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

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

For the quarterly period ended June 30, 2019
OR

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

For the transition period from _____to_____

Commission file number: 001-07964

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13038633&doc=11
NOBLE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
73-0785597
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
1001 Noble Energy Way
 
 
Houston,
Texas
 
77070
(Address of principal executive offices)
 
(Zip Code)
(281)
872-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
NBL
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes     No 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
As of June 30, 2019, there were 478,253,121 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 (Loss)
(millions, except per share amounts)
(unaudited)
 
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


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

3

Table of Contents

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

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

4

Table of Contents

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

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

5

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Shareholders' Equity
(millions)
(unaudited)
 
Attributable to Noble Energy
 
 
 
 
 
Common Stock
 
Additional Paid in Capital
 
Accumulated Other Comprehensive Loss
 
Treasury Stock at Cost
 
Retained Earnings
 
Non-controlling Interests
 
Total Equity
December 31, 2018
$
5

 
$
8,203

 
$
(32
)
 
$
(730
)
 
$
1,980

 
$
1,058

 
$
10,484

Net (Loss) Income

 

 

 

 
(313
)
 
24

 
(289
)
Stock-based Compensation

 
14

 

 

 

 

 
14

Dividends (11 cents per share)

 

 

 

 
(53
)
 

 
(53
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(17
)
 
(17
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
10

 
10

Other

 
2

 

 
(5
)
 

 
(3
)
 
(6
)
March 31, 2019
$
5

 
$
8,219

 
$
(32
)
 
$
(735
)
 
$
1,614

 
$
1,072

 
$
10,143

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


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

6

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


Note 1. Organization and Nature of Operations
Noble Energy, Inc. (Noble Energy, we or us) is a leading independent energy company engaged in worldwide crude oil and natural gas exploration and production. Our historical operating areas include: US onshore, primarily the Denver-Julesburg (DJ) Basin, Delaware Basin and Eagle Ford Shale; US offshore Gulf of Mexico (until April 2018); Eastern Mediterranean; and West Africa. Our Midstream segment develops, owns and operates domestic midstream infrastructure assets, as well as invests in other midstream projects, with current focus areas being the DJ and Delaware Basins.
Note 2. Basis of Presentation
Presentation   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US (US GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. The accompanying consolidated financial statements at June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and equity for such periods. Certain prior-period amounts have been reclassified to conform to the current period presentation. For the periods presented, net income or loss is materially consistent with comprehensive income or loss.
Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2018.
Consolidation   Our consolidated financial statements include our accounts, the accounts of subsidiaries which Noble Energy wholly owns, and the accounts of Noble Midstream Partners LP (Noble Midstream Partners), which is considered a variable interest entity (VIE) for which Noble Energy is the primary beneficiary. In addition, we use the equity method of accounting for investments in entities that we do not control, but over which we exert significant influence. All significant intercompany balances and transactions have been eliminated upon consolidation. 
Estimates   The preparation of consolidated financial statements in conformity with US GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment.
Partner Advances Partner advances consist of cash advances from certain of our Eastern Mediterranean field partners pending allocation of capacity in the EMG Pipeline owned by Eastern Mediterranean Gas Company S.A.E (EMG) and pending closing of the planned acquisition of EMG, which is expected to occur in third quarter 2019. The EMG Pipeline is expected to provide future connection from the Israel pipeline network to Egyptian customers. The acquisition of the equity interest in EMG is expected to support delivery of natural gas from our producing fields offshore Israel into Egypt. The cash advances received are reported within restricted cash in our consolidated balance sheets.
Leases We determine whether an arrangement contains a lease based on the conveyed rights and obligations at the inception date. If an agreement contains an operating or financing lease, at the commencement date, we record a right-of-use (ROU) asset and a corresponding lease liability based on the present value of the minimum lease payments.
As most of our leases do not provide an implicit borrowing rate, to determine the present value of lease payments, we use our hypothetical secured borrowing rate based on information available at lease commencement. Further, we make certain estimates and judgments regarding the lease term and lease payments, noted below.
Lease Term Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one month to one year or more. Additionally, some of our leases include an option for early termination. We include renewal periods and exclude termination periods from our lease term if, at commencement, it is reasonably likely that we will exercise the option.
Lease Payments Certain of our lease agreements include rental payments that are adjusted periodically for inflation or passage of time. These step payments are included within our present value calculation as they are known adjustments at commencement. Some of our lease agreements include variable payments that are excluded from our present value calculation.

7

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

For example, drilling rig ROU assets and lease liabilities are recorded using the contractual standby rate, which is the fixed, minimum monthly payment, as opposed to the operating rate, which varies depending on the asset's use.
Additionally, we have lease agreements that include lease and non-lease components, such as equipment maintenance, which are generally accounted for as a single lease component. For these leases, lease payments include all fixed payments stated within the contract. For office space, lease and non-lease components are accounted for separately. Our lease agreements do not contain any material residual value guarantees that would impact our lease payments.
Revenue Recognition   We recognize revenue at an amount that reflects the consideration we expect to be entitled to in exchange for transferring goods or services to a customer, using a five-step process, in accordance with ASC 606 Revenue from Contracts with Customers (ASC 606).
Under ASC 606, remaining performance obligations represent the transaction price of firm sales arrangements for which volumes have not been delivered. In Israel, certain of our Tamar natural gas contracts have fixed annual sales volumes and fixed base pricing with annual index escalations. The following table includes estimated revenues, as of June 30, 2019, for those agreements. Our actual future sales volumes may exceed future minimum volume commitments.
(millions)
Remainder of 2019
 
