Exhibit 99.1

		NEWS RELEASE

NOBLE ENERGY ANNOUNCES SECOND QUARTER 2010 RESULTS
AND UPDATED 2010 GUIDANCE

HOUSTON (July 29, 2010) — Noble Energy, Inc. (NYSE: NBL) reported today second quarter 2010 net income of $204 million, or $1.10 per share diluted, on revenues of $751 million. Net income for the quarter included an unrealized commodity derivative gain, as well as a rig contract termination expense. Excluding these items, which would typically not be considered by analysts in published estimates, second quarter 2010 adjusted net income⁽¹⁾ was $198 million, or $1.07 per share diluted. For the second quarter of 2009, the Company reported a net loss of ($57) million, or ($0.33) per share diluted, on revenues of $491 million. Adjusted net income⁽¹⁾ for the second quarter of 2009 was $116 million, or $0.66 per share diluted.

Discretionary cash flow⁽¹⁾ for the second quarter 2010 was $480 million, compared to $374 million for the similar quarter in 2009. Net cash provided by operating activities was $256 million. Organic capital expenditures for the second quarter of 2010 were $519 million, which excluded a non-cash accrual for construction progress on the Aseng FPSO.

Key highlights for the second quarter of 2010 include:

	•		Total sales volumes of 219 thousand barrels of oil equivalent per day (MBoe/d), up substantially from the first quarter of 2010 and second quarter of last year
	•		Israel sales volumes increased 27 percent from the second quarter of 2009
	•		Announced agreement to sell certain non-core U.S. onshore assets, representing 5,700 Boe/d of production and 29 million barrels of oil equivalent reserves, for approximately $550 million
	•		Added a second rig to horizontal Niobrara drilling program in Central DJ Basin
	•		Completed maintenance project at Alba, offshore Equatorial Guinea, bringing the field back to full production

Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “The second quarter was very strong for Noble Energy, as we experienced robust volumes and good cost control across the business. We continued to move forward our major-project developments, with significant field

development drilling at Aseng and expectations for a Tamar sanction in the near future. In the U.S., we recently received a completion permit for Santa Cruz in the deepwater Gulf of Mexico, and we have increased our horizontal Niobrara drilling in the Central DJ Basin. We remain encouraged by the strength of our current production, the progress of our major projects, and the opportunities in our worldwide exploration programs.”

Noble Energy’s sales volumes for the second quarter of 2010 averaged 219 MBoe/d. Production was 214 MBoe/d, with additional liftings in Equatorial Guinea and the North Sea accounting for the higher sales volume. Internationally, average daily sales were 99 MBoe/d, a five percent increase from the second quarter of 2009. Significantly higher natural gas sales in Israel resulted from increased demand for electricity and improved market share. At the Alba field in Equatorial Guinea, scheduled maintenance downtime, which was completed in mid April 2010, resulted in lower natural gas volumes versus the second quarter of 2009. Equipment modifications at the Dumbarton FPSO in the North Sea required the field to be shut in for the first half of the second quarter of 2010. Despite the downtime, total North Sea volumes were up versus the second quarter of 2009. Prior to field shut-in, a second well at Lochranza came online.

The Company’s U.S. volumes were 120 MBoe/d, up over seven percent from the second quarter of 2009. Onshore volumes totaled 102 MBoe/d for the quarter versus 90 MBoe/d in the same quarter last year. The increase is a result of ongoing development work primarily at Wattenberg, combined with the Central DJ Basin asset acquisition that closed in the first quarter of 2010. Offshore volumes were down 4 MBoe/d, primarily due to third-party processing downtime impacting the Swordfish field in the deepwater Gulf of Mexico during the second quarter of 2010.

Commodity prices were substantially higher than during the second quarter of 2009, with the Company’s average crude oil and natural gas realizations up 45 and 37 percent, respectively. Noble Energy’s U.S. crude oil averaged $75 per barrel in the second quarter of 2010, which included a reduction of $1.35 per barrel as a result of previously deferred hedge losses. In Israel, natural gas realizations increased to $4.33 per thousand cubic feet for the second quarter of 2010 and continue to benefit from strong global liquid markets. The Company’s natural gas liquid (NGL) pricing in the U.S. averaged $39.37 per barrel for the second quarter of 2010, approximately 50 percent of West Texas Intermediate.

