Company Quick10K Filing
Noble Energy
Price22.99 EPS-1
Shares480 P/E-45
MCap11,035 P/FCF7
Net Debt7,078 EBIT-98
TEV18,113 TEV/EBIT-185
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-06
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-07
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-10-20
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-18
8-K 2020-07-20 Enter Agreement, Exhibits
8-K 2020-07-20 Other Events, Exhibits
8-K 2020-07-09 Earnings, Regulation FD, Exhibits
8-K 2020-05-08
8-K 2020-04-27
8-K 2020-04-20
8-K 2020-03-12
8-K 2020-02-12
8-K 2019-12-12
8-K 2019-12-11
8-K 2019-11-07
8-K 2019-10-01
8-K 2019-09-24
8-K 2019-09-24
8-K 2019-08-02
8-K 2019-05-03
8-K 2019-04-25
8-K 2019-04-23
8-K 2019-02-19
8-K 2018-11-09
8-K 2018-11-01
8-K 2018-10-24
8-K 2018-10-18
8-K 2018-09-17
8-K 2018-08-03
8-K 2018-05-31
8-K 2018-05-01
8-K 2018-04-24
8-K 2018-03-09
8-K 2018-02-15
8-K 2018-02-05
8-K 2018-01-30
8-K 2018-01-29

NBL 10Q Quarterly Report

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. Impairments
Note 5. Acquisitions, Divestitures and Equity Method Investments
Note 6. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs
Note 7. Asset Retirement Obligations
Note 8. Debt
Note 9. Commitments and Contingencies
Note 10. Income Taxes
Note 11. Derivative Instruments and Hedging Activities
Note 12. Net Loss 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-20200331x10qxex101.htm
EX-10.2 nbl-20200331x10qxex102.htm
EX-10.3 nbl-20200331x10qxex103.htm
EX-10.4 nbl-20200331x10qxex104.htm
EX-31.1 nbl-20200331x10qxex311.htm
EX-31.2 nbl-20200331x10qxex312.htm
EX-32.1 nbl-20200331x10qxex321.htm
EX-32.2 nbl-20200331x10qxex322.htm

Noble Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
1.40.70.0-0.7-1.4-2.12012201420172020
Rev, G Profit, Net Income
1.10.60.1-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

