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

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

For the quarterly period ended June 30, 2018

OR
 
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission file number: 001-07964

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12388155&doc=13

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý    No o 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).
Yes ý    No o
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o
Emerging growth company o
 
 
(Do not check if a smaller reporting 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. o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o    No ý
 
As of June 30, 2018, there were 483,118,790 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




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


2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements
Noble Energy, Inc.
Consolidated Statements of Operations and Comprehensive Income
(millions, except per share amounts)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Revenues
 
 
 
 
 
 
 
Oil, NGL and Gas Sales
$
1,100

 
$
1,017

 
$
2,273

 
$
2,011

Income from Equity Method Investees and Other
130

 
42

 
243

 
84

Total
1,230

 
1,059

 
2,516

 
2,095

Costs and Expenses
 

 
 

 
 
 
 
Production Expense
292

 
283

 
613

 
586

Exploration Expense
29

 
30

 
64

 
72

Depreciation, Depletion and Amortization
465

 
503

 
933

 
1,031

Loss on Marcellus Shale Upstream Divestiture

 
2,322

 

 
2,322

Gain on Divestitures, Net
(78
)
 

 
(666
)
 

Asset Impairments

 

 
168

 

General and Administrative
105

 
103

 
209

 
202

Other Operating Expense, Net
74

 
118

 
144

 
147

Total
887

 
3,359

 
1,465

 
4,360

Operating Income (Loss)
343

 
(2,300
)
 
1,051

 
(2,265
)
Other (Income) Expense
 

 
 

 
 
 
 
Loss (Gain) on Commodity Derivative Instruments
249

 
(57
)
 
328

 
(167
)
Interest, Net of Amount Capitalized
73

 
96

 
146

 
183

Other Non-Operating Expense (Income), Net
11

 
(5
)
 
24

 
(6
)
Total
333

 
34

 
498

 
10

Income (Loss) Before Income Taxes
10

 
(2,334
)
 
553

 
(2,275
)
Income Tax Expense (Benefit)
16

 
(836
)
 
(15
)
 
(824
)
Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests
(6
)
 
(1,498
)
 
568

 
(1,451
)
Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests
17

 
14

 
37

 
25

Net (Loss) Income and Comprehensive Income (Loss) Attributable to Noble Energy
$
(23
)
 
$
(1,512
)
 
$
531

 
$
(1,476
)
 
 
 
 
 
 
 
 
Net (Loss) Income Attributable to Noble Energy per Common Share
 
 
 
 
 
 
 
   Basic
$
(0.05
)
 
$
(3.20
)
 
$
1.09

 
$
(3.27
)
   Diluted
$
(0.05
)
 
$
(3.20
)
 
$
1.09

 
$
(3.27
)
Weighted Average Number of Common Shares Outstanding
 
 
 
 
 
 
 
   Basic
484

 
472

 
485

 
452

   Diluted
484

 
472

 
487

 
452



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

3

Table of Contents

Noble Energy, Inc.
Consolidated Balance Sheets
(millions)
(unaudited)

 
June 30,
2018
 
December 31,
2017
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
621

 
$
675

Accounts Receivable, Net
743

 
748

Other Current Assets
187

 
780

Total Current Assets
1,551

 
2,203

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method of Accounting)
28,334

 
29,678

Property, Plant and Equipment, Other
896

 
879

Total Property, Plant and Equipment, Gross
29,230

 
30,557

Accumulated Depreciation, Depletion and Amortization
(11,313
)
 
(13,055
)
Total Property, Plant and Equipment, Net
17,917

 
17,502

Other Noncurrent Assets
984

 
461

Goodwill
1,402

 
1,310

Total Assets
$
21,854

 
$
21,476

LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 

Accounts Payable – Trade
$
1,308

 
$
1,161

Other Current Liabilities
745

 
578

Total Current Liabilities
2,053

 
1,739

Long-Term Debt
6,555

 
6,746

Deferred Income Taxes
970

 
1,127

Other Noncurrent Liabilities
995

 
1,245

Total Liabilities
10,573

 
10,857

Commitments and Contingencies

 


