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

|         |                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Continued outperformance delivered quarterly sales volumes of 410 MBoe/d, at the top end of the guidance range.  Oil volumes of 131 MBbl/d were above expectations, driven by the DJ Basin and Gulf of Mexico. |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | Strong natural gas demand contributed to a 10 percent increase in Israel sales volumes compared to the fourth quarter of 2015. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Organic quarterly capital expenditures totaled $404 million, below the low end of guidance. |

|         |                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | U.S. Onshore well results from enhanced completions continued to perform in line with or above expectations.  Wolfcamp A wells in the Delaware Basin that tested 3,000 to 5,000 pounds of proppant per lateral foot averaged an IP-30 rate of 1,140 Boe/d (268 Boe/d per 1,000 lateral feet), consistent with expectations from early production. |

|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | DJ Basin wells using enhanced completions in Wells Ranch that reached peak production within the fourth quarter are outperforming the type curve by more than 50 percent on average after 120 days on production. |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | Closed the sale of 3.5 percent working interest in Tamar at a value of $431 million, generating cash proceeds of $316 million after-tax. |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Reduced outstanding debt by $850 million and exited the fourth quarter of 2016 with $5.2 billion in liquidity, including cash on hand and an undrawn credit facility. |

|         |                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Realized organic reserves replacement of over 1.9 times 2016 production, including extensions, discoveries and performance revisions, at a cost of $4.86 per barrel of oil equivalent. |

----

|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Achieved record full year sales volumes of 420 MBoe/d, up 18 percent from 2015 reported volumes.  U.S. onshore volumes were up 22 percent and offshore was higher by 12 percent. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Organic capital expenditures of $1.3 billion were below guidance. |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Received more than $1.5 billion in proceeds from asset divestitures, including proceeds from Noble Midstream Partners LP’s initial public offering. |

|         |                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Reported a net loss attributable to Noble Energy of $998 million, or $2.32 per diluted share.  The adjusted loss(1)  attributable to Noble Energy was $248 million, or $0.58 per diluted share.  Adjusted EBITDAX(1) was $2.5 billion. |

----

----

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled 33 wells at an average lateral length of over 5,600 feet, with nearly all of the wells drilled in the fourth quarter located in East Pony. |

|         |                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on 16 wells, with an average lateral length of over 8,400 feet.  Five of the wells were located in Wells Ranch and 11 were in East Pony.  Each well utilized slickwater completion fluid, and the average proppant concentration was over 2,000 pounds per lateral foot. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Nineteen additional wells within Wells Ranch, all of which commenced production in the third quarter of 2016, reached peak production.  The wells, with an average lateral length of 6,500 feet, utilized an average proppant concentration over 1,800 pounds per foot, and delivered an actual IP-90 of 750 Boe/d (60 percent oil).  When normalized to a 9,500’ lateral length, the wells are performing more than 50 percent above the Wells Ranch one million barrel of oil equivalent (MMBoe) type curve. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | The Company exited 2016 with two operated rigs and 41 wells drilled but uncompleted. |

|         |                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled four wells within the quarter, with an average lateral length of approximately 7,200 feet.  Average drilling time was two days shorter while the average lateral length was over 30 percent longer than wells drilled in the first three quarters of 2016. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on five wells in the fourth quarter.  The wells had an average lateral length of 4,860 feet.  Three wells were completed with 3,000 pounds per lateral foot, one well with 4,200 pounds per lateral foot and one well with 5,000 pounds per lateral foot.  Four of the wells were landed in the Wolfcamp A zone, and had an average IP-30 rate of 1,140 Boe/d, or 268 Boe/d per thousand lateral feet.  On average and when normalized to 7,500 lateral feet, the wells are performing in line with the 1.2 MMBoe type curve and consistent with Company expectations after early production.  The Company’s first Wolfcamp B well was completed with 3,000 pounds of proppant per lateral foot and achieved an IP-30 rate of 1,003 Boe/d, or 140 Boe/d per thousand lateral feet. The well is performing consistent with expectations and the 1.1 MMBoe type curve, when normalized for lateral length. |

|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company acquired 7,200 acres in and around its existing Southern Delaware acreage position.  The bolt-on acquisitions included 2,400 Boe/d production, 150 incremental gross well |