Document
false--12-31Q120200000072207P5Y0.110.120.010.0110000000001000000000522000000524000000114000000400000000P9MP1YP1YP1YP1Y3900000039000000 0000072207 2020-01-01 2020-03-31 0000072207 2020-03-31 0000072207 2019-01-01 2019-03-31 0000072207 us-gaap:OilAndGasPurchasedMember 2020-01-01 2020-03-31 0000072207 nbl:OilNGLAndGasSalesMember 2020-01-01 2020-03-31 0000072207 nbl:OtherRevenueMember 2019-01-01 2019-03-31 0000072207 nbl:OtherRevenueMember 2020-01-01 2020-03-31 0000072207 us-gaap:OilAndGasPurchasedMember 2019-01-01 2019-03-31 0000072207 nbl:OilNGLAndGasSalesMember 2019-01-01 2019-03-31 0000072207 2019-12-31 0000072207 us-gaap:RevolvingCreditFacilityMember nbl:NobleMidstreamServicesRevolvingCreditFacilityMember 2019-01-01 2019-03-31 0000072207 us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-03-31 0000072207 2019-03-31 0000072207 us-gaap:RevolvingCreditFacilityMember nbl:NobleMidstreamServicesRevolvingCreditFacilityMember 2020-01-01 2020-03-31 0000072207 us-gaap:RevolvingCreditFacilityMember 2020-01-01 2020-03-31 0000072207 2018-12-31 0000072207 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000072207 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000072207 us-gaap:CommonStockMember 2018-12-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000072207 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000072207 us-gaap:RetainedEarningsMember 2020-03-31 0000072207 us-gaap:RetainedEarningsMember 2019-03-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000072207 us-gaap:CommonStockMember 2019-12-31 0000072207 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000072207 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000072207 us-gaap:TreasuryStockMember 2019-03-31 0000072207 us-gaap:RetainedEarningsMember 2019-12-31 0000072207 us-gaap:NoncontrollingInterestMember 2019-12-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000072207 us-gaap:TreasuryStockMember 2018-12-31 0000072207 us-gaap:NoncontrollingInterestMember 2019-03-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000072207 us-gaap:TreasuryStockMember 2020-03-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000072207 us-gaap:CommonStockMember 2020-03-31 0000072207 us-gaap:NoncontrollingInterestMember 2018-12-31 0000072207 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0000072207 us-gaap:TreasuryStockMember 2019-12-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000072207 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000072207 us-gaap:RetainedEarningsMember 2018-12-31 0000072207 us-gaap:NoncontrollingInterestMember 2020-03-31 0000072207 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000072207 us-gaap:CommonStockMember 2019-03-31 0000072207 nbl:MidstreamServicesThirdPartyMember 2019-01-01 2019-03-31 0000072207 us-gaap:RoyaltyMember 2019-01-01 2019-03-31 0000072207 nbl:MidstreamServicesThirdPartyMember 2020-01-01 2020-03-31 0000072207 us-gaap:RoyaltyMember 2020-01-01 2020-03-31 0000072207 nbl:IncomeFromEquityMethodInvesteesMember 2020-01-01 2020-03-31 0000072207 nbl:IncomeFromEquityMethodInvesteesMember 2019-01-01 2019-03-31 0000072207 2024-01-01 2020-03-31 0000072207 2020-04-01 2020-03-31 0000072207 2021-01-01 2020-03-31 0000072207 2022-01-01 2020-03-31 0000072207 2023-01-01 2020-03-31 0000072207 2025-01-01 2020-03-31 0000072207 2023-01-01 2019-12-31 0000072207 2025-01-01 2019-12-31 0000072207 2022-01-01 2019-12-31 0000072207 2020-04-01 2019-12-31 0000072207 2024-01-01 2019-12-31 0000072207 2021-01-01 2019-12-31 0000072207 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasPurchasedMember 2020-01-01 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:CrudeOilSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasPurchasedMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember country:US 2020-01-01 2020-03-31 0000072207 nbl:NGLSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember us-gaap:RoyaltyMember 2020-01-01 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember 2019-12-31 0000072207 us-gaap:OperatingSegmentsMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:OilNGLAndGasSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasPurchasedMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember us-gaap:RoyaltyMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 nbl:NaturalGasSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasPurchasedMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:NGLSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:OilNGLAndGasSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:OilNGLAndGasSalesMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember us-gaap:RoyaltyMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:CrudeOilSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:MidstreamServicesThirdPartyMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember us-gaap:RoyaltyMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember country:US 2020-01-01 2020-03-31 0000072207 nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:CrudeOilSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:MidstreamServicesThirdPartyMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:NaturalGasSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:NaturalGasSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember country:US 2020-01-01 2020-03-31 0000072207 nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember country:US 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:OilNGLAndGasSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:CrudeOilSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember us-gaap:OilAndGasPurchasedMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:MidstreamServicesThirdPartyMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:WestAfricaMember 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NaturalGasSalesMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:WestAfricaMember 2019-12-31 0000072207 srt:ReportableLegalEntitiesMember nbl:NaturalGasSalesMember country:US 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:NGLSalesMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:NGLSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:NGLSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:NGLSalesMember 2020-01-01 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:MidstreamServicesThirdPartyMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:CrudeOilSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OtherInternationalMember 2019-12-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:MidstreamServicesThirdPartyMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember country:US 2019-01-01 2019-03-31 0000072207 nbl:NGLSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:EasternMediterraneanMember 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:OilNGLAndGasSalesMember 2020-01-01 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:NaturalGasSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OtherInternationalMember 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:NGLSalesMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:CrudeOilSalesMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember country:US 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember country:US 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember 2019-12-31 0000072207 srt:ReportableLegalEntitiesMember us-gaap:OilAndGasPurchasedMember country:US 2020-01-01 2020-03-31 0000072207 nbl:NaturalGasSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:MidstreamServicesThirdPartyMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:WestAfricaMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasPurchasedMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:NaturalGasSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:CorporateNonSegmentMember us-gaap:RoyaltyMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:WestAfricaMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember us-gaap:RoyaltyMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:EasternMediterraneanMember 2019-12-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:NGLSalesMember 2020-01-01 2020-03-31 0000072207 nbl:CrudeOilSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:OtherInternationalMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember nbl:OtherInternationalMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember nbl:EasternMediterraneanMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:MidstreamServicesThirdPartyMember nbl:EasternMediterraneanMember 2020-01-01 2020-03-31 0000072207 srt:ReportableLegalEntitiesMember country:US 2019-12-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:IncomeFromEquityMethodInvesteesAndOtherMember 2020-01-01 2020-03-31 0000072207 us-gaap:IntersegmentEliminationMember nbl:OilNGLAndGasSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:NaturalGasSalesMember 2019-01-01 2019-03-31 0000072207 srt:ReportableLegalEntitiesMember nbl:MidstreamServicesThirdPartyMember country:US 2019-01-01 2019-03-31 0000072207 us-gaap:CorporateNonSegmentMember nbl:CrudeOilSalesMember 2019-01-01 2019-03-31 0000072207 us-gaap:OperatingSegmentsMember country:US 2019-12-31 0000072207 srt:ReportableLegalEntitiesMember us-gaap:RoyaltyMember country:US 2019-01-01 2019-03-31 0000072207 nbl:CrudeOilSalesMember 2020-01-01 2020-03-31 0000072207 us-gaap:OperatingSegmentsMember nbl:OilNGLAndGasSalesMember country:US 2020-01-01 2020-03-31 0000072207 us-gaap:LeasingArrangementMember 2020-01-01 2020-03-31 0000072207 us-gaap:GoodwillMember 2020-01-01 2020-03-31 0000072207 nbl:EagleFordShaleMember us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-03-31 0000072207 us-gaap:LeasingArrangementMember 2020-03-31 0000072207 nbl:EagleFordShaleMember us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-01-01 2020-03-31 0000072207 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-03-31 0000072207 nbl:DelawareBasinMember us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-03-31 0000072207 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-01-01 2020-03-31 0000072207 us-gaap:GoodwillMember 2020-03-31 0000072207 nbl:DelawareBasinMember us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-01-01 2020-03-31 0000072207 us-gaap:GoodwillMember us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000072207 us-gaap:GoodwillMember us-gaap:ParentMember 2020-01-01 2020-03-31 0000072207 nbl:EPICYGradePipelineMember 2020-01-01 2020-03-31 0000072207 srt:SubsidiariesMember 2020-02-29 0000072207 nbl:EPICCrudeOilPipelineMember 2020-01-01 2020-03-31 0000072207 nbl:NobleMidstreamMember nbl:SaddlehornPipelineCompanyLLCMember 2020-01-01 2020-03-31 0000072207 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember nbl:ReevesCountyAssetsMember 2019-02-01 2019-02-28 0000072207 nbl:NobleMidstreamMember nbl:DelawareCrossingJVMember 2020-01-01 2020-03-31 0000072207 nbl:EPICYGradePipelineMember 2019-03-31 0000072207 srt:SubsidiariesMember nbl:BlackDiamondGatheringLLCMember 2020-03-31 0000072207 nbl:DelawareCrossingJVMember 2020-01-01 2020-03-31 0000072207 nbl:EPICCrudeOilPipelineMember 2019-03-31 0000072207 nbl:EPICInvestmentsMember 2019-12-01 2019-12-31 0000072207 nbl:NobleMidstreamMember nbl:EPICYGradePipelineMember 2019-03-31 0000072207 nbl:SaddlehornPipelineCompanyLLCMember 2020-01-01 2020-03-31 0000072207 nbl:DelawareBasinMember 2020-01-01 2020-03-31 0000072207 nbl:OtherUSOnshorePropertiesMember 2020-01-01 2020-03-31 0000072207 nbl:InternationalMember 2020-01-01 2020-03-31 0000072207 nbl:DJBasinMember 2019-01-01 2019-03-31 0000072207 nbl:DJBasinMember 2020-01-01 2020-03-31 0000072207 us-gaap:SeniorNotesMember 2019-12-31 0000072207 nbl:NobleMidstreamServicesRevolvingCreditFacilityMember 2020-03-31 0000072207 us-gaap:CommercialPaperMember 2020-03-31 0000072207 us-gaap:CommercialPaperMember 2020-01-01 2020-03-31 0000072207 us-gaap:CommercialPaperMember 2019-12-31 0000072207 nbl:NobleMidstreamServicesRevolvingCreditFacilityMember 2019-12-31 0000072207 nbl:NobleEnergyMember nbl:RevolvingCreditFacilityDueMarch92023Member 2019-12-31 0000072207 nbl:NobleEnergyMember 2019-12-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesRevolvingCreditFacilityDueMarch92023Member us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000072207 nbl:NobleEnergyMember nbl:RevolvingCreditFacilityDueMarch92023Member 2020-03-31 0000072207 nbl:NobleEnergyMember 2020-03-31 0000072207 nbl:NobleMidstreamMember 2019-12-31 0000072207 nbl:NobleMidstreamMember 2020-03-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesTermLoanCreditFacilitydueAugust232022Member us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesTermLoanCreditFacilityDueJuly312021Member us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesTermLoanCreditFacilityDueJuly312021Member us-gaap:RevolvingCreditFacilityMember 2020-03-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesTermLoanCreditFacilitydueAugust232022Member us-gaap:RevolvingCreditFacilityMember 2020-03-31 0000072207 nbl:NobleMidstreamMember nbl:NobleMidstreamServicesRevolvingCreditFacilityDueMarch92023Member us-gaap:RevolvingCreditFacilityMember 2020-03-31 0000072207 nbl:NobleEnergyMember us-gaap:SeniorNotesMember 2020-03-31 0000072207 nbl:NobleEnergyMember us-gaap:SeniorNotesMember 2019-12-31 0000072207 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000072207 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0000072207 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000072207 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0000072207 nbl:CurrentLiabilitiesMember 2020-03-31 0000072207 nbl:NoncurrentAssetsMember 2019-12-31 0000072207 nbl:NoncurrentLiabilitiesMember 2020-03-31 0000072207 nbl:CurrentAssetsMember 2019-12-31 0000072207 nbl:NoncurrentAssetsMember 2020-03-31 0000072207 nbl:CurrentAssetsMember 2020-03-31 0000072207 nbl:CurrentLiabilitiesMember 2019-12-31 0000072207 nbl:NoncurrentLiabilitiesMember 2019-12-31 0000072207 srt:CrudeOilMember 2019-01-01 2019-03-31 0000072207 srt:NaturalGasReservesMember 2020-01-01 2020-03-31 0000072207 srt:NaturalGasLiquidsReservesMember 2019-01-01 2019-03-31 0000072207 srt:NaturalGasLiquidsReservesMember 2020-01-01 2020-03-31 0000072207 srt:NaturalGasReservesMember 2019-01-01 2019-03-31 0000072207 srt:CrudeOilMember 2020-01-01 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwentyOneMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractFifteenMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractThreeMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractSixteenMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractSixteenMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractEighteenMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwoMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractNineteenMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwentyMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractSeventeenMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwentyOneMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractNineteenMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractThreeMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractFifteenMember us-gaap:SwapMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractSeventeenMember us-gaap:PutOptionMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwoMember 2020-03-31 0000072207 srt:NaturalGasReservesMember nbl:DerivativeContractTwentyMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractNineMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractThirteenMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractTwelveMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractNineMember us-gaap:SwapMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractTenMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractElevenMember us-gaap:SwapMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractEightMember 2020-03-31 0000072207 srt:CrudeOilMember nbl:DerivativeContractElevenMember 2020-03-31 0000072207 srt:NaturalGasPerThousandCubicFeetMember nbl:DerivativeContractSixMember 2020-03-31 0000072207 srt:NaturalGasPerThousandCubicFeetMember nbl:DerivativeContractOneMember 2020-03-31 0000072207 srt:NaturalGasPerThousandCubicFeetMember nbl:DerivativeContractFiveMember 2020-03-31 0000072207 srt:NaturalGasPerThousandCubicFeetMember nbl:DerivativeContractFourteenMember 2020-03-31 iso4217:USD utreg:acre xbrli:shares xbrli:pure iso4217:USD xbrli:shares nbl:project utreg:bbl utreg:D iso4217:USD utreg:bbl iso4217:USD utreg:MMBTU utreg:MMBTU utreg:D
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

