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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Noble Energy Inc | NYSE:NBL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 24.62 | 0 | 00:00:00 |
|
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
|
|
New York Stock Exchange
|
|
Large accelerated filer
|
☒
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
Part I.
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 4.
Controls and Procedures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 5.
Other Information
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Revenues
|
|
|
|
|
|
|
|
||||||||
|
Oil, NGL and Gas Sales
|
$
|
954
|
|
|
$
|
1,100
|
|
|
$
|
1,891
|
|
|
$
|
2,273
|
|
|
Sales of Purchased Oil and Gas
|
103
|
|
|
66
|
|
|
177
|
|
|
119
|
|
||||
|
Other Revenue
|
36
|
|
|
64
|
|
|
77
|
|
|
124
|
|
||||
|
Total
|
1,093
|
|
|
1,230
|
|
|
2,145
|
|
|
2,516
|
|
||||
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
||||||
|
Production Expense
|
260
|
|
|
290
|
|
|
565
|
|
|
609
|
|
||||
|
Depreciation, Depletion and Amortization
|
528
|
|
|
465
|
|
|
1,036
|
|
|
933
|
|
||||
|
General and Administrative
|
105
|
|
|
105
|
|
|
207
|
|
|
209
|
|
||||
|
Cost of Purchased Oil and Gas
|
113
|
|
|
71
|
|
|
200
|
|
|
128
|
|
||||
|
Other Operating Expense, Net
|
55
|
|
|
34
|
|
|
104
|
|
|
84
|
|
||||
|
Gain on Divestitures, Net
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
(666
|
)
|
||||
|
Asset Impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||
|
Firm Transportation Exit Cost
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
||||
|
Total
|
1,061
|
|
|
887
|
|
|
2,204
|
|
|
1,465
|
|
||||
|
Operating Income (Loss)
|
32
|
|
|
343
|
|
|
(59
|
)
|
|
1,051
|
|
||||
|
Other Expense
|
|
|
|
|
|
|
|
|
|
||||||
|
(Gain) Loss on Commodity Derivative Instruments
|
(60
|
)
|
|
249
|
|
|
152
|
|
|
328
|
|
||||
|
Interest, Net of Amount Capitalized
|
63
|
|
|
73
|
|
|
129
|
|
|
146
|
|
||||
|
Other Non-Operating Expense, Net
|
1
|
|
|
11
|
|
|
5
|
|
|
24
|
|
||||
|
Total
|
4
|
|
|
333
|
|
|
286
|
|
|
498
|
|
||||
|
Income (Loss) Before Income Taxes
|
28
|
|
|
10
|
|
|
(345
|
)
|
|
553
|
|
||||
|
Income Tax Expense (Benefit)
|
20
|
|
|
16
|
|
|
(64
|
)
|
|
(15
|
)
|
||||
|
Net Income (Loss) and Comprehensive Income (Loss) Including Noncontrolling Interests
|
8
|
|
|
(6
|
)
|
|
(281
|
)
|
|
568
|
|
||||
|
Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests
|
18
|
|
|
17
|
|
|
42
|
|
|
37
|
|
||||
|
Net (Loss) Income and Comprehensive (Loss) Income Attributable to Noble Energy
|
$
|
(10
|
)
|
|
$
|
(23
|
)
|
|
$
|
(323
|
)
|
|
$
|
531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net (Loss) Income Attributable to Noble Energy Common Shareholders per Share
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
1.09
|
|
|
Diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
1.09
|
|
|
Weighted Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
478
|
|
|
484
|
|
|
478
|
|
|
485
|
|
||||
|
Diluted
|
478
|
|
|
484
|
|
|
478
|
|
|
487
|
|
||||
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
|
ASSETS
|
|
|
|
||||
|
Current Assets
|
|
|
|
||||
|
Cash and Cash Equivalents
|
$
|
470
|
|
|
$
|
716
|
|
|
Accounts Receivable, Net
|
575
|
|
|
616
|
|
||
|
Other Current Assets
|
313
|
|
|
418
|
|
||
|
Total Current Assets
|
1,358
|
|
|
1,750
|
|
||
|
Property, Plant and Equipment
|
|
|
|
|
|
||
|
Oil and Gas Properties (Successful Efforts Method of Accounting)
|
29,890
|
|
|
29,002
|
|
||
|
Property, Plant and Equipment, Other
|
1,038
|
|
|
891
|
|
||
|
Total Property, Plant and Equipment, Gross
|
30,928
|
|
|
29,893
|
|
||
|
Accumulated Depreciation, Depletion and Amortization
|
(12,153
|
)
|
|
(11,474
|
)
|
||
|
Total Property, Plant and Equipment, Net
|
18,775
|
|
|
18,419
|
|
||
|
Other Noncurrent Assets
|
1,516
|
|
|
841
|
|
||
|
Total Assets
|
$
|
21,649
|
|
|
$
|
21,010
|
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
|
Current Liabilities
|
|
|
|
|
|||
|
Accounts Payable – Trade
|
$
|
1,313
|
|
|
$
|
1,207
|
|
|
Other Current Liabilities
|
998
|
|
|
519
|
|
||
|
Total Current Liabilities
|
2,311
|
|
|
1,726
|
|
||
|
Long-Term Debt
|
6,866
|
|
|
6,574
|
|
||
|
Deferred Income Taxes
|
961
|
|
|
1,061
|
|
||
|
Other Noncurrent Liabilities
|
1,307
|
|
|
1,165
|
|
||
|
Total Liabilities
|
11,445
|
|
|
10,526
|
|
||
|
Commitments and Contingencies
|
|
|
|
|
|||
|
Mezzanine Equity
|
|
|
|
||||
|
Redeemable Noncontrolling Interest, Net
|
100
|
|
|
—
|
|
||
|
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
|
8,244
|
|
|
8,203
|
|
||
|
Accumulated Other Comprehensive Loss
|
(31
|
)
|
|
(32
|
)
|
||
|
Treasury Stock, at Cost; 39 Million Shares
|
(735
|
)
|
|
(730
|
)
|
||
|
Retained Earnings
|
1,546
|
|
|
1,980
|
|
||
|
Noble Energy Share of Equity
|
9,029
|
|
|
9,426
|
|
||
|
Noncontrolling Interests
|
1,075
|
|
|
1,058
|
|
||
|
Total Shareholders' Equity
|
10,104
|
|
|
10,484
|
|
||
|
Total Liabilities, Mezzanine Equity and Shareholders' Equity
|
$
|
21,649
|
|
|
$
|
21,010
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
Cash Flows From Operating Activities
|
|
|
|
||||
|
Net (Loss) Income Including Noncontrolling Interests
|
$
|
(281
|
)
|
|
$
|
568
|
|
|
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
|
|
|
|
||||
|
Depreciation, Depletion and Amortization
|
1,036
|
|
|
933
|
|
||
|
Deferred Income Tax Benefit
|
(101
|
)
|
|
(164
|
)
|
||
|
Loss on Commodity Derivative Instruments
|
152
|
|
|
328
|
|
||
|
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments
|
15
|
|
|
(93
|
)
|
||
|
Other Adjustments for Noncash Items Included in Income
|
59
|
|
|
57
|
|
||
|
Gain on Divestitures, Net
|
—
|
|
|
(666
|
)
|
||
|
Asset Impairments
|
—
|
|
|
168
|
|
||
|
Firm Transportation Exit Cost
|
92
|
|
|
—
|
|
||
|
Changes in Operating Assets and Liabilities
|
|
|
|
||||
|
Decrease in Accounts Receivable
|
35
|
|
|
76
|
|
||
|
Increase (Decrease) in Accounts Payable
|
126
|
|
|
(24
|
)
|
||
|
Increase in Partner Advances
|
132
|
|
|
—
|
|
||
|
Other Current Assets and Liabilities, Net
|
(108
|
)
|
|
(55
|
)
|
||
|
Other Operating Assets and Liabilities, Net
|
(65
|
)
|
|
(49
|
)
|
||
|
Net Cash Provided by Operating Activities
|
1,092
|
|
|
1,079
|
|
||
|
Cash Flows From Investing Activities
|
|
|
|
||||
|
Additions to Property, Plant and Equipment
|
(1,405
|
)
|
|
(1,782
|
)
|
||
|
Acquisitions, Net of Cash Received
|
—
|
|
|
(650
|
)
|
||
|
Additions to Equity Method Investments
|
(415
|
)
|
|
—
|
|
||
|
Proceeds from Divestitures, Net
|
123
|
|
|
1,382
|
|
||
|
Net Cash Used in Investing Activities
|
(1,697
|
)
|
|
(1,050
|
)
|
||
|
Cash Flows From Financing Activities
|
|
|
|
||||
|
Proceeds from Revolving Credit Facility
|
50
|
|
|
905
|
|
||
|
Repayment of Revolving Credit Facility
|
(50
|
)
|
|
(1,135
|
)
|
||
|
Proceeds from Noble Midstream Services Revolving Credit Facility
|
560
|
|
|
610
|
|
||
|
Repayment of Noble Midstream Services Revolving Credit Facility
|
(250
|
)
|
|
(165
|
)
|
||
|
Proceeds from Commercial Paper Borrowings, Net
|
240
|
|
|
—
|
|
||
|
Dividends Paid, Common Stock
|
(111
|
)
|
|
(102
|
)
|
||
|
Purchase and Retirement of Common Stock
|
—
|
|
|
(130
|
)
|
||
|
Contributions from Noncontrolling Interest Owners
|
21
|
|
|
331
|
|
||
|
Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs
|
99
|
|
|
—
|
|
||
|
Repayment of Senior Notes
|
(9
|
)
|
|
(384
|
)
|
||
|
Other
|
(62
|
)
|
|
(51
|
)
|
||
|
Net Cash Provided by (Used in) Financing Activities
|
488
|
|
|
(121
|
)
|
||
|
Decrease in Cash, Cash Equivalents, and Restricted Cash
|
(117
|
)
|
|
(92
|
)
|
||
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
719
|
|
|
713
|
|
||
|
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
602
|
|
|
$
|
621
|
|
|
|
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
|
|
|
Net (Loss) Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
18
|
|
|
8
|
|
|||||||
|
Stock-based Compensation
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||
|
Dividends (12 cents per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|
—
|
|
|
(58
|
)
|
|||||||
|
Distributions to Noncontrolling Interest Owners
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|||||||
|
Contributions from Noncontrolling Interest Owners
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
|||||||
|
Other
|
—
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(2
|
)
|
|||||||
|
June 30, 2019
|
$
|
5
|
|
|
$
|
8,244
|
|
|
$
|
(31
|
)
|
|
$
|
(735
|
)
|
|
$
|
1,546
|
|
|
$
|
1,075
|
|
|
$
|
10,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
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
|
|
|
Net (Loss) Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
17
|
|
|
(6
|
)
|
|||||||
|
Stock-based Compensation
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||||
|
Dividends (11 cents per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|||||||
|
Purchase and Retirement of Common Stock
|
—
|
|
|
(63
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|||||||
|
Distributions to Noncontrolling Interest Owners
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|||||||
|
Other
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|||||||
|
June 30, 2018
|
$
|
5
|
|
|
$
|
8,329
|
|
|
$
|
(28
|
)
|
|
$
|
(731
|
)
|
|
$
|
2,677
|
|
|
$
|
1,029
|
|
|
$
|
11,281
|
|
|
(millions)
|
Remainder of 2019
|
|
2020
|
|
Total
|
||||||
|
Natural Gas Revenues
(1)
|
$
|
72
|
|
|
$
|
116
|
|
|
$
|
188
|
|
|
(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.