----

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company added two rigs in the quarter, exiting the year with three operated rigs. There were 12 wells drilled but uncompleted at the end of 2016. |

|         |                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Drilled fourteen wells to total depth within the quarter. Eight of the wells were located in Gates Ranch with an average lateral length of 6,400 feet, all in the Lower Eagle Ford.  The remaining six wells were located in the L&E area, with an average lateral length of 6,250 feet.  Half of these wells were landed in the Lower Eagle Ford and half were in the Upper Eagle Ford. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commenced production on six Lower Eagle Ford wells within the quarter, all located in the Company’s Briscoe Ranch area, with an average of 2,000 pounds of proppant per lateral foot.  Lateral spacing between the wells was 400 feet, and the average lateral length was 4,820 feet.  On average, the wells achieved an IP-30 rate of 299 Boe/d per thousand lateral feet, in line with the Company’s expectations given the lateral spacing.  Approximately one-third of the production from the wells is oil. |

|         |                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Late in the fourth quarter, the Company brought on production its initial operated Upper Eagle Ford well, using 1,920 pounds of proppant per lateral foot.  The well was 4,540 lateral feet and achieved an IP-30 rate of 228 Boe/d per thousand lateral feet. The Company is encouraged by these early results. |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | There were two operated rigs and 30 wells drilled but uncompleted at the end of 2016. |

----

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Closed the separation of the Joint Venture with CONSOL Energy Inc. on December 1, 2016.  Post closure, Noble Energy maintains 100 percent working interest in approximately 363,000 net acres in the Marcellus. |

|         |                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | CONE Gathering LLC contributed its remaining 25 percent ownership interest in CONE Midstream DevCo I LP to CONE Midstream Partners LP.  Through this transaction, Noble Energy received $70 million in cash and approximately 2.6 million common units of CONE Midstream Partners LP. |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Gunflint produced an average of 8 MBoe/d net within the fourth quarter.  The Big Bend and Dantzler fields produced a combined average of 16 MBoe/d net. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Completed a safe and efficient transition to begin operatorship at the Thunder Hawk facility. |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Gas volumes at Alba remain at plateau since the start-up of the B3 compression platform in July of 2016. |

|         |                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Alen and Aseng surpassed 30 million barrels of crude oil and condensate (MMBbls) and 80 MMBbls of gross cumulative production, respectively.  Both Alen and Aseng have also reached over 900 days without a lost time incident. |

----

|         |                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Closed the previously announced sale of Tamar working interest in December 2016.  The buyer elected to execute an option to purchase an additional half of a percent, resulting in a total of 3.5 percent working interest sold.  The transaction value of $431 million resulted in net cash proceeds of $316 million after-tax. |

|         |                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Within the quarter, an additional 50 MMcf/d volumes were contracted for Leviathan gas sales, bringing the total gross volumes under contract to up to 525 MMcf/d and gross contract revenues estimated to over $15 billion. |