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

For the quarterly period ended March 31, 2020
OR

  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
nbllogoupdated9302014a83.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)
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
 
The Nasdaq Stock Market LLC
 
 
 
 
(NASDAQ Global Select Market)

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     No  
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     No 
 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
Accelerated filer 
Non-accelerated filer 
Smaller reporting company
Emerging growth company 
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.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
As of March 31, 2020, there were 479,698,676 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


Part I. Financial Information
Item 1. Financial Statements
Noble Energy, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(millions, except per share amounts)
(unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Revenues
 
 
 
Oil, NGL and Gas Sales
$
894

 
$
937

Sales of Purchased Oil and Gas
125

 
74

Other Revenue
1

 
41

Total
1,020

 
1,052

Costs and Expenses
 
 
 
Production Expense
276

 
305

Exploration Expense
1,504

 
24

Depreciation, Depletion and Amortization
492

 
508

General and Administrative
85

 
102

Cost of Purchased Oil and Gas
139

 
87

Asset Impairments
2,703

 

Goodwill Impairment
110

 

Other Operating Expense, Net
44

 
117

Total
5,353

 
1,143

Operating Expense
(4,333
)
 
(91
)
Other (Income) Expense
 
 
 
(Gain) Loss on Commodity Derivative Instruments
(389
)
 
212

Interest, Net of Amount Capitalized
81

 
66

Other Non-Operating (Income) Expense , Net
(7
)
 
4

Total
(315
)
 
282

Loss Before Income Taxes
(4,018
)
 
(373
)
Income Tax Benefit
(11
)
 
(84
)
Net Loss and Comprehensive Loss Including Noncontrolling Interests
(4,007
)
 
(289
)
Less: Net (Loss) Income and Comprehensive (Loss) Income Attributable to Noncontrolling Interests
(44
)
 
24

Net Loss and Comprehensive Loss Attributable to Noble Energy
$
(3,963
)
 
$
(313
)
 


 


Net Loss Attributable to Noble Energy Common Shareholders per Share
 
 
 
   Basic and Diluted
$
(8.27
)
 
$
(0.65
)
Weighted Average Number of Common Shares Outstanding
 
 
 
   Basic and Diluted
479

 
478



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

3


Noble Energy, Inc.
Consolidated Balance Sheets
(millions)
(unaudited)
 