|
|
•
|
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).
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Other Revenue
|
|
|
|
|
|
|
|
|
|
||||||
|
Income from Equity Method Investees and Other
|
$
|
16
|
|
|
$
|
49
|
|
|
$
|
33
|
|
|
$
|
96
|
|
|
Midstream Services Revenues – Third Party
|
20
|
|
|
15
|
|
|
44
|
|
|
28
|
|
||||
|
Total
|
$
|
36
|
|
|
$
|
64
|
|
|
$
|
77
|
|
|
$
|
124
|
|
|
Production Expense
|
|
|
|
|
|
|
|
|
|
||||||
|
Lease Operating Expense
|
$
|
122
|
|
|
$
|
132
|
|
|
$
|
273
|
|
|
$
|
287
|
|
|
Production and Ad Valorem Taxes
|
41
|
|
|
50
|
|
|
90
|
|
|
104
|
|
||||
|
Gathering, Transportation and Processing Expense
|
96
|
|
|
98
|
|
|
198
|
|
|
191
|
|
||||
|
Other Royalty Expense
|
1
|
|
|
10
|
|
|
4
|
|
|
27
|
|
||||
|
Total
|
$
|
260
|
|
|
$
|
290
|
|
|
$
|
565
|
|
|
$
|
609
|
|
|
Other Operating Expense, Net
|
|
|
|
|
|
|
|
||||||||
|
Exploration Expense
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
57
|
|
|
$
|
64
|
|
|
Marketing Expense
|
14
|
|
|
9
|
|
|
19
|
|
|
16
|
|
||||
|
Other, Net
|
8
|
|
|
(4
|
)
|
|
28
|
|
|
4
|
|
||||
|
Total
|
$
|
55
|
|
|
$
|
34
|
|
|
$
|
104
|
|
|
$
|
84
|
|
|
(millions)
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
Accounts Receivable, Net
|
|
|
|
||||
|
Commodity Sales
|
$
|
346
|
|
|
$
|
383
|
|
|
Joint Interest Billings
|
153
|
|
|
137
|
|
||
|
Other
|
91
|
|
|
111
|
|
||
|
Allowance for Doubtful Accounts
|
(15
|
)
|
|
(15
|
)
|
||
|
Total
|
$
|
575
|
|
|
$
|
616
|
|
|
Other Current Assets
|
|
|
|
|
|
||
|
Commodity Derivative Assets
|
$
|
30
|
|
|
$
|
180
|
|
|
Inventories, Materials and Supplies
|
68
|
|
|
55
|
|
||
|
Assets Held for Sale
(1)
|
—
|
|
|
133
|
|
||
|
Restricted Cash
(2)
|
132
|
|
|
3
|
|
||
|
Prepaid Expenses and Other Current Assets
|
83
|
|
|
47
|
|
||
|
Total
|
$
|
313
|
|
|
$
|
418
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
||
|
Equity Method Investments
(3)
|
$
|
699
|
|
|
$
|
286
|
|
|
Operating Lease Right-of-Use Assets
(4)
|
272
|
|
|
—
|
|
||
|
Customer-Related Intangible Assets, Net
(5)
|
294
|
|
|
310
|
|
||
|
Goodwill
(5)
|
110
|
|
|
110
|
|
||
|
Other Assets, Noncurrent
|
141
|
|
|
135
|
|
||
|
Total
|
$
|
1,516
|
|
|
$
|
841
|
|
|
Other Current Liabilities
|
|
|
|
|
|
||
|
Production and Ad Valorem Taxes
|
$
|
132
|
|
|
$
|
103
|
|
|
Asset Retirement Obligations
|
85
|
|
|
118
|
|
||
|
Interest Payable
|
64
|
|
|
66
|
|
||
|
Operating Lease Liabilities
(4)
|
88
|
|
|
—
|
|
||
|
Commercial Paper Borrowings
|
240
|
|
|
—
|
|
||
|
Partner Advances
(2)
|
132
|
|
|
—
|
|
||
|
Other Liabilities, Current
|
257
|
|
|
232
|
|
||
|
Total
|
$
|
998
|
|
|
$
|
519
|
|
|
Other Noncurrent Liabilities
|
|
|
|
|
|
||
|
Deferred Compensation Liabilities
|
$
|
147
|
|
|
$
|
147
|
|
|
Asset Retirement Obligations
|
707
|
|
|
762
|
|
||
|
Operating Lease Liabilities
(4)
|
190
|
|
|
—
|
|
||
|
Firm Transportation Exit Cost Accrual
(6)
|
144
|
|
|
67
|
|
||
|
Production and Ad Valorem Taxes
|
24
|
|
|
83
|
|
||
|
Other Liabilities, Noncurrent
|
95
|
|
|
106
|
|
||
|
Total
|
$
|
1,307
|
|
|
$
|
1,165
|
|
|
(1)
|
Assets held for sale at
December 31, 2018
related to the first quarter 2019 divestiture of non-core acreage in Reeves County, Texas. See
Note
4. Acquisitions and Divestitures
.
|
|
(2)
|
See
Partner Advances
, above.
|
|
(3)
|
The 2019 amount includes Noble Midstream Partners' $
369
million investment in EPIC Y-Grade, LP (EPIC Y-Grade) and EPIC Crude Holdings and its $
39
million investment in Delaware Crossing LLC. See
Note
4. Acquisitions and Divestitures
.
|
|
(4)
|
Amounts relate to assets and liabilities recorded as a result of ASC 842 adoption in first quarter 2019. See
Note
8. Leases
.
|
|
(5)
|
Amounts relate to assets acquired in the first quarter 2018 Saddle Butte acquisition. Intangible asset balances at
June 30, 2019
and
December 31, 2018
are net of accumulated amortization of $
46
million and
$30 million
, respectively. See
Note
4. Acquisitions and Divestitures
.
