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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, 2020
OR

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

For the transition period from _____to_____

Commission file number: 001-07964
https://cdn.kscope.io/d1b3971f10bd0a100676a056fbf1b0ce-nbllogoupdated9302014a87.jpg
NOBLE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
73-0785597
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
1001 Noble Energy Way
 
 
Houston,
Texas
 
77070
(Address of principal executive offices)
 
(Zip Code)
(281) 872-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
NBL
 
The Nasdaq Stock Market LLC
 
 
 
 
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes     No 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
As of June 30, 2020, there were 479,768,764 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




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


2


Part I. Financial Information
Item 1. Financial Statements
Noble Energy, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(millions, except per share amounts)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Oil, NGL and Gas Sales
$
493

 
$
954

 
$
1,387

 
$
1,891

Sales of Purchased Oil and Gas
49

 
103

 
174

 
177

Other Revenue
29

 
36

 
30

 
77

Total
571

 
1,093

 
1,591

 
2,145

Costs and Expenses
 

 
 

 
 
 
 
Production Expense
214

 
260

 
490

 
565

Exploration Expense
15

 
33

 
1,519

 
57

Depreciation, Depletion and Amortization
320

 
528

 
812

 
1,036

General and Administrative
63

 
105

 
148

 
207

Cost of Purchased Oil and Gas
63

 
113

 
202

 
200

Asset Impairments
51

 

 
2,754

 

Goodwill Impairment

 

 
110

 

Other Operating Expense, Net
73

 
22

 
117

 
139

Total
799

 
1,061

 
6,152

 
2,204

Operating (Loss) Income
(228
)
 
32

 
(4,561
)
 
(59
)
Other Expense (Income)
 

 
 

 
 
 
 
Loss (Gain) on Commodity Derivative Instruments
158

 
(60
)
 
(231
)
 
152

Interest, Net of Amount Capitalized
87

 
63

 
168

 
129

Other Non-Operating Expense (Income), Net
3

 
1

 
(4
)
 
5

Total
248

 
4

 
(67
)
 
286

(Loss) Income Before Income Taxes
(476
)
 
28

 
(4,494
)
 
(345
)
Income Tax (Benefit) Expense
(89
)
 
20

 
(100
)
 
(64
)
Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests
(387
)
 
8

 
(4,394
)
 
(281
)
Less: Net Income (Loss) and Comprehensive Income (Loss) Attributable to Noncontrolling Interests
21

 
18

 
(23
)
 
42

Net Loss and Comprehensive Loss Attributable to Noble Energy
$
(408
)
 
$
(10
)
 
$
(4,371
)
 
$
(323
)
 


 


 


 


Net Loss Attributable to Noble Energy Common Shareholders per Share
 
 
 
 
 
 
 
   Basic and Diluted
$
(0.85
)
 
$
(0.02
)
 
$
(9.11
)
 
$
(0.68
)
Weighted Average Number of Common Shares Outstanding
 
 
 
 
 
 
 
   Basic and Diluted
479

 
478

 
480

 
478



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

3


Noble Energy, Inc.
Consolidated Balance Sheets
(millions)
(unaudited)
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
324

 
$
484

Accounts Receivable, Net
465

 
730

Other Current Assets
214

 
148

Total Current Assets
1,003

 
1,362

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method of Accounting)
30,941

 
30,404

Property, Plant and Equipment, Other
1,089

 
1,083

Total Property, Plant and Equipment, Gross
32,030

 
31,487

Accumulated Depreciation, Depletion and Amortization
(19,044
)
 
(14,036
)
Total Property, Plant and Equipment, Net
12,986

 
17,451

Other Noncurrent Assets
1,910

 
1,834

Total Assets
$
15,899

 
$
20,647

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
 
 
 
Current Liabilities
 
 
 

Accounts Payable – Trade
$
676

 
$
1,250

Other Current Liabilities
706

 
719

Total Current Liabilities
1,382

 
1,969

Long-Term Debt
7,936

 
7,477

Deferred Income Taxes
518

 
662

Other Noncurrent Liabilities
1,288

 
1,378

Total Liabilities
11,124

 
11,486

Commitments and Contingencies

 


Mezzanine Equity
 
 
 
Redeemable Noncontrolling Interest, Net
113

 
106

Shareholders’ Equity
 

 
 

Preferred Stock – Par Value $1.00 per share; 4 Million Shares Authorized; None Issued

 

Common Stock – Par Value $0.01 per share; 1 Billion Shares Authorized; 524 Million and 522 Million Shares Issued, respectively
5

