Company Quick10K Filing
Quick10K
Noble Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$24.34 478 $11,640
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-03 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Regulation FD
8-K 2019-04-23 Shareholder Vote
8-K 2019-02-19 Earnings, Regulation FD, Exhibits
8-K 2018-11-09 Officers
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-10-24 Officers, Regulation FD, Exhibits
8-K 2018-10-18 Officers
8-K 2018-09-17 Regulation FD
8-K 2018-08-03 Earnings, Regulation FD, Exhibits
8-K 2018-05-31 Officers, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-03-09 Enter Agreement, Exhibits
8-K 2018-02-05 Officers
8-K 2018-01-29 Officers, Exhibits
COF Capital One Financial 42,360
TMK Torchmark 9,580
REGI Renewable Energy Group 638
BH Biglari 236
BCLI Brainstorm Cell Therapeutics 119
NMUS Nemus Bioscience 0
RIVEX Rivex Technology 0
DRNE Drone Aviation Holding 0
GMER Good Gaming 0
ELJ Entergy Louisiana Holdings 0
NBL 2019-03-31
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Nature of Operations
Note 2. Basis of Presentation
Note 3. Segment Information
Note 4. Acquisitions and Divestitures
Note 5. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs
Note 6. Asset Retirement Obligations
Note 7. Debt
Note 8. Leases
Note 9. Exit Cost - Transportation Commitments
Note 10. Commitments and Contingencies
Note 11. Income Taxes
Note 12. Derivative Instruments and Hedging Activities
Note 13. Fair Value Measurements and Disclosures
Note 14. Net (Loss) Income per Share Attributable To Noble Energy Common Shareholders
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 nbl-20190331x10qxex101.htm
EX-10.2 nbl-20190331x10qxex102.htm
EX-10.3 nbl-20190331x10qxex103.htm
EX-10.4 nbl-20190331x10qxex104.htm
EX-10.5 nbl-20190331x10qxex105.htm
EX-31.1 nbl-20190331x10qxex311.htm
EX-31.2 nbl-20190331x10qxex312.htm
EX-32.1 nbl-20190331x10qxex321.htm
EX-32.2 nbl-20190331x10qxex322.htm

Noble Energy Earnings 2019-03-31

NBL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q
 
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019
OR
 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission file number: 001-07964

nbllogoupdated9302014a68.jpg

NOBLE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
73-0785597
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
1001 Noble Energy Way
 
 
Houston, Texas
 
77070
(Address of principal executive offices)
 
(Zip Code)
(281) 872-3100
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý    No o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ý    No o
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o    No ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
NBL
 
New York Stock Exchange

As of March 31, 2019, there were 478,231,487 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Part II. Other Information  
 
 
Item 1.  Legal Proceedings 
 
 
Item 1A.  Risk Factors 
 
 
 
 
 
 
 
 
 
 
Item 6.  Exhibits 
 
 


2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements
Noble Energy, Inc.
Consolidated Statements of Operations and Comprehensive (Loss) Income
(millions, except per share amounts)
(unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
Revenues
 
 
 
Oil, NGL and Gas Sales
$
937

 
$
1,173

Sales of Purchased Oil and Gas
74

 
53

Other Revenue
41

 
60

Total
1,052

 
1,286

Costs and Expenses
 
 
 
Production Expense
305

 
319

Depreciation, Depletion and Amortization
508

 
468

General and Administrative
102

 
104

Cost of Purchased Oil and Gas
87

 
57

Other Operating Expense, Net
49

 
50

Gain on Divestitures, Net

 
(588
)
Asset Impairments

 
168

Firm Transportation Exit Cost
92

 

Total
1,143

 
578

Operating (Expense) Income
(91
)
 
708

Other Expense
 
 
 
Loss on Commodity Derivative Instruments
212

 
79

Interest, Net of Amount Capitalized
66

 
73

Other Non-Operating Expense, Net
4

 
13

Total
282

 
165

(Loss) Income Before Income Taxes
(373
)
 
543

Income Tax Benefit
(84
)
 
(31
)
Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests
(289
)
 
574

Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests
24

 
20

Net (Loss) Income and Comprehensive (Loss) Income Attributable to Noble Energy
$
(313
)
 
$
554

 


 


