | 0.21 |  |   | 23 |  |   | 0.06 |  |   | 49 |  |   | 0.14 |  |
| Adjusted Income from Continuing Operations           |   | $ | 249 |  |   | $ | 0.69 |  |   | $ | 137 |  |   | $ | 0.36 |  |   | $ | 517 |  |   | $ | 1.43 |  |   | $ | 433 |  |   | $ | 1.19 |  |
| Weighted average number of shares outstanding        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                              |   | 363 |  |   |   |   | 361 |  |   |   |   | 362 |  |   |   |   | 360 |  |   |   |

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

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

|     |
|-----|
|     |  |
| [1] | During the six months ended June 30, 2013 and 2012, we completed the sale of certain non-core onshore U.S. properties. |

|     |
|-----|
|     |  |
| [2] | The income tax effects of adjusting items for 2013 and 2012 are determined by applying the statutory tax rate to each adjusting item. Prior to first quarter 2013, the income tax effects were determined by calculating the tax provision for GAAP net income from continuing operations, which included the adjusting items, and comparing the results to the tax provision for adjusted earnings from continuing operations, which excluded the adjusting items. The difference in the tax provision calculations represented the tax impact of the adjusting items. |

|     |
|-----|
|     |  |
| [3] | The diluted earnings per share calculations for the three and six months ended June 30, 2012 include a decrease to net income of $7 million and $5 million, net of tax, respectively related to deferred compensation gains from NBL shares held in a rabbi trust. Consistent with GAAP, when dilutive, the deferred compensation gain or loss, net of tax, is excluded from net income while the NBL shares held in the rabbi trust are included in the diluted sharecount. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                  |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Revenues                                              |   |   |   |   |   |   |   |   |
| Crude oil and condensate                              |   | $ | 817 |  |   | $ | 769 |  |   | $ | 1,667 |  |   | $ | 1,588 |  |
| Natural gas                                           |   | 253 |  |   | 117 |  |   | 432 |  |   | 270 |  |
| Natural gas liquids                                   |   | 42 |  |   | 48 |  |   | 97 |  |   | 112 |  |
| Income from equity method investees                   |   | 37 |  |   | 31 |  |   | 96 |  |   | 83 |  |
| Total revenues                                        |   | 1,149 |  |   | 965 |  |   | 2,292 |  |   | 2,053 |  |
| Operating Expenses                                    |   |   |   |   |   |   |   |   |
| Lease operating expense                               |   | 140 |  |   | 100 |  |   | 257 |  |   | 205 |  |
| Production and ad valorem taxes                       |   | 43 |  |   | 44 |  |   | 86 |  |   | 81 |  |
| Transportation and gathering expense                  |   | 27 |  |   | 24 |  |   | 55 |  |   | 45 |  |
| Exploration expense                                   |   | 90 |  |   | 167 |  |   | 151 |  |   | 227 |  |
| Depreciation, depletion and amortization              |   | 368 |  |   | 325 |  |   | 734 |  |   | 619 |  |
| General and administrative                            |   | 104 |  |   | 96 |  |   | 216 |  |   | 193 |  |
| Other operating expense, net                          |   | 16 |  |   | 71 |  |   | 8 |  |   | 83 |  |
| Total operating expenses                              |   | 788 |  |   | 827 |  |   | 1,507 |  |   | 1,453 |  |
| Operating Income                                      |   | 361 |  |   | 138 |  |   | 785 |  |   | 600 |  |
| Other (Income) Expense                                |   |   |  |   |   |  |   |   |   |   |
| Gain on commodity derivative instruments              |   | (161 | ) |   | (276 | ) |   | (89 | ) |   | (180 | ) |
| Interest, net of amount capitalized                   |   | 33 |  |   | 27 |  |   | 58 |  |   | 59 |  |
| Other non-operating (income) expense, net             |   | 3 |  |   | (3 | ) |   | 12 |  |   | (3 | ) |
| Total other (income) expense                          |   | (125 | ) |   | (252 | ) |   | (19 | ) |   | (124 | ) |
| Income from Continuing Operations Before Income Taxes |   | 486 |  |   | 390 |  |   | 804 |  |   | 724 |  |
| Income Tax Provision                                  |   | 128 |  |   | 115 |  |   | 214 |  |   | 200 |  |
| Income from Continuing Operations                     |   | 358 |  |   | 275 |  |   | 590 |  |   | 524 |  |
| Discontinued Operations, Net of Tax                   |   | 19 |  |   | 17 |  |   | 49 |  |   | 32 |  |
| Net Income                                            |   | $ | 377 |  |   | $ | 292 |  |   | $ | 639 |  |   | $ | 556 |  |
| Earnings Per Share [1]                                |   |   |   |   |   |   |   |   |
| Basic                                                 |   |   |   |   |   |   |   |   |
| Income from continuing operations                     |   | $ | 1.00 |  |   | $ | 0.77 |  |   | $ | 1.64 |  |   | $ | 1.47 |  |
| Discontinued operations, net of tax                   |   | 0.05 |  |   | 0.05 |  |   | 0.14 |  |   | 0.09 |  |
| Net Income                                            |   | $ | 1.05 |  |   | $ | 0.82 |  |   | $ | 1.78 |  |   | $ | 1.56 |  |
| Diluted                                               |   |   |   |   |   |   |   |   |
| Income from continuing operations                     |   | $ | 0.99 |  |   | $ | 0.74 |  |   | $ | 1.63 |  |   | $ | 1.44 |  |
| Discontinued operations, net of tax                   |   | 0.05 |  |   | 0.05 |  |   | 0.13 |  |   | 0.09 |  |
| Net Income                                            |   | $ | 1.04 |  |   | $ | 0.79 |  |   | $ | 1.76 |  |   | $ | 1.53 |  |
| Weighted average number of shares outstanding [1]     |   |   |   |   |   |   |   |   |
| Basic                                                 |   | 359 |  |   | 356 |  |   | 358 |  |   | 355 |  |
| Diluted                                               |   | 363 |  |   | 361 |  |   | 362 |  |   | 360 |  |