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; 526 Million and 529 Million Shares Issued, respectively
5

 
5

Additional Paid in Capital
8,329

 
8,438

Accumulated Other Comprehensive Loss
(28
)
 
(30
)
Treasury Stock, at Cost; 39 Million Shares
(731
)
 
(725
)
Retained Earnings
2,677

 
2,248

Noble Energy Share of Equity
10,252

 
9,936

Noncontrolling Interests
1,029

 
683

Total Equity
11,281

 
10,619

Total Liabilities and Equity
$
21,854

 
$
21,476


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


4

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
Six Months Ended June 30,
 
2018
 
2017
Cash Flows From Operating Activities
 
 
 
Net Income (Loss) Including Noncontrolling Interests
$
568

 
$
(1,451
)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
 
 
 
Depreciation, Depletion and Amortization
933

 
1,031

Loss on Marcellus Shale Upstream Divestiture

 
2,322

Gain on Divestitures, Net
(666
)
 

Asset Impairments
168

 

Deferred Income Tax Benefit
(164
)
 
(873
)
Loss (Gain) on Commodity Derivative Instruments
328

 
(167
)
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments
(93
)
 
14

Stock Based Compensation
35

 
67

Other Adjustments for Noncash Items Included in Income (Loss)
22

 
33

Changes in Operating Assets and Liabilities
 
 
 
Decrease (Increase) in Accounts Receivable
76

 
(123
)
(Decrease) Increase in Accounts Payable
(24
)
 
120

Decrease in Current Income Taxes Payable
3

 
(42
)
Other Current Assets and Liabilities, Net
(58
)
 
(42
)
Other Operating Assets and Liabilities, Net
(49
)
 
(12
)
Net Cash Provided by Operating Activities
1,079


877

Cash Flows From Investing Activities
 
 
 
Additions to Property, Plant and Equipment
(1,782
)
 
(1,215
)
Proceeds from Sale of 7.5% Interest in Tamar Field
484

 

Proceeds from Sale of CONE Gathering LLC and CNX Midstream Partners Common Units
443

 

Proceeds from Gulf of Mexico Divestiture
383

 

Proceeds from Marcellus Shale Upstream Divestiture

 
1,028

Clayton Williams Energy Acquisition

 
(616
)
Acquisitions, Net of Cash Acquired
(650
)
 
(351
)
Proceeds from Other Divestitures
72

 
101

Additions to Equity Method Investments

 
(68
)
Other

 

Net Cash Used in Investing Activities
(1,050
)

(1,121
)
Cash Flows From Financing Activities
 
 
 
Dividends Paid, Common Stock
(102
)
 
(92
)
Purchase and Retirement of Common Stock
(130
)
 

Proceeds from Noble Midstream Services Revolving Credit Facility
610

 
195

Repayment of Noble Midstream Services Revolving Credit Facility
(165
)
 
(5
)
Contributions from Noncontrolling Interest Owners
331

 

Issuance of Noble Midstream Partners Common Units, Net of Offering Costs

 
138

Proceeds from Revolving Credit Facility
905

 
1,310

Repayment of Revolving Credit Facility
(1,135
)
 
(1,310
)
Repayment of Clayton Williams Energy Long-term Debt

 
(595
)
Repayment of Senior Notes
(384
)
 

Other
(51
)
 
(67
)
Net Cash Used in Financing Activities
(121
)

(426
)
Decrease in Cash, Cash Equivalents, and Restricted Cash
(92
)

(670
)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
713

 
1,210

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
621

 
$
540

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

5

Table of Contents


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

 
Attributable to Noble Energy
 
 
 
 
 
Common
Stock
 
Additional
Paid in
Capital
 
Accumulated Other
Comprehensive
Loss
 
Treasury
Stock at
Cost
 
Retained
Earnings
 
Non-
controlling Interests
 
Total Equity
December 31, 2017
$
5

 
$
8,438

 
$
(30
)
 
$
(725
)
 
$
2,248

 
$
683

 
$
10,619

Net Income

 