----

----

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                            | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Revenues                                                        |   |   |   |   |   |   |   |
| Crude Oil and Condensate                                        | $ | 564 |  |   | $ | 488 |  |   | $ | 1,854 |  |   | $ | 1,840 |  |
| Natural Gas                                                     | 323 |  |   | 272 |  |   | 1,239 |  |   | 1,056 |  |
| Natural Gas Liquids (1)                                    | 92 |  |   | 70 |  |   | 296 |  |   | 197 |  |
| Income from Equity Method Investees                             | 31 |  |   | 30 |  |   | 102 |  |   | 90 |  |
| Total Revenues                                                  | 1,010 |  |   | 860 |  |   | 3,491 |  |   | 3,183 |  |
| Operating Expenses                                              |   |   |   |   |   |   |   |
| Lease Operating Expense                                         | 130 |  |   | 146 |  |   | 542 |  |   | 563 |  |
| Production and Ad Valorem Taxes                                 | 5 |  |   | 38 |  |   | 78 |  |   | 127 |  |
| Transportation and Gathering Expense (1)                        | 129 |  |   | 82 |  |   | 463 |  |   | 289 |  |
| Marketing and Processing Expense, Net                           | 17 |  |   | 5 |  |   | 75 |  |   | 30 |  |
| Exploration Expense                                             | 549 |  |   | 180 |  |   | 925 |  |   | 488 |  |
| Depreciation, Depletion and Amortization                        | 595 |  |   | 686 |  |   | 2,454 |  |   | 2,131 |  |
| General and Administrative                                      | 106 |  |   | 89 |  |   | 399 |  |   | 396 |  |
| Gain on Divestitures                                            | (261 | ) |   | — |  |   | (238 | ) |   | — |  |
| Asset Impairments                                               | 92 |  |   | 490 |  |   | 92 |  |   | 533 |  |
| Goodwill Impairment                                             | — |  |   | 779 |  |   | — |  |   | 779 |  |
| Other Operating Expense (Income), Net                           | 11 |  |   | 77 |  |   | (3 | ) |   | 319 |  |
| Total Operating Expenses                                        | 1,373 |  |   | 2,572 |  |   | 4,787 |  |   | 5,655 |  |
| Operating Loss                                                  | (363 | ) |   | (1,712 | ) |   | (1,296 | ) |   | (2,472 | ) |
| Other Expense (Income)                                          |   |  |   |   |  |   |   |   |   |
| Loss (Gain) on Commodity Derivative Instruments                 | 87 |  |   | (170 | ) |   | 139 |  |   | (501 | ) |
| Interest, Net of Amount Capitalized                             | 86 |  |   | 80 |  |   | 328 |  |   | 263 |  |
| Other Non-Operating Expense (Income), Net                       | 5 |  |   | 5 |  |   | 9 |  |   | (15 | ) |
| Total Other Expense (Income)                                    | 178 |  |   | (85 | ) |   | 476 |  |   | (253 | ) |
| Loss Before Income Taxes                                        | (541 | ) |   | (1,627 | ) |   | (1,772 | ) |   | (2,219 | ) |
| Income Tax (Benefit) Provision                                  | (301 | ) |   | 401 |  |   | (787 | ) |   | 222 |  |
| Net Loss Including Noncontrolling Interests                     | $ | (240 | ) |   | $ | (2,028 | ) |   | $ | (985 | ) |   | $ | (2,441 | ) |
| Less: Net Income Attributable to Noncontrolling Interests (2)   | 12 |  |   | — |  |   | 13 |  |   | — |  |
| Net Loss Attributable to Noble Energy                           | $ | (252 | ) |   | $ | (2,028 | ) |   | $ | (998 | ) |   | $ | (2,441 | ) |
|                                                            |   |   |   |   |   |   |   |
| Net Loss Attributable to Noble Energy Per Share of Common Stock |   |   |   |   |   |   |   |
| Loss Per Share, Basic                                           | $ | (0.59 | ) |   | $ | (4.73 | ) |   | $ | (2.32 | ) |   | $ | (6.07 | ) |
| Loss Per Share, Diluted                                         | $ | (0.59 | ) |   | $ | (4.73 | ) |   | $ | (2.32 | ) |   | $ | (6.07 | ) |
|                                                            |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding                   |   |   |   |   |   |   |   |
| Basic                                                           | 430 |  |   | 429 |  |   | 430 |  |   | 402 |  |
| Diluted                                                         | 430 |  |   | 429 |  |   | 430 |  |   | 402 |  |