March 31, 2020
 
December 31, 2019
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
1,397

 
$
484

Accounts Receivable, Net
562

 
730

Other Current Assets
353

 
148

Total Current Assets
2,312

 
1,362

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method of Accounting)
30,824

 
30,404

Property, Plant and Equipment, Other
1,087

 
1,083

Total Property, Plant and Equipment, Gross
31,911

 
31,487

Accumulated Depreciation, Depletion and Amortization
(18,690
)
 
(14,036
)
Total Property, Plant and Equipment, Net
13,221

 
17,451

Other Noncurrent Assets
1,925

 
1,834

Total Assets
$
17,458

 
$
20,647

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
 
 
 
Current Liabilities
 
 
 

Accounts Payable – Trade
$
1,099

 
$
1,250

Other Current Liabilities
651

 
719

Total Current Liabilities
1,750

 
1,969

Long-Term Debt
8,632

 
7,477

Deferred Income Taxes
615

 
662

Other Noncurrent Liabilities
1,306

 
1,378

Total Liabilities
12,303

 
11,486

Commitments and Contingencies

 


Mezzanine Equity
 
 
 
Redeemable Noncontrolling Interest, Net
109

 
106

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; 524 Million and 522 Million Shares Issued, respectively
5

 
5

Additional Paid in Capital
8,942

 
8,927

Accumulated Other Comprehensive Loss
(30
)
 
(31
)
Treasury Stock, at Cost; 39 Million Shares
(740
)
 
(732
)
(Accumulated Deficit) Retained Earnings
(3,780
)
 
241

Noble Energy Share of Equity
4,397

 
8,410

Noncontrolling Interests
649

 
645

Total Shareholders' Equity
5,046

 
9,055

Total Liabilities, Mezzanine Equity and Shareholders' Equity
$
17,458

 
$
20,647


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

4


Noble Energy, Inc.
Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net Loss Including Noncontrolling Interests
$
(4,007
)
 
$
(289
)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities
 
 
 
Leasehold Impairment
1,485

 

Depreciation, Depletion and Amortization
492

 
508

Deferred Income Tax Benefit
(48
)
 
(100
)
(Gain) Loss on Commodity Derivative Instruments
(389
)
 
212

Net Cash Received in Settlement of Commodity Derivative Instruments
208

 
14

Asset Impairments
2,703

 

Goodwill Impairment
110

 

Firm Transportation Exit Cost

 
92

Other Adjustments for Noncash Items Included in Income
82

 
28

Changes in Operating Assets and Liabilities
 
 
 
Decrease in Accounts Receivable
90

 
9

(Decrease) Increase in Accounts Payable
(48
)
 
106

Other Current Assets and Liabilities, Net
(122
)
 
(7
)
Other Operating Assets and Liabilities, Net
(74
)
 
(45
)
Net Cash Provided by Operating Activities
482


528

Cash Flows From Investing Activities
 
 
 
Additions to Property, Plant and Equipment
(479
)
 
(763
)
Additions to Equity Method Investments
(226
)
 
(271
)
Proceeds from Divestitures, Net
17

 
123

Other
(8
)
 

Net Cash Used in Investing Activities
(696
)

(911
)
Cash Flows From Financing Activities
 
 
 
Proceeds from Revolving Credit Facility
1,120

 
50

Repayment of Revolving Credit Facility
(120
)
 
(50
)
Proceeds from Noble Midstream Services Revolving Credit Facility
260

 
345

Repayment of Noble Midstream Services Revolving Credit Facility
(105
)
 
(175
)
Dividends Paid, Common Stock
(58
)
 
(53
)
Contributions from Noncontrolling Interest Owners
78

 
10

Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs

 
99

Other
(48
)
 
(32
)
Net Cash Provided by Financing Activities
1,127


194

Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
913


(189
)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
484

 
719

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
1,397

 
$
530


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

5


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
 
 (Accumulated Deficit) Retained Earnings
 
Non-controlling Interests
 
Total Equity
December 31, 2019
$
5

 
$
8,927

 
$
(31
)
 
$
(732
)
 
$
241

 
$
645

 
$
9,055

Net Loss

 

 

 

 
(3,963
)
 
(44
)
 
(4,007
)
Stock-based Compensation

 
17

 

 

 

 

 
17

Dividends (12 cents per share)

 

 

 

 
(58
)
 

 
(58
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(29
)
 
(29
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
78

 
78

Other

 
(2
)
 
1

 
(8
)
 

 
(1
)
 
(10
)
March 31, 2020
$
5

 
$
8,942

 
$
(30
)
 
$
(740
)
 
$
(3,780
)
 
$
649

 
$
5,046

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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



