דו"ח רבעון 4 לשנת 2015 של נובל אנרג'י

1. NOBLE ENERGY INC
FORM 8-K
(Current report filing)
Filed 02/17/16 for the Period Ending 02/17/16
Address 1001 NOBLE ENERGY WAY
HOUSTON, TX 77070
Telephone 2818723100
CIK 0000072207
Symbol NBL
SIC Code 1311 - Crude Petroleum and Natural Gas
Industry Oil & Gas Operations
Sector Energy
Fiscal Year 12/31
http://www.edgar-online.com
© Copyright 2016, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

2. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 17, 2016
NOBLE ENERGY, INC.
(Exact name of Registrant as specified in its charter)
Delaware 001-07964 73-0785597
(State or other jurisdiction of
incorporation or organization)
Commission
File Number
(I.R.S. Employer
Identification No.)
1001 Noble Energy Way,
Houston, Texas 77070
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (281) 872-3100
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

3. Item 2.02. Results of Operations and Financial Condition.
On February 17, 2016, Noble Energy, Inc. (the “Company”) issued a press release announcing results for the fiscal year and fiscal quarter ended December 31,
2015. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this Current Report and will be published on the Company's website at
www.nobleenergyinc.com.
The Company’s press release announcing its financial results for its fiscal year and fiscal quarter ended December 31, 2015 contains non-GAAP financial
measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or
includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States
generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, the Company has provided quantitative reconciliations within
the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
In accordance with General Instruction B.2. of Form 8-K, the information set forth herein and in the press release is deemed to be "furnished" and shall not be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Item 7.01. Regulation FD Disclosure.
On February 17, 2016, the Company issued a press release with respect to its 2016 capital budget and operational and financial guidance. A copy of the Company’s
press release is furnished as Exhibit 99.2 to this current report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are furnished as part of this Current Report on Form 8-K:
99.1 Press Release dated February 17, 2016 announcing results for the fiscal year and fiscal quarter ended December 31, 2015.
99.2 Press Release dated February 17, 2016 announcing the 2016 capital budget and operational and financial guidance.

4. SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
NOBLE ENERGY, INC.
Date: February 17, 2016 By: /s/ Kenneth M. Fisher
Kenneth M. Fisher
Executive Vice President, Chief Financial Officer

5. INDEX TO EXHIBITS
Exhibit No. Description
99.1
Press Release dated February 17, 2016 announcing results for the fiscal year and fiscal quarter ended December 31, 2015.
99.2
Press Release dated February 17, 2016 announcing the 2016 capital budget and operational and financial guidance.

6. Exhibit 99.1
NEWS
RELEASE
NOBLE
ENERGY
ANNOUNCES
FOURTH
QUARTER
AND
YEAR-END
2015
RESULTS
• Quarterly capital expenditures totaled $527 million, below the low end of guidance, and less than discretionary cash flow
(1)
and cash flow from operations.
• Exited the fourth quarter of 2015 with $5 billion in liquidity, including cash on hand and undrawn credit facility.
• Continued strong performance in all core areas drove record quarterly sales volumes of 422 MBoe/d, above the
increased guidance range. Set a new quarterly record for DJ Basin volumes of 121 MBoe/d.
• Reduced unit lease operating expense 36 percent year over year to $3.76 per BOE.
• Continued drilling and completion efficiencies across the entire U.S. Onshore region, highlighted by normalized well costs
under $3 million in Wells Ranch for extended reach laterals.
• Commenced production on five Lower Eagle Ford wells, averaging a 30-day IP of approximately 5 MBoe/d per well.
• Big Bend and Dantzler projects, in the deepwater Gulf of Mexico, reached combined peak production of over 20 MBoe/d,
net.
• Israel regulatory framework was implemented and the first export permit was granted for future gas sales to Egypt.
• Organic reserve additions replaced 2015 production 1.5 times (excluding acquisitions and price-related revisions).
HOUSTON
(February 17, 2016) -- Noble Energy, Inc. (NYSE: NBL
) (“Noble Energy” or “the Company”)
announced today results for the fourth quarter of 2015, including adjusted net income
(1)
of $191 million , or $0.44 per diluted
share. A reported net loss for the quarter of $2.0 billion was negatively impacted by $2.2 billion of primarily non-cash items,
which are not considered by analysts in published estimates. Net cash provided by operating activities of $576 million and
discretionary cash flow
(1)
of $609 million were in excess of capital expenditures of $527 million.
Total Company volumes for the fourth quarter of 2015 increased to 422 thousand barrels of oil equivalent per day (MBoe/d), up
more than eight percent versus the third quarter of 2015 and the fourth quarter of 2014 (pro-forma for the Rosetta Resources
Inc. merger). Liquids comprised 47 percent (33 percent crude oil and condensate and 14 percent natural gas liquids) of fourth
quarter 2015 volumes, with natural gas the remaining 53 percent. U.S. sales volumes for the quarter totaled 295 MBoe/d, while
International sales volumes were 127 MBoe/d. Total sales volumes were higher than produced volumes by more than five
thousand barrels per day (MBbl/d) due to the timing of liquids lifting in Equatorial Guinea.
Excluding the Company’s Texas properties, which were acquired in July of 2015, sales volumes were 362 MBoe/d for the fourth
quarter of 2015, up 15 percent compared to the fourth quarter of the previous year. This increase was primarily a result of the
Company’s continued horizontal completions and production optimization within the U.S. unconventional assets, the startup of