 

 

 
531

 
37

 
568

Stock-based Compensation

 
46

 

 

 

 

 
46

Dividends (21 cents per share)

 

 

 

 
(102
)
 

 
(102
)
Purchase and Retirement of Common Stock

 
(130
)
 

 

 

 

 
(130
)
Clayton Williams Energy Acquisition

 
(25
)
 

 

 

 

 
(25
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(22
)
 
(22
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
331

 
331

Other

 

 
2

 
(6
)
 

 

 
(4
)
June 30, 2018
$
5

 
$
8,329

 
$
(28
)
 
$
(731
)
 
$
2,677

 
$
1,029

 
$
11,281

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
$
5

 
$
6,450

 
$
(31
)
 
$
(692
)
 
$
3,556

 
$
312

 
$
9,600

Net (Loss) Income

 

 

 

 
(1,476
)
 
25

 
(1,451
)
Clayton Williams Energy Acquisition

 
1,876

 

 
(25
)
 

 

 
1,851

Stock-based Compensation

 
65

 

 

 

 

 
65

Dividends (20 cents per share)

 

 

 

 
(92
)
 

 
(92
)
Issuance of Noble Midstream Partners Common Units, Net of Offering Costs

 

 

 

 

 
138

 
138

Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(12
)
 
(12
)
Other

 
8

 
1

 
(10
)
 

 

 
(1
)
June 30, 2017
$
5

 
$
8,399

 
$
(30
)
 
$
(727
)
 
$
1,988

 
$
463

 
$
10,098



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

6

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




Note 1. Organization and Nature of Operations
Noble Energy, Inc. (Noble Energy, we or us) is a leading independent energy company engaged in worldwide crude oil and natural gas exploration and production. Our historical operating areas include: US onshore, primarily the DJ Basin, Delaware Basin, Eagle Ford Shale and Marcellus Shale (until June 2017); US offshore Gulf of Mexico (until April 2018); Eastern Mediterranean; and West Africa. Our Midstream segment owns, operates, develops and acquires domestic midstream infrastructure assets 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 June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 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. For the periods presented, activity within other comprehensive income or loss was de minimis; therefore, net income is materially consistent with comprehensive income or loss.
Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.
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, 2017.
Consolidation   Our consolidated financial statements include our accounts, the accounts of subsidiaries which Noble Energy wholly owns, and the accounts of Noble Midstream Partners, which is considered a variable interest entity (VIE) for which Noble Energy is the primary beneficiary. In addition, we use the equity method of accounting for investments in entities that we do not control, but over which we exert significant influence. All significant intercompany balances and transactions have been eliminated upon consolidation.
Estimates   The preparation of consolidated financial statements in conformity with US GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment.
Investment in Shares of Tamar Petroleum We account for our investment in shares of Tamar Petroleum Ltd. at fair value and record changes in fair value in other non-operating expense (income), net in our consolidated statements of operations. See Note 3. Acquisitions and Divestitures and Note 6. Fair Value Measurements and Disclosures.
Intangible Assets Intangible assets consist of customer contracts and relationships acquired by Noble Midstream Partners in its acquisition of Saddle Butte Rockies Midstream, LLC and affiliates (collectively, Saddle Butte). We recorded the intangible assets at their estimated fair values at the date of acquisition. Amortization is calculated using the straight-line method, which reflects the pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset, which is currently over periods of seven to 13 years. As of June 30, 2018, the gross book value of the intangible asset was $340 million. Amortization expense of $9 million and $14 million for the three and six months ended June 30, 2018, respectively, is included in depreciation, depletion and amortization expense in our consolidated statements of operations. Intangible assets with finite useful lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. See Note 3. Acquisitions and Divestitures.
Stock Repurchase Program On February 15, 2018, we announced that the Company's Board of Directors authorized a $750 million share repurchase program which expires December 31, 2020. All purchases will be made from time to time in the open market or private transactions, depending on market conditions, and may be discontinued at any time. During second quarter and the first six months of 2018, we repurchased and retired 1.8 million shares and 4.0 million shares of common stock at an average purchase price of $35.15 per share and $32.41 per share, respectively.
ASC 606, Revenue from Contracts with Customers Our revenue is derived from the sale of crude oil, NGL and natural gas production primarily to crude oil refining companies, midstream marketing companies, marketers, industrial companies, electric utility companies, independent power producers and cogeneration facilities, among others. We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606), which we adopted on January 1, 2018 using the