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

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                         |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)              |   |   |   |   |   |   |   |   |
| United States                                                |   | 58 |  |   | 46 |  |   | 60 |  |   | 44 |  |
| Equatorial Guinea                                            |   | 31 |  |   | 34 |  |   | 29 |  |   | 35 |  |
| China                                                        |   | 4 |  |   | 5 |  |   | 4 |  |   | 5 |  |
| Total consolidated operations                                |   | 93 |  |   | 85 |  |   | 93 |  |   | 84 |  |
| Equity method investee                                       |   | 1 |  |   | 1 |  |   | 2 |  |   | 2 |  |
| Total sales volumes                                          |   | 94 |  |   | 86 |  |   | 95 |  |   | 86 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl)             |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 94.29 |  |   | $ | 94.49 |  |   | $ | 95.02 |  |   | $ | 97.70 |  |
| Equatorial Guinea                                            |   | 101.44 |  |   | 104.55 |  |   | 106.20 |  |   | 111.38 |  |
| China                                                        |   | 97.92 |  |   | 115.41 |  |   | 103.66 |  |   | 120.93 |  |
| Consolidated average realized prices                         |   | $ | 96.84 |  |   | $ | 99.67 |  |   | $ | 98.87 |  |   | $ | 104.70 |  |
| Natural Gas Sales Volumes (MMcf/d)                           |   |   |   |   |   |   |   |   |
| United States                                                |   | 404 |  |   | 431 |  |   | 406 |  |   | 432 |  |
| Equatorial Guinea                                            |   | 252 |  |   | 215 |  |   | 249 |  |   | 222 |  |
| Israel                                                       |   | 220 |  |   | 60 |  |   | 166 |  |   | 84 |  |
| Total consolidated operations                                |   | 876 |  |   | 706 |  |   | 821 |  |   | 738 |  |
| Natural Gas Realized Prices ($/Mcf)                          |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 4.04 |  |   | $ | 2.10 |  |   | $ | 3.68 |  |   | $ | 2.36 |  |
| Equatorial Guinea                                            |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                                       |   | 4.92 |  |   | 5.44 |  |   | 5.00 |  |   | 4.84 |  |
| Consolidated average realized prices                         |   | $ | 3.18 |  |   | $ | 1.82 |  |   | $ | 2.91 |  |   | $ | 2.01 |  |
| Natural Gas Liquids Sales Volumes (MBbl/d)                   |   |   |   |   |   |   |   |   |
| United States                                                |   | 15 |  |   | 16 |  |   | 15 |  |   | 16 |  |
| Equity method investee                                       |   | 5 |  |   | 4 |  |   | 6 |  |   | 5 |  |
| Total sales volumes                                          |   | 20 |  |   | 20 |  |   | 21 |  |   | 21 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)                  |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 30.05 |  |   | $ | 33.06 |  |   | $ | 34.63 |  |   | $ | 37.46 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)                   |   |   |   |   |   |   |   |   |
| United States                                                |   | 140 |  |   | 134 |  |   | 143 |  |   | 132 |  |
| Equatorial Guinea                                            |   | 73 |  |   | 70 |  |   | 70 |  |   | 72 |  |
| Israel                                                       |   | 37 |  |   | 10 |  |   | 28 |  |   | 14 |  |
| China                                                        |   | 4 |  |   | 5 |  |   | 4 |  |   | 5 |  |
| Total consolidated operations                                |   | 254 |  |   | 219 |  |   | 245 |  |   | 223 |  |
| Equity method investee                                       |   | 6 |  |   | 5 |  |   | 8 |  |   | 7 |  |
| Total barrels of oil equivalent from continuing operations   |   | 260 |  |   | 224 |  |   | 253 |  |   | 230 |  |
| Total barrels of oil equivalent from discontinued operations |   | 2 |  |   | 7 |  |   | 1 |  |   | 7 |  |
| Total barrels of oil equivalent                              |   | 262 |  |   | 231 |  |   | 254 |  |   | 237 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | June 30, |   | December 31, |
|                                             |   | 2013 |   | 2012 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 706 |  |   | $ | 1,387 |  |
| Accounts receivable, net                         |   | 847 |  |   | 964 |  |
| Other current assets                             |   | 358 |  |   | 420 |  |
| Total current assets                             |   | 1,911 |  |   | 2,771 |  |
| Net property, plant and equipment                |   | 14,753 |  |   | 13,551 |  |
| Goodwill                                         |   | 631 |  |   | 635 |  |
| Other noncurrent assets                          |   | 703 |  |   | 597 |  |
| Total Assets                                     |   | $ | 17,998 |  |   | $ | 17,554 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable - trade                         |   | $ | 1,370 |  |   | $ | 1,508 |  |
| Other current liabilities                        |   | 1,123 |  |   | 1,024 |  |
| Total current liabilities                        |   | 2,493 |  |   | 2,532 |  |
| Long-term debt                                   |   | 3,547 |  |   | 3,736 |  |
| Deferred income taxes                            |   | 2,269 |  |   | 2,218 |  |
| Other noncurrent liabilities                     |   | 814 |  |   | 810 |  |
| Total Liabilities                                |   | 9,123 |  |   | 9,296 |  |
| Total Shareholders’ Equity                 |   | 8,875 |  |   | 8,258 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 17,998 |  |   | $ | 17,554 |  |