Net (Loss) Income Attributable to Noble Energy Common Shareholders per Share
 
 
 
   Basic
$
(0.65
)
 
$
1.14

   Diluted
$
(0.65
)
 
$
1.14

Weighted Average Number of Common Shares Outstanding
 
 
 
   Basic
478

 
487

   Diluted
478

 
488








The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

Noble Energy, Inc.
Consolidated Balance Sheets
(millions)
(unaudited)
 
March 31, 2019
 
December 31, 2018
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
528

 
$
716

Accounts Receivable, Net
573

 
616

Other Current Assets
142

 
418

Total Current Assets
1,243

 
1,750

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method of Accounting)
29,364

 
29,002

Property, Plant and Equipment, Other
1,012

 
891

Total Property, Plant and Equipment, Gross
30,376

 
29,893

Accumulated Depreciation, Depletion and Amortization
(11,675
)
 
(11,474
)
Total Property, Plant and Equipment, Net
18,701

 
18,419

Other Noncurrent Assets
1,376

 
841

Total Assets
$
21,320

 
$
21,010

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
 
 
 
Current Liabilities
 
 
 

Accounts Payable – Trade
$
1,284

 
$
1,207

Other Current Liabilities
659

 
519

Total Current Liabilities
1,943

 
1,726

Long-Term Debt
6,738

 
6,574

Deferred Income Taxes
961

 
1,061

Other Noncurrent Liabilities
1,438

 
1,165

Total Liabilities
$
11,080

 
$
10,526

Commitments and Contingencies

 


Mezzanine Equity
 
 
 
Redeemable Noncontrolling Interest, Net
$
97

 
$

Shareholders’ Equity
 

 
 

Preferred Stock – Par Value $1.00 per share; 4 Million Shares Authorized; None Issued

 

Common Stock – Par Value $0.01 per share; 1 Billion Shares Authorized; 522 Million and 520 Million Shares Issued, respectively
5

 
5

Additional Paid in Capital
8,219

 
8,203

Accumulated Other Comprehensive Loss
(32
)
 
(32
)
Treasury Stock, at Cost; 39 Million Shares
(735
)
 
(730
)
Retained Earnings
1,614

 
1,980

Noble Energy Share of Equity
9,071

 
9,426

Noncontrolling Interests
1,072

 
1,058

Total Shareholders' Equity
10,143

 
10,484

Total Liabilities, Mezzanine Equity and Shareholders' Equity
$
21,320

 
$
21,010





The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net (Loss) Income Including Noncontrolling Interests
$
(289
)
 
$
574

Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
 
 
 
Depreciation, Depletion and Amortization
508

 
468

Deferred Income Tax Benefit
(100
)
 
(157
)
Loss on Commodity Derivative Instruments
212

 
79

Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments
14

 
(28
)
Other Adjustments for Noncash Items Included in Income
28

 
(2
)
Gain on Divestitures, Net

 
(588
)
Asset Impairments

 
168

Firm Transportation Exit Cost
92

 

Changes in Operating Assets and Liabilities
 
 
 
Decrease in Accounts Receivable
9

 
89

Increase (Decrease) in Accounts Payable
106

 
(33
)
Increase in Current Income Taxes Payable
45

 
14

Other Current Assets and Liabilities, Net
(52
)
 
(18
)
Other Operating Assets and Liabilities, Net
(45
)
 
17

Net Cash Provided by Operating Activities
528


583

Cash Flows From Investing Activities
 
 
 
Additions to Property, Plant and Equipment
(763
)
 
(787
)
Acquisitions, Net of Cash Received

 
(650
)
Additions to Equity Method Investments
(271
)
 

Proceeds from Divestitures, Net
123

 
865

Net Cash Used in Investing Activities
(911
)

(572
)
Cash Flows From Financing Activities
 
 
 
Proceeds from Revolving Credit Facility
50

 
245

Repayment of Revolving Credit Facility
(50
)
 
(475
)
Proceeds from Noble Midstream Services Revolving Credit Facility
345

 
405

Repayment of Noble Midstream Services Revolving Credit Facility
(175
)
 
(55
)
Dividends Paid, Common Stock
(53
)
 
(48
)
Purchase and Retirement of Common Stock

 
(67
)
Contributions from Noncontrolling Interest Owners
10

 
333

Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs
99

 