 
5

Additional Paid in Capital
8,966

 
8,927

Accumulated Other Comprehensive Loss
(29
)
 
(31
)
Treasury Stock, at Cost; 39 Million Shares
(741
)
 
(732
)
(Accumulated Deficit) Retained Earnings
(4,198
)
 
241

Noble Energy Share of Equity
4,003

 
8,410

Noncontrolling Interests
659

 
645

Total Shareholders' Equity
4,662

 
9,055

Total Liabilities, Mezzanine Equity and Shareholders' Equity
$
15,899

 
$
20,647


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

4


Noble Energy, Inc.
Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net Loss Including Noncontrolling Interests
$
(4,394
)
 
$
(281
)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities
 
 
 
Leasehold Impairment
1,488

 

Depreciation, Depletion and Amortization
812

 
1,036

Deferred Income Tax Benefit
(144
)
 
(101
)
(Gain) Loss on Commodity Derivative Instruments
(231
)
 
152

Net Cash Received in Settlement of Commodity Derivative Instruments
314

 
15

Asset Impairments
2,754

 

Goodwill Impairment
110

 

Finance Lease Impairment
40

 

Firm Transportation Exit Cost

 
92

Other Adjustments for Noncash Items Included in Income
108

 
59

Changes in Operating Assets and Liabilities
 
 
 
Decrease in Accounts Receivable
158

 
35

(Decrease) Increase in Accounts Payable
(296
)
 
126

Increase in Partner Advances

 
132

Other Current Assets and Liabilities, Net
(225
)
 
(108
)
Other Operating Assets and Liabilities, Net
(94
)
 
(65
)
Net Cash Provided by Operating Activities
400

 
1,092

Cash Flows From Investing Activities
 
 
 
Additions to Property, Plant and Equipment
(724
)
 
(1,405
)
Additions to Equity Method Investments
(228
)
 
(415
)
Proceeds from Divestitures, Net
18

 
123

Other
(31
)
 

Net Cash Used in Investing Activities
(965
)
 
(1,697
)
Cash Flows From Financing Activities
 
 
 
Proceeds from Revolving Credit Facility
1,300

 
50

Repayment of Revolving Credit Facility
(975
)
 
(50
)
Proceeds from Noble Midstream Services Revolving Credit Facility
350

 
560

Repayment of Noble Midstream Services Revolving Credit Facility
(210
)
 
(250
)
Proceeds from Commercial Paper Borrowings, Net

 
240

Dividends Paid, Common Stock
(68
)
 
(111
)
Contributions from Noncontrolling Interest Owners
81

 
21

Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs

 
99

Other
(73
)
 
(71
)
Net Cash Provided by Financing Activities
405

 
488

Decrease in Cash, Cash Equivalents, and Restricted Cash
(160
)

(117
)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
484

 
719

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
324

 
$
602


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

5


Noble Energy, Inc.
Consolidated Statements of Shareholders' Equity
(millions)
(unaudited)
 
Attributable to Noble Energy
 
 
 
 
 
Common Stock
 
Additional Paid in Capital
 
Accumulated Other Comprehensive Loss
 
Treasury Stock at Cost
 
 (Accumulated Deficit) Retained Earnings
 
Non-controlling Interests
 
Total Equity
December 31, 2019
$
5

 
$
8,927

 
$
(31
)
 
$
(732
)
 
$
241

 
$
645

 
$
9,055

Net Loss

 

 

 

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

 
17

 

 

 

 

 
17

Dividends (12 cents per share)

 

 

 

 
(58
)
 

 
(58
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(29
)
 
(29
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
78

 
78

Other

 
(2
)
 
1

 
(8
)
 

 
(1
)
 
(10
)
March 31, 2020
$
5

 
$
8,942

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

 
$
5,046

Net (Loss) Income

 

 

 

 
(408
)
 
21

 
(387
)
Stock-based Compensation

 
26

 

 

 

 

 
26

Dividends (2 cents per share)

 

 

 

 
(10
)
 

 
(10
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(14
)
 
(14
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
3

 
3

Other

 
(2
)
 
1

 
(1
)
 

 

 
(2
)
June 30, 2020
$
5

 
$
8,966

 
$
(29
)
 
$
(741
)
 
$
(4,198
)
 
$
659

 
$
4,662

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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