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



modified retrospective method. Under ASC 606, performance obligations are the unit of account and generally represent distinct goods or services that are promised to customers. For sales of crude oil, NGLs and natural gas, each unit sold is generally considered a distinct good and the related performance obligation is generally satisfied at a point in time. We recognize our sales revenues at a point in time and upon delivery to a customer at the contractually stated price and for the quantity of product delivered. In Israel, because our contracts are long-term arrangements, we recognize revenues from the sale of natural gas over the life of the contract based on the quantity of natural gas delivered.
ASC 606 provides additional clarification related to principal versus agent considerations. Under this guidance, we record revenue on a gross basis if we control a promised good or service before transferring it to a customer. For example, gathering, processing, transportation and fractionation costs incurred before transfer of control to the customer at the tailgate of a plant are accounted for as fulfillment costs and are presented as a component of gathering, transportation and processing expense in our consolidated statements of operations. On the other hand, we record revenue on a net basis if our role is to arrange for another entity to provide the goods or services. For example, costs incurred after control over the product has transferred to the customer, such as at the wellhead or inlet of a plant, are recorded as a reduction of the transaction price received within revenue.
Certain of our contracts for the sale of commodities contain embedded derivatives. We have elected the normal purchases and normal sales scope exception as provided by ASC 815, Derivatives and Hedging, and will account for such contracts in accordance with ASC 606.
In the US, we enter into marketing agreements with our non-operating partners to market and sell their share of production to third parties. We have determined that we act as an agent in such arrangements and account for such arrangements on a net basis.
ASC 606 adoption did not have an impact on the opening balance of retained earnings. The adoption resulted in de minimis increases of $2 million and $7 million to both revenues and expenses for second quarter and the first six months of 2018, respectively, but did not affect operating or net income or operating cash flows. The comparative information for the prior period has not been recast and continues to be reported under the accounting standards in effect for the period. Adoption of the new standard did not impact our financial position, and we do not expect that it will do so going forward.
Changes to the presentation of commodity sales revenue and production expense resulted from our assessment of certain contractual arrangements under principal versus agent guidance and assessment of control under ASC 606. In particular, we have determined that the processor is our customer with regard to the sale of natural gas at the wellhead or the sale of NGLs at the tailgate. This is a change from previous conclusions reached under principal versus agent guidance per ASC 605, Revenue Recognition, where we previously retained control over our production until the sale to the end customer in the downstream markets. As such, effective January 1, 2018, revenues and expenses are presented on a net basis within revenues in our consolidated statements of operations at the time control over production is transferred to the processor under these arrangements.
Following the control model in ASC 606, we determined that we remain the principal in arrangements with the end customers, such as when we take product in-kind at the tailgate and when we are directly responsible for the transportation and marketing of our production in the downstream markets. In such arrangements, we record NGL and natural gas sales and production expense on a gross basis.
Our commodity sale contracts in the US are index-based and, thus, include variable consideration. In accordance with ASC 606, we allocate variable consideration (market price) to the distinct commodities transferred in the period, but not to the future obligations to deliver production. Such allocation represents the amount of consideration to which we are entitled for deliveries of our commodities to-date and represents the value of product delivered to the customer. Therefore, our revenue is recognized at the time of delivery and is the product of the volume delivered and the index-based price for the period.
The following is a summary of our types of revenue arrangements by commodity and geographic location.
EXPLORATION AND PRODUCTION (E&P) REVENUE ARRANGEMENTS
Crude Oil Sale Arrangements – US We sell the majority of our US crude oil production under short-term contracts at market-based prices, adjusted for location, quality and transportation charges. Market-based pricing is based on the price index applicable for the location of the sale.
We sell our crude oil production either at the lease location or in downstream markets. Crude oil production at the lease location is sold through netback arrangements, under which we sell crude oil net of transportation costs incurred by the purchaser. We record revenue, net, at the lease location when the customer receives delivery of the product.