Other
(32
)
 
(40
)
Net Cash Provided by Financing Activities
194


298

(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash
(189
)

309

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
719

 
713

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
530

 
$
1,022



The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Shareholders' Equity
(millions)
(unaudited)

 
Attributable to Noble Energy
 
 
 
 
 
Common Stock
 
Additional Paid in Capital
 
Accumulated Other Comprehensive Loss
 
Treasury Stock at Cost
 
Retained Earnings
 
Non- controlling Interests
 
Total Equity
December 31, 2018
$
5

 
$
8,203

 
$
(32
)
 
$
(730
)
 
$
1,980

 
$
1,058

 
$
10,484

Net (Loss) Income

 

 

 

 
(313
)
 
24

 
(289
)
Stock-based Compensation

 
14

 

 

 

 

 
14

Dividends (11 cents per share)

 

 

 

 
(53
)
 

 
(53
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(17
)
 
(17
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
10

 
10

Other

 
2

 

 
(5
)
 

 
(3
)
 
(6
)
March 31, 2019
$
5

 
$
8,219

 
$
(32
)
 
$
(735
)
 
$
1,614

 
$
1,072

 
$
10,143

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
$
5

 
$
8,438

 
$
(30
)
 
$
(725
)
 
$
2,248

 
$
683

 
$
10,619

Net Income

 

 

 

 
554

 
20

 
574

Stock-based Compensation

 
17

 

 

 

 

 
17

Dividends (10 cents per share)

 

 

 

 
(48
)
 

 
(48
)
Purchase and Retirement of Common Stock

 
(67
)
 

 

 

 

 
(67
)
Clayton Williams Energy Acquisition

 
(25
)
 

 

 

 

 
(25
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(11
)
 
(11
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
331

 
331

Other

 

 
1

 
(6
)
 

 
2

 
(3
)
March 31, 2018
$
5

 
$
8,363

 
$
(29
)
 
$
(731
)
 
$
2,754

 
$
1,025

 
$
11,387




















The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)


Note 1. Organization and Nature of Operations
Noble Energy, Inc. (Noble Energy, we or us) is a leading independent energy company engaged in worldwide crude oil and natural gas exploration and production. Our historical operating areas include: US onshore, primarily the Denver-Julesburg (DJ) Basin, Delaware Basin and Eagle Ford Shale; US offshore Gulf of Mexico (until April 2018); Eastern Mediterranean; and West Africa. Our Midstream segment develops, owns and operates domestic midstream infrastructure assets, as well as invests in other midstream projects, with current focus areas being the DJ and Delaware Basins.
Note 2. Basis of Presentation
Presentation   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US (US GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. The accompanying consolidated financial statements at March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and equity for such periods. Certain prior-period amounts have been reclassified to conform to the current period presentation. For the periods presented, net income is materially consistent with comprehensive income or loss.
Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2018.
Consolidation   Our consolidated financial statements include our accounts, the accounts of subsidiaries which Noble Energy wholly owns, and the accounts of Noble Midstream Partners LP (Noble Midstream Partners), which is considered a variable interest entity (VIE) for which Noble Energy is the primary beneficiary. In addition, we use the equity method of accounting for investments in entities that we do not control, but over which we exert significant influence. All significant intercompany balances and transactions have been eliminated upon consolidation. 
Estimates   The preparation of consolidated financial statements in conformity with US GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment.
Leases We determine whether an arrangement contains a lease based on the conveyed rights and obligations at the inception date. If an agreement contains an operating or financing lease, at the commencement date, we record a right-of-use (ROU) asset and a corresponding lease liability based on the present value of the minimum lease payments.
As most of our leases do not provide an implicit borrowing rate, to determine the present value of lease payments, we use our hypothetical secured borrowing rate based on information available at lease commencement. Further, we make a number of estimates and judgments regarding the lease term and lease payments.
Lease Term Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one month to one year or more. Additionally, some of our leases include an option for early termination. We include renewal periods and exclude termination periods from our lease term if, at commencement, it is reasonably likely that we will exercise the option.
Lease Payments Certain of our lease agreements include rental payments that are adjusted periodically for inflation or passage of time. These step payments are included within our present value calculation as they are known adjustments at commencement. Some of our lease agreements include variable payments that are excluded from our present value calculation. For example, drilling rig ROU assets and lease liabilities are recorded using the contractual standby rate, which is the fixed, minimum monthly payment, as opposed to the operating rate, which varies depending on the asset's use.
Additionally, we have lease agreements that include lease and non-lease components, such as equipment maintenance, which are generally accounted for as a single lease component. For these leases, lease payments include all fixed payments stated within the contract. For office space, lease and non-lease components are accounted for separately. Our lease agreements do not contain any material residual value guarantees that would impact our lease payments.

