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

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | Record quarterly sales volume of 242 MBoe/d, up 11 percent year over year |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Horizontal net production within the DJ Basin increased to 31 MBoe/d, up 29 percent from last quarter and more than double from the third quarter of 2011 |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Marcellus production grew to 102 MMcfe/d, an increase of 38 percent over last quarter |

|         |                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Initiated production from the wet gas area of the Marcellus Shale that indicates a portion of our acreage is within the “super rich” area of the play |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | Entered into new positions offshore Falkland Islands and Sierra Leone |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Secured a service contract for a new-build drillship capable of both reaching deep oil targets in the Eastern Mediterranean and supporting our global drilling program |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Received over $1.1 billion in proceeds from divestments of non-core assets |

|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | Exercised option to increase credit facility from $3 billion to $4 billion, enhancing the Company's strong liquidity position |

----

----

----

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. See Schedule 7 for a financial summary of discontinued operations. |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (2) | A Non-GAAP measure, see attached Reconciliation Schedules |

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                          |   | 2012 |   | Per  DilutedShare  |   | 2011 |   | Per  DilutedShare [6] |   | 2012 |   | Per  DilutedShare [6] |   | 2011 |   | Per  DilutedShare [6] |
| Net Income                                                    |   | $ | 221 |  |   | $ | 1.23 |  |   | $ | 441 |  |   | $ | 2.39 |  |   | $ | 776 |  |   | $ | 4.30 |  |   | $ | 749 |  |   | $ | 4.12 |  |
| Discontinued Operations, Net of Tax                           |   | (57 | ) |   | (0.32 | ) |   | 50 |  |   | 0.28 |  |   | (89 | ) |   | (0.49 | ) |   | (22 | ) |   | (0.13 | ) |
| Income from Continuing Operations                             |   | 164 |  |   | 0.91 |  |   | 491 |  |   | 2.67 |  |   | 687 |  |   | 3.81 |  |   | 727 |  |   | 3.99 |  |
| Unrealized (gains) losses on commodity derivative instruments |   | 131 |  |   | 0.73 |  |   | (300 | ) |   | (1.66 | ) |   | (74 | ) |   | (0.42 | ) |   | (140 | ) |   | (0.78 | ) |
| Gain on divestitures [1]                                      |   | (157 | ) |   | (0.87 | ) |   | — |  |   | — |  |   | (167 | ) |   | (0.93 | ) |   | (26 | ) |   | (0.14 | ) |
| Asset impairments [2]                                         |   | — |  |   | — |  |   | — |  |   | — |  |   | 73 |  |   | 0.41 |  |   | 137 |  |   | 0.77 |  |
| Drilling rig expense [3]                                      |   | — |  |   | — |  |   | (1 | ) |   | (0.01 | ) |   | — |  |   | — |  |   | 18 |  |   | 0.10 |  |
| Other adjustments                                             |   | — |  |   | — |  |   | — |  |   | — |  |   | 1 |  |   | 0.01 |  |   | 5 |  |   | 0.03 |  |
| Total adjustments before tax                                  |   | (26 | ) |   | (0.14 | ) |   | (301 | ) |   | (1.67 | ) |   | (167 | ) |   | (0.93 | ) |   | (6 | ) |   | (0.02 | ) |
| Income Tax Effect of Adjustments [4]                          |   | 29 |  |   | 0.16 |  |   | 1 |  |   | 0.01 |  |   | 73 |  |   | 0.40 |  |   | (95 | ) |   | (0.53 | ) |
| Adjusted Earnings from Continuing Operations [5]              |   | $ | 167 |  |   | $ | 0.93 |  |   | $ | 191 |  |   | $ | 1.01 |  |   | $ | 593 |  |   | $ | 3.28 |  |   | $ | 626 |  |   | $ | 3.44 |  |
| Weighted average number of shares outstanding                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                       |   | 180 |  |   |   |   | 180 |  |   |   |   | 180 |  |   |   |   | 179 |  |   |   |