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

6

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


Note 1. Organization and Nature of Operations
Noble Energy, Inc. (Noble Energy, we or us) is a leading independent energy company engaged in worldwide crude oil and natural gas exploration and production. Our historical operating areas include: US onshore, primarily the Denver-Julesburg (DJ) Basin, Delaware Basin and Eagle Ford Shale; Eastern Mediterranean; and West Africa. Our Midstream segment develops, owns and operates domestic midstream infrastructure assets, as well as invests in other midstream projects, with current focus areas being the DJ and Delaware Basins.
Chevron Merger On July 20, 2020, we entered into a definitive merger agreement (the Chevron Merger Agreement) with Chevron Corporation (NYSE: CVX) pursuant to which, and subject to the conditions of the agreement, all outstanding shares of Noble Energy will be acquired by Chevron in an all-stock transaction valued at $13 billion, including debt, or $10.38 per share. Under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron common stock for each Noble Energy share. The transaction was approved by the Boards of Directors of both companies and is anticipated to close in fourth quarter 2020. The transaction is subject to Noble Energy stockholder approval, regulatory approvals, and other customary closing conditions. See Item 1A. Risk Factors for a discussion of risks related to the Chevron Merger.
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, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 and 2019 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and equity for such periods. Certain prior-period amounts have been reclassified to conform to the current period presentation. For the periods presented, net income or loss is materially consistent with comprehensive income or loss.
Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Consolidation   Our consolidated financial statements include our accounts, the accounts of subsidiaries which Noble Energy wholly owns, and the accounts of Noble Midstream Partners LP (Noble Midstream Partners). Noble Energy has determined that the partners with equity at risk in Noble Midstream Partners lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact Noble Midstream Partners' economic performance; therefore, Noble Midstream Partners is considered a variable interest entity. Through Noble Energy's ownership interest in Noble Midstream GP LLC (the General Partner to Noble Midstream Partners), Noble Energy has the authority to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to Noble Midstream Partners. Therefore, Noble Energy is considered the primary beneficiary and consolidates Noble Midstream Partners.
In addition, we use the equity method of accounting for investments in entities that we do not control, but over which we exert significant influence. Amounts recorded within equity method investments, including contributions, include capitalized interest when the primary asset is under construction.
All significant intercompany balances and transactions have been eliminated upon consolidation. 
Noncontrolling Interests  Our consolidated financial statements include both noncontrolling interests and a redeemable noncontrolling interest. The noncontrolling interests represent the public's ownership in Noble Midstream Partners and third-party ownership in Noble Midstream Partners' consolidated non-wholly owned subsidiaries. Net loss attributable to noncontrolling interests for the six months ended June 30, 2020 includes goodwill impairment expense of $72 million based upon third party ownership interests in the underlying asset. See Note 4. Impairments.
The redeemable noncontrolling interest represents perpetual preferred equity with a 6.5% annual dividend rate. Noble Midstream Partners may redeem the preferred equity in whole or in part at any time for cash at a predetermined redemption price. The preferred equity partner can request redemption at a pre-determined base return on or after March 25, 2025.
Estimates   The preparation of consolidated financial statements in conformity with US GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the

7

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

reporting period. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment.
The current commodity price, supply and demand environment coupled with the COVID-19 pandemic have increased uncertainty related to our estimates for the six months ended June 30, 2020. Actual results could differ significantly from those estimates.
Impairments We performed a review for impairment indicators related to our proved and unproved properties on a field-by-field basis as of June 30, 2020, concluding there were no indicators of impairment. Assumptions utilized within this review were consistent with those utilized in first quarter 2020, as outlined further below.
Additionally, we performed impairment assessments over other long-lived assets, including property, plant and equipment, equity method investments, right-of-use assets and intangible assets. No impairment indicators were identified with the exception of certain capitalized exploratory well costs, as discussed below.

We reviewed capitalized exploratory well costs to determine whether facts and circumstances support continued capitalization of such costs. These considerations included management's long-range plans, whether sufficient progress has been made in assessing reserves, and whether each project remains economically and operationally viable. During second quarter 2020, we recognized asset impairment expense related to the Felicita project, Block O, offshore Equatorial Guinea. See Note 4. Impairments and Note 6. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs.