|
|
(6)
|
|
|
Six Months Ended June 30,
|
||||||
|
(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
|
$
|
470
|
|
|
$
|
621
|
|
|
Restricted Cash at End of Period
|
132
|
|
|
—
|
|
||
|
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
602
|
|
|
$
|
621
|
|
|
|
|
|
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 June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Crude Oil Sales
|
$
|
688
|
|
|
$
|
617
|
|
|
$
|
2
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NGL Sales
|
84
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Natural Gas Sales
|
182
|
|
|
72
|
|
|
105
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Crude Oil, NGL and Natural Gas Sales
|
954
|
|
|
773
|
|
|
107
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Sales of Purchased Oil and Gas
|
103
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
23
|
|
||||||||
|
Income (Loss) from Equity Method Investees and Other
|
16
|
|
|
1
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Midstream Services Revenues
–
Third Party
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
||||||||
|
Intersegment Revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
(91
|
)
|
|
—
|
|
||||||||
|
Total Revenues
|
1,093
|
|
|
802
|
|
|
107
|
|
|
91
|
|
|
—
|
|
|
161
|
|
|
(91
|
)
|
|
23
|
|
||||||||
|
Lease Operating Expense
|
122
|
|
|
114
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
1
|
|
|
(12
|
)
|
|
—
|
|
||||||||
|
Production and Ad Valorem Taxes
|
41
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gathering, Transportation and Processing Expense
|
96
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
(59
|
)
|
|
—
|
|
||||||||
|
|
|
|
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
|
||||||||||||||||
|
Other Royalty Expense
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Production Expense
|
260
|
|
|
279
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
33
|
|
|
(71
|
)
|
|
—
|
|
||||||||
|
Depreciation, Depletion and Amortization
|
528
|
|
|
457
|
|
|
17
|
|
|
19
|
|
|
—
|
|
|
26
|
|
|
(6
|
)
|
|
15
|
|
||||||||
|
Cost of Purchased Oil and Gas
|
113
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
37
|
|
||||||||
|
Gain on Commodity Derivative Instruments
|
(60
|
)
|
|
(58
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Income (Loss) Before Income Taxes
|
28
|
|
|
70
|
|
|
65
|
|
|
59
|
|
|
(15
|
)
|
|
46
|
|
|
(15
|
)
|
|
(182
|
)
|
||||||||
|
Additions to Long-Lived Assets, Excluding Acquisitions
|
647
|
|
|
478
|
|
|
119
|
|
|
12
|
|
|
2
|
|
|
52
|
|
|
(25
|
)
|
|
9
|
|
||||||||
|
Investments in Equity Method Investees
|
144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
—
|
|
||||||||
|
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Crude Oil Sales
|
$
|
749
|
|
|
$
|
635
|
|
|
$
|
2
|
|
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NGL Sales
|
137
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Natural Gas Sales
|
214
|
|
|
98
|
|
|
111
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Crude Oil, NGL and Natural Gas Sales
|
1,100
|
|
|
870
|
|
|
113
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Sales of Purchased Oil and Gas
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
24
|
|
||||||||
|
Income from Equity Method Investees and Other
|
49
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||||||
|
Midstream Services Revenues – Third Party
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
||||||||
|
Intersegment Revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
(85
|
)
|
|
—
|
|
||||||||
|
Total Revenues
|
1,230
|
|
|
870
|
|
|
113
|
|
|
153
|
|
|
—
|
|
|
155
|
|
|
(85
|
)
|
|
24
|
|
||||||||
|
Lease Operating Expense
|
132
|
|
|
114
|
|
|
5
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||||||
|
Production and Ad Valorem Taxes
|
50
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gathering, Transportation and Processing Expense
|
98
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
(55
|
)
|
|
—
|
|
||||||||
|
Other Royalty Expense
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Production Expense
|
290
|
|
|
303
|
|
|
5
|
|
|
19
|
|
|
—
|
|
|
24
|
|
|
(61
|
)
|
|
—
|
|
||||||||
|
Depreciation, Depletion and Amortization
|
465
|
|
|
394
|
|
|
15
|
|
|
26
|
|
|
—
|
|
|
22
|
|
|
(4
|
)
|
|
12
|
|
||||||||
|
(Gain) Loss on Divestitures, Net
|
(78
|
)
|
|
21
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
(109
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Cost of Purchased Oil and Gas
|
71
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
31
|
|
||||||||
|
Loss on Commodity Derivative Instruments
|
249
|
|
|
196
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Income (Loss) Before Income Taxes
|
10
|
|
|
(90
|
)
|
|
62
|
|
|
48
|
|
|
(13
|
)
|
|
175
|
|
|
(18
|
)
|
|
(154
|
)
|
||||||||
|
Additions to Long-Lived Assets, Excluding Acquisitions
|
935
|
|
|
561
|
|
|
216
|
|
|
3
|
|
|
—
|
|
|
155
|
|
|
(18
|
)
|
|
18
|
|
||||||||
|
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Crude Oil Sales
|
$
|
1,300
|
|
|
$
|
1,162
|
|
|
$
|
3
|
|
|
$
|
135
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NGL Sales
|
180
|
|
|
180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Natural Gas Sales
|
411
|
|
|
180
|
|
|
222
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
|
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
|
||||||||||||||||
|
Total Crude Oil, NGL and Natural Gas Sales
|
1,891
|
|
|
1,522
|
|
|
225
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Sales of Purchased Oil and Gas
|
177
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
50
|
|
||||||||
|
Income from Equity Method Investees and Other
|
33
|
|
|
1
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Midstream Services Revenues
–
Third Party
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
||||||||
|
Intersegment Revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
197
|
|
|
(197
|
)
|
|
|
|
||||||||
|
Total Revenues
|
2,145
|
|
|
1,565
|
|
|
225
|
|
|
176
|
|
|
—
|
|
|
326
|
|
|
(197
|
)
|
|
50
|
|
||||||||
|
Lease Operating Expense
|
273
|
|
|
239
|
|
|
19
|
|
|
34
|
|
|
—
|
|
|
2
|
|
|
(21
|
)
|
|
—
|
|
||||||||
|
Production and Ad Valorem Taxes
|
90
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gathering, Transportation and Processing Expense
|
198
|
|
|
266
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
(128
|
)
|
|
—
|
|
||||||||
|
Other Royalty Expense
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Production Expense
|
565
|
|
|
596
|
|
|
19
|
|
|
34
|
|
|
—
|
|
|
65
|
|
|
(149
|
)
|
|
—
|
|
||||||||
|
Depreciation, Depletion and Amortization
|
1,036
|
|
|
896
|
|
|
33
|
|
|
39
|
|
|
—
|
|
|
51
|
|
|
(13
|
)
|
|
30
|
|
||||||||
|
Cost of Purchased Oil and Gas
|
200
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
79
|
|
||||||||
|
Firm Transportation Exit Cost
|
92
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
||||||||
|
Loss on Commodity Derivative Instruments
|
152
|
|
|
130
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
(Loss) Income Before Income Taxes
|
(345
|
)
|
|
(177
|
)
|
|
149
|
|
|
70
|
|
|
(31
|
)
|
|
119
|
|
|
(29
|
)
|
|
(446
|
)
|
||||||||
|
Additions to Long-Lived Assets, Excluding Acquisitions
|
1,359
|
|
|
990
|
|
|
251
|
|
|
18
|
|
|
12
|
|
|
118
|
|
|
(48
|
)
|
|
18
|
|
||||||||
|
Investments in Equity Method Investees
|
415
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|
—
|
|
|
—
|
|
||||||||
|
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Crude Oil Sales
|
$
|
1,522
|
|
|
$
|
1,317
|
|
|
$
|
4
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NGL Sales
|
283
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Natural Gas Sales
|
468
|
|
|
218
|
|
|
240
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Crude Oil, NGL and Natural Gas Sales
|
2,273
|
|
|
1,818
|
|
|
244
|
|
|
211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Sales of Purchased Oil and Gas
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
55
|
|
||||||||
|
Income from Equity Method Investees and Other
|
96
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||||||
|
Midstream Services Revenues
–
Third Party
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
||||||||
|
Intersegment Revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
|
(166
|
)
|
|
—
|
|
||||||||
|
Total Revenues
|
2,516
|
|
|
1,818
|
|
|
244
|
|
|
282
|
|
|
—
|
|
|
283
|
|
|
(166
|
)
|
|
55
|
|
||||||||
|
Lease Operating Expense
|
287
|
|
|
240
|
|
|
12
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||||||
|
Production and Ad Valorem Taxes
|
104
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gathering, Transportation and Processing Expense
|
191
|
|
|
256
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
(108
|
)
|
|
—
|
|
||||||||
|
Other Royalty Expense
|
27
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total Production Expense
|
609
|
|
|
624
|
|
|
12
|
|
|
41
|
|
|
—
|
|
|
46
|
|
|
(114
|
)
|
|
—
|
|
||||||||
|
|
|
|
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
|
||||||||||||||||
|
Depreciation, Depletion and Amortization
|
933
|
|
|
800
|
|
|
28
|
|
|
52
|
|
|
—
|
|
|
38
|
|
|
(8
|
)
|
|
23
|
|
||||||||
|
(Gain) Loss on Divestitures, Net
|
(666
|
)
|
|
15
|
|
|
(376
|
)
|
|
—
|
|
|
—
|
|
|
(305
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Asset Impairments
|
168
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Cost of Purchased Oil and Gas
|
128
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
67
|
|
||||||||
|
Loss on Commodity Derivative Instruments
|
328
|
|
|
260
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Income (Loss) Before Income Taxes
|
553
|
|
|
(127
|
)
|
|
535
|
|
|
112
|
|
|
(27
|
)
|
|
428
|
|
|
(40
|
)
|
|
(328
|
)
|
||||||||
|
Additions to Long-Lived Assets, Excluding Acquisitions
|
1,840
|
|
|
1,095
|
|
|
363
|
|
|
5
|
|
|
2
|
|
|
397
|
|
|
(50
|
)
|
|
28
|
|
||||||||
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Property, Plant and Equipment, Net
|
$
|
18,775
|
|
|
$
|
13,095
|
|
|
$
|
2,879
|
|
|
$
|
773
|
|
|
$
|
36
|
|
|
$
|
1,841
|
|
|
$
|
(185
|
)
|
|
$
|
336
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Property, Plant and Equipment, Net
|
$
|
18,419
|
|
|
$
|
13,044
|
|
|
$
|
2,630
|
|
|
$
|
805
|
|
|
$
|
37
|
|
|
$
|
1,742
|
|
|
$
|
(145
|
)
|
|
$
|
306
|
|
|
(1)
|
The intersegment eliminations related to income before income taxes are the result of midstream expenditures. These costs are presented as property, plant and equipment within the E&P business on an unconsolidated basis, in accordance with the successful efforts method of accounting, and are eliminated upon consolidation.