----

|                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                       |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                                                                                       |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Adjusted Income from Continuing Operations [1]                                                                             |   | $ | 249 |  |   | $ | 137 |  |   | $ | 517 |  |   | $ | 433 |  |
| Adjustments to reconcile adjusted income from continuing operations to discretionary cash flow from continuing operations: |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                                                                                   |   | 368 |  |   | 325 |  |   | 734 |  |   | 619 |  |
| Exploration expense                                                                                                        |   | 90 |  |   | 167 |  |   | 151 |  |   | 227 |  |
| (Income)/Dividends from equity method investments, net                                                                     |   | 17 |  |   | 22 |  |   | (18 | ) |   | (7 | ) |
| Deferred compensation (income) expense                                                                                     |   | 3 |  |   | (11 | ) |   | 14 |  |   | (8 | ) |
| Deferred income taxes                                                                                                      |   | 17 |  |   | (16 | ) |   | 88 |  |   | 51 |  |
| Stock-based compensation expense                                                                                           |   | 20 |  |   | 17 |  |   | 38 |  |   | 33 |  |
| Other                                                                                                                      |   | 1 |  |   | (1 | ) |   | 2 |  |   | (2 | ) |
| Discretionary Cash Flow from Continuing Operations                                                                         |   | $ | 765 |  |   | $ | 640 |  |   | $ | 1,526 |  |   | $ | 1,346 |  |
| Reconciliation to Operating Cash Flows                                                                                     |   |   |   |   |   |   |   |   |
| Net changes in working capital                                                                                             |   | (159 | ) |   | (123 | ) |   | (168 | ) |   | (64 | ) |
| Cash exploration costs                                                                                                     |   | (60 | ) |   | (48 | ) |   | (114 | ) |   | (101 | ) |
| Current tax expense (benefit) of earnings adjustments                                                                      |   | — |  |   | — |  |   | (5 | ) |   | — |  |
| Impact of Discontinued Operations                                                                                          |   | 1 |  |   | 33 |  |   | (3 | ) |   | 56 |  |
| Other adjustments                                                                                                          |   | (8 | ) |   | 4 |  |   | 8 |  |   | 10 |  |
| Net Cash Provided by Operating Activities                                                                                  |   | $ | 539 |  |   | $ | 506 |  |   | $ | 1,244 |  |   | $ | 1,247 |  |
|                                                                                                                       |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                                                                       |   | $ | 1,135 |  |   | $ | 859 |  |   | $ | 2,040 |  |   | $ | 1,822 |  |
| Increase in other capital lease obligations [2]                                                                            |   | 31 |  |   | — |  |   | 36 |  |   | — |  |
| Total Capital Expenditures (Accrual Based)                                                                                 |   | $ | 1,166 |  |   | $ | 859 |  |   | $ | 2,076 |  |   | $ | 1,822 |  |

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

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

|     |
|-----|
|     |  |
| [2] | Other capital lease obligations mainly represents the increase in estimated construction in progress to date on a crude oil trunkline in the DJ Basin. |