Exhibit 99.1

		NEWS RELEASE

NOBLE ENERGY ANNOUNCES THIRD QUARTER 2011 RESULTS

HOUSTON (October 20, 2011) — Noble Energy, Inc. (NYSE: NBL) reported today third quarter 2011 net income of $441 million, or $2.39 per share diluted, on revenues of $924 million. The Company’s third quarter 2010 net income was $232 million, or $1.31 per share diluted, on revenues of $755 million. Net income for the third quarter 2011 includes unrealized commodity derivative gains and other items. Excluding these items, third quarter 2011 adjusted net income⁽¹⁾ was $234 million, or $1.24 per share diluted. Adjusted net income⁽¹⁾ for the third quarter of 2010 was $225 million, or $1.27 per share diluted.

Discretionary cash flow⁽¹⁾ for the third quarter 2011 was $588 million, compared to $500 million for the similar quarter in 2010. Net cash provided by operating activities was $556 million, and capital expenditures⁽²⁾ were $738 million.

Key highlights for the third quarter 2011 include:

	•		Total sales volumes of 224 thousand barrels oil equivalent per day (MBoe/d), up 4 percent from the previous quarter 2011
	•		Produced a record 65 MBoe/d in the DJ basin with horizontal production exiting the quarter at over 11 MBoe/d, a 64 percent increase over the prior quarter exit rate
	•		Completed 25 new horizontal Niobrara wells and added a fifth rig to the program
	•		Established a new significant position in the Marcellus shale with the acquisition of 314,000 net acres and 50 million cubic feet per day (MMcf/d) of existing net production
	•		Record natural gas sales in Israel of 228 MMcf/d, an increase of 28 percent from third quarter last year
	•		Drilled two wells at the Noa development project offshore Israel, ahead of schedule and below anticipated costs
	•		The Aseng floating production, storage and offloading (FPSO) vessel departed the shipyard for Equatorial Guinea
	•		Spud the Cyprus A prospect on Block 12 offshore Cyprus

Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “It was an outstanding quarter for Noble Energy as we reported record volumes from the DJ basin, along with record natural gas sales in Israel. We expect a strong finish to 2011 as our activity continues to accelerate in the horizontal Niobrara play, and we integrate our newly established core position in the Marcellus shale. The fourth quarter should also see first oil production from the Aseng project in Equatorial Guinea and the Raton South development in the Gulf of Mexico. In addition, we anticipate well results from several impactful exploration opportunities. This positive outlook for the fourth quarter together with performance to date has led us to raise production guidance for the second time this year, which now is expected to exceed the top end of our original guidance range.”

The Company’s total sales volumes for the third quarter 2011 averaged 224 MBoe/d. Production volumes were 223 MBoe/d, with the difference attributable to an overlifted position of crude oil and condensate in Equatorial Guinea. Excluding the 2010 sale of certain onshore U.S. assets and the impact of the Company’s exit from Ecuador, sales volumes were up slightly from the third quarter 2010.

International sales volumes were 111 MBoe/d, up from the third quarter last year even with the termination of the Company’s activities in Ecuador. Strong power generation demand and lower competing imports led to a significant increase in natural gas sales in Israel. In Equatorial Guinea, liquid sales were higher largely due to the timing of liftings in the third quarters of 2011 and 2010. In the North Sea, volumes were negatively impacted by maintenance downtime at the GPIII floating production vessel. The Company’s 2010 volumes included 28 MMcf/d of natural gas in Ecuador, where its production sharing contract was terminated in late 2010.

Noble Energy’s U.S. volumes were 113 MBoe/d for the third quarter of 2011, down versus the prior year period as a result of the 2010 sale impact of approximately 4 MBoe/d of Mid-continent and Illinois basin oil assets and natural declines in various onshore U.S. and Deepwater Gulf of Mexico assets. In the DJ basin, quarterly volumes were up significantly from the same period in 2010 with the continued acceleration of the Company’s vertical and horizontal drilling programs in Wattenberg.

The Company’s barrel of oil equivalent (Boe) realizations were up 11 percent for the third quarter 2011 versus 2010 driven by higher prices for crude oil, natural gas liquids and natural gas. International natural gas as a percentage of total Company volumes grew to 36 percent for the third quarter 2011, with global liquids representing 37 percent, and U.S. natural gas dropping to 27 percent.