|
|
(millions, except number of projects)
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
Exploratory Well Costs Capitalized for a Period of One Year or Less
|
$
|
11
|
|
|
$
|
6
|
|
|
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling
|
351
|
|
|
348
|
|
||
|
Capitalized Exploratory Well Costs, End of Period
|
$
|
362
|
|
|
$
|
354
|
|
|
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling
|
7
|
|
|
7
|
|
||
|
(millions)
|
Six Months Ended June 30, 2019
|
||
|
Undeveloped Leasehold Costs, Beginning of Period
|
$
|
2,306
|
|
|
Additions to Undeveloped Leasehold Costs
|
50
|
|
|
|
Transfers to Proved Properties
|
(11
|
)
|
|
|
Assets Sold
|
(2
|
)
|
|
|
Undeveloped Leasehold Costs, End of Period
|
$
|
2,343
|
|
|
|
Six Months Ended June 30,
|
||||||
|
(millions)
|
2019
|
|
2018
|
||||
|
Asset Retirement Obligations, Beginning Balance
|
$
|
880
|
|
|
$
|
875
|
|
|
Liabilities Incurred
|
15
|
|
|
14
|
|
||
|
Liabilities Settled
|
(56
|
)
|
|
(261
|
)
|
||
|
Revisions of Estimates
|
(70
|
)
|
|
(10
|
)
|
||
|
Accretion Expense
|
23
|
|
|
17
|
|
||
|
Asset Retirement Obligations, Ending Balance
|
$
|
792
|
|
|
$
|
635
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||
|
(millions, except percentages)
|
Debt
|
|
Interest Rate
|
|
|
Debt
|
|
Interest Rate
|
|||||
|
Noble Energy, Excluding Noble Midstream Partners
|
|
|
|
|
|
|
|
||||||
|
Revolving Credit Facility, due March 9, 2023
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
Commercial Paper Borrowings
|
240
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
%
|
||
|
Senior Notes and Debentures
|
5,884
|
|
|
(2
|
)
|
|
5,892
|
|
|
(2
|
)
|
||
|
Finance Lease Obligations
|
211
|
|
|
—
|
%
|
|
223
|
|
|
—
|
%
|
||
|
Total Noble Energy Debt, Excluding Noble Midstream Partners Debt
|
6,335
|
|
|
|
|
6,115
|
|
|
|
||||
|
Noble Midstream Partners
|
|
|
|
|
|
|
|
||||||
|
Noble Midstream Services Revolving Credit Facility, due March 9, 2023
(3)
|
370
|
|
|
3.77
|
%
|
|
60
|
|
|
3.67
|
%
|
||
|
Noble Midstream Services Term Loan Credit Facility, due July 31, 2021
|
500
|
|
|
3.51
|
%
|
|
500
|
|
|
3.42
|
%
|
||
|
Total Noble Midstream Partners Debt
|
870
|
|
|
|
|
560
|
|
|
|
||||
|
Total Debt
|
7,205
|
|
|
|
|
6,675
|
|
|
|
||||
|
Net Unamortized Discounts and Debt Issuance Costs
|
(58
|
)
|
|
|
|
(60
|
)
|
|
|
||||
|
Total Debt, Net of Unamortized Discounts and Debt Issuance Costs
|
7,147
|
|
|
|
|
6,615
|
|
|
|
||||
|
Less Amounts Due Within One Year
|
|
|
|
|
|
|
|
||||||
|
Commercial Paper Borrowings
|
(240
|
)
|
|
|
|
—
|
|
|
|
||||
|
Finance Lease Obligations
|
(41
|
)
|
|
|
|
(41
|
)
|
|
|
||||
|
Long-Term Debt Due After One Year
|
$
|
6,866
|
|
|
|
|
$
|
6,574
|
|
|
|
||
|
(1)
|
As of
June 30, 2019
, the weighted average interest rate for outstanding commercial paper was
3.04%
.
|
|
(2)
|
As of
June 30, 2019
and
December 31, 2018
, the Senior Notes and Debentures had weighted average interest rates of
5.00%
and
5.01%
, respectively.
|
|
(3)
|
As of
June 30, 2019
and
December 31, 2018
, the Noble Midstream Services Revolving Credit Facility had $
800
million of capacity. Amounts available for borrowing totaled $
430
million and $
740
million, respectively.
|
|
(millions)
|
Balance Sheet Location
|
June 30, 2019
|
||
|
ROU Assets
|
|
|
||
|
Operating Leases
(1)
|
Other Noncurrent Assets
|
$
|
272
|
|
|
Finance Leases
(2)
|
Total Property, Plant and Equipment, Net
|
175
|
|
|
|
Total ROU Assets
|
|
$
|
447
|
|
|
Lease Liabilities
|
|
|
||
|
Current Liabilities
|
|
|
||
|
Operating Leases
|
Other Current Liabilities
|
$
|
88
|
|
|
Finance Leases
|
Other Current Liabilities
|
41
|
|
|
|
Noncurrent Liabilities
|
|
|
||
|
Operating Leases
|
Other Noncurrent Liabilities
|
190
|
|
|
|
Finance Leases
|
Long-Term Debt
|
170
|
|
|
|
Total Lease Liabilities
|
|
$
|
489
|
|
|
(1)
|
Operating lease ROU assets include primarily office space of
$117 million
, compressors of
$88 million
, and drilling rigs of
$35 million
.
|
|
(2)
|
Finance lease ROU assets include primarily office space of
$94 million
, net of accumulated amortization.
|
|
(millions)
|
Statement of Operations Location
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
|
Operating Lease Cost
|
(1)
|
$
|
26
|
|
|
$
|
51
|
|
|
Finance Lease Cost
|
|
|
|
|
||||
|
Amortization Expense
|
Depreciation, Depletion and Amortization
|
9
|
|
|
17
|
|
||
|
Interest Expense
|
Interest, Net of Amount Capitalized
|
4
|
|
|
7
|
|
||
|
Short-term Lease Cost
(2)
|
(1)
|
143
|
|
|
269
|
|
||
|
Variable Lease Cost
(3)
|
(1)
|
—
|
|
|
—
|
|
||
|
Sublease Income
|
General and Administrative
|
(1
|
)
|
|
(2
|
)
|
||
|
Total Lease Cost
|
|
$
|
181
|
|
|
$
|
342
|
|
|
(1)
|
Cost classification varies depending on the leased asset. Costs are primarily included within production expense and general and administrative expense. In addition, in accordance with the successful efforts method of accounting, certain lease costs may be capitalized when incurred, as part of oil and gas properties on our consolidated balance sheet.
|
|
(2)
|
Short-term lease costs relate primarily to hydraulic fracturing services, well-to-well drilling rig contracts and other miscellaneous lease agreements. Amount excludes costs for leases with an initial term of one month or less.
|
|
(3)
|
Variable lease costs were de minimis for
second quarter and the first six months of 2019
.
|
|
|
Six Months Ended June 30, 2019
|
||||||
|
(millions)
|
Operating Leases
|
|
Finance Leases
|
||||
|
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
|
|
|
|
||||
|
Operating Cash Flows
|
$
|
30
|
|
|
$
|
6
|
|
|
Financing Cash Flows
|
—
|
|
|
20
|
|
||
|
Investing Cash Flows
|
18
|
|
|
—
|
|
||
|
ROU Assets Obtained in Exchange for Lease Liabilities
(1)
|
58
|
|
|
8
|
|
||
|
(1)
|
Amounts exclude the impact of adopting ASC 842 on January 1, 2019. See
Note
2. Basis of Presentation
.
|
|
(millions)
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
|
Remainder of 2019
|
$
|
50
|
|
|
$
|
25
|
|
|
$
|
75
|
|
|
2020
|
85
|
|
|
48
|
|
|
133
|
|
|||
|
2021
|
48
|
|
|
33
|
|
|
81
|
|
|||
|
2022
|
33
|
|
|
23
|
|
|
56
|
|
|||
|
2023
|
21
|
|
|
21
|
|
|
42
|
|
|||
|
2024 and Thereafter
|
80
|
|
|
105
|
|
|
185
|
|
|||
|
Total Lease Liabilities, Undiscounted
|
317
|
|
|
255
|
|
|
572
|
|
|||
|
Less: Imputed Interest
|
39
|
|
|
44
|
|
|
83
|
|
|||
|
Total Lease Liabilities
(1)
|
$
|
278
|
|
|
$
|
211
|
|
|
$
|
489
|
|
|
(1)
|
Includes the current portions of $
88
million and $
41
million for operating and finance leases, respectively.
|
|
(millions)
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
|
2019
|
$
|
91
|
|
|
$
|
52
|
|
|
$
|
143
|
|
|
2020
|
74
|
|
|
46
|
|
|
120
|
|
|||
|
2021
|
59
|
|
|
31
|
|
|
90
|
|
|||
|
2022
|
62
|
|
|
22
|
|
|
84
|
|
|||
|
2023
|
50
|
|
|
20
|
|
|
70
|
|
|||
|
2024 and Thereafter
|
176
|
|
|
104
|
|
|
280
|
|
|||
|
Total Lease Liabilities, Undiscounted
|
$
|
512
|
|
|
$
|
275
|
|
|
$
|
787
|
|
|
|
June 30, 2019
|
|
|
Weighted-Average Remaining Lease Term
|
|
|
|
Operating Leases
|
5.9 years
|
|
|
Finance Leases
|
7.9 years
|
|
|
Weighted-Average Discount Rate
|
|
|
|
Operating Leases
|
4.40
|
%
|
|
Finance Leases
|
5.01
|
%
|
|
|
Six Months Ended June 30,
|
||||||
|
(millions)
|
2019
|
|
2018
|
||||
|
Balance at Beginning of Period
(1)
|
$
|
80
|
|
|
$
|
90
|
|
|
Firm Transportation Exit Cost Accrual
|
92
|
|
|
—
|
|
||
|
Payments, Net of Accretion
|
(5
|
)
|
|
(7
|
)
|
||
|
Balance at End of Period
|
167
|
|
|
83
|
|
||
|
Less: Current Portion Included in Other Current Liabilities
|
23
|
|
|
12
|
|
||
|
Long-term Portion Included in Other Noncurrent Liabilities
|
$
|
144
|
|
|
$
|
71
|
|
|
(1)
|
Amounts include the current portion of
$13 million
which is included in other current liabilities in our consolidated balance sheets.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Sales of Purchased Gas
(1)
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
50
|
|
|
$
|
55
|
|
|
Cost of Purchased Gas and Related Expense
|
|
|
|
|
|
|
|
||||||||
|
Cost of Purchased of Gas
|
22
|
|
|
23
|
|
|
49
|
|
|
53
|
|
||||
|
Utilized Firm Transportation Expense
(2)
|
15
|
|
|
6
|
|
|
30
|
|
|
11
|
|
||||
|
Unutilized Firm Transportation Expense
|
—
|
|
|
2
|
|
|
—
|
|
|
3
|
|
||||
|
Cost of Purchased Gas and Related Expense, Total
(3)
|
$
|
37
|
|
|
$
|
31
|
|
|
$
|
79
|
|
|
$
|
67
|
|
|
(1)
|
Amounts are included in sales of purchased oil and gas within our statements of operations.