During first quarter 2020, we identified certain impairment indicators including the significant decrease in commodity prices resulting from the COVID-19 pandemic, which lowered demand for our products, as well as the supply response from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers. Collectively, these factors caused us to change our development plans in first quarter 2020. Due to these impairment indicators, we conducted impairment testing of certain of our assets as of March 31, 2020, as follows:
Proved Properties
Asset Recovery Test We conducted asset recovery testing of our proved properties on a field-by-field basis, inclusive of associated Midstream assets. For each field, we developed estimates of future undiscounted cash flows expected in connection with the property and compared these estimates to the carrying amount of the property. Assumptions used in these estimates included expectations for future commodity prices, development and capital spending plans, reservoir performance and production. Additionally, these estimates included certain asset specific assumptions, such as the political and regulatory impacts on future development activity, exploration plans, our geologists' evaluation of the property and the remaining lease term of the property. An impairment was indicated if, as a result of the assessment, an asset's carrying value exceeds its future net undiscounted cash flows.
In preparing and reviewing assumptions used in the recovery test, we reassessed our historical methodology and rationale of inputs given the current industry and global environment. We concluded that our historical methodology and inputs were reasonable with the exception of estimating future commodity prices.
Historically, management has relied on future undiscounted net cash flows which included five-year strip prices for crude oil and natural gas, with prices subsequent to the fifth year held constant, unless contractual arrangements designated the price to be used. This pricing methodology has been similar to pricing assumptions used in creating management's long-range plans for asset development and capital allocation decisions. However, during first quarter 2020, forward five-year strip prices experienced considerable volatility and limited liquidity in the outer years of the forward strip. As such, we concluded that estimating future commodity prices using only five-year strip pricing would not be representative of expected market prices for certain of the years within our undiscounted cash flow models.
As such, absent contractual arrangements designating the price to be used, we aligned our future commodity price estimates used in the recovery test with those utilized in our updated long-range plans for asset development and capital allocation. This pricing reflects our analysis of market supply and demand considerations and industry cost of supply curve.
Except for our Delaware Basin proved properties, we determined that the carrying amount of each field was recoverable.
Fair Value Determination We estimated the fair value of our Delaware Basin proved properties using a number of fair value inputs, which are Level 3 on the fair value hierarchy. We utilized a discounted cash flow model, estimating future net cash flows based on our expectations of future crude oil and natural gas production, commodity prices, and operating and development costs and discounted the cash flows using a weighted average cost of capital.

8

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

As a result of the fair value determination, we concluded that the carrying amount of our Delaware Basin proved properties was impaired and recognized impairment expense for the excess of the carrying value above the fair value of the properties. See Note 4. Impairments.
Unproved Properties Our unproved properties consist of leasehold costs and value allocated to probable and possible reserves resulting from acquisitions. During first quarter 2020, we assessed our unproved properties for impairment by considering numerous factors including, but not limited to, current development plans, favorable or unfavorable exploration activity on the property being evaluated and/or adjacent properties, our geologists' evaluation of the property, and the remaining months in the lease term for the property.
We determined that the carrying values relating to both our Delaware Basin and Eagle Ford Shale unproved properties were impaired and recognized exploration expense. See Note 4. Impairments.
Other Property, Plant & Equipment Other property includes lease right-of-use assets such as compressors and buildings, leasehold improvements, automobiles, trucks and other fixed assets. During first quarter 2020, we identified certain impairment indicators with regards to a corporate real estate finance lease. We performed an impairment assessment which indicated the right-of-use asset's carrying value exceeded its future net undiscounted cash flows. As such, in first quarter 2020 we estimated the fair value of the asset, recognizing impairment expense for the excess of the carrying value above the fair value of the right-of-use asset. See Note 4. Impairments.
Equity Method Investments We consider our equity method investments to be essential components of our business and necessary and integral elements of our value chain in support of our upstream operations. We considered whether any facts or circumstances suggested that our equity method investments were impaired on an other-than-temporary basis and concluded that the carrying values of our equity method investments were not impaired.
Goodwill Noble Midstream Partners recorded goodwill upon the acquisition of Saddle Butte Rockies Midstream, LLC and affiliates (collectively Saddle Butte and subsequently renamed Black Diamond). In first quarter 2020, the commodity price environment coupled with decreased market capitalization were indicators that goodwill may be impaired. Noble Midstream Partners performed a qualitative assessment, concluding it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, Noble Midstream Partners performed a fair value assessment which took into account changes in customer development plans. Based on these assessments, Noble Midstream Partners concluded that the goodwill was fully impaired and recorded goodwill impairment expense in first quarter 2020. See Note 4. Impairments.
Deferred Taxes We record valuation allowances to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In first quarter 2020, we changed our US onshore development plans in response to significant decreases in commodity prices, excess supply and lower demand for commodities resulting from the COVID-19 pandemic, as well as expected slower global economic growth. Additionally, in first quarter 2020 we recorded impairments to our Delaware Basin proved and unproved properties and to our Eagle Ford Shale unproved properties. Collectively, these factors suggested it was more likely than not that our forecasted domestic net deferred tax asset would not be realized and as such, we recorded a valuation allowance in first quarter 2020. See Note 10. Income Taxes.
Revenue Recognition   We recognize revenue at an amount that reflects the consideration we expect to be entitled to in exchange for transferring goods or services to a customer. We routinely monitor the credit worthiness of our purchasers. While we maintain credit insurance associated with certain purchasers, we do not carry credit insurance for all purchasers.
In the Eastern Mediterranean, we sell natural gas under natural gas sales and purchase agreements (GSPAs) to customers in Israel, Egypt, and Jordan. The majority of these contracts include total contracted quantities for which we will deliver volumes to customers over the life of the agreements. As of June 30, 2020, a total of approximately 9.5 Tcf, gross (2.6 Tcf, net), of natural gas remained to be delivered under these contracts. Based on current production levels, our available quantities of proved reserves are more than sufficient to meet delivery commitments associated with these sales agreements with minimal additional capital investment.
Certain of our Tamar and Leviathan GSPAs have buyer-minimum take or pay volume-obligations and index prices subject to minimum-price floor supports. In addition, our Egyptian export contracts include provisions which trigger adjustments to either decrease, or increase, fixed minimum take or pay volumes in the event the arithmetic average of daily Brent crude oil prices falls below, or rises above, $50 per barrel for certain periods of time. Our GSPAs do not preclude us from selling natural gas to customers, at amounts which exceed fixed minimum sales volumes. Estimated future net revenues related to remaining performance obligations subject to minimum sales volumes and base pricing as of June 30, 2020 were as follows:
(millions)
Remainder of 2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
Natural Gas Revenues
$
298