Lease operating expenses averaged $5.02 per barrel of oil equivalent (Boe), relatively flat with the second quarter of 2009. Production and ad valorem expenses for the second quarter of 2010 were 4.8

percent of oil, gas, and NGL revenues, and transportation expenses were $0.80 per Boe. Depreciation, depletion, and amortization per Boe increased slightly from the second quarter of last year to $10.79, primarily related to higher unit rates in the Rocky Mountains. Exploration expense includes $15 million of dry hole costs in the deepwater Gulf of Mexico which was incurred early in the second quarter of 2010. General and administrative expenses were up modestly due to increased staffing for the development of the Company’s major projects.

Included in other operating expense for the second quarter of 2010 is a $26 million pre-tax charge for the termination of a rig contract resulting from the Federal Deepwater Moratorium. Non-operating other expense for the second quarter 2010 includes a $13 million pre-tax deferred compensation gain relating to the quarterly value change of Noble Energy stock held in a benefit program.

UPDATED 2010 GUIDANCE

Organic capital expenditures are currently estimated at $2.2 billion for the year, down from the original capital budget of $2.5 billion. Two-thirds of the reduction is related to lower activity in the deepwater Gulf of Mexico as a result of the Federal Deepwater Moratorium. The remaining $100 million is due to cost reductions and timing changes on various major projects. The Company has lowered its 2010 exploration expense guidance to a range of $265 to $325 million.

Noble Energy’s full-year volume guidance is now 211 to 217 MBoe/d, updated to include the impact of the U.S. onshore asset sale. Expected to close in early August, the sale will reduce full year volumes by over 2 MBoe/d and lower per barrel lease operating expenses by approximately ten percent. The Company’s 2010 lease operating expense guidance has been lowered to range from $4.80 to $5.10 per Boe.

For the third quarter of 2010, the Company estimates average daily sales volumes to be between 212 and 220 MBoe/d. Noble Energy anticipates slightly lower crude oil and natural gas production in the U.S. versus the second quarter of 2010, primarily as a result of the onshore asset sale. In Equatorial Guinea, crude oil and condensate volumes should be down sequentially due to the expected timing of

liftings. In Israel, natural gas sales should be up significantly due to the strengthening market and seasonal period demands.

WEBCAST AND CONFERENCE CALL INFORMATION

Noble Energy, Inc. will host its second quarter 2010 webcast and conference call at 9:00 a.m. Central time. The webcast is accessible on the ‘Investors’ page at www.nobleenergyinc.com. Conference-call numbers for participation are 888-293-6950 and 719-325-2143. A replay of the conference call will be available on the website.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with significant international operations offshore Israel and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Visit Noble Energy online at www.nobleenergyinc.com.

Contacts:

David Larson
(281) 872-3125 dlarson@nobleenergyinc.com

Brad Whitmarsh
(281) 872-3187 bwhitmarsh@nobleenergyinc.com

This news release includes projections and other “forward-looking statements” within the meaning of the federal securities laws. Such projections and statements reflect Noble Energy’s current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy’s business that are detailed in its Securities and Exchange Commission filings. Words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” and similar expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

This news release may also contain certain forward-looking non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating the Company’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from Noble Energy’s offices or website, http://www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

For additional information — website www.nobleenergyinc.com

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Schedule 1
Noble Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted Earnings
(in millions, except per share amounts, unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Net Income (Loss)		$	204			$	(57	)		$	441			$	(245	)
Unrealized (gains) losses on commodity derivative instruments			(63	)			277				(210	)			358
Rig contract termination expense [1]			26				—				26				—
Gain on sale of Argentina assets			—				(24	)			—				(24	)
Asset impairments [2]			—				—				—				437
Other adjustments			—				—				—				(1	)
Total Adjustments before tax			(37	)			253				(184	)			770
Income Tax Effect of Adjustments [3]			31				(80	)			79				(306	)
Adjusted Earnings [4]		$	198			$	116			$	336			$	219
Adjusted Earnings Per Share
Basic		$	1.13			$	0.67			$	1.92			$	1.27
Diluted [5]			1.07				0.66				1.85				1.25
Weighted average number of shares outstanding
Basic			175				173				175				173
Diluted			178				175				178				175