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |
|                                 | December 31, 2016 |   | December 31, 2015 |
| ASSETS                               |   |   |   |
| Current Assets                       |   |   |   |
| Cash and Cash Equivalents            | $ | 1,180 |  |   | $ | 1,028 |  |
| Accounts Receivable, Net             | 615 |  |   | 450 |  |
| Commodity Derivative Assets          | — |  |   | 582 |  |
| Other Current Assets                 | 160 |  |   | 216 |  |
| Total Current Assets                 | 1,955 |  |   | 2,276 |  |
| Net Property, Plant and Equipment    | 18,548 |  |   | 21,300 |  |
| Other Noncurrent Assets              | 508 |  |   | 620 |  |
| Total Assets                         | $ | 21,011 |  |   | $ | 24,196 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY |   |   |   |
| Current Liabilities                  |   |   |   |
| Accounts Payable - Trade             | $ | 736 |  |   | $ | 1,128 |  |
| Other Current Liabilities            | 742 |  |   | 677 |  |
| Total Current Liabilities            | 1,478 |  |   | 1,805 |  |
| Long-Term Debt                       | 7,011 |  |   | 7,976 |  |
| Deferred Income Taxes                | 1,819 |  |   | 2,826 |  |
| Other Noncurrent Liabilities         | 1,103 |  |   | 1,219 |  |
| Total Liabilities                    | 11,411 |  |   | 13,826 |  |
| Total Shareholders' Equity           | 9,288 |  |   | 10,370 |  |
| Noncontrolling Interests (1)         | 312 |  |   | — |  |
| Total Equity                         | 9,600 |  |   | 10,370 |  |
| Total Liabilities and Equity         | $ | 21,011 |  |   | $ | 24,196 |  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                   | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                   | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Cash Flows From Operating Activities                                                   |   |   |   |   |   |   |   |
| Net Loss(1)                                                                            | $ | (240 | ) |   | $ | (2,028 | ) |   | $ | (985 | ) |   | $ | (2,441 | ) |
| Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities         |   |   |   |   |   |  |   |   |  |
| Depreciation, Depletion and Amortization                                               | 595 |  |   | 686 |  |   | 2,454 |  |   | 2,131 |  |
| Asset Impairments                                                                      | 92 |  |   | 490 |  |   | 92 |  |   | 533 |  |
| Goodwill Impairment                                                                    | — |  |   | 779 |  |   | — |  |   | 779 |  |
| Dry Hole Cost(2)                                                                       | 474 |  |   | 112 |  |   | 579 |  |   | 266 |  |
| Deferred Income Taxes                                                                  | (285 | ) |   | 360 |  |   | (984 | ) |   | 116 |  |
| Loss (Gain) on Commodity Derivative Instruments                                        | 87 |  |   | (170 | ) |   | 139 |  |   | (501 | ) |
| Net Cash Received in Settlement of Commodity Derivative Instruments                    | 114 |  |   | 326 |  |   | 569 |  |   | 1,009 |  |
| Gain on Divestitures                                                                   | (261 | ) |   | — |  |   | (238 | ) |   | — |  |
| Stock Based Compensation                                                               | 16 |  |   | 17 |  |   | 77 |  |   | 86 |  |
| Gain on Debt Extinguishment                                                            | — |  |   | — |  |   | (80 | ) |   | — |  |
| Other Adjustments for Noncash Items Included in Income                                 | (6 | ) |   | 59 |  |   | 188 |  |   | 213 |  |
| Net Changes in Working Capital                                                         | (289 | ) |   | (55 | ) |   | (460 | ) |   | (129 | ) |
| Net Cash Provided by Operating Activities                                              | 297 |  |   | 576 |  |   | 1,351 |  |   | 2,062 |  |
| Cash Flows From Investing Activities                                                   |   |   |   |   |   |  |   |   |  |
| Additions to Property, Plant and Equipment                                             | (377 | ) |   | (460 | ) |   | (1,541 | ) |   | (2,979 | ) |
| Proceeds from Divestitures                                                             | 455 |  |   | — |  |   | 1,241 |  |   | 151 |  |