7. Big Bend and Dantzler in the deepwater Gulf of Mexico, and higher Israel natural gas demand.
David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “Noble Energy ended 2015 by delivering another
outstanding operational quarter. We have substantially improved capital efficiency across our business, evidenced by a
continued reduction in well costs as well as completion enhancements in each of our core onshore assets. At the same time, our
unit operating costs have been reduced to the lowest level in the last eight years. We also successfully integrated our new Texas
assets and have quickly delivered a step-change in performance. Our offshore major project proficiency was demonstrated once
again with new project startups in the Gulf of Mexico, and we have established strong forward momentum for our projects in the
Eastern Mediterranean. With a high-quality, low-cost, and diverse portfolio, bolstered by strong liquidity and a sound balance
sheet, we enter 2016 well positioned to manage within cash flow and sustain our strong operating performance.”
Fourth quarter 2015 total operating costs, including lease operating expense, production taxes and transportation, averaged
$6.93 per barrel of oil equivalent (BOE), down 22 percent from the fourth quarter of 2014. Depreciation, depletion, and
amortization totaled $17.67 per BOE during the fourth quarter of 2015, which reflects the impact of commodity price-driven
reserve revisions recorded at year-end. General and administrative costs were lower than anticipated due primarily to a
reduction of personnel costs.
Fourth quarter adjustments to net loss included approximately $1.3 billion of non-cash impairments, including $490 million
related to assets in the Gulf of Mexico and Equatorial Guinea and $779 million related to goodwill. The Company had unrealized
commodity derivative losses of $156 million, resulting from the value change of existing crude oil and natural gas hedge
positions as of the end of the year. Noble Energy also adjusted $95 million from exploration expense, following the Company’s
decision to exit its Nevada exploration program.
During the quarter, Noble Energy implemented a change in tax policy and outlook regarding the indefinite reinvestment of
international earnings. This item, which was also adjusted from earnings, enhances the Company’s financial flexibility with
regards to global cash management. For the fourth quarter, the remaining adjusted tax benefit reflects the balance of U.S.
versus international earnings, as well as the transition from interim reporting to full-year tax position.
OPERATIONS
UPDATE
DJ
BASIN
Sales volumes averaged 121 MBoe/d in the fourth quarter of 2015, up four percent from the third quarter of 2015 and 12 percent
over the fourth quarter of last year. Essentially all of the increase in volumes for the respective periods is liquids, driven mostly
by crude volumes. Liquids increased to 68 percent of fourth quarter 2015 DJ Basin volumes (51 percent crude oil and
condensate and 17 percent natural gas liquids) and 32 percent was natural gas. Horizontal production in the DJ Basin increased