 
$
553

 
$
546

 
$
550

 
$
552

 
$
5,192

 
$
7,691



9

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

Our actual future natural gas sales volumes may exceed future minimum volume commitments. Additionally, future natural gas revenues will vary due to variable consideration exceeding the contractual minimum volume or floor price provision. For example, estimates related to our Egyptian export contracts included in the table above calculate minimum fixed volume commitments assuming the arithmetic average of daily Brent crude oil prices are less than $50 per barrel for the remainder of the contract terms, which extend into 2035. In addition, these Egyptian export contracts include increases in minimum volume commitments up to 650 MMcf/d, gross, by mid-2022 once certain conditions precedent are satisfied. As of June 30, 2020, the table above reflects the increase in contractual minimum volumes to 450 MMcf/d, gross, from the Tamar and Leviathan fields. Actual results could differ significantly from these estimates.
Recently Issued Accounting Standards
London Interbank Offered Rate (LIBOR) Reform In first quarter 2020, the FASB issued ASU No. 2020-04 (ASU 2020-04): Reference Rate Reform (Topic 848), which provides optional guidance for a limited period of time to ease the transition from LIBOR to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. We are currently evaluating the provisions of ASU 2020-04 and have not yet determined whether we will elect the optional expedients. We do not expect the transition to an alternative rate to have a significant impact on our business, operations or liquidity.
Recently Adopted Accounting Standards
Clarifying Certain Accounting Standards Codification (ASC) Topics In first quarter 2020, the FASB issued ASU No. 2020-01: Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), to clarify the interactions between these Topics. The update provides clarifications for entities investing in equity securities accounted for under the ASC 321 measurement alternative and companies that hold certain non-derivative forward contracts and purchased options to acquire equity securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We early adopted this ASU in first quarter 2020. This adoption did not have a material impact on our financial statements.
Statements of Operations Information   Other statements of operations information is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(millions)
2020
 
2019
 
2020
 
2019
Other Revenue
 

 
 

 
 
 
 
Income (Loss) from Equity Method Investments and Other
$
3

 
$
16

 
$
(21
)
 
$
33

Midstream Services Revenues – Third Party
26

 
20

 
51

 
44

Total
$
29

 
$
36

 
$
30

 
$
77

Production Expense
 

 
 

 
 
 
 
Lease Operating Expense
$
98

 
$
122

 
$
236

 
$
273

Production and Ad Valorem Taxes
24

 
41

 
63

 
90

Gathering, Transportation and Processing Expense
89

 
96

 
184

 
198

Other Royalty Expense
3

 
1

 
7

 
4

Total
$
214

 
$
260

 
$
490

 
$
565

Exploration Expense
 
 
 
 
 
 
 
Leasehold Impairment (1)
$
3

 
$