|     |
|-----|
|     |  |
| [1] | During the third quarter of 2012, we completed the sale of certain non-core onshore U.S. properties as well as certain North Sea properties. During the second quarter of 2011, we completed the transfer of assets and exit from Ecuador. |

|     |
|-----|
|     |  |
| [2] | Amount for 2012 represents impairments of our South Raton assets in the Deepwater Gulf of Mexico, due to declines in near-term crude oil prices, as well as our Piceance development onshore U.S., because of recent declines in realized natural gas prices. Amount for 2011 represents primarily impairments of certain of our onshore U.S. developments, primarily in East Texas due to field performance combined with a low natural gas price environment. |

|     |
|-----|
|     |  |
| [3] | Amount for 2011 represents stand-by rig expense incurred prior to receiving permits to resume drilling activities, which were suspended under the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico. |

|     |
|-----|
|     |  |
| [4] | The net tax effects are determined by calculating the tax provision for GAAP Net Income, which includes the adjusting items, and comparing the results to the tax provision for adjusted earnings from continuing operations, which excludes the adjusting items. The difference in the tax provision calculations represents the tax impact of the adjusting items listed here. The calculation is performed at the end of each quarter and, as a result, the tax rates for each discrete period may be different. |

|     |
|-----|
|     |  |
| [5] | Adjusted earnings from continuing operations should not be considered a substitute for net income as reported in accordance with GAAP. Adjusted earnings 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 earnings is beneficial in evaluating our financial performance as it excludes the impact of significant non-cash items. We believe such measures can facilitate comparisons of operating performance between periods and with our peers. |

