/S E C O N D C O R R E C T I O N -- Noble Energy, Inc./

Press Release

Jan 31, 2003
/S E C O N D C O R R E C T I O N -- Noble Energy, Inc./

/S E C O N D C O R R E C T I O N -- Noble Energy, Inc./In the news release Noble Energy, Inc. (NYSE: NBL) Announces Full Year and Fourth Quarter 2002 Results, issued earlier today by Noble Energy, Inc. over PR Newswire, we are advised by the company that in the first financial table titled CONSOLIDATED SUMMARY OF RESULTS, the fourth line should read "Income (Loss) From Unconsol. Subs. [A]" rather than "Income From Unconsol. Subs. [A]". Also, in the second financial table titled DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION, the sixth line should read "Undistributed (Earnings) Loss From Unconsol. Subs." rather than "Undistributed Earnings From Unconsol. Subs." as originally issued inadvertently.
    A corrected version of those two tables follows:


                     NOBLE ENERGY, INC. AND SUBSIDIARIES
                       CONSOLIDATED SUMMARY OF RESULTS
                 (Unaudited) (In thousands, except per share)

                                   Three Months Ended   Twelve Months Ended
                                   12-31-02  12-31-01   12-31-02   12-31-01

    REVENUES
    Oil and Gas Sales and
     Royalties                     $195,180  $145,872   $700,602   $871,812
    Gathering, Marketing and
     Processing                     238,086   158,613    714,091    721,000
    Electricity Sales                14,326               18,257
    Income (Loss) From Unconsol.
     Subs. [A]                        8,254    (5,557)     9,532     (5,075)
    Other Income (Loss)                 274    (1,375)     1,246        538

                                    456,120   297,553  1,443,728  1,588,275

    COST AND EXPENSES
    Oil and Gas Operations           34,084    34,976    133,826    133,549
    Transportation                    3,214     4,609     16,441     16,012
    Oil and Gas Exploration          43,435    37,528    150,701    151,681
    Gathering, Marketing and
     Processing                     234,997   155,835    703,556    708,292
    Electricity Generation           12,829               15,946
    Depreciation, Depletion and
     Amortization                    66,098    74,369    285,286    284,016
    Selling, General and
     Administrative                   9,423    11,957     47,664     44,164
    Interest Expense [A]             16,948    11,200     64,040     41,904
    Interest Capitalized             (2,599)   (5,581)   (16,331)   (15,953)

                                    418,429   324,893  1,401,129  1,363,665

    INCOME (LOSS) BEFORE INCOME
     TAXES                           37,691   (27,340)    42,599    224,610

    INCOME TAX PROVISION (BENEFIT)
    Current                           6,331   (18,323)     7,625     31,594
    Deferred                         14,539    18,459     17,322     59,440

                                     20,870       136     24,947     91,034

    NET INCOME (LOSS)               $16,821  $(27,476)   $17,652   $133,576

    NET INCOME (LOSS) PER SHARE -
     BASIC                            $0.29    $(0.48)     $0.31      $2.36
    AVERAGE SHARES OUTSTANDING       57,306    56,686     57,196     56,549

    [A]  Income from Unconsolidated Subsidiaries includes interest expense of
         $2.8 million and $7.5 million for the three-month and twelve-month
         periods ended December 31, 2001, respectively.  This interest expense
         is related to the A-2 AMCCO notes that were consolidated into Noble
         Energy's balance sheet in January 2002 as a result of our partner's
         disposition of their ownership in the methanol plant and our
         resulting 100 percent interest in AMCCO.  Included in Interest
         Expense, and not included in Income from Unconsolidated Subsidiaries,
         during the three-month and twelve-month periods ended
         December 31, 2002 was $3.7 million and $11.2 million, respectively,
         of interest expense.


                     NOBLE ENERGY, INC. AND SUBSIDIARIES
         DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION
                                (In thousands)

                                       Three Months Ended  Twelve Months Ended
                                       12-31-02  12-31-01  12-31-02  12-31-01

    Net Income (Loss)                   $16,821  $(27,476)  $17,652  $133,576
    Depreciation, Depletion and
     Amortization (DD&A)                 66,098    74,369   285,286   284,016
    Power Project DD&A                    6,892               8,459
    Oil and Gas Exploration              43,435    37,528   150,701   151,681
    Interest Capitalized                 (2,599)   (5,581)  (16,331)  (15,953)
    Undistributed (Earnings) Loss
     From Unconsol. Subs.                (8,254)    5,557    (9,532)    5,075
    Distribution From Unconsol. Subs.    12,334              23,196
    Deferred Income Tax Provision
     (Benefit)                           14,539    18,459    17,322    59,440

    DISCRETIONARY CASH FLOW            $149,266  $102,856  $476,753  $617,835

    Adjustments to Reconcile
       Working Capital                  $59,695   $60,448   $58,863   $27,329
       Cash Exploration Costs           (18,421)  (12,589)  (48,051)  (34,784)
       Capitalized Interest               2,599     5,581    16,331    15,953
       Deferred Tax, Misc. Credits and
        Other                             6,009    17,514     5,895     9,439
       Return of Capital - Unconsol.
        Subs.                                                (5,500)
    Net Cash Provided by Operating
     Activities                        $199,148  $173,810  $504,291  $635,772

SOURCE Noble Energy, Inc.