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



When we move our crude oil production from the lease location to the downstream markets in the US, we incur gathering and transportation costs, which we consider contract fulfillment activities. Such costs are reported as expense within gathering, transportation and processing expense in the consolidated statements of operations. Revenue from the sale of crude oil in downstream markets is recognized upon delivery, as specified in the contract, when control of the product has transferred to the customer.
In second quarter 2018, we entered into a long-term contract to sell firm quantities of crude oil under index-based prices adjusted by applicable fees, including transportation, insurance, and marketing.
Crude Oil Buy/Sell Transactions – US We enter into buy/sell arrangements that effect a change in location and/or grade with required repurchase of crude oil at a delivery point. The sale and repurchase of crude oil is settled at the same contractually fixed price (before application of transportation and grade deductions) on a net basis. We account for these transactions on a net basis, in accordance with ASC 845, Nonmonetary Transactions. We record the residual transportation fee as transportation expense within gathering, transportation and processing expense in the consolidated statements of operations.
Crude Oil Sale Arrangements – West Africa Our share of crude oil and condensate from the Aseng, Alen and Alba fields is sold at market-based prices to Glencore Energy UK Ltd (Glencore Energy). Crude oil is priced at a Dated Brent FOB net realized price achieved by Glencore Energy and is adjusted by applicable fees, including transportation, insurance, and marketing. We recognize revenue on the sale of crude oil to Glencore Energy at the time crude oil cargo is loaded onto the tanker and control transfers to Glencore Energy. We record revenue at the realized price received from Glencore Energy, net of applicable fees.
Natural Gas and NGLs Sale Arrangements – US Certain of our commodity contracts in the US are for the sale of natural gas to processors at prevailing market prices. We evaluate the contract terms of these arrangements to determine whether the processor is a service provider or a customer on a contract by contract basis. In arrangements where we determine that we sold our product to the processor, we record revenue when the processor takes physical possession of the natural gas and NGLs and in the amount of proceeds expected to be received, net of any fees or deductions charged by the processor.
In other natural gas processing arrangements, we receive natural gas and NGL products "in-kind" after processing at the tailgate of the plant. In these arrangements, we are responsible for the transportation, fractionation and marketing costs of our production. In such cases, we record the sale of natural gas and NGLs and applicable gathering, processing, transportation and fractionation fees on a gross basis at the time the product is delivered to the end customer.
Natural Gas Purchase and Sale Arrangements – US We enter into purchase transactions and separate sale transactions with third parties at prevailing market prices to mitigate unutilized pipeline transportation commitments, primarily related to retained Marcellus Shale firm transportation agreements. Revenues and expenses from the sales and purchases are recorded on a gross basis, as we act as a principal in these transactions by assuming control of the purchased commodity before it is transferred to the customer.
Natural Gas Sale Arrangements – West Africa We sell our share of natural gas production from the Alba field under a long-term contract for $0.25 per MMBtu to a methanol plant, a liquefied petroleum gas (LPG) plant, a liquefied natural gas (LNG) plant and a power generation plant. We recognize revenue upon transfer of control of product to these processors.
Natural Gas Sale Arrangements – Israel Our natural gas sales in Israel are primarily based on long-term contracts with fixed volume commitments over the life of the arrangements. Our performance obligations for the sale of natural gas are satisfied over time using production output to measure progress. The nature of these contracts gives rise to several types of variable consideration, including index-based annual price escalations, commodity-based index pricing, tiered pricing and sales price discounts in periods of volume deficiencies. Additionally, the majority of our sales contracts contain take-or-pay provisions where the customers are required to purchase a contractual minimum over varying time periods. Where the variable consideration is related to market-based pricing or index-based escalations of a fixed base price, we have elected the variable consideration allocation exception pursuant to ASC 606. We record revenue related to the volumes delivered at the contract price at the time of delivery. To date, there have been no impacts of variability in consideration due to tiered pricing, take-or-pay provisions and/or volume deficiency discounts. We believe that any variability due to future sales price adjustments associated with potential volume deficiencies will not have a significant impact on our financial position or results of operations.
Transaction Price Allocated to Remaining Performance Obligations – Israel Remaining performance obligations represent the transaction price of firm sales arrangements for which volumes have not been delivered. Pursuant to ASC 606, short and long-term interruptible contracts, and long-term dedicated production agreements, are excluded from the disclosure due to uncertainty associated with estimating future production volumes and future market prices. However, certain of our natural gas sales contracts in Israel have fixed annual sales volumes and fixed base pricing with annual index escalations. The following table includes estimated revenues based upon those certain agreements with fixed minimum take-or-pay sales volumes. Our actual future sales volumes under these agreements may exceed future minimum volume commitments.