|     |
|-----|
|     |  |
| [6] | The diluted earnings per share calculation for the nine months ended September 30, 2012 includes a decrease to net income of $1 million, net of tax,  and the three and nine months ended September 30, 2011 includes decreases to net income of $12 million and $10 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 EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                            |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Revenues                                        |   |   |   |   |   |   |   |   |
| Crude oil and condensate                        |   | $ | 751 |  |   | $ | 513 |  |   | $ | 2,339 |  |   | $ | 1,464 |  |
| Natural gas                                     |   | 159 |  |   | 246 |  |   | 429 |  |   | 670 |  |
| NGLs                                            |   | 44 |  |   | 70 |  |   | 157 |  |   | 194 |  |
| Income from equity method investees             |   | 51 |  |   | 50 |  |   | 137 |  |   | 146 |  |
| Other revenues                                  |   | 1 |  |   | — |  |   | — |  |   | 33 |  |
| Total revenues                                  |   | 1,006 |  |   | 879 |  |   | 3,062 |  |   | 2,507 |  |
| Operating Expenses                              |   |   |   |   |   |   |   |   |
| Lease operating expense                         |   | 103 |  |   | 89 |  |   | 309 |  |   | 251 |  |
| Production and ad valorem taxes                 |   | 31 |  |   | 38 |  |   | 112 |  |   | 108 |  |
| Transportation and gathering expense            |   | 24 |  |   | 15 |  |   | 71 |  |   | 47 |  |
| Exploration expense                             |   | 95 |  |   | 56 |  |   | 322 |  |   | 193 |  |
| Depreciation, depletion and amortization        |   | 368 |  |   | 215 |  |   | 987 |  |   | 619 |  |
| General and administrative                      |   | 93 |  |   | 89 |  |   | 286 |  |   | 253 |  |
| Gain on divestitures                            |   | (157 | ) |   | — |  |   | (167 | ) |   | (26 | ) |
| Asset impairments                               |   | — |  |   | — |  |   | 73 |  |   | 137 |  |
| Other operating (income) expense, net           |   | (1 | ) |   | 2 |  |   | 19 |  |   | 45 |  |
| Total operating expenses                        |   | 556 |  |   | 504 |  |   | 2,012 |  |   | 1,627 |  |
| Operating Income                                |   | 450 |  |   | 375 |  |   | 1,050 |  |   | 880 |  |
| Other (Income) Expense                          |   |   |   |   |   |   |   |   |
| (Gain) Loss on commodity derivative instruments |   | 135 |  |   | (322 | ) |   | (46 | ) |   | (179 | ) |
| Interest, net of amount capitalized             |   | 36 |  |   | 14 |  |   | 95 |  |   | 51 |  |
| Other (income) expense, net                     |   | 4 |  |   | (16 | ) |   | 2 |  |   | (16 | ) |
| Total other (income) expense                    |   | 175 |  |   | (324 | ) |   | 51 |  |   | (144 | ) |
| Income from Continuing Operations Before Taxes  |   | 275 |  |   | 699 |  |   | 999 |  |   | 1,024 |  |
| Income Tax Provision                            |   | 111 |  |   | 208 |  |   | 312 |  |   | 297 |  |
| Income from Continuing Operations               |   | 164 |  |   | 491 |  |   | 687 |  |   | 727 |  |
| Discontinued Operations, Net of Tax [1]         |   | 57 |  |   | (50 | ) |   | 89 |  |   | 22 |  |
| Net Income                                      |   | $ | 221 |  |   | $ | 441 |  |   | $ | 776 |  |   | $ | 749 |  |
| Earnings Per Share                              |   |   |   |   |   |   |   |   |
| Basic                                           |   |   |   |   |   |   |   |   |
| Income from continuing operations               |   | $ | 0.92 |  |   | $ | 2.78 |  |   | $ | 3.87 |  |   | $ | 4.11 |  |
| Discontinued operations, net of tax             |   | 0.32 |  |   | (0.28 | ) |   | 0.50 |  |   | 0.14 |  |
| Net Income                                      |   | $ | 1.24 |  |   | $ | 2.50 |  |   | $ | 4.37 |  |   | $ | 4.25 |  |
| Diluted                                         |   |   |   |   |   |   |   |   |
| Income from continuing operations               |   | $ | 0.91 |  |   | $ | 2.67 |  |   | $ | 3.81 |  |   | $ | 3.99 |  |
| Discontinued operations, net of tax             |   | 0.32 |  |   | (0.28 | ) |   | 0.49 |  |   | 0.13 |  |
| Net Income                                      |   | $ | 1.23 |  |   | $ | 2.39 |  |   | $ | 4.30 |  |   | $ | 4.12 |  |
| Weighted average number of shares outstanding   |   |   |   |   |   |   |   |   |
| Basic                                           |   | 178 |  |   | 177 |  |   | 178 |  |   | 176 |  |
| Diluted                                         |   | 180 |  |   | 180 |  |   | 180 |  |   | 179 |  |