8. to 97 MBoe/d. In the Company’s primary areas of activity, Wells Ranch and East Pony, combined sales volumes averaged 62
MBoe/d during the quarter, up 35 percent compared to the fourth quarter of 2014.
Highlights include:
• Reduced normalized extended reach lateral length well costs, including allocated facilities, to below $3 million in Wells
Ranch.
• Average drilling time for a standard lateral length well (4,500 lateral feet) remained under six days, while medium (6,000
lateral feet) and long (9,000 lateral feet) wells are being drilled in seven and eight days, respectively.
• Drilled 31 wells at an average lateral length of over 6,900 feet. The Company reduced its full year 2015 average drilling
cost per lateral foot by 40 percent from 2014.
• Commenced production on 30 wells (equivalent to 50 standard lateral length wells). Included in the wells was the
Company’s first East Pony Codell well. Production results from the well are encouraging and consistent with equivalent
Niobrara wells nearby.
• Completion design optimization continues to positively impact well productivity. Over 70 percent of the wells completed
during the quarter utilized slickwater fluid design, and these wells continue to outperform similar hybrid gel wells.
• DCP Grand Parkway, a low-pressure gathering system in the northern part of Greater Wattenberg, commenced service
in late December, further lowering line pressures and enhancing gas transport system reliability.
• The Company exited 2015 with 45 wells drilled but uncompleted.
TEXAS
(EAGLE
FORD
AND
PERMIAN)
Production volumes for the Eagle Ford and Permian assets averaged 60 MBoe/d in the fourth quarter of 2015, up 11 percent
versus the volumes these assets produced in the third quarter of 2015. Liquids increased to 62 percent of the total (crude oil and
condensate represented 27 percent and NGLs were 35 percent), while natural gas accounted for 38 percent. 87 percent of the
volumes were from the Eagle Ford assets and 13 percent from the Permian.
Highlights include:
• Drilled four operated wells to total depth, including three Lower Eagle Ford wells and one Wolfcamp A well in the
Permian’s Delaware Basin. Drilling times have been reduced significantly versus prior performance on these assets.
• Commenced production on five Lower Eagle Ford wells. Included in the wells brought online were the Gates 05D 10-20,
14-20 and 18-20. The average 90-day production rate for each of the wells, with an average lateral length of
approximately 7,000 feet and completed on 1,000 foot lateral spacing, was 4,210 Boe/d (10-20), 5,160 Boe/d (14-20) and
5,285 Boe/d (18-20).
• The two most recent wells brought on production were designed to test enhanced completions on tighter lateral spacing
(500 equivalent feet). The wells, Gates 05D 22-20 and 24-20 with an average lateral length of 6,500 feet, were completed
with 40 foot cluster spacing and approximately 2,000 pounds of proppant per lateral foot. The 30-day IP for the wells was
4,200 and 3,870 Boe/d, respectively. Production from both wells, when normalized to a 5,000 foot lateral, is higher than
the three million barrel type curve, which is based on wider lateral spacing.
• There were 55 wells drilled but uncompleted (including 40 wells in the Eagle Ford and 15 wells in the Delaware) at the
end of 2015.
MARCELLUS
SHALE
Production volumes in the Marcellus Shale averaged 530 million cubic feet of natural gas equivalent per day (MMcfe/d) in the

9. fourth quarter of 2015, an eight percent increase over the third quarter of 2015 and 40 percent more than the same quarter of
last year. Natural gas represented 87 percent of fourth quarter 2015 volumes, with the remaining 13 percent primarily composed
of natural gas liquids (NGLs).
Highlights include:
• Commenced production on the Company’s first Utica well, the 9,345 foot lateral MND-6H located in Marshall County,
West Virginia. Production from the well reached 61 MMcf/d during flowback and is currently producing 20 MMcf/d on a
reduced choke to manage pressure draw down.
• Joint Venture partner CONSOL Energy completed 11 dry gas wells during the quarter.
• Exited the year with 85 wells drilled but uncompleted (54 wells in the wet gas and 31 in the dry gas area) in the Joint
Venture.
• CONE Midstream Partners gathered record average gross throughput volume of 1.3 billion cubic feet equivalent per day
during the fourth quarter, an increase of 46 percent from the same quarter last year. Additionally, CONE completed a de-
bottlenecking project that added approximately 30 MMcfe/d of throughput during the quarter.
GULF
OF
MEXICO
In the Gulf of Mexico, sales volumes averaged 23 MBoe/d, a 91 percent increase versus the third quarter of 2015 and 33
percent versus the same quarter of last year. This increase was driven by the startup of production at Big Bend and Dantzler.
Crude oil and condensate represented 84 percent of fourth quarter 2015 volumes, while five percent was NGLs and 11 percent
was natural gas.
Highlights include:
• Combined production from the Big Bend and Dantzler development achieved a peak rate of over 20 MBoe/d, net.
• Finished subsea installation and construction on the Gunflint development. During the quarter, the Company completed
the Gunflint #2 and #4 wells. The project remains within budget and on schedule for a mid-2016 startup.
• Commenced drilling operations on the Silvergate prospect late in the fourth quarter. Noble Energy operates the prospect
with a 50 percent working interest. Silvergate, located in Mississippi Canyon 339, is a Miocene-aged target with subsea
tieback potential.
WEST
AFRICA
Sales volumes in West Africa averaged 85 MBoe/d, which was 46 percent crude oil and condensate, seven percent NGLs, and
47 percent natural gas. Sales volumes for the quarter exceeded production volumes by approximately five MBbl/d as a result of
the timing of liquids lifting from the Alen field and Alba.
Highlights include:
• The Alba compression project installation progressed and remains on schedule.
• Interpretation of the latest 3D seismic data is underway over Blocks O and I offshore Equatorial Guinea.
EASTERN
MEDITERRANEAN
In the Eastern Mediterranean, Israel natural gas sales volumes averaged 252 MMcfe/d, an increase of approximately 10 percent
versus the fourth quarter of last year, driven by higher power generation needs.