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


6

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; 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, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 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 or loss is materially consistent with comprehensive income or loss.
Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
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, 2019.
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). Noble Energy has determined that the partners with equity at risk in Noble Midstream Partners lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact Noble Midstream Partners' economic performance; therefore, Noble Midstream Partners is considered a variable interest entity. Through Noble Energy's ownership interest in Noble Midstream GP LLC (the General Partner to Noble Midstream Partners), Noble Energy has the authority to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to Noble Midstream Partners. Therefore, Noble Energy is considered the primary beneficiary and consolidates Noble Midstream Partners.
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. Amounts recorded within equity method investments, including contributions, include capitalized interest when the primary asset is under construction. All significant intercompany balances and transactions have been eliminated upon consolidation. 
Noncontrolling Interests  Our consolidated financial statements include both noncontrolling interests and a redeemable noncontrolling interest. The noncontrolling interests represent the public's ownership in Noble Midstream Partners and third-party ownership in Noble Midstream Partners' consolidated non-wholly owned subsidiaries. Net loss attributable to noncontrolling interests for the three months ended March 31, 2020 includes goodwill impairment expense of $72 million based upon third party ownership interests in the underlying asset. See Note 4. Impairments.
The redeemable noncontrolling interest represents perpetual preferred equity with a 6.5% annual dividend rate. Noble Midstream Partners may redeem the preferred equity in whole or in part at any time for cash at a predetermined redemption price. The preferred equity partner can request redemption at a pre-determined base return on or after March 25, 2025.
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. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment.
The current commodity price, supply and demand environment coupled with the COVID-19 pandemic contributed significant uncertainty to our estimates this quarter. Actual results could differ significantly from those estimates.
Impairments During the quarter, we identified certain impairment indicators including the recent significant decrease in commodity prices as a result of the COVID-19 pandemic lowering demand for our products, as well as the supply response from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers, factors which have caused us to

7

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

change our development plans. Due to these impairment indicators, we conducted impairment testing of certain of our assets, as follows:
Proved Properties
Asset Recovery Test We conducted asset recovery testing of our proved properties on a field-by-field basis, inclusive of associated Midstream assets. For each field, we developed estimates of future undiscounted cash flows expected in connection with the property and compared these estimates to the carrying amount of the property. Assumptions used in these estimates include expectations for future commodity prices, development and capital spending plans, reservoir performance and production. Additionally, these estimates include certain asset specific assumptions, such as the political and regulatory impacts on future development activity, exploration plans, our geologists' evaluation of the property and the remaining lease term of the property. An impairment is indicated if, as a result of the assessment, an asset's carrying value exceeds its future net undiscounted cash flows.
In preparing and reviewing assumptions used in the recovery test, we reassessed our historical methodology and rationale of inputs given the current industry and global environment. We concluded that our historical methodology and inputs were reasonable with the exception of estimating future commodity prices.
Historically, management has relied on future undiscounted net cash flows which included five-year strip prices for crude oil and natural gas, with prices subsequent to the fifth year held constant, unless contractual arrangements designated the price to be used. This pricing methodology has been similar to pricing assumptions used in creating management's long-range plans for asset development and capital allocation decisions. However, during first quarter 2020, forward five-year strip prices experienced considerable volatility and limited liquidity in the outer years of the forward strip. As such, we concluded that estimating future commodity prices using only five-year strip pricing would not be representative of expected market prices for certain of the years within our undiscounted cash flow models.
As such, absent contractual arrangements designating the price to be used, we aligned our future commodity price estimates used in the recovery test with those utilized in our updated long-range plans for asset development and capital allocation. This pricing reflects our analysis of market supply and demand considerations and industry cost of supply curve.
Except for our Delaware Basin proved properties, we determined that the carrying amount of each field was recoverable.
Fair Value Determination We estimated the fair value of our Delaware Basin proved properties using a number of fair value inputs, which are Level 3 on the fair value hierarchy. We utilized a discounted cash flow model, estimating future net cash flows based on our expectations of future crude oil and natural gas production, commodity prices, and operating and development costs and discounted the cash flows using a weighted average cost of capital.
As a result of the fair value determination, we concluded that the carrying amount of our Delaware Basin proved properties was impaired and recognized impairment expense for the excess of the carrying value above the fair value of the properties. See Note 4. Impairments.
Unproved Properties Our unproved properties consist of leasehold costs and value allocated to probable and possible reserves resulting from acquisitions. During the quarter, we assessed our unproved properties for impairment by considering numerous factors including, but not limited to, current development plans, favorable or unfavorable exploration activity on the property being evaluated and/or adjacent properties, our geologists' evaluation of the property, and the remaining months in the lease term for the property.
We determined that the carrying values relating to both our Delaware Basin and Eagle Ford Shale unproved properties were impaired and recognized exploration expense. See Note 4. Impairments.
Other Property, Plant & Equipment Other property includes lease right-of-use assets such as compressors and buildings, leasehold improvements, automobiles, trucks and other fixed assets. During the quarter, we identified certain impairment indicators with regards to a corporate real estate finance lease. We performed an impairment assessment which indicated the right-of-use asset's carrying value exceeded its future net undiscounted cash flows. As such, we estimated the fair value of the asset, recognizing impairment expense for the excess of the carrying value above the fair value of the right-of-use asset. See Note 4. Impairments.
Equity Method Investments We consider our equity method investments to be essential components of our business and necessary and integral elements of our value chain in support of our upstream operations. We considered whether any facts or circumstances suggested that our equity method investments were impaired on an other-than-temporary basis and concluded that the carrying values of our equity method investments were not impaired.