|     |
|-----|
|     |  |
| [1] | Represents our North Sea operations reclassified as held for sale at June 30, 2012. See Schedule 7: Discontinued Operations. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                         |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Crude Oil and Condensate Sales Volumes (MBbl/d)              |   |   |   |   |   |   |   |   |
| United States                                                |   | 52 |  |   | 38 |  |   | 47 |  |   | 37 |  |
| Equatorial Guinea                                            |   | 27 |  |   | 15 |  |   | 32 |  |   | 13 |  |
| China                                                        |   | 3 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                |   | 82 |  |   | 57 |  |   | 83 |  |   | 54 |  |
| Equity method investee                                       |   | 2 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total sales volumes                                          |   | 84 |  |   | 59 |  |   | 85 |  |   | 56 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl)             |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 93.67 |  |   | $ | 91.21 |  |   | $ | 96.20 |  |   | $ | 95.10 |  |
| Equatorial Guinea                                            |   | 108.90 |  |   | 108.11 |  |   | 110.68 |  |   | 108.40 |  |
| China                                                        |   | 107.61 |  |   | 108.57 |  |   | 117.44 |  |   | 104.99 |  |
| Consolidated average realized prices                         |   | $ | 99.30 |  |   | $ | 96.82 |  |   | $ | 102.90 |  |   | $ | 98.98 |  |
| Natural Gas Sales Volumes (MMcf/d)                           |   |   |   |   |   |   |   |   |
| United States                                                |   | 440 |  |   | 358 |  |   | 435 |  |   | 373 |  |
| Equatorial Guinea                                            |   | 251 |  |   | 250 |  |   | 232 |  |   | 244 |  |
| Israel                                                       |   | 116 |  |   | 228 |  |   | 95 |  |   | 180 |  |
| Total consolidated operations                                |   | 807 |  |   | 836 |  |   | 762 |  |   | 797 |  |
| Natural Gas Realized Prices ($/Mcf)                          |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 2.61 |  |   | $ | 3.98 |  |   | $ | 2.44 |  |   | $ | 4.09 |  |
| Equatorial Guinea                                            |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |
| Israel                                                       |   | 4.43 |  |   | 5.15 |  |   | 4.67 |  |   | 4.80 |  |
| Consolidated average realized prices                         |   | $ | 2.14 |  |   | $ | 3.18 |  |   | $ | 2.06 |  |   | $ | 3.11 |  |
| Natural Gas Liquids (NGL) Sales Volumes (MBbl/d)             |   |   |   |   |   |   |   |   |
| United States                                                |   | 16 |  |   | 16 |  |   | 16 |  |   | 14 |  |
| Equity method investee                                       |   | 7 |  |   | 5 |  |   | 6 |  |   | 5 |  |
| Total sales volumes                                          |   | 23 |  |   | 21 |  |   | 22 |  |   | 19 |  |
| Natural Gas Liquids Realized Prices ($/Bbl)                  |   |   |   |   |   |   |   |   |
| United States                                                |   | $ | 29.71 |  |   | $ | 49.57 |  |   | $ | 34.87 |  |   | $ | 49.19 |  |
| Barrels of Oil Equivalent Volumes (MBoe/d)                   |   |   |   |   |   |   |   |   |
| United States                                                |   | 141 |  |   | 113 |  |   | 135 |  |   | 114 |  |
| Equatorial Guinea                                            |   | 70 |  |   | 57 |  |   | 71 |  |   | 54 |  |
| Israel                                                       |   | 19 |  |   | 38 |  |   | 16 |  |   | 30 |  |
| China                                                        |   | 3 |  |   | 4 |  |   | 4 |  |   | 4 |  |
| Total consolidated operations                                |   | 233 |  |   | 212 |  |   | 226 |  |   | 202 |  |
| Equity method investee                                       |   | 9 |  |   | 7 |  |   | 8 |  |   | 7 |  |
| Total barrels of oil equivalent from continuing operations   |   | 242 |  |   | 219 |  |   | 234 |  |   | 209 |  |
| Total barrels of oil equivalent from discontinued operations |   | 5 |  |   | 5 |  |   | 7 |  |   | 9 |  |
| Total barrels of oil equivalent                              |   | 247 |  |   | 224 |  |   | 241 |  |   | 218 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | September 30, |   | December 31, |
|                                             |   | 2012 |   | 2011 |
| ASSETS                                           |   |   |   |   |
| Current Assets                                   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 1,617 |  |   | $ | 1,455 |  |
| Accounts receivable, net                         |   | 686 |  |   | 783 |  |
| Other current assets                             |   | 422 |  |   | 180 |  |
| Total current assets                             |   | 2,725 |  |   | 2,418 |  |
| Net property, plant and equipment                |   | 12,875 |  |   | 12,782 |  |
| Goodwill                                         |   | 635 |  |   | 696 |  |
| Other noncurrent assets                          |   | 625 |  |   | 548 |  |
| Total Assets                                     |   | $ | 16,860 |  |   | $ | 16,444 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY             |   |   |   |   |
| Current Liabilities                              |   |   |   |   |
| Accounts payable—trade                     |   | $ | 1,243 |  |   | $ | 1,343 |  |
| Other current liabilities                        |   | 1,014 |  |   | 925 |  |
| Total current liabilities                        |   | 2,257 |  |   | 2,268 |  |
| Long-term debt                                   |   | 3,747 |  |   | 4,100 |  |
| Deferred income taxes                            |   | 2,157 |  |   | 2,059 |  |
| Other noncurrent liabilities                     |   | 691 |  |   | 752 |  |
| Total Liabilities                                |   | 8,852 |  |   | 9,179 |  |
| Total Shareholders’ Equity                 |   | 8,008 |  |   | 7,265 |  |
| Total Liabilities and Shareholders’ Equity |   | $ | 16,860 |  |   | $ | 16,444 |  |