10. Highlights include:
• Israel natural gas regulatory framework was implemented and enabled the Company to begin marketing Leviathan gas to
Israeli customers.
• Progress on finalizing gas sales agreements continues with multiple regional customers. Signed a Letter of Intent to
supply Dolphinus Holdings Ltd. with approximately 400 MMcf/d, gross, from Leviathan over 10 years for Egyptian
industrial use.
• Received the first export permit for future gas sales to Egypt.
• Initiated marketing to regional customers for gas from the Cyprus Aphrodite field.
• Signed an agreement to divest the Tanin and Karish fields for a total deal value of $73 million. Cash consideration was
received in January 2016.
• Executed a farm-out agreement in Block 12, offshore Cyprus, with BG International. Noble Energy maintains
operatorship with a working interest of 35 percent. The transaction closed and cash consideration of $125 million was
received in January 2016. The remaining $40 million will be collected in early 2017.
PROVED
RESERVES
Estimated reserves at year-end 2015 were 1.4 billion barrels of oil equivalent, up one percent from 2014 year-end. Excluding
acquisitions and commodity price revisions, the Company had total additions of 191 million barrels of oil equivalent (MMBoe)
versus production of 130 MMBoe during the year. Organic reserve replacement, excluding price-related revisions, was 147
percent. Reserves in the U.S., including Gulf of Mexico, were 62 percent of the Company’s total, with assets in Equatorial
Guinea and Israel making up the remaining 38 percent. The composition of reserves at the end of 2015 is 35 percent liquids, 33
percent international natural gas and 32 percent U.S. natural gas.
Unconventional U.S. reserve replacement, excluding acquisition and commodity price revisions, was 2.3 times production,
reflecting development activity and improved well performance in the DJ Basin and Marcellus Shale. During 2015, the Company
added 269 MMBoe of proved reserves through the Rosetta merger. The impact of lower SEC commodity prices, utilized in the
preparation of proved reserve reporting, resulted in a reserve reduction of 307 MMBoe versus 2014. Approximately 50 percent of
the price-related reserves impact was related to the Company’s Marcellus estimations.
Proved developed reserves represent approximately 66 percent of total proved reserves at the end of the year, up three percent
from year-end 2014.
(1) A Non-GAAP measure, see attached Reconciliation Schedules

11. WEBCAST
AND
CONFERENCE
CALL
INFORMATION
Noble Energy, Inc. will host a webcast and conference call at 9:00 a.m. Central time today. The webcast is accessible on the
‘Investors’ page at www.nobleenergyinc.com . Conference call numbers for participation are 888-437-9362 and 719-325-2396.
The pass code number is 7718745. A replay will be available on the website.
Noble
Energy
(NYSE:
NBL)
is an independent oil and natural gas exploration and production company with a diversified high-
quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded more
than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering
People’s Lives ®. For more information, visit www.nobleenergyinc.com .
Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
Megan.Repine@nblenergy.com
Media Contacts:
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as
“anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy’s current
views about future events. They include estimates of oil and natural gas reserves, estimates of future production, assumptions
regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity,
business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking
statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and
uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the
volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to
replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government
regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble
Energy’s business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the
Securities and Exchange Commission (“SEC”). These reports are also available from Noble Energy’s offices or website,
http://www.nobleenergyinc.com . Forward-looking statements are based on the estimates and opinions of management at the
time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should
circumstances, management’s estimates, or opinions change.

12. This news release also contains certain historical non-GAAP measures of financial performance that management believes are
good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These
non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see
the attached schedules for reconciliations of the differences between any historical non-GAAP measures used in this news
release and the most directly comparable GAAP financial measures.
1

13. Schedule 1
Noble Energy, Inc.
Summary Statement of Operations
(in millions, except per share amounts, unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2015 2014 2015 2014
Revenues
Crude oil and condensate $ 488 $ 690 $ 1,840 $ 3,438
Natural gas 272 291 1,056 1,223
Natural gas liquids 56 56 147 270
Income from equity method investees 30 33 90 170
Total revenues 846 1,070 3,133 5,101
Operating Expenses
Lease operating expense 146 170 563 593
Production and ad valorem taxes 38 38 127 184
Transportation and gathering expense 85 50 272 170
Exploration expense 180 147 488 498
Depreciation, depletion and amortization 686 462 2,131 1,759
General and administrative 89 104 396 503
Asset impairments 490 336 533 500
Goodwill Impairment 779 — 779 —
Other operating (income) expense, net 65 8 316 (24)
Total operating expenses 2,558 1,315 5,605 4,183
Operating Income (Loss) (1,712) (245) (2,472) 918
Other (Income) Expense
(Gain) on commodity derivative instruments (170) (903) (501) (976)
Interest, net of amount capitalized 80 59 263 210
Other non-operating (income) expense, net 5 (25) (15) (26)
Total other (income) expense (85) (869) (253) (792)
Income (Loss) Before Income Taxes (1,627) 624 (2,219) 1,710
Income Tax (Benefit) Provision 401 222 222 496
Net Income (Loss) $ (2,028) $ 402 $ (2,441) $ 1,214
Earnings (Loss) Per Share
Earnings (Loss) Per Share, Basic $ (4.73) $ 1.11 $ (6.07) $ 3.36
Earnings (Loss) Per Share, Diluted $ (4.73) $ 1.05 $ (6.07) $ 3.27
Weighted average number of shares outstanding
Basic 429 362 402 361
Diluted 429 367 402 367
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual
Report on Form 10-K to be filed with the Securities and Exchange Commission on February 17, 2016.
On July 20, 2015, we completed the merger with Rosetta Resources Inc. (Rosetta or Rosetta Merger) 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.
2