Schedule 2
Noble Energy, Inc.
Summary Statement of Operations
(in millions, except per share amounts, unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Revenues
Crude oil and condensate		$	460			$	296			$	867			$	497
Natural gas			202				143				432				326
NGLs			48				21				99				43
Income from equity method investees			24				16				50				27
Other revenues			17				15				36				39
Total revenues			751				491				1,484				932
Operating Expenses
Lease operating expense			100				93				188				193
Production and ad valorem taxes			34				23				67				42
Transportation expense			16				13				34				25
Exploration expense			52				33				132				75
Depreciation, depletion and amortization			215				196				431				396
General and administrative			63				60				129				119
Asset impairments			—				—				—				437
Other operating (income) expense, net			41				(3	)			55				(11	)
Total operating expenses			521				415				1,036				1,276
Operating Income (Loss)			230				76				448				(344	)
Other (Income) Expense
(Gain) loss on commodity derivative instruments			(96	)			139				(242	)			66
Interest, net of amount capitalized			19				23				39				41
Other (income) expense, net			(13	)			4				(13	)			12
Total other (income) expense			(90	)			166				(216	)			119
Income (Loss) Before Taxes			320				(90	)			664				(463	)
Income Tax Provision (Benefit)			116				(33	)			223				(218	)
Net Income (Loss)		$	204			$	(57	)		$	441			$	(245	)
Earnings (Loss) Per Share
Basic		$	1.17			$	(0.33	)		$	2.53			$	(1.42	)
Diluted [1]			1.10				(0.33	)			2.44				(1.42	)
Weighted average number of shares outstanding
Basic			175				173				175				173
Diluted			178				173				178				173

Schedule 3
Noble Energy, Inc.
Volume and Price Statistics
(unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Crude Oil and Condensate Sales Volumes (MBpd)
United States			38				37				39				36
Equatorial Guinea			16				15				12				14
North Sea			9				6				9				7
Other International			4				5				4				4
Total consolidated operations			67				63				64				61
Equity method investee			2				2				2				2
Total sales volumes			69				65				66				63
Crude Oil and Condensate Realized Prices ($/Bbl)
United States		$	75.00			$	51.85			$	74.39			$	43.92
Equatorial Guinea			76.10				51.63				75.16				46.19
North Sea			75.22				56.57				76.15				50.81
Other International			76.05				48.87				74.24				43.28
Consolidated average realized prices		$	75.36			$	52.05			$	74.77			$	45.17
Natural Gas Sales Volumes (MMcfpd)
United States			414				394				399				403
Equatorial Guinea			224				244				209				243
Israel			121				95				104				103
North Sea			7				5				7				5
Other International			27				16				28				23
Total sales volumes			793				754				747				777
Natural Gas Realized Prices ($/Mcf)
United States		$	3.89			$	3.09			$	4.64			$	3.52
Equatorial Guinea			0.27				0.27				0.27				0.27
Israel			4.33				2.76				4.28				2.78
North Sea			4.53				5.20				4.97				6.72
Consolidated average realized prices		$	2.91			$	2.13			$	3.32			$	2.39
Natural Gas Liquids (NGL) Sales Volumes (MBpd)
United States			13				10				13				10
Equity method investee			5				6				5				6
Total sales volumes			18				16				18				16
Natural Gas Liquids Realized Prices ($/Bbl)
United States		$	39.37			$	23.94			$	42.12			$	24.33
Barrels of Oil Equivalent Volumes (MBoepd)
United States			120				112				118				113
Equatorial Guinea			54				56				47				55
Israel			20				16				17				17
North Sea			10				7				10				8
Other International			8				8				9				8
Total consolidated operations			212				199				201				201
Equity method investee			7				7				7				7
Total barrels of oil equivalent (MBoepd)			219				206				208				208
Barrels of oil equivalent volumes (MMBoe)			20				19				38				38