| Marcellus Shale Acreage Exchange Consideration                                         | (213 | ) |   | — |  |   | (213 | ) |   | — |  |
| Additions to Equity Method Investments                                                 | — |  |   | (18 | ) |   | (8 | ) |   | (104 | ) |
| Distributions from Equity Method Investments                                           | 70 |  |   | — |  |   | 70 |  |   | — |  |
| Other                                                                                  | 20 |  |   | — |  |   | 20 |  |   | 61 |  |
| Net Cash Used in Investing Activities                                                  | (45 | ) |   | (478 | ) |   | (431 | ) |   | (2,871 | ) |
| Cash Flows From Financing Activities                                                   |   |   |   |   |   |  |   |   |  |
| Dividends Paid, Common Stock                                                           | (43 | ) |   | (77 | ) |   | (172 | ) |   | (291 | ) |
| Proceeds from Issuance of Noble Energy Common Stock, Net of Offering Costs             | — |  |   | — |  |   | — |  |   | 1,112 |  |
| Proceeds from Issuance of Noble Midstream Partners Common Units, Net of Offering Costs | — |  |   | — |  |   | 299 |  |   | — |  |
| Repayment of Noble Revolving Credit Facility                                           | — |  |   | — |  |   | — |  |   | (70 | ) |
| Proceeds from Term Loan Facility                                                       | — |  |   | — |  |   | 1,400 |  |   | — |  |
| Repayment of Term Loan Facility                                                        | (850 | ) |   | — |  |   | (850 | ) |   | — |  |
| Repayment of Senior Notes                                                              | — |  |   | — |  |   | (1,383 | ) |   | (12 | ) |
| Other                                                                                  | 2 |  |   | (21 | ) |   | (62 | ) |   | (85 | ) |
| Net Cash (Used In) Provided by Financing Activities                                    | (891 | ) |   | (98 | ) |   | (768 | ) |   | 654 |  |
| (Decrease) Increase in Cash and Cash Equivalents                                       | (639 | ) |   | — |  |   | 152 |  |   | (155 | ) |
| Cash and Cash Equivalents at Beginning of Period                                       | 1,819 |  |   | 1,028 |  |   | 1,028 |  |   | 1,183 |  |
| Cash and Cash Equivalents at End of Period                                             | $ | 1,180 |  |   | $ | 1,028 |  |   | $ | 1,180 |  |   | $ | 1,028 |  |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
| Sales Volumes                              | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Crude Oil and Condensate (MBbl/d)          |   |   |   |   |   |   |   |
| United States                              | 102 |  |   | 100 |  |   | 99 |  |   | 81 |  |
| Equatorial Guinea                          | 27 |  |   | 37 |  |   | 26 |  |   | 31 |  |
| Total consolidated operations              | 129 |  |   | 137 |  |   | 125 |  |   | 112 |  |
| Equity method investee - Equatorial Guinea | 2 |  |   | 1 |  |   | 2 |  |   | 2 |  |
| Total                                      | 131 |  |   | 138 |  |   | 127 |  |   | 114 |  |
| Natural Gas Liquids (MBbl/d)               |   |   |   |   |   |   |   |
| United States                              | 50 |  |   | 53 |  |   | 54 |  |   | 39 |  |
| Equity method investee - Equatorial Guinea | 6 |  |   | 6 |  |   | 5 |  |   | 5 |  |
| Total                                      | 56 |  |   | 59 |  |   | 59 |  |   | 44 |  |
| Natural Gas (MMcf/d)                       |   |   |   |   |   |   |   |
| United States                              | 816 |  |   | 859 |  |   | 881 |  |   | 708 |  |
| Israel                                     | 272 |  |   | 247 |  |   | 281 |  |   | 252 |  |
| Equatorial Guinea                          | 250 |  |   | 243 |  |   | 235 |  |   | 227 |  |
| Total                                      | 1,338 |  |   | 1,349 |  |   | 1,397 |  |   | 1,187 |  |
| Total Sales Volumes (MBoe/d)               |   |   |   |   |   |   |   |
| United States                              | 287 |  |   | 295 |  |   | 301 |  |   | 237 |  |
| Israel                                     | 46 |  |   | 42 |  |   | 47 |  |   | 42 |  |
| Equatorial Guinea                          | 69 |  |   | 78 |  |   | 65 |  |   | 69 |  |