14. Schedule 2
Noble Energy, Inc.
Condensed Balance Sheets
(in millions, unaudited)
December 31, December 31,
2015 2014
ASSETS
Current Assets
Cash and cash equivalents $ 1,028 $ 1,183
Accounts receivable, net 450 857
Commodity derivative assets, current 582 710
Other current assets 216 325
Total current assets 2,276 3,075
Net property, plant and equipment 21,300 18,143
Goodwill — 620
Other noncurrent assets 620 680
Total Assets $ 24,196 $ 22,518
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable - trade $ 1,128 $ 1,578
Other current liabilities 677 944
Total current liabilities 1,805 2,522
Long-term debt 7,976 6,068
Deferred income taxes, noncurrent 2,826 2,516
Other noncurrent liabilities 1,219 1,087
Total Liabilities 13,826 12,193
Total Shareholders’ Equity 10,370 10,325
Total Liabilities and Shareholders’ Equity $ 24,196 $ 22,518
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual
Report on Form 10-K to be filed with the Securities and Exchange Commission on February 17, 2016.
3

15. Schedule 3
Noble Energy, Inc.
Volume and Price Statistics
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2015 2014 2015 2014
Crude Oil and Condensate Sales Volumes (MBbl/d)
United States 99 70 81 68
Equatorial Guinea 37 37 31 33
Other International — — — 2
Total consolidated operations 137 107 112 103
Equity method investee - Equatorial Guinea 1 2 2 2
Total sales volumes 138 109 114 105
Crude Oil and Condensate Realized Prices ($/Bbl) (1)
United States $ 37.82 $ 69.43 $ 43.46 $ 89.60
Equatorial Guinea 41.18 69.61 48.85 94.61
Other International — — — 103.74
Consolidated average realized prices $ 38.75 $ 69.54 $ 45.00 $ 91.58
Natural Gas Sales Volumes (MMcf/d)
United States 859 578 708 518
Equatorial Guinea 243 251 227 243
Israel 247 226 252 231
Total sales volumes 1,349 1,055 1,187 992
Natural Gas Realized Prices ($/Mcf) (1)
United States $ 1.88 $ 3.21 $ 2.10 $ 3.86
Equatorial Guinea 0.27 0.27 0.27 0.27
Israel 5.17 5.50 5.34 5.57
Consolidated average realized prices $ 2.19 $ 3.00 $ 2.44 $ 3.38
Natural Gas Liquids Sales Volumes (MBbl/d)
United States 53 26 39 23
Equity method investee - Equatorial Guinea 6 4 5 5
Total sales volumes 59 30 44 28
Natural Gas Liquids Realized Prices ($/Bbl) (1)
United States $ 11.55 $ 23.56 $ 10.39 $ 32.04
Barrels of Oil Equivalent Volumes (MBoe/d)
United States 295 192 237 176
Equatorial Guinea 78 79 69 74
Israel 42 38 42 39
Other International — — — 2
Total consolidated operations 415 309 348 291
Equity method investee - Equatorial Guinea 7 6 7 7
Total sales volumes 422 315 355 298
(1) Average realized prices do not include gains or losses on commodity derivative instruments.
On July 20, 2015, we completed the merger with Rosetta and the associated volumes and price statistics are included in our operations beginning on July 21, 2015. The results of
these volumes and prices attributable to Rosetta will affect the comparability of our results to prior periods.
4