|
|
(2)
|
Includes the net impact of the difference in the firm transportation contract rates and rates agreed to in the capacity releases, as well as transportation expenses associated with transport of purchased natural gas.
|
|
(3)
|
Amounts are included in cost of purchased oil and gas within our statements of operations.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions, except percentages)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Current
|
$
|
21
|
|
|
$
|
23
|
|
|
$
|
37
|
|
|
$
|
149
|
|
|
Deferred
|
(1
|
)
|
|
(7
|
)
|
|
(101
|
)
|
|
(164
|
)
|
||||
|
Total Income Tax Expense (Benefit)
|
$
|
20
|
|
|
$
|
16
|
|
|
$
|
(64
|
)
|
|
$
|
(15
|
)
|
|
Effective Tax Rate
|
71.4
|
%
|
|
160.0
|
%
|
|
18.6
|
%
|
|
(2.7
|
)%
|
||||
|
|
|
|
|
Swaps
|
|
Collars
|
|||||||||||||
|
Settlement Period
|
Type of Contract
|
Index
|
Bbls Per Day
|
Weighted Average Differential
|
Weighted Average Fixed Price
|
|
Weighted Average Short Put Price
|
Weighted Average Floor Price
|
Weighted Average Ceiling Price
|
||||||||||
|
2019
|
Swaps
|
NYMEX WTI
|
28,000
|
$
|
—
|
|
$
|
58.70
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
2019
|
Three-Way Collars
|
NYMEX WTI
|
33,000
|
—
|
|
—
|
|
|
49.35
|
|
59.35
|
|
72.25
|
|
|||||
|
2019
|
Sold Calls
(1)
|
NYMEX WTI
|
20,000
|
—
|
|
60.00
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2019
|
Swaps
|
ICE Brent
|
5,000
|
—
|
|
57.00
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2019
|
Three-Way Collars
|
ICE Brent
|
3,000
|
—
|
|
—
|
|
|
43.00
|
|
50.00
|
|
64.07
|
|
|||||
|
2019
|
Basis Swaps
|
(2)
|
27,000
|
(3.23
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2020
|
Swaption
|
NYMEX WTI
|
5,000
|
—
|
|
61.79
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2020
|
Swaps
|
NYMEX WTI
|
7,000
|
—
|
|
60.00
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2020
|
Three-Way Collars
|
NYMEX WTI
|
30,000
|
—
|
|
—
|
|
|
48.33
|
|
57.87
|
|
64.27
|
|
|||||
|
2020
|
Basis Swaps
|
(2)
|
15,000
|
(5.01
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
(1)
|
We entered into crude oil contracts receiving premiums for establishing a maximum price that would be settled for the notional volumes covered by the respective contracts.
|
|
(2)
|
We entered into crude oil basis swap contracts to establish a fixed amount for the differential between pricing in Midland, Texas, and Cushing, Oklahoma. The weighted average differential represents the amount of reduction to Cushing, Oklahoma prices for the notional volumes covered by the basis swap contracts.
|
|
|
|
|
|
Swaps
|
|
Collars
|
||||||||||||||
|
Settlement Period
|
Type of Contract
|
Index
|
MMBtu Per Day
|
Weighted Average Differential
|
Weighted Average Fixed Price
|
|
Weighted Average Short Put Price
|
Weighted Average Floor Price
|
Weighted Average Ceiling Price
|
|||||||||||
|
2019
|
Three-Way Collars
|
NYMEX HH
|
104,000
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2.25
|
|
$
|
2.65
|
|
$
|
2.95
|
|
|
2019
|
Swaps
|
NYMEX HH
|
46,000
|
|
—
|
|
3.00
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2019
|
Basis Swaps
|
CIG
(1)
|
123,500
|
|
(0.64
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2019
|
Basis Swaps
|
WAHA
(1)
|
47,500
|
|
(1.28
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2020
|
Basis Swaps
|
CIG
(1)
|
54,000
|
|
(0.61
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
2020
|
Basis Swaps
|
WAHA
(1)
|
49,500
|
|
(1.05
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
|
(1)
|
We entered into natural gas basis swap contracts to establish a fixed amount for the differential between the noted index pricing and NYMEX Henry Hub. The weighted average differential represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes covered by the basis swap contracts.
|
|
|
Asset Derivative Instruments
|
|
Liability Derivative Instruments
|
||||||||||||||
|
(millions)
|
Balance Sheet Location
|
June 30, 2019
|
|
December 31, 2018
|
|
Balance Sheet Location
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
|
Commodity Derivative Instruments
|
Other Current Assets
|
$
|
30
|
|
|
$
|
180
|
|
|
Other Current Liabilities
|
$
|
42
|
|
|
$
|
1
|
|
|
|
Other Noncurrent Assets
|
11
|
|
|
—
|
|
|
Other Noncurrent Liabilities
|
13
|
|
|
26
|
|
||||
|
|
Total
|
$
|
41
|
|
|
$
|
180
|
|
|
|
$
|
55
|
|
|
$
|
27
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Cash (Received) Paid in Settlement of Commodity Derivative Instruments
|
|
|
|
|
|
|
|
||||||||
|
Crude Oil
|
$
|
7
|
|
|
$
|
66
|
|
|
$
|
(2
|
)
|
|
$
|
96
|
|
|
Natural Gas
|
(8
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(3
|
)
|
||||
|
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments
|
(1
|
)
|
|
65
|
|
|
(15
|
)
|
|
93
|
|
||||
|
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
|
|
|
|
|
|
|
|
||||||||
|
Crude Oil
|
(54
|
)
|
|
181
|
|
|
169
|
|
|
231
|
|
||||
|
Natural Gas
|
(5
|
)
|
|
3
|
|
|
(2
|
)
|
|
4
|
|
||||
|
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
|
(59
|
)
|
|
184
|
|
|
167
|
|
|
235
|
|
||||
|
Loss (Gain) on Commodity Derivative Instruments
|
|
|
|
|
|
|
|
||||||||
|
Crude Oil
|
(47
|
)
|
|
247
|
|
|
167
|
|
|
327
|
|
||||
|
Natural Gas
|
(13
|
)
|
|
2
|
|
|
(15
|
)
|
|
1
|
|
||||
|
Total (Gain) Loss on Commodity Derivative Instruments
|
$
|
(60
|
)
|
|
$
|
249
|
|
|
$
|
152
|
|
|
$
|
328
|
|
|
|
Fair Value Measurements Using
|
|
|
|
|
||||||||||||||
|
(millions)
|
Quoted Prices in Active Markets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Adjustment
(1)
|
|
Fair Value Measurement
|
||||||||||
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mutual Fund Investments
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
Commodity Derivative Instruments
|
—
|
|
|
63
|
|
|
—
|
|
|
(22
|
)
|
|
41
|
|
|||||
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commodity Derivative Instruments
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
22
|
|
|
(55
|
)
|
|||||
|
Portion of Deferred Compensation Liability Measured at Fair Value
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|||||
|
Stock Based Compensation Liability Measured at Fair Value
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mutual Fund Investments
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
|
Commodity Derivative Instruments
|
—
|
|
|
187
|
|
|
—
|
|
|
(7
|
)
|
|
180
|
|
|||||
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commodity Derivative Instruments
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
7
|
|
|
(27
|
)
|
|||||
|
Portion of Deferred Compensation Liability Measured at Fair Value
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|||||
|
Stock Based Compensation Liability Measured at Fair Value
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||
|
(1)
|
Amount represents the impact of netting provisions within our master agreements allowing us to net cash settled asset and liability positions with the same counterparty.
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
(millions)
|
Carrying Amount
|
|
Fair Value
(1)
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
|
Debt
(2)
|
$
|
6,994
|
|
|
$
|
7,465
|
|
|
$
|
6,452
|
|
|
$
|
6,121
|
|
|
(1)
|
As of
June 30, 2019
, the difference between the carrying amount and fair value is primarily due to low US treasury rates.
|
|
(2)
|
Excludes unamortized discount, debt issuance costs and finance lease obligations. See
Note
8. Leases
.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions, except per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net (Loss) Income and Comprehensive (Loss) Income Attributable to Noble Energy
|
$
|
(10
|
)
|
|
$
|
(23
|
)
|
|
$
|
(323
|
)
|
|
$
|
531
|
|
|
Weighted Average Number of Shares Outstanding, Basic
(1)
|
478
|
|
|
484
|
|
|
478
|
|
|
485
|
|
||||
|
Incremental Shares from Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
|
Weighted Average Number of Shares Outstanding, Diluted
|
478
|
|
|
484
|
|
|
478
|
|
|
487
|
|
||||
|
(Loss) Income Per Share, Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
1.09
|
|
|
(Loss) Income Per Share, Diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
1.09
|
|
|
Number of Antidilutive Stock Options, Shares of Restricted Stock, and Shares of Common Stock in Rabbi Trust Excluded from Calculation Above
|
15
|
|
|
14
|
|
|
15
|
|
|
14
|
|
||||
|
(1)
|
Decrease in weighted average number of shares outstanding reflects the impact of Noble Energy common stock repurchased in 2018 pursuant to our
$750 million
share repurchase program.