Schedule 4
Noble Energy, Inc.
Condensed Balance Sheets
(in millions)

		(unaudited)
		June 30,				December 31,
		2010				2009
Assets
Current Assets
Cash and cash equivalents		$	1,017			$	1,014
Accounts receivable, net			538				465
Assets held for sale			375				—
Other current assets			257				199
Total current assets			2,187				1,678
Net property, plant and equipment			9,566				8,916
Goodwill			757				758
Other noncurrent assets			503				455
Total Assets		$	13,013			$	11,807
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable — trade		$	751			$	548
Other current liabilities			464				442
Total current liabilities			1,215				990
Long-term debt			2,584				2,037
Deferred income taxes			2,162				2,076
Other noncurrent liabilities			511				547
Total Liabilities			6,472				5,650
Total Shareholders’ Equity			6,541				6,157
Total Liabilities and Shareholders’ Equity		$	13,013			$	11,807

Schedule 5
Noble Energy, Inc.
Discretionary Cash Flow and Reconciliation to Operating Cash Flow
(in millions, unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Adjusted Earnings [1]		$	198			$	116			$	336			$	219
Adjustments to reconcile adjusted earnings to discretionary cash flow:
Depreciation, depletion and amortization			215				196				431				396
Exploration expense			52				33				132				75
Capitalized interest			(16	)			(12	)			(31	)			(18	)
(Income)/distributions from equity method investments, net			11				(11	)			(2	)			(22	)
Deferred compensation adjustment			(13	)			5				(11	)			10
Deferred income taxes			17				21				25				45
Stock-based compensation expense			13				12				27				24
Other			3				14				5				(16	)
Discretionary Cash Flow [2]		$	480			$	374			$	912			$	713
Reconciliation to Operating Cash Flows
Net changes in working capital			(187	)			(35	)			21				(51	)
Cash exploration costs			(37	)			(26	)			(78	)			(66	)
Capitalized interest			16				12				31				18
Current tax expense of earnings adjustments			(19	)			22				(47	)			(76	)
Gain on disposal of assets			—				(24	)			—				(24	)
Other adjustments			3				(10	)			5				(16	)
Net Cash Provided by Operating Activities		$	256			$	313			$	844			$	498
Capital expenditures (accrual based)		$	519			$	323			$	928			$	709
DJ Basin asset acquisition			—				—				509				—
Increase in obligation under FPSO lease			68				—				108				—
Total Capital Expenditures (Accrual Based)		$	587			$	323			$	1,545			$	709

Schedule 6
Noble Energy, Inc.
Effect of Commodity Derivative Instruments
(in millions, unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Reclassification from Accumulated Other Comprehensive Loss (AOCL) to Revenue [1]
Crude Oil		$	(4	)		$	(15	)		$	(9	)		$	(32	)
Natural Gas			—				—				(1	)			—
Total Revenue Decrease		$	(4	)		$	(15	)		$	(10	)		$	(32	)
Gain (Loss) on Derivative Instruments
Crude oil
Realized		$	(3	)		$	66			$	(5	)		$	162
Unrealized			107				(189	)			110				(271	)
Total crude oil		$	104			$	(123	)		$	105			$	(109	)
Natural gas
Realized			36				72				37				130
Unrealized			(44	)			(88	)			100				(87	)
Total natural gas			(8	)			(16	)			137				43
Total Gain (Loss) on Derivative Instruments		$	96			$	(139	)		$	242			$	(66	)
Summary of Cash Settlements
Realized gain on derivative instruments		$	33			$	138			$	32			$	292
Amounts reclassified from AOCL			(4	)			(15	)			(10	)			(32	)
Cash settlements received		$	29			$	123			$	22			$	260