Noble Nearly Doubles Q4 Income in 2007

Noble Energy's fourth quarter 2007 net income was a record $300 million, or $1.73 per share diluted, which compares to fourth quarter 2006 net income of $165 million, or $0.94 per share diluted. Discretionary cash flow for the fourth quarter 2007 was $625 million, compared to $487 million for the same period in 2006. Net cash provided by operating activities was $696 million.

Noble Energy reported record full year net income of $944 million, or $5.45 per share diluted. Discretionary cash flow for the year was $2.1 billion and net cash provided by operating activities for 2007 was $2 billion. Capital expenditures for the year totaled $1.74 billion.

Key accomplishments for the fourth quarter 2007 include: daily sales volume increase of 8% versus fourth quarter 2006; record volumes in the Rocky Mountains; swordfish sidetrack in the deepwater Gulf of Mexico came online resulting in an increase of the field's net sales of 27 million cubic feet equivalent per day; exploration success at the Yolanda prospect on Block "I" offshore Equatorial Guinea (EG); successful 'I-4' well on trend with the Belinda discovery on Block "O" offshore EG; reserve replacement of 166%; agreement reached to divest Argentina assets.

"Noble Energy's record fourth quarter 2007 closed out an outstanding year for the company, " said Noble Energy's chairman, president and CEO, Charles D. Davidson. "The momentum we have generated with our exploration programs continued with two additional successful tests in Equatorial Guinea during the quarter. In total, we drilled six successful exploration and appraisal wells in West Africa during the year with only one dry hole. Our deepwater Gulf of Mexico development projects are now adding incremental sales, which will help maintain this important producing area in 2008, as we continue with our exploration. The 2007 investment program allowed us to substantially grow our volumes, grow our reserves, carry out what was likely the company's best exploration year in its history, and at the same time still generate significant free cash flow."

Total sales volumes for the fourth quarter 2007 averaged 200 thousand barrels of oil equivalent per day (MBoepd) compared to 185 MBoepd for the same period in 2006. For the year, total sales volumes were approximately 199 MBoepd, 13% greater than the full year 2006 after adjusting for the Gulf of Mexico shelf assets sold in 2006.


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