|
|
•
|
|
•
|
|
•
|
|
•
|
|
•
|
|
•
|
|
Location
|
Average Rigs Operated
|
|
Wells Drilled and Completed
|
|
Wells Brought Online
|
|
Average Sales Volumes
(MBoe/d)
|
|
DJ Basin
|
2
|
|
33
|
|
36
|
|
145
|
|
Delaware Basin
|
4
|
|
17
|
|
25
|
|
64
|
|
Eagle Ford Shale
|
—
|
|
9
|
|
16
|
|
54
|
|
Total
|
6
|
|
59
|
|
77
|
|
263
|
|
•
|
total average consolidated sales volumes of
343
MBoe/d, net;
|
|
•
|
record average daily sales volumes of
117
MBbl/d, net, for US crude oil driven by acceleration of development plans;
|
|
•
|
average daily sales volumes of
1.0 Bcfe/d
, gross, for offshore Israel natural gas, primarily from the Tamar field; and
|
|
•
|
US onshore production expense per BOE of $
11.64
.
|
|
•
|
capital expenditures, excluding acquisitions, of $
596
million, as compared with $787 million for
second quarter 2018
;
|
|
•
|
pre-tax income of $
179 million
, as compared with pre-tax income of $
7 million
for
second quarter 2018
; and
|
|
•
|
net gain on commodity derivative instruments of $
60
million, as compared with a net loss of $
249 million
for
second quarter 2018
.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Oil, NGL and Gas Sales to Third Parties
|
$
|
954
|
|
|
$
|
1,100
|
|
|
$
|
1,891
|
|
|
$
|
2,273
|
|
|
Sales of Purchased Oil and Gas
|
28
|
|
|
—
|
|
|
42
|
|
|
—
|
|
||||
|
Income from Equity Method Investees and Other
|
18
|
|
|
36
|
|
|
33
|
|
|
71
|
|
||||
|
Total Revenues
|
1,000
|
|
|
1,136
|
|
|
1,966
|
|
|
2,344
|
|
||||
|
Production Expense
|
298
|
|
|
327
|
|
|
649
|
|
|
677
|
|
||||
|
Exploration Expense
|
33
|
|
|
29
|
|
|
57
|
|
|
64
|
|
||||
|
Depreciation, Depletion and Amortization
|
493
|
|
|
435
|
|
|
968
|
|
|
880
|
|
||||
|
Loss (Gain) on Divestitures, Net
|
—
|
|
|
31
|
|
|
—
|
|
|
(361
|
)
|
||||
|
Asset Impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||
|
Cost of Purchased Oil and Gas
|
28
|
|
|
—
|
|
|
42
|
|
|
—
|
|
||||
|
(Gain) Loss on Commodity Derivative Instruments
|
(60
|
)
|
|
249
|
|
|
152
|
|
|
328
|
|
||||
|
Income (Loss) Before Income Taxes
|
179
|
|
|
7
|
|
|
11
|
|
|
493
|
|
||||
|
|
Average Sales Volumes
(1)
|
|
Average Realized Sales Prices
(1)
|
||||||||||||||||||||
|
|
Crude Oil & Condensate
(MBbl/d)
|
|
NGLs
(MBbl/d)
|
|
Natural Gas
(MMcf/d)
|
|
Total
(MBoe/d)
|
|
Crude Oil & Condensate
(Per Bbl)
|
|
NGLs
(Per Bbl)
|
|
Natural Gas
(Per Mcf)
|
||||||||||
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||||||
|
United States
|
117
|
|
|
64
|
|
|
495
|
|
|
263
|
|
|
$
|
58.13
|
|
|
$
|
14.54
|
|
|
$
|
1.61
|
|
|
Eastern Mediterranean
|
—
|
|
|
—
|
|
|
209
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
5.53
|
|
|||
|
West Africa
(2)
|
11
|
|
|
—
|
|
|
199
|
|
|
45
|
|
|
66.61
|
|
|
—
|
|
|
0.27
|
|
|||
|
Total Consolidated Operations
(3)
|
128
|
|
|
64
|
|
|
903
|
|
|
343
|
|
|
58.88
|
|
|
14.54
|
|
|
2.22
|
|
|||
|
Equity Investees
(4)
|
2
|
|
|
4
|
|
|
—
|
|
|
6
|
|
|
65.75
|
|
|
31.22
|
|
|
—
|
|
|||
|
Total
(3)
|
130
|
|
|
68
|
|
|
903
|
|
|
349
|
|
|
$
|
58.98
|
|
|
$
|
15.47
|
|
|
$
|
2.22
|
|
|
Three Months Ended June 30, 2018
|
|||||||||||||||||||||||
|
United States
(5)
|
108
|
|
|
62
|
|
|
467
|
|
|
247
|
|
|
$
|
64.67
|
|
|
$
|
24.46
|
|
|
$
|
2.29
|
|
|
Eastern Mediterranean
|
—
|
|
|
—
|
|
|
225
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
5.46
|
|
|||
|
West Africa
(2)
|
17
|
|
|
—
|
|
|
225
|
|
|
54
|
|
|
72.79
|
|
|
—
|
|
|
0.27
|
|
|||
|
Total Consolidated Operations
|
125
|
|
|
62
|
|
|
917
|
|
|
339
|
|
|
65.77
|
|
|
24.46
|
|
|
2.57
|
|
|||
|
Equity Investees
(4)
|
2
|
|
|
5
|
|
|
—
|
|
|
7
|
|
|
76.07
|
|
|
43.36
|
|
|
—
|
|
|||
|
Total
|
127
|
|
|
67
|
|
|
917
|
|
|
346
|
|
|
$
|
65.93
|
|
|
$
|
25.90
|
|
|
$
|
2.57
|
|
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||||
|
United States
|
115
|
|
|
62
|
|
|
489
|
|
|
258
|
|
|
$
|
55.84
|
|
|
$
|
16.12
|
|
|
$
|
2.04
|
|
|
Eastern Mediterranean
|
—
|
|
|
—
|
|
|
220
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
5.55
|
|
|||
|
West Africa
(2)
|
11
|
|
|
—
|
|
|
184
|
|
|
42
|
|
|
63.74
|
|
|
—
|
|
|
0.27
|
|
|||
|
Total Consolidated Operations
(3)
|
126
|
|
|
62
|
|
|
893
|
|
|
337
|
|
|
56.57
|
|
|
16.12
|
|
|
2.55
|
|
|||
|
Equity Investees
(4)
|
2
|
|
|
4
|
|
|
—
|
|
|
6
|
|
|
61.02
|
|
|
34.11
|
|
|
—
|
|
|||
|
Total
(3)
|
128
|
|
|
66
|
|
|
893
|
|
|
343
|
|
|
$
|
56.62
|
|
|
$
|
17.21
|
|
|
$
|
2.55
|
|
|
Six Months Ended June 30, 2018
|
|||||||||||||||||||||||
|
United States
(5)
|
115
|
|
|
63
|
|
|
486
|
|
|
259
|
|
|
$
|
63.23
|
|
|
$
|
25.00
|
|
|
$
|
2.47
|
|
|
Eastern Mediterranean
|
—
|
|
|
—
|
|
|
243
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
5.47
|
|
|||
|
West Africa
(2)
|
16
|
|
|
—
|
|
|
215
|
|
|
51
|
|
|
70.65
|
|
|
—
|
|
|
0.27
|
|
|||
|
Total Consolidated Operations
|
131
|
|
|
63
|
|
|
944
|
|
|
351
|
|
|
64.13
|
|
|
25.00
|
|
|
2.74
|
|
|||
|
Equity Investees
(4)
|
2
|
|
|
5
|
|
|
—
|
|
|
7
|
|
|
71.56
|
|
|
41.61
|
|
|
—
|
|
|||
|
Total
|
133
|
|
|
68
|
|
|
944
|
|
|
358
|
|
|
$
|
64.22
|
|
|
$
|
26.27
|
|
|
$
|
2.74
|
|
|
(1)
|
Natural gas is converted on the basis of six Mcf of gas per one barrel of crude oil equivalent. This ratio reflects an energy content equivalency and not a price or revenue equivalency. Given commodity price disparities, the prices for a barrel of crude oil equivalent for US natural gas and NGLs are significantly less than the price for a barrel of crude oil. In Israel, we sell natural gas under contracts where the majority of the price is fixed, resulting in less commodity price disparity between reporting periods.
|
|
(2)
|
Natural gas from the Alba field is sold under contract for $0.25 per MMBtu to a methanol plant, an LPG plant, an LNG plant and a power generation plant. The methanol and LPG plants are owned by affiliated entities accounted for under the equity method.
|
|
(3)
|
Includes a small amount of condensate sales from offshore Israel assets.
|
|
(4)
|
Volumes represent sales of condensate and LPG from the LPG plant in Equatorial Guinea. See
Income from Equity Method Investees.
|
|
(5)
|
Includes 3 MBoe/d and 14 MBoe/d for
second quarter and the first six months of 2018
, respectively, related to Gulf of Mexico assets sold in second quarter 2018. See
Item 1. Financial Statements – Note
4. Acquisitions and Divestitures
.
|
|
(millions)
|
Crude Oil & Condensate
|
|
NGLs
|
|
Natural Gas
|
|
Total
|
||||||||
|
Three Months Ended June 30, 2018
|
$
|
749
|
|
|
$
|
137
|
|
|
$
|
214
|
|
|
$
|
1,100
|
|
|
Changes due to
|
|
|
|
|
|
|
|
||||||||
|
Increase (Decrease) in Sales Volumes
|
17
|
|
|
4
|
|
|
(10
|
)
|
|
11
|
|
||||
|
Decrease in Sales Prices
(1)
|
(78
|
)
|
|
(57
|
)
|
|
(22
|
)
|
|
(157
|
)
|
||||
|
Three Months Ended June 30, 2019
|
$
|
688
|
|
|
$
|
84
|
|
|
$
|
182
|
|
|
$
|
954
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended June 30, 2018
|
$
|
1,522
|
|
|
$
|
283
|
|
|
$
|
468
|
|
|
$
|
2,273
|
|
|
Changes due to
|
|
|
|
|
|
|
|
||||||||
|
Decrease in Sales Volumes
|
(53
|
)
|
|
(4
|
)
|
|
(37
|
)
|
|
(94
|
)
|
||||
|
Decrease in Sales Prices
(1)
|
(169
|
)
|
|
(99
|
)
|
|
(20
|
)
|
|
(288
|
)
|
||||
|
Six Months Ended June 30, 2019
|
$
|
1,300
|
|
|
$
|
180
|
|
|
$
|
411
|
|
|
$
|
1,891
|
|
|
(1)
|
Changes exclude gains and losses related to commodity derivative instruments. See
Item 1. Financial Statements – Note
12. Derivative Instruments and Hedging Activities
.