16. Schedule 4
Noble Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted Income
(in millions, except per share amounts, unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
2015
Per Diluted
Share 2014
Per Diluted
Share 2015
Per Diluted
Share 2014
Per Diluted
Share
Net Income (Loss) $ (2,028) $ (4.73) $ 402 $ 1.10 $ (2,441) $ (6.07) $ 1,214 $ 3.27
(Gain) loss on commodity derivative
instruments, net of cash settlements [1] 156 0.36 (778) (2.12) 508 1.26 (947) (2.58)
Asset impairments [2] 490 1.14 336 0.92 533 1.33 500 1.36
Goodwill impairment [3] 779 1.82 — — 779 1.93 — —
Deferred compensation [4] 3 0.01 (26) (0.07) (16) (0.04) (25) (0.07)
Corporate restructuring 12 0.03 — — 51 0.13 — —
Stacked drilling rig 11 0.03 — — 30 0.07 — —
Pension plan expense — — — — 88 0.22 — —
Rosetta merger expenses 8 0.02 — — 81 0.21 — —
Nevada exploration expense [5] 95 0.22 — — 95 0.23 — —
Other adjustments 19 0.04 2 0.01 27 0.07 (73) (0.20)
Total adjustments before tax 1,573 3.67 (466) (1.26) 2,176 5.41 (545) (1.49)
Income tax effect of adjustments [6] 646 1.50 203 0.54 477 1.18 196 0.54
Adjusted Income $ 191 $ 0.44 $ 139 $ 0.38 $ 212 $ 0.52 $ 865 $ 2.36
Weighted average number of shares outstanding
Diluted 431 367 405 367
NOTE: Adjusted income should not be considered an alternative to, or more meaningful than, net income (loss) as reported in accordance with GAAP. Adjusted income is provided for
comparison to earnings forecasts prepared by analysts and other third parties. Our management believes, and certain investors may find, that adjusted income is beneficial in
evaluating our financial performance. We believe such measures can facilitate comparisons of operating performance between periods and with our peers. However, Noble
Energy's method of computing this measure may not be the same method used to compute similar measures reported by other entities. See Schedule 1: Summary Statement of
Operations.
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] Many factors impact our gain or loss on commodity derivative instruments, net of cash settlements, including: increases and decreases in the commodity forward price curves compared
to our executed hedging arrangements; increases in hedged future revenues; and the mix of hedge arrangements between NYMEX WTI, Dated Brent and NYMEX HH commodities.
These gains or losses on commodity derivative instruments, net of cash settlements, recognized in the current period, will be realized in the future when cash settlement occurs.
[2] Amount for 2015 relates to Equatorial Guinea, Gulf of Mexico and Eastern Mediterranean properties. Amount for 2014 primarily relates to US Onshore, Gulf of Mexico and North Sea
properties.
[3] Due to continuing declines in commodity prices and the market value of our common stock, we determined that our goodwill, associated with the US reporting unit, was impaired.
[4] Amount represents (increases) decreases in the fair value of shares of our common stock held in a rabbi trust.
[5] Amount represents our Northeast Nevada exploration efforts which we elected to discontinue after assessing commercial viability in the current commodity price environment.
[6] Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, as well as the change in the indefinite reinvestment assertion
related to accumulated undistributed earnings of foreign subsidiaries.
5

17. Schedule 5
Noble Energy, Inc.
Discretionary Cash Flow and Reconciliation to Net Cash Provided by Operating Activities
(in millions, unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2015 2014 2015 2014
Adjusted Income [1] $ 191 $ 139 $ 212 $ 865
Adjustments to reconcile adjusted income to discretionary cash flow
Depreciation, depletion and amortization 686 462 2,131 1,759
Exploration expense 85 147 393 498
(Income)/Dividends from equity method investments, net (10) (20) (14) 33
Deferred income taxes (362) 4 (457) 72
Stock-based compensation expense 17 21 71 87
Other 2 1 (2) 10
Discretionary Cash Flow $ 609 $ 754 $ 2,334 $ 3,324
Reconciliation to Operating Cash Flows
Net changes in working capital (55) 127 (129) 412
Cash exploration costs (33) (79) (106) (229)
Current tax benefit of earnings adjustments 77 — 97 —
Corporate restructuring (12) — (51) —
Stacked drilling rig (11) — (30) —
Rosetta merger expenses (8) — (66) —
Other adjustments 9 1 13 (1)
Net Cash Provided by Operating Activities $ 576 $ 803 $ 2,062 $ 3,506
Capital expenditures (accrual based) $ 527 $ 1,353 $ 2,852 $ 4,883
Rosetta merger capital expenditures — — 3,175 —
Increase in capital lease obligations [2] (5) 29 55 110
Total Capital Expenditures (Accrual Based) $ 522 $ 1,382 $ 6,082 $ 4,993
NOTE: Discretionary cash flow should not be considered an alternative to, or more meaningful than, net income (loss), net cash provided by operating activities, or any
other measure as reported in accordance with GAAP. The table above reconciles discretionary cash flow to net cash provided by operating activities. Our
management believes, and certain investors may find that discretionary cash flow is useful as an indicator of the company's ability to fund exploration and
production activities and meet financial obligations. Discretionary cash flow is also useful as a basis for valuing companies in the oil and gas industry. However,
Noble Energy's method of computing this measure may not be the same method used to compute similar measures reported by other entities.
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] See Schedule 4: Reconciliation of Net Income (Loss) to Adjusted Income.
[2] Represents estimated construction in progress to date on US operating assets and corporate buildings.
6