----

|                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                         |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                                                                                         |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Adjusted Earnings from Continuing Operations [1]                                                                             |   | $ | 167 |  |   | $ | 191 |  |   | $ | 593 |  |   | $ | 626 |  |
| Adjustments to reconcile adjusted earnings from continuing operations to discretionary cash flow from continuing operations: |   |   |   |   |   |   |   |   |
| Depreciation, depletion and amortization                                                                                     |   | 368 |  |   | 215 |  |   | 987 |  |   | 619 |  |
| Exploration expense                                                                                                          |   | 95 |  |   | 56 |  |   | 322 |  |   | 192 |  |
| (Income)/Dividends from equity method investments, net                                                                       |   | 11 |  |   | 28 |  |   | 4 |  |   | 23 |  |
| Deferred compensation (income) expense                                                                                       |   | 7 |  |   | (18 | ) |   | (1 | ) |   | (15 | ) |
| Deferred income taxes                                                                                                        |   | 49 |  |   | 78 |  |   | 117 |  |   | 173 |  |
| Stock-based compensation expense                                                                                             |   | 16 |  |   | 15 |  |   | 49 |  |   | 43 |  |
| Other                                                                                                                        |   | 1 |  |   | (2 | ) |   | (1 | ) |   | — |  |
| Discretionary Cash Flow from Continuing Operations [2]                                                                       |   | $ | 714 |  |   | $ | 563 |  |   | $ | 2,070 |  |   | $ | 1,661 |  |
| Reconciliation to Operating Cash Flows                                                                                       |   |   |   |   |   |   |   |   |
| Net changes in working capital                                                                                               |   | 205 |  |   | 40 |  |   | 141 |  |   | 103 |  |
| Cash exploration costs                                                                                                       |   | (29 | ) |   | (44 | ) |   | (141 | ) |   | (138 | ) |
| Current tax expense of earnings adjustments                                                                                  |   | (4 | ) |   | (41 | ) |   | (18 | ) |   | (5 | ) |
| Drilling rig expense [3]                                                                                                     |   | — |  |   | 1 |  |   | — |  |   | (18 | ) |
| Impact of Discontinued Operations                                                                                            |   | 31 |  |   | 25 |  |   | 94 |  |   | 162 |  |
| Other adjustments                                                                                                            |   | 7 |  |   | 12 |  |   | 25 |  |   | 20 |  |
| Net Cash Provided by Operating Activities                                                                                    |   | $ | 924 |  |   | $ | 556 |  |   | $ | 2,171 |  |   | $ | 1,785 |  |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Capital expenditures (accrual based)                                                                                         |   | $ | 724 |  |   | $ | 738 |  |   | $ | 2,546 |  |   | $ | 1,985 |  |
| Marcellus Shale Asset Acquisition [4]                                                                                   |   | — |  |   | 1,233 |  |   | — |  |   | 1,233 |  |
| Increase in FPSO lease obligation                                                                                            |   | — |  |   | 5 |  |   | — |  |   | 56 |  |
| Total Capital Expenditures (Accrual Based)                                                                                   |   | $ | 724 |  |   | $ | 1,976 |  |   | $ | 2,546 |  |   | $ | 3,274 |  |

