Noble Energy Announces Third Quarter 2009 Results

HOUSTON, Oct 29, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Noble Energy, Inc. (NYSE:NBL) reported today third quarter 2009 net income of $107 million, or $0.61 per share diluted, on revenues of $621 million. The results were reduced by certain items totaling $86 million after-tax, the largest of which was a previously disclosed unrealized commodity derivative loss. Excluding these items, which are typically not considered by analysts in published estimates, third quarter 2009 adjusted net income(1) was $193 million, or $1.10 per share diluted. For the third quarter of 2008, net income was $974 million, or $5.37 per share diluted, on revenues of $1.1 billion. Adjusted net income(1) for the same period was $395 million, or $2.08 per share diluted.

Discretionary cash flow(1) for the third quarter 2009 was $499 million, compared to $657 million for the similar quarter in 2008. Net cash provided by operating activities was $488 million and capital expenditures were $224 million.

Key highlights for the third quarter 2009 include:

-- Ticonderoga in the deepwater Gulf of Mexico returned to full production
-- Approved Isabela/Santa Cruz oil development project in the deepwater
Gulf of Mexico
-- Record Wattenberg production of 283 million cubic feet equivalent per
day, including liquid volumes of 22 thousand barrels per day
-- Completed first horizontal East Texas Haynesville shale well with
initial 30-day average production rate of over 11 million cubic feet per
day, gross
-- Sanctioned Aseng oil development project in Block 'I' offshore
Equatorial Guinea

-- Executed an additional gas sales agreement in Israel which raised
average natural gas prices by over 40 percent from the previous quarter

"Noble Energy reported very strong results for the quarter with sales volumes up and costs down versus the second quarter this year and the third quarter of 2008. Our diverse product mix, combined with strengthening global liquid prices and record realizations in Israel, were certainly key contributors," said Charles D. Davidson, Noble Energy's Chairman and CEO.



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