9

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



(millions)
July - Dec 2018
2019
2020
Total
Natural Gas Revenues (1)
$
107

$
137

$
169

$
413

(1) The remaining performance obligations are estimated utilizing the contractual base or floor price provision in effect. Our future revenues from the sale of natural gas under these associated contracts will vary from the amounts presented above due to components of variable consideration above the contractual base or floor provision, such as index-based escalations and market price changes.
MIDSTREAM REVENUE ARRANGEMENTS
Our Midstream segment revenues are derived from fixed fee contract arrangements for gathering, transportation and storage services. We have determined that our performance obligations for the provision of such services are satisfied over time using volumes delivered as the measure of progress. ASC 606 adoption did not have an impact on the recognition, measurement and presentation of our midstream revenues and expenses.
Crude Oil Purchase and Sale Arrangements – US As part of the Saddle Butte acquisition in first quarter 2018, we acquired a pipeline and associated third party contracts which include transactions for the purchase and sale of crude oil with varying counterparties. Revenues and expenses from the sales and purchases are recorded on a gross basis as we act as a principal in these transactions by assuming control of the purchased commodity before it is transferred to the customer. The purchases and sales of crude oil are at the prevailing market prices.
Recently Issued Accounting Standards
Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02 (ASU 2016-02): Leases. The standard requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases with terms of more than 12 months. ASU 2016-02 also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. In January 2018, the FASB issued Accounting Standards Update No. 2018-01 (ASU 2018-01): Land Easement Practical Expedient for Transition to Topic 842, to provide an optional practical expedient to not evaluate existing or expired land easements that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued Accounting Standards Update No. 2018-10 (ASU 2018-10): Codification Improvements to Topic 842, Leases, to clarify application of certain aspects of the standard and to remove inconsistencies within the guidance. Furthermore, in July 2018, the FASB issued Accounting Standards Update No. 2018-11 (ASU 2018-11): Leases (Topic 842): Targeted Improvements, which provides for another transition method, in addition to the existing transition method, by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption (i.e. comparative periods presented in the financial statements will continue to be in accordance with current GAAP (Topic 840, Leases)). The standard will be effective for annual and interim periods beginning after December 15, 2018, with earlier application permitted.
In the normal course of business, we enter into capital and operating lease agreements to support our exploration and development operations and lease assets such as drilling rigs, platforms, storage facilities, field services and well equipment, pipeline capacity, office space and other assets. We will adopt the new standard on the effective date of January 1, 2019. Although we continue to assess the impact of the standard on our consolidated financial statements, we believe adoption and implementation will result in an increase in assets and liabilities as well as additional disclosures. We do not expect a material impact on our consolidated statement of operations. We have developed and are executing a project plan, which includes contract review and assessment, as well as evaluation of our systems, processes and internal controls. In addition, we plan to implement new lease accounting software.
Accumulated Other Comprehensive Income In February 2018, the FASB issued Accounting Standards Update No. 2018-02 (ASU 2018-02): Income Statement – Reporting Comprehensive Income, to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 will be effective for annual and interim periods beginning after December 15, 2018, with earlier application permitted. As of June 30, 2018, we have a disproportionate tax effect of approximately $7 million stranded in accumulated other comprehensive income. We are currently evaluating the provisions of this standard.
Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (ASU 2017-04): Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment, to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new standard, we will perform our goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, with an impairment charge being recognized for the