18. Schedule 6
Noble Energy, Inc.
Supplemental Data
(in millions, unaudited)
2015 Costs Incurred in Oil and Gas Activities United States Int’l [1] Total
Proved property acquisition costs $ 1,613 $ — $ 1,613
Unproved property acquisition costs 1,478 2 1,480
Exploration costs 206 278 484
Development costs [2] 2,455 189 2,644
Total costs incurred $ 5,752 $ 469 $ 6,221
Reconciliation to Capital Spending (accrual basis)
Total costs incurred $ 6,221
Exploration overhead (154)
Lease rentals (8)
Asset retirement obligations (233)
Total oil and gas spending 5,826
Investment in equity method investee 104
Other corporate capital and capital leases 152
Total capital spending (accrual basis) $ 6,082
Proved Reserves [3] United States Int’l [4] Total
Total Barrel Oil Equivalents (MMBoe)
Beginning reserves - December 31, 2014 816 588 1,404
Price-related revisions (293) (14) (307)
Other non-price-related revisions 84 7 91
Extensions, discoveries and other additions 100 — 100
Purchase of minerals in place 269 — 269
Sale of minerals in place (6) — (6)
Production (86) (44) (130)
Ending reserves - December 31, 2015 884 537 1,421
Proved Developed Reserves (MMBoe)
December 31, 2014 426 455 881
December 31, 2015 540 396 936
[1] International primarily includes Cameroon, Cyprus, Equatorial Guinea, Falkland Islands and Israel.
[2] Includes ARO costs of $194 million for United States and $39 million for International.
[3] Netherland, Sewell & Associates, Inc. performed a reserves audit for 2015 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.
[4] International primarily includes Equatorial Guinea and Israel.
7

19. Exhibit 99.2
NEWS
RELEASE
NOBLE
ENERGY
DETAILS
2016
OUTLOOK
AND
GUIDANCE
• Total 2016 capital estimated at $1.5 billion, approximately 50 percent lower than 2015
• Focus on managing within total cash flows and maintaining financial strength in the current commodity environment
• Targeting two-thirds of capital program to onshore U.S. unconventional assets and one-third to offshore development and
exploration
• Expect full-year sales volumes up 10 percent over 2015 reported totals (consistent with full-year 2015 pro-forma for the
Rosetta Resources Inc. merger)
• Anticipate liquids volumes will increase by approximately 20 MBbl/d over 2015 reported total
HOUSTON
(February 17, 2016) - Noble Energy, Inc. (NYSE: NBL
) (“Noble Energy” or “the Company”) today provided full 2016
annual guidance. As previously indicated, capital expenditures, including capitalized interest, for 2016 are expected to total $1.5
billion, and average sales volumes for the year are projected to be approximately 390 thousand barrels of oil equivalent per day
(MBoe/d).
David L. Stover, the Company's Chairman, President and CEO, commented, “Starting early last year, we successfully executed
on our strategy to align activity levels and underlying costs with the current market outlook, while maintaining strong operating
momentum. These actions enabled us to enter 2016 with line of sight on managing the business within total cash flow.
Protecting our balance sheet is fundamental in this environment. Our 2016 capital program ensures financial strength and high
operating capability, while building long-term value for the shareholders. Although we are not focused on accelerating near-term
production growth into a challenging commodity market, our ability to maintain, and even grow production, with a much reduced
capital program than last year, is a testament to both our asset quality and portfolio diversity. We have tremendous optionality in
how we allocate capital, and we will continue to optimize activity levels as we proceed throughout the year.”
Initial Capital Program

20. The Company’s 2016 capital program represents an approximate 50 percent reduction from 2015 levels (pro-forma for Rosetta).
Investments in onshore U.S. unconventional development comprise two-thirds of the total. Activity will be primarily focused on
drilling, completion and associated midstream investments in the Wells Ranch and East Pony IDPs in the DJ Basin, while also
furthering development of the Eagle Ford and delineation of the Delaware Basin assets. Capital expenditures in the Marcellus
Shale will be limited to the completion of certain previously-drilled wells, primarily located in non-operated dry gas areas.
Noble Energy’s total onshore U.S. rig count is expected to fluctuate between three and four horizontal rigs throughout the year.
Two rigs are planned on average for the DJ Basin, while the Eagle Ford and Delaware Basin assets will utilize between one and
two rigs combined. The Company anticipates drilling approximately 115 wells to total depth, 80 percent of which are planned in
the DJ Basin, where activity will be focused on maximizing lateral lengths and enhancing completion techniques. Remaining
drilling activity is split relatively evenly between the Eagle Ford and Delaware Basin. Approximately 215 wells are anticipated to
commence production in the U.S. unconventional business during the year.
The remaining one-third of the capital program is allocated to offshore development and exploration activities. This is mainly
driven by the deepwater Gulf of Mexico, including the completion of the Gunflint major project. Noble Energy anticipates drilling
two to three offshore exploration wells, including the Silvergate prospect and an appraisal at the Katmai oil discovery.
International capital expenditures include the Alba compression project in Equatorial Guinea and certain pre-FID expenditures
for the advancement of Eastern Mediterranean projects.
Anticipated capital expectations by business unit:
Initial
2016
Capital
Program
($
MM)
DJ Basin $600 Gulf of Mexico $250
Eagle Ford $150 West Africa $75
Delaware $100 Eastern Med. $100
Marcellus Shale $150 Other $75
U.S
Unconventional $1,000 Offshore
/
Other $500
Total
Company $1,500
Sales Volumes
Full year sales volumes are anticipated to average approximately 390 MBoe/d for 2016, which represents a 10 percent increase
over 2015 reported totals and essentially flat pro-forma for the Rosetta merger. Liquids are anticipated to comprise 45 percent of
total 2016 volumes (32 percent crude oil and condensate and 13 percent natural gas liquids) with the remaining 55 percent
natural gas.