|
|
•
|
decreases in average realized prices for
second quarter and the first six months of 2019
(see
Executive Overview – Operational Environment Update – Commodity Prices
);
|
|
•
|
reduction in sales volumes of 3 MBbl/d and
11
MBbl/d for
second quarter and the first six months of 2019
, respectively, due to the sale of our Gulf of Mexico assets in second quarter 2018; and
|
|
•
|
lower West Africa sales volumes of
6
MBbl/d and
5
MBbl/d for
second quarter and the first six months of 2019
, respectively, due to timing of liftings and natural field decline;
|
|
•
|
higher US onshore sales volumes of 12 MBbl/d and
11
MBbl/d for
second quarter and the first six months of 2019
, respectively, primarily due to an increase in development activity in the Delaware and DJ Basins.
|
|
•
|
decreases in average realized prices for
second quarter and the first six months of 2019
(see
Executive Overview – Operational Environment Update – Commodity Prices
); and
|
|
•
|
lower Eagle Ford Shale sales volumes of 8 MBbl/d and 12 MBbl/d for
second quarter and the first six months of 2019
, respectively, due to reduced activity and natural field decline;
|
|
•
|
higher sales volumes in the DJ and Delaware Basins of 11 MBbl/d and 12 MBbl/d for
second quarter and the first six months of 2019
, respectively, due to an increase in development activities.
|
|
•
|
decreases in average realized prices for
second quarter and the first six months of 2019
(see
Executive Overview – Operational Environment Update – Commodity Prices
);
|
|
•
|
lower Eagle Ford Shale sales volumes of 63 MMcf/d and 72 MMcf/d for
second quarter and the first six months of 2019
, respectively, due to reduced activity and natural field decline;
|
|
•
|
lower West Africa sales volumes of
26
MMcf/d and
31
MMcf/d for
second quarter and the first six months of 2019
, respectively, due to natural field decline and planned maintenance at onshore facilities during first quarter 2019, which required field shut-in for a portion of the period; and
|
|
•
|
lower Israel sales volumes of
16
MMcf/d and
23
MMcf/d for
second quarter and the first six months of 2019
, respectively, primarily due to planned maintenance and the sale of a 7.5% interest in the Tamar field in March 2018;
|
|
•
|
higher sales volumes in the DJ and Delaware Basins of 92 MMcf/d and 87 MMcf/d for
second quarter and the first six months of 2019
, respectively, due to an increase in development activities.
|
|
(millions, except unit rate)
|
Total per BOE
(1)(2)
|
|
Total
|
|
United States
(2)
|
|
Eastern Mediterranean
|
|
West Africa
|
||||||||||
|
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Lease Operating Expense
(3)
|
$
|
4.26
|
|
|
$
|
133
|
|
|
$
|
114
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
Production and Ad Valorem Taxes
|
1.28
|
|
|
40
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|||||
|
Gathering, Transportation and Processing
|
3.97
|
|
|
124
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Royalty Expense
|
0.03
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Production Expense
|
$
|
9.54
|
|
|
$
|
298
|
|
|
$
|
279
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
Total Production Expense per BOE
|
|
|
$
|
9.54
|
|
|
$
|
11.64
|
|
|
$
|
2.82
|
|
|
$
|
2.47
|
|
||
|
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Lease Operating Expense
(3)
|
$
|
4.47
|
|
|
$
|
138
|
|
|
$
|
114
|
|
|
$
|
5
|
|
|
$
|
19
|
|
|
Production and Ad Valorem Taxes
|
1.56
|
|
|
48
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|||||
|
Gathering, Transportation and Processing
|
4.24
|
|
|
131
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Royalty Expense
|
0.33
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Production Expense
|
$
|
10.60
|
|
|
$
|
327
|
|
|
$
|
303
|
|
|
$
|
5
|
|
|
$
|
19
|
|
|
Total Production Expense per BOE
|
|
|
$
|
10.60
|
|
|
$
|
13.46
|
|
|
$
|
1.47
|
|
|
$
|
3.84
|
|
||
|
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Lease Operating Expense
(3)
|
$
|
4.78
|
|
|
$
|
292
|
|
|
$
|
239
|
|
|
$
|
19
|
|
|
$
|
34
|
|
|
Production and Ad Valorem Taxes
|
1.42
|
|
|
87
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|||||
|
Gathering, Transportation and Processing
|
4.35
|
|
|
266
|
|
|
266
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Royalty Expense
|
0.07
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Production Expense
|
$
|
10.62
|
|
|
$
|
649
|
|
|
$
|
596
|
|
|
$
|
19
|
|
|
$
|
34
|
|
|
Total Production Expense per BOE
|
|
|
$
|
10.62
|
|
|
$
|
12.75
|
|
|
$
|
2.83
|
|
|
$
|
4.44
|
|
||
|
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Lease Operating Expense
(3)
|
$
|
4.62
|
|
|
$
|
293
|
|
|
$
|
240
|
|
|
$
|
12
|
|
|
$
|
41
|
|
|
Production and Ad Valorem Taxes
|
1.59
|
|
|
101
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|||||
|
Gathering, Transportation and Processing
|
4.04
|
|
|
256
|
|
|
256
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Royalty Expense
|
0.43
|
|
|
27
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Production Expense
|
$
|
10.68
|
|
|
$
|
677
|
|
|
$
|
624
|
|
|
$
|
12
|
|
|
$
|
41
|
|
|
Total Production Expense per BOE
|
|
|
$
|
10.68
|
|
|
$
|
13.33
|
|
|
$
|
1.64
|
|
|
$
|
4.39
|
|
||
|
(1)
|
Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees.
|
|
(2)
|
US production expense includes charges from our midstream operations that are eliminated on a consolidated basis.
|
|
(3)
|
Lease operating expense includes oil and gas operating costs (labor, fuel, repairs, replacements, saltwater disposal and other related lifting costs) and workover expense.
|
|
•
|
decrease in US production and ad valorem taxes and other royalty expense due to lower commodity prices;
|
|
•
|
decrease in US lease operating expense and gathering, transportation and processing (GTP) expense due to the sale of our Gulf of Mexico assets; and
|
|
•
|
decrease in West Africa lease operating expense due to timing of planned maintenance activities and liftings;
|
|
•
|
increase in US lease operating expense and GTP expense, primarily due to increased development activities resulting in added production in our DJ and Delaware Basins; and
|
|
•
|
increase in Eastern Mediterranean lease operating expense due to maintenance activities.
|
|
(millions, except unit rate)
|
Total
|
|
United States
|
|
Eastern Mediterranean
|
|
West Africa
|
||||||||
|
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
|
DD&A Expense
|
$
|
493
|
|
|
$
|
457
|
|
|
$
|
17
|
|
|
$
|
19
|
|
|
Unit Rate per BOE
(1)
|
$
|
15.80
|
|
|
$
|
19.07
|
|
|
$
|
5.33
|
|
|
$
|
4.69
|
|
|
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
||||||||
|
DD&A Expense
|
$
|
435
|
|
|
$
|
394
|
|
|
$
|
15
|
|
|
$
|
26
|
|
|
Unit Rate per BOE
(1)
|
$
|
14.10
|
|
|
$
|
17.51
|
|
|
$
|
4.41
|
|
|
$
|
5.25
|
|
|
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
|
DD&A Expense
|
$
|
968
|
|
|
$
|
896
|
|
|
$
|
33
|
|
|
$
|
39
|
|
|
Unit Rate per BOE
(1)
|
$
|
15.84
|
|
|
$
|
19.17
|
|
|
$
|
4.92
|
|
|
$
|
5.10
|
|
|
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
||||||||
|
DD&A Expense
|
$
|
880
|
|
|
$
|
800
|
|
|
$
|
28
|
|
|
$
|
52
|
|
|
Unit Rate per BOE
(1)
|
$
|
13.87
|
|
|
$
|
17.10
|
|
|
$
|
3.82
|
|
|
$
|
5.56
|
|
|
(1)
|
Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees.
|
|
•
|
capital investment and development activities in the Delaware and DJ Basins resulting in higher sales volumes; and
|
|
•
|
increase in Eastern Mediterranean due to the retirement of certain capital assets resulting in accelerated depreciation;
|
|
•
|
decrease resulting from the sale of our Gulf of Mexico assets in second quarter 2018; and
|
|
•
|
reduced sales volumes in West Africa, as noted above.
|
|
•
|
net cash settlement receipts of $15 million; and
|
|
•
|
net non-cash decrease of
$167 million
in the fair value of our net commodity derivative liability, primarily driven by changes in the forward commodity price curves for crude oil.
|
|
•
|
net cash settlement payment of
$93 million
; and
|
|
•
|
net non-cash increase of
$235 million
in the fair value of our net commodity derivative liability, primarily driven by changes in the forward commodity price curves for crude oil.