8

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

Goodwill Noble Midstream Partners recorded goodwill upon the acquisition of Saddle Butte Rockies Midstream, LLC and affiliates (collectively Saddle Butte and subsequently renamed Black Diamond). The current commodity price environment and decrease in market capitalization were indicators that the goodwill may be impaired. Noble Midstream Partners performed a qualitative assessment, concluding it was more likely than not that the fair value of the reporting unit was less than its carrying value. Noble Midstream Partners then performed a fair value assessment, taking into account changes in customer development plans. Based on these assessments, Noble Midstream Partners concluded that the goodwill was fully impaired. See Note 4. Impairments.
Deferred Taxes We record valuation allowances to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In first quarter 2020, we changed our US onshore development plans in response to significant decreases in commodity prices, excess supply and lower demand for commodities resulting from the COVID-19 pandemic, as well as expected slower global economic growth. Additionally, we recorded an impairment to our Delaware Basin proved and unproved properties and to our Eagle Ford Shale unproved properties. Together, these factors suggest that it is more likely than not that our forecasted domestic net deferred tax asset will not be realized. See Note 10. Income Taxes.
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. We routinely monitor the credit worthiness of our purchasers. While we maintain credit insurance associated with certain purchasers, we do not carry credit insurance for all purchasers.
In Israel, certain of our Tamar and Leviathan natural gas sales and purchase agreements (GSPAs) have fixed minimum sales volumes and fixed base pricing with annual index escalations. Additionally, certain of our Egyptian export contracts include provisions which trigger adjustments to either decrease, or increase, fixed minimum sales volumes in the event the arithmetic average of daily Brent crude oil prices fall below, or above, $50 per barrel for certain periods of time.
Estimated future revenues related to remaining performance obligations were as follows as of March 31, 2020:
(millions)
Remainder of 2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
Natural Gas Revenues (1)
$
407

 
$
599

 
$
418

 
$
412

 
$
412

 
$
3,695

 
$
5,943


(1) 
Our actual future natural gas sales volumes may exceed future minimum volume commitments. Additionally, future natural gas revenues will vary due to variable consideration exceeding the contractual minimum volume or floor price provision. For example, estimates related to our Egyptian export contracts included in the table above calculate minimum fixed volume commitments assuming the arithmetic average of daily Brent crude oil prices are less than $50 per barrel for the remainder of the contract terms, which extend into 2035. Actual results could differ significantly from these estimates.
Recently Issued Accounting Standards
London Interbank Offered Rate (LIBOR) Reform In first quarter 2020, the FASB issued ASU No. 2020-04 (ASU 2020-04): Reference Rate Reform (Topic 848), which provides optional guidance for a limited period of time to ease the transition from LIBOR to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. We are currently evaluating the provisions of ASU 2020-04 and have not yet determined whether we will elect the optional expedients. We do not expect the transition to an alternative rate to have a significant impact on our business, operations or liquidity.
Recently Adopted Accounting Standards
Clarifying Certain Accounting Standards Codification (ASC) Topics In first quarter 2020, the FASB issued ASU No. 2020-01: Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), to clarify the interactions between these Topics. The update provides clarifications for entities investing in equity securities accounted for under the ASC 321 measurement alternative and companies that hold certain non-derivative forward contracts and purchased options to acquire equity securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We early adopted this ASU in first quarter 2020. This adoption did not have a material impact on our financial statements.

9

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

Statements of Operations Information   Other statements of operations information is as follows:
 
Three Months Ended March 31,
(millions)
2020
 
2019
Other Revenue
 
 
 
(Loss) Income from Equity Method Investments and Other
$
(24
)
 
$
17

Midstream Services Revenues – Third Party
25

 
24

Total
$
1

 
$
41

Production Expense
 
 
 
Lease Operating Expense
$
138

 
$
151

Production and Ad Valorem Taxes
39

 
49

Gathering, Transportation and Processing Expense
95

 
102

Other Royalty Expense
4

 
3

Total
$
276

 
$
305

Exploration Expense
 
 
 
Leasehold Impairment (1)
$
1,485

 
$

Seismic, Geological and Geophysical
4

 
5

Staff Expense
13

 
12

Other
2

 
7

Total
$
1,504

 
$
24

Other Operating Expense, Net
 
 
 
Finance Lease Right-of-Use Asset Impairment (2)
$
40

 
$

Firm Transportation Exit Cost

 
92

Other, Net
4

 
25

Total
$
44

 
$
117


(1) 
See Note 4. Impairments and Note 6. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs.
(2) 
See Note 4. Impairments.

