21. For the full year, total liquids volumes are anticipated to be up approximately 20 MBbl/d over last year, with the increase split
relatively evenly between crude oil and natural gas liquids.
In the Gulf of Mexico, oil volumes are expected to be up substantially due to the impact of the Big Bend and Dantzler projects,
which commenced production in late 2015, and the Gunflint development on schedule for startup in mid-2016. The increase in
the Gulf of Mexico will more than offset anticipated downtime associated with the Alba compression project installation in
Equatorial Guinea. Project installation is underway and expected complete early in the second quarter of 2016. The Company is
anticipating natural gas sales volumes in Israel, which is driven by demand trends, to be consistent with 2015 levels. Natural gas
exports to neighboring countries could commence in 2016, offering additional upside to the Company’s guidance.
In the U.S. unconventional business and based on planned drilling and completion activity, volumes from the DJ Basin are
expected to be down some, while Marcellus and Texas (pro-forma) production are expected to show year on year increases.
First quarter 2016 sales volumes are expected to average between 395 and 405 MBoe/d, down from the fourth quarter of 2015
primarily as a result of downtime associated with the Alba compression project. Full detailed first quarter 2016 guidance is
provided in the Company’s supplemental slides for today’s upcoming conference call. The slides are available on the Company’s
website.
2016
Full-year
Operational
and
Financial
Guidance
The breakdown of our estimated annual average daily volumes for 2016 by product and location is:
Crude Oil and Condensate (MBbl/d)
United States 94 - 98
Equatorial Guinea 24 - 28
Equatorial Guinea - equity method investment 1 - 2
Natural Gas Liquids (MBbl/d)
United States 45 - 50
Equatorial Guinea - equity method investment 4 - 5
Natural Gas (MMcf/d)
United States 820 - 850
Equatorial Guinea 190 - 210
Israel 240 - 265

22. Equity method investments include income generated from the methanol facilities, the LPG plant in Equatorial Guinea, as well as
the CONE MLP. Equity method income for 2015 is estimated at $90 to $110 million.
Costs and Expenses
Lease operating ($ per BOE) $ 4.20 - $ 4.50
Transportation and gathering ($ per BOE) $ 2.90 - $ 3.10
Depreciation, depletion and amortization ($ per BOE) $16.00 - $16.50
Production and ad valorem taxes 4.7 - 5.2% of oil, gas and NGL revenues
Marketing and processing ($ per BOE) $0.55 - $0.70
Exploration ($ MM) $330 - $380
General and administrative ($ MM) $420 - $450
Interest, net* ($ MM) $310 - $330
*Capitalized interest is estimated to be $100 million.
Other Items
Effective tax rate 35 - 45%
Deferred tax ratio 80 - 100%
Outstanding shares - diluted 430 - 440 million
Tax guidance is applicable to earnings before unrealized mark-to-market gain / loss on commodity derivatives and other items
typically not factored in by analysts.
Noble
Energy
(NYSE:
NBL)
is an independent oil and natural gas exploration and production company with a diversified high-
quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded more
than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering
People’s Lives ®. For more information, visit www.nobleenergyinc.com
Investor Contacts
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com

23. Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as
“anticipates”, “believes,” “expects”, “intends”, “will”, “should”, “may”, and similar expressions may be used to identify forward-
looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy’s current views
about future events. They include estimates of oil and natural gas reserves, estimates of future production, assumptions
regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity,
business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking
statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and
uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the
volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to
replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government
regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble
Energy’s business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the
Securities and Exchange Commission. These reports are also available from Noble Energy’s offices or website,
http://www.nobleenergyinc.com . Forward-looking statements are based on the estimates and opinions of management at the
time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should
circumstances, management’s estimates, or opinions change.