|
|
•
|
total revenues of $
161
million, as compared with $
155
million for
second quarter 2018
;
|
|
•
|
pre-tax income of
$46 million
, as compared with pre-tax income of
$175 million
for
second quarter 2018
;
|
|
•
|
capital expenditures, excluding acquisitions, of $
52
million, as compared with $
157
million for
second quarter 2018
; and
|
|
•
|
investments in equity method investees of $
144
million related primarily to investments in EPIC Y-Grade and EPIC Crude Holdings, as compared with zero for
second quarter 2018
.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Midstream Services Revenues – Third Party
|
$
|
20
|
|
|
$
|
15
|
|
|
$
|
44
|
|
|
$
|
28
|
|
|
Sales of Purchased Oil and Gas
|
52
|
|
|
42
|
|
|
85
|
|
|
64
|
|
||||
|
(Loss) Income from Equity Method Investees
|
(2
|
)
|
|
13
|
|
|
—
|
|
|
25
|
|
||||
|
Intersegment Revenues
|
91
|
|
|
85
|
|
|
197
|
|
|
166
|
|
||||
|
Total Revenues
|
161
|
|
|
155
|
|
|
326
|
|
|
283
|
|
||||
|
Operating Costs and Expenses
|
41
|
|
|
27
|
|
|
77
|
|
|
61
|
|
||||
|
Depreciation, Depletion and Amortization
|
26
|
|
|
22
|
|
|
51
|
|
|
38
|
|
||||
|
Gain on Divestitures, Net
|
—
|
|
|
(109
|
)
|
|
—
|
|
|
(305
|
)
|
||||
|
Cost of Purchased Oil and Gas
|
48
|
|
|
40
|
|
|
79
|
|
|
61
|
|
||||
|
Total Expense (Income)
|
115
|
|
|
(20
|
)
|
|
207
|
|
|
(145
|
)
|
||||
|
Income Before Income Taxes
|
$
|
46
|
|
|
$
|
175
|
|
|
$
|
119
|
|
|
$
|
428
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Sales of Purchased Oil and Gas
(1)
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
50
|
|
|
$
|
55
|
|
|
Cost of Purchased Oil and Gas
(1)
|
37
|
|
|
31
|
|
|
79
|
|
|
67
|
|
||||
|
Firm Transportation Exit Cost
(2)
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
||||
|
(1)
|
Relates to third party mitigation activities we engage in to utilize a portion of our Marcellus Shale firm transportation commitment. Cost of purchased oil and gas includes utilized and unutilized transportation expense.
|
|
(2)
|
Represents exit costs related to future commitments to a third party resulting from a permanent capacity assignment.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions, except unit rate)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
G&A Expense
|
$
|
105
|
|
|
$
|
105
|
|
|
$
|
207
|
|
|
$
|
209
|
|
|
Unit Rate per BOE
(1)
|
$
|
3.36
|
|
|
$
|
3.40
|
|
|
$
|
3.39
|
|
|
$
|
3.29
|
|
|
(1)
|
Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions, except unit rate)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Interest Expense, Gross
|
$
|
90
|
|
|
$
|
91
|
|
|
$
|
177
|
|
|
$
|
181
|
|
|
Capitalized Interest
|
(27
|
)
|
|
(18
|
)
|
|
(48
|
)
|
|
(35
|
)
|
||||
|
Interest Expense, Net
|
$
|
63
|
|
|
$
|
73
|
|
|
$
|
129
|
|
|
$
|
146
|
|
|
Unit Rate per BOE
(1)
|
$
|
2.02
|
|
|
$
|
2.37
|
|
|
$
|
2.11
|
|
|
$
|
2.30
|
|
|
(1)
|
Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees.
|
|
•
|
borrowed $
240 million
, net, under our
$4.0 billion
commercial paper program for working capital purposes; and
|
|
•
|
borrowed $140 million, net, under the Noble Midstream Services Revolving Credit Facility primarily to fund contributions to equity method investees.
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
(millions, except percentages)
|
Noble Energy Excluding
Noble Midstream Partners
|
|
Noble Midstream Partners
|
|
Total
|
|
Noble Energy Excluding
Noble Midstream Partners
|
|
Noble Midstream Partners
|
|
Total
|
||||||||||||
|
Total Cash
(1)
|
$
|
593
|
|
|
$
|
9
|
|
|
$
|
602
|
|
|
$
|
707
|
|
|
$
|
12
|
|
|
$
|
719
|
|
|
Amounts Available for Borrowing
(2)
|
3,760
|
|
|
—
|
|
|
3,760
|
|
|
4,000
|
|
|
—
|
|
|
4,000
|
|
||||||
|
Total Liquidity
|
$
|
4,353
|
|
|
$
|
9
|
|
|
$
|
4,362
|
|
|
$
|
4,707
|
|
|
$
|
12
|
|
|
$
|
4,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Debt
(3)
|
$
|
6,335
|
|
|
$
|
870
|
|
|
$
|
7,205
|
|
|
$
|
6,115
|
|
|
$
|
560
|
|
|
$
|
6,675
|
|
|
Noble Energy Share of Equity
|
|
|
|
|
$
|
9,029
|
|
|
|
|
|
|
$
|
9,426
|
|
||||||||
|
Ratio of Debt-to-Book Capital
(4)
|
|
|
|
|
44
|
%
|
|
|
|
|
|
41
|
%
|
||||||||||
|
(1)
|
As of
June 30, 2019
and
December 31, 2018
, total cash includes $
132
million and $
3
million of restricted cash, respectively.
|
|
(2)
|
Excludes amounts available to be borrowed under the Noble Midstream Services Revolving Credit Facility, which is not available to Noble Energy for general corporate purposes.
|
|
(3)
|
Total debt excludes unamortized debt discount/premium and debt issuance costs. See
Item 1. Financial Statements – Note
7. Debt
.
|
|
(4)
|
We define our ratio of debt-to-book capital as total debt divided by the sum of total debt plus Noble Energy's share of equity.
|
|
|
Six Months Ended June 30,
|
||||||
|
(millions)
|
2019
|
|
2018
|
||||
|
Operating Activities
|
$
|
1,092
|
|
|
$
|
1,079
|
|
|
Investing Activities
|
(1,697
|
)
|
|
(1,050
|
)
|
||
|
Financing Activities
|
488
|
|
|
(121
|
)
|
||
|
Decrease in Cash, Cash Equivalents and Restricted Cash
|
$
|
(117
|
)
|
|
$
|
(92
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
(millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Unproved Property Acquisition
(1)
|
$
|
4
|
|
|
$
|
9
|
|
|
$
|
39
|
|
|
$
|
13
|
|
|
Proved Property Acquisition
(1)
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
|
Exploration and Development
|
582
|
|
|
762
|
|
|
1,210
|
|
|
1,414
|
|
||||
|
Midstream
(2)
|
52
|
|
|
157
|
|
|
118
|
|
|
616
|
|
||||
|
Corporate and Other
|
13
|
|
|
16
|
|
|
31
|
|
|
27
|
|
||||
|
Total
|
$
|
651
|
|
|
$
|
944
|
|
|
$
|
1,402
|
|
|
$
|
2,070
|
|
|
Other
|
|
|
|
|
|
|
|
||||||||
|
Investment in Equity Method Investees
(3)
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
415
|
|
|
$
|
—
|
|
|
Increase in Finance Lease Obligations
|
1
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
|
(1)
|
Costs for
second quarter and the first six months of 2019
relate to US onshore leasehold activity.
|
|
(2)
|
Midstream expenditures for the
six months ended June 30, 2018
include
$206 million
related to the Saddle Butte acquisition.
|
|
(3)
|
Costs for the
six months ended June 30, 2019
primarily include Noble Midstream Partners' $
369
million investment in EPIC Y-Grade and EPIC Crude Holdings and $
39
million investment in Delaware Crossing. See
Item 1. Financial Statements – Note
4. Acquisitions and Divestitures
.
|
|
•
|
our growth strategies;
|
|
•
|
our future results of operations;
|
|
•
|
our liquidity and ability to finance our exploration and development activities;
|
|
•
|
our ability to successfully and economically explore for and develop crude oil, NGL and natural gas resources;
|
|
•
|
anticipated trends in our business;
|
|
•
|
market conditions in the oil and gas industry;
|
|
•
|
the impact of governmental regulation, including US federal, state, local, and foreign host government tax regulations, fiscal policies and terms, as well as that involving the protection of the environment or marketing of production and other regulations;
|
|
•
|
our ability to make and integrate acquisitions or execute divestitures; and
|
|
•
|
access to resources.
|
|
Period
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
|
|
|
|
|
|
|
|
(millions)
|
||||||
|
4/1/2019 - 4/30/2019
|
1,467
|
|
|
$
|
25.64
|
|
|
—
|
|
|
|
||
|
5/1/2019 - 5/31/2019
|
132
|
|
|
24.55
|
|
|
—
|
|
|
|
|||
|
6/1/2019 - 6/30/2019
|
462
|
|
|
21.36
|
|
|
—
|
|
|
|
|||
|
Total
|
2,061
|
|
|
$
|
24.61
|
|
|
—
|
|
|
$
|
455
|
|
|
(1)
|
Stock repurchases during the period related to common stock received by us from employees for the payment of withholding taxes due on shares of common stock issued under stock-based compensation plans.
|
|
(2)
|
During
second quarter 2019
, we did not repurchase shares under the $
750
million share repurchase program, authorized by the Board of Directors and announced on February 15, 2018, which expires
December 31, 2020
.
|
|
Exhibit Number
|
|
Exhibit*
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
2.2
|
|
|
|
|
|
|
|
3.1
|
|
|
|
|
|
|
|
3.2
|
|
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
|
|
10.5*
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
101.INS
|
|
Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
101.SCH
|
|
XBRL Schema Document
|
|
|
|
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
|
|
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
|
|
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
|
|
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
|
|
|
|
NOBLE ENERGY, INC.
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date
|
|
August 2, 2019
|
|
By: /s/ Kenneth M. Fisher
|
|
|
|
|
|
Kenneth M. Fisher
Executive Vice President, Chief Financial Officer
|
1 Year Noble Energy Chart |
1 Month Noble Energy Chart |
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