| Total consolidated operations              | 402 |  |   | 415 |  |   | 413 |  |   | 348 |  |
| Equity method investee - Equatorial Guinea | 8 |  |   | 7 |  |   | 7 |  |   | 7 |  |
| Total sales volumes (MBoe/d)               | 410 |  |   | 422 |  |   | 420 |  |   | 355 |  |
|                                       |   |   |   |   |   |   |   |
| Total sales volumes (MBoe)                 | 37,726 |  |   | 38,821 |  |   | 153,540 |  |   | 129,625 |  |
|                                       |   |   |   |   |   |   |   |
| Price Statistics - Realized Prices         |   |   |   |   |   |   |   |
| Crude Oil and Condensate ($/Bbl)(1)        |   |   |   |   |   |   |   |
| United States                              | $ | 46.37 |  |   | $ | 37.82 |  |   | $ | 39.59 |  |   | $ | 43.46 |  |
| Equatorial Guinea                          | 51.39 |  |   | 41.18 |  |   | 43.54 |  |   | 48.85 |  |
| Total                                      | $ | 47.41 |  |   | $ | 38.75 |  |   | $ | 40.39 |  |   | $ | 45.00 |  |
| Natural Gas Liquids ($/Bbl)(1)             |   |   |   |   |   |   |   |
| United States                              | $ | 20.04 |  |   | $ | 11.55 |  |   | $ | 14.92 |  |   | $ | 13.91 |  |
| Natural Gas ($/Mcf)(1)                     |   |   |   |   |   |   |   |
| United States                              | $ | 2.47 |  |   | $ | 1.88 |  |   | $ | 2.11 |  |   | $ | 2.10 |  |
| Israel                                     | 5.27 |  |   | 5.17 |  |   | 5.21 |  |   | 5.34 |  |
| Equatorial Guinea                          | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Total                                      | $ | 2.63 |  |   | $ | 2.19 |  |   | $ | 2.42 |  |   | $ | 2.44 |  |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                              | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net Loss Attributable to Noble Energy (GAAP)                                      | $ | (252 | ) |   | $ | (2,028 | ) |   | $ | (998 | ) |   | $ | (2,441 | ) |
| Adjustments to Net Loss                                                           |   |   |   |   |   |   |   |
| Loss on Commodity Derivative Instruments, Net of Cash Settlements                 | 201 |  |   | 156 |  |   | 708 |  |   | 508 |  |
| Exploration Expenses [1]                                                          | 484 |  |   | 95 |  |   | 591 |  |   | 95 |  |
| Gain on Divestitures [2]                                                          | (261 | ) |   | — |  |   | (238 | ) |   | — |  |
| Asset Impairments [3]                                                             | 92 |  |   | 490 |  |   | 92 |  |   | 533 |  |
| Gain on Debt Extinguishment [4]                                                   | — |  |   | — |  |   | (80 | ) |   | — |  |
| Goodwill Impairment                                                               | — |  |   | 779 |  |   | — |  |   | 779 |  |
| Other Adjustments [5]                                                             | (3 | ) |   | 53 |  |   | 59 |  |   | 261 |  |
| Total Adjustments Before Tax                                                      | 513 |  |   | 1,573 |  |   | 1,132 |  |   | 2,176 |  |
| Current Income Tax Effect of Adjustments [6]                                      | (66 | ) |   | 489 |  |   | 45 |  |   | 468 |  |
| Deferred Income Tax Effect of Adjustments [6]                                     | (82 | ) |   | 157 |  |   | (427 | ) |   | 9 |  |
| Adjustments to Net Loss, After Tax                                                | $ | 365 |  |   | $ | 2,219 |  |   | $ | 750 |  | — |  | $ | 2,653 |  |
| Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)                    | $ | 113 |  |   | $ | 191 |  |   | $ | (248 | ) |  |  | $ | 212 |  |
|                                                                              |   |   |   |   |   |   |   |
| Net Loss Attributable to Noble Energy Per Share, Diluted (GAAP)                   | $ | (0.59 | ) |   | $ | (4.73 | ) |   | $ | (2.32 | ) |   | $ | (6.07 | ) |
| Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP) | $ | 0.26 |  |   | $ | 0.44 |  |   | $ | (0.58 | ) |   | $ | 0.52 |  |
|                                                                              |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding, Diluted                            | 433 |  |   | 431 |  |   | 430 |  |   | 405 |  |