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Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)

Revenue Recognition   We recognize revenue at an amount that reflects the consideration we expect to be entitled to in exchange for transferring goods or services to a customer, using a five-step process, in accordance with ASC 606 Revenue from Contracts with Customers (ASC 606).
Under ASC 606, remaining performance obligations represent the transaction price of firm sales arrangements for which volumes have not been delivered. In Israel, certain of our Tamar natural gas contracts have fixed annual sales volumes and fixed base pricing with annual index escalations. The following table includes estimated revenues, as of March 31, 2019, for those agreements. Our actual future sales volumes may exceed future minimum volume commitments.
(millions)
Remainder of 2019
 
2020
 
Total
Natural Gas Revenues (1)
$
108

 
$
116

 
$
224

(1) 
The remaining performance obligations are estimated using the contractual base or floor price provision in effect. Future revenues under these contracts will vary from the amounts above due to components of variable consideration exceeding the contractual base or floor price provision.
Redeemable Noncontrolling Interest On March 25, 2019, Noble Midstream Partners secured a $200 million equity commitment (preferred equity) from Global Infrastructure Partners Capital Solutions Fund (GIP), of which $100 million has been funded, with associated offering costs of $3 million. The preferred equity was recorded initially at fair value on the issuance date. As GIP’s redemption right is outside of Noble Midstream Partners' control, the preferred equity is not considered to be a component of equity on the consolidated balance sheet, and such preferred equity is reported as mezzanine equity on the consolidated balance sheet. In addition, because the preferred equity was issued by a subsidiary of Noble Midstream Partners and is held by a third party, it is considered a redeemable noncontrolling interest. Subsequent to issuance, we accrete changes in the redemption value of the preferred equity from the date of issuance to the earliest redemption date of the preferred equity. Accretion for first quarter 2019 was also de minimis. See Note 4. Acquisitions and Divestitures.
Recently Issued Accounting Standards
Financial Instruments: Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13): Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The amended standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and shall be applied using a modified retrospective approach. From evaluation of our current credit portfolio, which includes receivables for commodity sales, joint interest billings due from partners and other receivables, historical credit losses have been de minimis and we believe that our expected future credit losses will not be significant. As such, based on our current portfolio, we do not believe adoption of the standard will have a material impact on our financial statements. As our implementation team progresses assessment, we will continue to monitor changes in our credit portfolio in light of the provisions in ASU 2016-13.
Intangibles—Goodwill and Other—Internal-Use Software In August 2018, the FASB issued Accounting Standards Update No. 2018-15 (ASU 2018-15): Intangibles—Goodwill and Other—Internal-Use Software, to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amended standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the provisions of ASU 2018-15.
Recently Adopted Accounting Standards
Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), which created Topic 842 – Leases (ASC 842). The standard requires lessees to recognize a ROU asset and lease liability on the balance sheet for the rights and obligations created by leases. ASC 842 also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This standard does not apply to leases to explore for or use minerals, oil, natural gas or similar nonregenerative resources, including the intangible right to explore for those resources and rights to use the land in in which those natural resources are contained.
The new standard provided a number of optional practical expedients. We elected:
the package of transition “practical expedients”, permitting us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs;
the practical expedient pertaining to land easements, allowing us to account for existing land easements under previous accounting policy; and
the practical expedient to not separate lease and non-lease components for the majority of our leases (elected by asset class).