10

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



Balance Sheet Information   Other balance sheet information is as follows:
(millions)
March 31,
2020
 
December 31,
2019
Accounts Receivable, Net
 
 
 
Commodity Sales
$
308

 
$
446

Joint Interest Billings
136

 
164

Other
125

 
128

Current Expected Credit Losses
(7
)
 
(8
)
Total
$
562

 
$
730

Other Current Assets
 

 
 

Commodity Derivative Assets
$
221

 
$
14

Inventories, Materials and Supplies
68

 
59

Assets Held for Sale (1)
1

 
14

Prepaid Expenses and Other Current Assets
63

 
61

Total
$
353

 
$
148

Other Noncurrent Assets
 

 
 

Equity Method Investments
$
1,249

 
$
1,066

Operating Lease Right-of-Use Assets, Net (2)
244

 
227

Customer-Related Intangible Assets, Net (3)
270

 
278

Goodwill (4)

 
110

Other Assets, Noncurrent
162

 
153

Total
$
1,925

 
$
1,834

Other Current Liabilities
 

 
 

Production and Ad Valorem Taxes
$
113

 
$
118

Asset Retirement Obligations
84

 
84

Interest Payable
80

 
74

Operating Lease Liabilities
95

 
88

Compensation and Benefits Payable
25

 
126

Other Liabilities, Current
254

 
229

Total
$
651

 
$
719

Other Noncurrent Liabilities
 

 
 

Deferred Compensation Liabilities
$
112

 
$
133

Asset Retirement Obligations
709

 
730

Operating Lease Liabilities
172

 
164

Firm Transportation Exit Cost Accrual (5)
114

 
129

Other Liabilities, Noncurrent
199

 
222

Total
$
1,306

 
$
1,378

(1) 
Assets held for sale at December 31, 2019 relate to the divestiture of non-core assets in Reeves County, Texas. The assets were reclassified to held and used during first quarter 2020.
(2) 
Amount at March 31, 2020 includes a five-year $28 million lease renewal for a vessel offshore West Africa.
(3) 
Intangible asset balances at March 31, 2020 and December 31, 2019 are net of accumulated amortization of $70 million and $62 million, respectively.
(4) 
See Note 4. Impairments.
(5) 
Represents the discounted present value of our remaining obligations to third parties for permanent assignments of capacity on pipelines in the Marcellus Shale.

11

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

Reconciliation of Total Cash We define total cash as cash, cash equivalents and restricted cash. Carrying amounts approximate fair value due to the short-term nature. The following table provides a reconciliation of total cash:
 
Three Months Ended March 31,
(millions)
2020
 
2019
Cash and Cash Equivalents at Beginning of Period
$
484

 
$
716

Restricted Cash at Beginning of Period

 
3

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
$
484

 
$
719

Cash and Cash Equivalents at End of Period
$
1,397

 
$
528

Restricted Cash at End of Period

 
2

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
1,397

 
$
530


Note 3. Segment Information
We have the following reportable segments: US onshore; Eastern Mediterranean (Israel and Cyprus); West Africa (Equatorial Guinea, Cameroon and Gabon); Other International (Canada, Colombia and New Ventures); and Midstream. The Midstream segment includes the consolidated accounts of Noble Midstream Partners.
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, with current focus areas being the DJ and Delaware Basins. Expenses related to debt, such as interest and other debt-related costs, headquarters depreciation, corporate general and administrative expenses, exit costs and certain costs associated with mitigating the effects of our retained Marcellus Shale transportation agreements, are recorded at the Corporate level.
The chief operating decision maker analyzes (loss) 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.
 
 
 
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, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Crude Oil Sales
$
578

 
$
492

 
$
1

 
$
85

 
$

 
$

 
$

 
$

NGL Sales
62

 
62

 

 

 

 

 

 

Natural Gas Sales
254

 
60

 
190

 
4

 

 

 

 

Total Crude Oil, NGL and Natural Gas Sales
894

 
614

 
191

 
89

 

 

 

 

Sales of Purchased Oil and Gas
125

 
25

 

 

 

 
83

 

 
17

Loss from Equity Method Investments and Other
(24
)
 

 
(2
)
 
(17
)
 

 
(5
)
 

 

Midstream Services Revenues  Third Party
25

 

 

 

 

 
25

 

 

Intersegment Revenues

 

 

 

 

 
115

 
(115
)
 

Total Revenues
1,020

 
639

 
189

 
72

 

 
218

 
(115
)
 
17

Lease Operating Expense
138

 
108

 
13