2020
 
Total
Natural Gas Revenues (1)
$
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.
Redeemable Noncontrolling Interest In March 2019, Noble Midstream Partners secured a $200 million equity commitment (preferred equity) from GIP CAPS Dos Rios Holding Partnership, L.P. (GIP) to fund capital contributions in connection with Noble Midstream Partners’ 30% equity investment in EPIC Crude Holdings, LP (EPIC Crude Holdings). GIP funded $100 million of the commitment, with associated offering costs of $3 million, and the remaining $100 million is available for a one-year period, subject to certain conditions precedent. The preferred equity is perpetual and has a 6.5% annual dividend rate, payable quarterly in cash, with the ability to defer payment during the first two years following the closing. Noble Midstream Partners can redeem the preferred equity in whole or in part at any time for cash at a predetermined redemption price. GIP can request redemption of the preferred equity following the later of the sixth anniversary of the preferred equity closing or the fifth anniversary of the EPIC crude oil pipeline completion date at a pre-determined base return.
As GIP’s redemption right is outside of Noble Midstream Partners’ control, the preferred equity is not considered to be a component of equity on the consolidated balance sheet and, therefore, is reported as mezzanine equity. In addition, because the preferred equity was issued by a subsidiary of Noble Midstream Partners and is held by a third party, it is considered a redeemable noncontrolling interest. Subsequent to issuance, we accrete changes in the redemption value of the preferred equity from the date of issuance to the earliest redemption date of the preferred equity. The accretion is offset against additional paid in capital. See Note 4. Acquisitions and Divestitures and Note 13. Fair Value Measurements and Disclosures.
Recently Issued Accounting Standards
Financial Instruments: Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13): Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology used for certain financial instruments with a methodology that reflects current expected credit losses. The current expected credit loss (CECL) model applies to a broad scope of financial instruments, including financial assets measured at amortized cost. CECL also applies to off-balance sheet credit exposures not accounted for as insurance, such as financial guarantees and other unfunded loan commitments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and shall be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period.
The FASB subsequently issued Accounting Standards Update No. 2019-04 (ASU 2019-04): Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives, and Topic 825, Financial Instruments and Accounting Standards Update No. 2019-05 (ASU 2019-05): Financial Instruments-Credit Losses (Topic 326)-Targeted Transition Relief. ASU 2019-04 and ASU 2019-05 provide certain codification improvements related to CECL implementation and targeted transition relief consisting of an option to irrevocably elect the fair value option for eligible instruments.
From evaluation of our current credit portfolio, which includes receivables for commodity sales, joint interest billings due from partners and other receivables, historical credit losses have been de minimis and we believe that our expected future credit losses will not be significant. As such, we do not believe adoption of the standard will have a material impact on our financial statements. We have developed and are executing an implementation plan, which includes data collection, contract review and

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

assessment, and evaluation of our systems, processes and internal controls. We will continue to monitor changes in our credit portfolio and off-balance sheet exposures as our implementation plan progresses.
Recently Adopted Accounting Standards
Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), which created Topic 842 – Leases (ASC 842). The standard requires lessees to recognize a ROU asset and lease liability on the balance sheet for the rights and obligations created by leases. ASC 842 also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This standard does not apply to leases to explore for or use minerals, oil, natural gas or similar nonregenerative resources, including the intangible right to explore for those resources and rights to use the land in which those natural resources are contained.
The new standard provided a number of optional practical expedients. We elected:
the package of transition “practical expedients”, permitting us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs;
the practical expedient pertaining to land easements, allowing us to account for existing land easements under previous accounting policy; and
the practical expedient to not separate lease and non-lease components for the majority of our leases (elected by asset class).
We adopted ASC 842 on January 1, 2019 using the modified retrospective method and, therefore, prior period financial statements were not adjusted. At adoption, we recorded ROU assets and lease liabilities of $282 million and $287 million, respectively, primarily related to operating leases. The difference between amounts recorded for ROU assets and amounts recorded for lease liabilities totaled $5 million. This amount was recognized as other operating expense. Our accounting for finance leases remains substantially unchanged. Adoption did not materially impact our consolidated statement of operations and comprehensive income and had no impact on our consolidated statement of cash flows. See Note 8. Leases.
Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (ASU 2017-12): Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities. The update is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, ASU 2017-12 makes certain targeted improvements to simplify the application of the hedge accounting guidance in current US GAAP. We adopted this ASU on January 1, 2019. The adoption did not have an impact on our financial statements.
Intangibles—Goodwill and Other—Internal-Use Software In August 2018, the FASB issued Accounting Standards Update No. 2018-15 (ASU 2018-15): Intangibles—Goodwill and Other—Internal-Use Software, to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amended standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. We early adopted this ASU in second quarter 2019 using the prospective method. The adoption did not have a material impact on our financial statements.

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

Statements of Operations Information   Other statements of operations information is as follows:
 
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




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

Balance Sheet Information   Other balance sheet information is as follows:
(millions)
June 30,
2019
 
December 31,
2018
Accounts Receivable, Net