|       |
|-------|
|       |  |
| NOTE: | On July 20, 2015, we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods. |

|     |
|-----|
|     |  |
| [1] | Amount for 2016 primarily relates to certain West Africa exploration impairments, the license from our 2011 Dolphin discovery in Eastern Mediterranean, and the write-off of several leases in deepwater Gulf of Mexico and offshore Falkland Islands of $56 million and $25 million, respectively. Amount for 2015 relates to the write-off of Nevada charges. |

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|-----|
|     |  |
| [2] | Amount relates primarily to the gain associated with the divestiture of 3.5% working interest in Tamar. |

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|-----|
|     |  |
| [3] | Amount for 2016 primarily relates to the write-off of alternative development design costs that are not part of the Company's development plan for Leviathan. Amount for 2015 relates to Equatorial Guinea, Gulf of Mexico and Eastern Mediterranean properties. |

|     |
|-----|
|     |  |
| [4] | Amount relates to the early tendering of senior notes assumed in the Rosetta Merger. |

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|-----|
|     |  |
| [5] | Amount for 2016 primarily relate to loss on asset due to terminated contract and inventory fair value write down. Amount for 2015 primarily relate to Nevada exploration expense, pension plan expense, Rosetta merger expenses, corporate restructuring and other charges. |

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|     |
|-----|
|     |  |
| [6] | Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities (such as the recognition of a gain on our 3.5% Tamar divestiture in Eastern Mediterranean) and the change in the indefinite reinvestment assertion related to accumulated undistributed earnings of foreign subsidiaries. |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                   | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net Loss Attributable to Noble Energy (GAAP)                           | $ | (252 | ) |   | $ | (2,028 | ) |   | $ | (998 | ) |   | $ | (2,441 | ) |
| Adjustments to Net Loss, After Tax [1]                            | 365 |  |   | 2,219 |  |   | 750 |  | — |  | 2,653 |  |
| Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)         | 113 |  |   | 191 |  |   | (248 | ) |   | 212 |  |
|                                                                   |   |   |   |   |   |   |   |
| Adjustments to Adjusted Net Loss (Income) Attributable to Noble Energy |   |   |   |   |   |   |   |
| Depreciation, Depletion, and Amortization                              | 595 |  |   | 686 |  |   | 2,454 |  |   | 2,131 |  |
| Exploration Expense [2]                                                | 65 |  |   | 85 |  |   | 334 |  |   | 393 |  |
| Interest, Net of Amount Capitalized                                    | 86 |  |   | 80 |  |   | 328 |  |   | 263 |  |
| Current Income Tax (Benefit) Expense [3]                               | 50 |  |   | (447 | ) |   | 152 |  |   | (362 | ) |
| Deferred Income Tax (Benefit) Expense [3]                              | (203 | ) |   | 203 |  |   | (557 | ) |   | 107 |  |
| Adjusted EBITDAX (Non-GAAP)                                            | $ | 706 |  |   | $ | 798 |  |   | $ | 2,463 |  |   | $ | 2,744 |  |

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|-------|
|       |  |
| NOTE: | On July 20, 2015, we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated income statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods. |

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|-----|
|     |  |
| [1] | See Schedule 5: Reconciliation of Net Loss Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP) for calculation. |

|     |
|-----|
|     |  |
| [2] | Represents remaining Exploration Expense after reversal of Adjustments to Net Loss, After Tax, above. |