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Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)

We adopted ASC 842 on January 1, 2019 using the modified retrospective approach and, therefore, prior period financial statements were not adjusted. At adoption, we recorded ROU assets and lease liabilities of $282 million and $287 million, respectively, primarily related to operating leases. The difference between amounts recorded for ROU assets and amounts recorded for lease liabilities totaled $5 million. This amount was recognized as other operating expense. Our accounting for finance leases remains substantially unchanged. Adoption did not materially impact our consolidated statement of operations and comprehensive income and had no impact on our consolidated statement of cash flows. See Note 8. Leases.
Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (ASU 2017-12): Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities. The update is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, ASU 2017-12 makes certain targeted improvements to simplify the application of the hedge accounting guidance in current US GAAP. We adopted this ASU on January 1, 2019. The adoption did not have an impact on our financial statements.
Statements of Operations Information   Other statements of operations information is as follows:
 
Three Months Ended March 31,
(millions)
2019
 
2018
Other Revenue
 
 
 
Income from Equity Method Investees
$
17

 
$
47

Midstream Services Revenues – Third Party
24

 
13

Total
$
41

 
$
60

Production Expense
 
 
 
Lease Operating Expense
$
151

 
$
155

Production and Ad Valorem Taxes
49

 
54

Gathering, Transportation and Processing Expense
102

 
93

Other Royalty Expense
3

 
17

Total
$
305

 
$
319

Other Operating Expense, Net
 
 
 
Exploration Expense
$
24

 
$
35

Other, Net
25

 
15

Total
$
49

 
$
50




9

Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)

Balance Sheet Information   Other balance sheet information is as follows:
(millions)
March 31, 2019
 
December 31, 2018
Accounts Receivable, Net
 
 
 
Commodity Sales
$
384

 
$
383

Joint Interest Billings
124

 
137

Other
80

 
111

Allowance for Doubtful Accounts
(15
)
 
(15
)
Total
$
573

 
$
616

Other Current Assets
 

 
 

Commodity Derivative Assets
$
9

 
$
180

Inventories, Materials and Supplies
70

 
55

Assets Held for Sale (1)

 
133

Prepaid Expenses and Other Current Assets
63

 
50

Total
$
142

 
$
418

Other Noncurrent Assets
 

 
 

Equity Method Investments (2)
$
559

 
$
286

Operating Lease Right-of-Use Assets (3)
273

 

Customer-Related Intangible Assets, Net (4)
302

 
310

Goodwill (4)
110

 
110

Other Assets, Noncurrent
132

 
135

Total
$
1,376

 
$
841

Other Current Liabilities
 

 
 

Production and Ad Valorem Taxes
$
106

 
$
103

Asset Retirement Obligations
118

 
118

Interest Payable
85

 
66

Other Liabilities, Current
350

 
232

Total
$
659

 
$
519

Other Noncurrent Liabilities
 

 
 

Deferred Compensation Liabilities
$
149

 
$
147

Asset Retirement Obligations
749

 
762

Operating Lease Liabilities (3)
194

 

Firm Transportation Exit Cost Accrual (5)
156

 
67

Production and Ad Valorem Taxes
88

 
83

Other Liabilities, Noncurrent
102

 
106

Total
$
1,438

 
$
1,165

(1) 
Assets held for sale at December 31, 2018 include assets related to the first quarter 2019 divestiture of non-core acreage in Reeves County, Texas. See Note 4. Acquisitions and Divestitures.
(2) 
The 2019 amount includes Noble Midstream Partners' $227 million investment in EPIC Y-Grade, LP and EPIC Crude Holdings, LP and $38 million investment in Delaware Crossing LLC. See Note 4. Acquisitions and Divestitures.
(3) 
Amounts relate to assets and liabilities recorded as a result of ASC 842 adoption in first quarter 2019. See Note 8. Leases.
(4) 
Amounts relate to assets acquired in the first quarter 2018 Saddle Butte Acquisition. Intangible asset amounts at March 31, 2019 and December 31, 2018 are net of accumulated amortization of $38 million and $30 million, respectively. See Note 4. Acquisitions and Divestitures.
(5) 
See Note 9. Exit Cost – Transportation Commitments.