10

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



amount by which the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 will be effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the provisions of ASU 2017-04.
Financial Instruments: Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13): Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The amended standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. From evaluation of our current credit portfolio, which includes receivables for commodity sales, joint interest billings due from partners and other receivables, historical credit losses have been de minimis and we believe that our expected future credit losses would not be significant. As such, we do not believe adoption of the standard will have a material impact on our financial statements.
Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (ASU 2017-12): Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities. The update is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, ASU 2017-12 makes certain targeted improvements to simplify the application of the hedge accounting guidance in current US GAAP. The amended standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the provisions of ASU 2017-12.
Statements of Operations Information   Other statements of operations information is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(millions)
2018
 
2017
 
2018
 
2017
Income From Equity Method Investees and Other
 

 
 

 
 
 
 
Income from Equity Method Investees
$
49

 
$
38

 
$
96

 
$
80

Sales of Purchased Oil and Gas (1)
66

 

 
119

 

Midstream Services Revenues – Third Party
15

 
4

 
28

 
4

Total
$
130

 
$
42

 
$
243

 
$
84

Production Expense
 

 
 

 
 
 
 
Lease Operating Expense
$
132

 
$
124

 
$
287

 
$
263

Production and Ad Valorem Taxes
50

 
32

 
104

 
73

Gathering, Transportation and Processing Expense
100

 
121

 
195

 
240

Other Royalty Expense
10

 
6

 
27

 
10

Total
$
292

 
$
283

 
$
613

 
$
586

Exploration Expense
 
 
 
 
 
 
 
Leasehold Impairment and Amortization
$

 
$

 
$

 
$
18

Seismic, Geological and Geophysical
2

 
8

 
13

 
13

Staff Expense
13

 
16

 
27

 
29

Other
14

 
6

 
24

 
12

Total
$
29

 
$
30

 
$
64

 
$
72

Other Operating Expense, Net
 
 
 
 
 
 
 
Marketing Expense (2)
$
7

 
$
14

 
$
12

 
$
33

Purchased Oil and Gas (1)
71

 

 
128

 

Clayton Williams Energy Acquisition Expenses

 
90

 

 
94

Other, Net
(4
)
 
14

 
4

 
20

Total
$
74

 
$
118

 
$
144

 
$
147

Other Non-Operating Expense (Income), Net
 
 
 
 
 
 
 
Loss on Investment in Shares of Tamar Petroleum Ltd., Net (3)
$
11

 
$

 
$
26

 
$

Other

 
(5
)
 
(2
)
 
(6
)
Total
$
11

 
$
(5
)
 
$
24

 
$
(6
)


11

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



(1) 
As part of the Saddle Butte acquisition in first quarter 2018, we acquired certain contracts which include the purchase and sale of crude oil with third parties. In addition, we have entered into certain transactions beginning in first quarter 2018 for the purchase of third party natural gas and the subsequent sale of natural gas to other third parties. The natural gas is transported through firm transportation capacity we retained following the Marcellus Shale upstream divestiture in second quarter 2017 and is part of our mitigation efforts to utilize capacity and reduce our financial commitment. The cost to purchase natural gas includes transportation expense incurred of $6 million and $11 million for second quarter and the first six months of 2018, respectively. See Note 11. Segment Information and Note 12. Commitments and Contingencies.
(2) 
Expense relates to unutilized firm transportation and shortfalls in delivering or transporting minimum volumes under certain commitments.
(3) 
Amounts for second quarter and the first six months of 2018 include losses of $11 million and $40 million, respectively, related to the change in fair value. The loss for the six months ended June 30, 2018 is partially offset by dividend income of $14 million. There was no dividend income for second quarter 2018.