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|-----|
|     |  |
| [3] | Represents remaining Income Taxes after reversal of Adjustments to Net Loss, After Tax, above. |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                             | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Capital Expenditures (Accrual Based)             | $ | 404 |  |   | $ | 527 |  |   | $ | 1,339 |  |   | $ | 2,852 |  |
| Marcellus Shale Acreage Exchange Consideration   | 234 |  |   | — |  |   | 234 |  |   | — |  |
| Acquisition Capital                              | — |  |   | — |  |   | — |  |   | 3,175 |  |
| Increase (Decrease) in Capital Lease Obligations | — |  |   | (5 | ) |   | 5 |  |   | 55 |  |
| Total Capital Expenditures (Accrual Based) [4]   | $ | 638 |  | — |  | $ | 522 |  |   | $ | 1,578 |  |   | $ | 6,082 |  |

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|-----|
|     |  |
| [4] | Includes capital expenditures from our publicly traded subsidiary, Noble Midstream Partners LP, of $50 million for full year 2016. |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2016 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l [1] |   | Total |
|                                               |   |   |   |   |   |   |
| Proved property acquisition costs                  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Unproved property acquisition costs                |   | 234 |  |   | — |  |   | 234 |  |
| Exploration costs                                  |   | 264 |  |   | 95 |  |   | 359 |  |
| Development costs [2]                              |   | 939 |  |   | 140 |  |   | 1,079 |  |
| Total costs incurred                               |   | $ | 1,437 |  |   | $ | 235 |  |   | $ | 1,672 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (accrual basis) |   |   |   |   |   |   |
| Total costs incurred                               |   |   |   |   |   | $ | 1,672 |  |
| Exploration overhead                               |   |   |   |   |   | (109 | ) |
| Lease rentals                                      |   |   |   |   |   | (30 | ) |
| Asset retirement obligations                       |   |   |   |   |   | (18 | ) |
| Total oil and gas spending                         |   |   |   |   |   | 1,515 |  |
| Investment in equity method investee               |   |   |   |   |   | 8 |  |
| Other corporate capital and capital leases         |   |   |   |   |   | 55 |  |
| Total capital spending (accrual basis)             |   |   |   |   |   | $ | 1,578 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves [3]                                |   | United States |   | Int’l [4] |   | Total |
| Total Barrel Oil Equivalents (MMBoe)               |   |   |   |   |   |   |
| Beginning reserves - December 31, 2015             |   | 884 |  |   | 537 |  |   | 1,421 |  |
| Price-related revisions                            |   | (46 | ) |   | (7 | ) |   | (53 | ) |
| Other non-price-related revisions                  |   | 106 |  |   | 11 |  |   | 117 |  |
| Extensions, discoveries and other additions        |   | 179 |  |   | — |  |   | 179 |  |
| Purchase of minerals in place                      |   | 4 |  |   | — |  |   | 4 |  |
| Sale of minerals in place                          |   | (41 | ) |   | (36 | ) |   | (77 | ) |
| Production                                         |   | (110 | ) |   | (44 | ) |   | (154 | ) |
| Ending reserves - December 31, 2016                |   | 976 |  |   | 461 |  |   | 1,437 |  |
| Proved Developed Reserves (MMBoe)                  |   |   |   |   |   |   |
| December 31, 2015                                  |   | 540 |  |   | 396 |  |   | 936 |  |
| December 31, 2016                                  |   | 554 |  |   | 397 |  |   | 951 |  |

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|     |  |
| [1] | International primarily includes Israel, Equatorial Guinea, Cyprus and Falkland Islands. |

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|-----|
|     |  |
| [2] | Includes ARO costs of $18 million for United States and includes capital expenditures from our publicly traded subsidiary, Noble Midstream Partners LP, of $50 million for full year 2016. |

|     |
|-----|
|     |  |
| [3] | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2016 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. |

|     |
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|     |  |
| [4] | International includes Israel and Equatorial Guinea. |