10

Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)

Reconciliation of Total Cash We define total cash as cash, cash equivalents and restricted cash. The following table provides a reconciliation of total cash:
 
Three Months Ended March 31,
(millions)
2019
 
2018
Cash and Cash Equivalents at Beginning of Period
$
716

 
$
675

Restricted Cash at Beginning of Period
3

 
38

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
$
719

 
$
713

Cash and Cash Equivalents at End of Period
$
528

 
$
992

Restricted Cash at End of Period
2

 
30

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
530

 
$
1,022


Note 3. Segment Information
We have the following reportable segments: United States (US onshore and Gulf of Mexico (until April 2018)); Eastern Mediterranean (Israel and Cyprus); West Africa (Equatorial Guinea, Cameroon and Gabon); Other International (Canada and New Ventures, including Colombia); and Midstream. The Midstream segment includes the consolidated accounts of Noble Midstream Partners and other US onshore midstream assets.
The geographical reportable segments are in the business of crude oil and natural gas acquisition and exploration, development, and production (Oil and Gas Exploration and Production). The Midstream reportable segment develops, owns, and operates domestic midstream infrastructure assets, as well as invests in other midstream projects. The chief operating decision maker analyzes income before income taxes to assess the performance of Noble Energy's reportable segments as management believes this measure provides useful information in assessing our operating and financial performance across periods.
Corporate level expenses include debt, headquarters depreciation, corporate general and administrative expenses, exit costs and certain costs associated with mitigating the effects of our retained Marcellus Shale firm transportation agreements.
 
 
 
Oil and Gas Exploration and Production
 
Midstream
 
 
(millions)
Consolidated
 
United States
 
Eastern Mediter-ranean
 
West Africa
 
Other Int'l
 
United States
 
Intersegment Eliminations and Other (1)
 
Corporate
Three Months Ended March 31, 2019
 
 

 
 

 
 

 
 
 
 
 
 
 
 

Crude Oil Sales
$
612

 
$
545

 
$
1

 
$
66

 
$

 
$

 
$

 
$

NGL Sales
96

 
96

 

 

 

 

 

 

Natural Gas Sales
229

 
108

 
117

 
4

 

 

 

 

Total Crude Oil, NGL and Natural Gas Sales
937

 
749

 
118

 
70

 

 

 

 

Sales of Purchased Oil and Gas
74

 
14

 

 

 

 
33

 

 
27

Income from Equity Method Investees
17

 

 

 
15

 

 
2

 

 

Midstream Services Revenues  Third Party
24

 

 

 

 

 
24

 

 

Intersegment Revenues

 

 

 

 

 
106

 
(106
)
 

Total Revenues
1,052

 
763

 
118

 
85

 

 
165

 
(106
)
 
27

Lease Operating Expense
151

 
125

 
10

 
24

 

 
1

 
(9
)
 

Production and Ad Valorem Taxes
49

 
47

 

 

 

 
2

 

 

Gathering, Transportation and Processing Expense
102

 
142

 

 

 

 
29

 
(69
)
 

Other Royalty Expense
3

 
3

 

 

 

 

 

 

Total Production Expense
305

 
317

 
10

 
24

 

 
32

 
(78
)
 

Depreciation, Depletion and Amortization
508

 
439

 
16

 
20

 

 
25

 
(7
)
 
15



11

Table of Contents
Noble Energy, Inc.
Notes to Consolidated Financial Statements (Unaudited)

 
 
 
Oil and Gas Exploration and Production
 
Midstream
 
 
(millions)
Consolidated
 
United States
 
Eastern Mediter-ranean
 
West Africa
 
Other Int'l
 
United States
 
Intersegment Eliminations and Other (1)
 
Corporate
Cost of Purchased Oil and Gas
87

 
14

 

 

 

 
31

 

 
42

Firm Transportation Exit Cost
92

 

 

 

 

 

 

 
92

Loss on Commodity Derivative Instruments
212

 
188

 

 
24

 

 

 

 

(Loss) Income Before Income Taxes
(373
)
 
(247
)
 
84

 
11

 
(16
)
 
73

 
(14
)
 
(264
)
Additions to Long-Lived Assets, Excluding Acquisitions
712

 
511

 
132

 
5

 
10

 
66

 
(23
)
 
11

Investments in Equity Method Investees
271

 

 

 

 

 
271

 

 

Three Months Ended March 31, 2018
 
 

 
 

 
 

 
 
 
 
 
 
 
 

Crude Oil Sales
$
773

 
$
682

 
$
2

 
$
89

 
$

 
$

 
$

 
$

NGL Sales
146

 
146