12

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



Balance Sheet Information   Other balance sheet information is as follows:
(millions)
June 30,
2018
 
December 31,
2017
Accounts Receivable, Net
 
 
 
Commodity Sales
$
460

 
$
455

Joint Interest Billings
210

 
207

Other
89

 
103

Allowance for Doubtful Accounts
(16
)
 
(17
)
Total
$
743

 
$
748

Other Current Assets
 

 
 

Inventories, Materials and Supplies
$
46

 
$
66

Inventories, Crude Oil
27

 
16

Commodity Derivative Assets
29

 
2

Assets Held for Sale (1)
40

 
629

Restricted Cash (2)

 
38

Prepaid Expenses and Other Current Assets
45

 
29

Total
$
187

 
$
780

Other Noncurrent Assets
 

 
 

Equity Method Investments (3)
$
357

 
$
305

Customer-Related Intangible Assets (4)
326

 

Investment in Shares of Tamar Petroleum Ltd. (5)
150

 

Mutual Fund Investments
57

 
57

Net Deferred Income Tax Asset
25

 
25

Other Assets, Noncurrent
69

 
74

Total
$
984

 
$
461

Other Current Liabilities
 

 
 

Production and Ad Valorem Taxes
$
111

 
$
84

Commodity Derivative Liabilities
250

 
58

Income Taxes Payable
5

 
18

Asset Retirement Obligations
92

 
51

Interest Payable
64

 
67

Current Portion of Capital Lease Obligations
47

 
61

Liabilities Associated with Assets Held for Sale (1)

 
55

Compensation and Benefits Payable
66

 
98

Other Liabilities, Current
110

 
86

Total
$
745

 
$
578

Other Noncurrent Liabilities
 

 
 

Deferred Compensation Liabilities
$
180

 
$
197

Asset Retirement Obligations
543

 
824

Marcellus Shale Firm Transportation Commitment (6)
71

 
76

Production and Ad Valorem Taxes
39

 
69

Commodity Derivative Liabilities
85

 
15

Other Liabilities, Noncurrent
77

 
64

Total
$
995

 
$
1,245

(1) 
Assets held for sale at June 30, 2018 include assets in the Greeley Crescent area of the DJ Basin. Assets held for sale at December 31, 2017 include assets in the Greeley Crescent area of the DJ Basin, a 7.5% interest in the Tamar field, offshore Israel, our interest in Southwest Royalties, Inc. acquired in the Clayton Williams Energy Acquisition, and the CONE investments. Liabilities associated with

13

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



assets held for sale primarily represent asset retirement obligations and other liabilities to be assumed by the purchaser. See Note 3. Acquisitions and Divestitures.
(2) 
Balance at December 31, 2017 represents amount held in escrow pending closing of the Saddle Butte acquisition. See Note 3. Acquisitions and Divestitures.
(3) 
Includes $49 million for our investment in shares of CNX Midstream Partners LP. At December 31, 2017, this investment was included in assets held for sale. See Note 3. Acquisitions and Divestitures and Note 6. Fair Value Measurements and Disclosures.
(4) 
Amount relates to intangible assets acquired in the Saddle Butte acquisition and is net of $14 million of accumulated amortization. See Note 3. Acquisitions and Divestitures.
(5) 
Amount relates to our investment in shares of Tamar Petroleum Ltd. See Note 3. Acquisitions and Divestitures and Note 6. Fair Value Measurements and Disclosures.
(6) 
Amounts relate to the long-term portion of retained firm transportation agreements. At June 30, 2018 and December 31, 2017, we recorded $12 million and $14 million, respectively, associated with the current portion of the Marcellus Shale firm transportation commitment. See Note 12. Commitments and Contingencies.

Reconciliation of Total Cash We define total cash as cash, cash equivalents and restricted cash. The following table provides a reconciliation of total cash:
 
Six Months Ended June 30,
(millions)
2018
 
2017
Cash and Cash Equivalents at Beginning of Period
$
675

 
$
1,180

Restricted Cash at Beginning of Period
38

 
30

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
$
713

 
$
1,210

Cash and Cash Equivalents at End of Period
$
621

 
$
540

Restricted Cash at End of Period
&