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

|     |
|-----|
|     |  |
| [2] | 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. |

|     |
|-----|
|     |  |
| [3] | Amount for 2011 represents stand-by rig expense incurred prior to receiving permits to resume drilling activities, which were suspended under the Federal Deepwater Moratorium, in the deepwater Gulf of Mexico. |

|     |
|-----|
|     |  |
| [4] | Includes $73 million representing our initial investment in CONE Gathering LLC. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                  |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| (Gain) Loss on Commodity Derivative Instruments       |   |   |   |   |   |   |   |   |
| Crude Oil                                             |   |   |   |   |   |   |   |   |
| Realized                                              |   | $ | 17 |  |   | $ | 4 |  |   | $ | 68 |  |   | $ | 36 |  |
| Unrealized                                            |   | 112 |  |   | (292 | ) |   | (97 | ) |   | (168 | ) |
| Total Crude Oil                                       |   | 129 |  |   | (288 | ) |   | (29 | ) |   | (132 | ) |
| Natural Gas                                           |   |   |   |   |   |   |   |   |
| Realized                                              |   | (13 | ) |   | (26 | ) |   | (40 | ) |   | (75 | ) |
| Unrealized                                            |   | 19 |  |   | (8 | ) |   | 23 |  |   | 28 |  |
| Total Natural Gas                                     |   | 6 |  |   | (34 | ) |   | (17 | ) |   | (47 | ) |
| Total (Gain) Loss on Commodity Derivative Instruments |   | $ | 135 |  |   | $ | (322 | ) |   | $ | (46 | ) |   | $ | (179 | ) |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                        |   | 2012 |   | 2011 |   | 2012 |   | 2011 |
| Summary Statement of Operations:                 |   |   |   |   |   |   |   |   |
| Oil and gas revenues                             |   | $ | 54 |  |   | $ | 45 |  |   | $ | 194 |  |   | $ | 271 |  |
| Production expense                               |   | 14 |  |   | 11 |  |   | 39 |  |   | 43 |  |
| Exploration expense                              |   | — |  |   | 1 |  |   | 3 |  |   | 2 |  |
| Depreciation, depletion and amortization         |   | 1 |  |   | 10 |  |   | 33 |  |   | 62 |  |
| General and administrative                       |   | 1 |  |   | — |  |   | 2 |  |   | 1 |  |
| Asset impairments                                |   | — |  |   | — |  |   | — |  |   | 2 |  |
| Income Before Income Taxes                       |   | 38 |  |   | 23 |  |   | 117 |  |   | 161 |  |
| Current tax expense                              |   | 3 |  |   | 69 |  |   | 64 |  |   | 144 |  |
| Deferred tax expense                             |   | — |  |   | 4 |  |   | (14 | ) |   | (5 | ) |
| Operating Income, Net of Tax                     |   | 35 |  |   | (50 | ) |   | 67 |  |   | 22 |  |
| Gain on Sale, Net of Tax                         |   | 22 |  |   | — |  |   | 22 |  |   | — |  |
| Income From Discontinued Operations              |   | $ | 57 |  |   | $ | (50 | ) |   | $ | 89 |  |   | $ | 22 |  |
| Volume and Price Statistics:                     |   |   |   |   |   |   |   |   |
| Crude Oil and Condensate Sales Volumes (MBbl/d)  |   | 5 |  |   | 4 |  |   | 6 |  |   | 8 |  |
| Crude Oil and Condensate Realized Prices ($/Bbl) |   | $ | 106.03 |  |   | $ | 115.67 |  |   | $ | 113.11 |  |   | $ | 112.99 |  |
| Natural Gas Sales Volumes (MMcf/d)               |   | 3 |  |   | 4 |  |   | 4 |  |   | 6 |  |
| Natural Gas Realized Prices ($/Mcf)              |   | $ | 8.37 |  |   | $ | 8.41 |  |   | $ | 8.31 |  |   | $ | 7.90 |  |