Total production costs per Boe, including lease operating expenses, production and ad valorem taxes, and transportation were $7.42 per Boe, up approximately 11 percent from the third quarter 2010. The increase was largely attributable to higher production and ad valorem taxes caused by stronger commodity prices. The other components were up slightly compared to 2010 with lease operating expense at $4.76 per Boe and transportation at $0.82 per Boe for the third quarter 2011. Depreciation, depletion, and amortization was unchanged at $10.92 per Boe. Exploration expense included the remaining dry hole cost associated with the Kora well and higher surrendered lease charges. General and administrative expenses were up primarily related to increased staffing for the Company’s major development projects and exploration activities. Noble Energy’s adjusted effective tax rate was 44 percent, with 26 percent deferred. Income taxes for the third quarter 2011 were impacted by a $46 million retroactive charge for the United Kingdom tax rate increase.

Other income/expense for the third quarter includes an $18 million deferred compensation income item relating to the quarterly value change of Noble Energy stock held in a benefit program.

UPDATED GUIDANCE

Noble Energy has raised its full year 2011 sales volume guidance to range from 220 to 222 MBoe/d to reflect the strong year-to-date performance from each of its core operating areas, as well as the impact of the Marcellus joint venture. For the fourth quarter 2011, the Company expects sales volumes to average 226 to 234 MBoe/d which includes 10 MBoe/d from the Marcellus. Onshore U.S. volumes should be up versus the third quarter, with the addition of the Marcellus position and growth from the DJ basin offsetting natural declines in other onshore natural gas areas. The deepwater Gulf of Mexico is expected to remain relatively flat with Raton South coming online late in the quarter. Despite better operational performance in the North Sea and the early start up of Aseng in Equatorial Guinea, international volumes are anticipated to decrease in the fourth quarter mainly due to lower seasonal demand for natural gas in Israel. All other annual guidance metrics remain within their previous ranges.

(1)		A Non-GAAP measure, see attached Reconciliation Schedules
(2)		Capital expenditures exclude a non-cash accrual related to construction progress to date on the Aseng FPSO and the Marcellus shale asset acquisition.

WEBCAST AND CONFERENCE CALL INFORMATION

Noble Energy, Inc. will host a webcast and conference call at 9:00 a.m. Central time today. The webcast is accessible on the ‘Investors’ page at www.nobleenergyinc.com. Conference call numbers for participation are 877-857-6151 and 719-325-4797, passcode 5564745. A replay 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 has core operations onshore in the U.S., primarily in the DJ basin and Marcellus shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.

Contacts

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

Eric Schneider
(281) 872-2640 eschneider@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. 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.

This news release also contains certain 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.

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

		Three Months Ended																Nine Months Ended
		September 30,																September 30,
						Per Diluted								Per Diluted								Per Diluted								Per Diluted
		2011				Share [6]				2010				Share				2011				Share [6]				2010				Share [6]
Net Income		$	441			$	2.39			$	232			$	1.31			$	749			$	4.12			$	673			$	3.80
Unrealized gains on commodity derivative instruments			(300	)			(1.66	)			(5	)			(0.03	)			(140	)			(0.78	)			(215	)			(1.21	)
Asset impairments [1]			—				—				100				0.56				139				0.77				100				0.56
Gain on divestitures [2]			—				—				(114	)			(0.64	)			(26	)			(0.14	)			(114	)			(0.64	)
Drilling rig expense [3]			(1	)			(0.01	)			—				—				18				0.10				27				0.15
Other adjustments			—				—				2				0.01				5				0.03				2				0.01
Total Adjustments before tax			(301	)			(1.67	)			(17	)			(0.10	)			(4	)			(0.02	)			(200	)			(1.13	)
Income Tax Effect of Adjustments [4]			94				0.52				10				0.06				(8	)			(0.04	)			88				0.50
Adjusted Earnings [5]		$	234			$	1.24			$	225			$	1.27			$	737			$	4.06			$	561			$	3.17
Weighted average number of shares outstanding Diluted			180								177								179								178

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Revenues
Crude oil and condensate		$	555			$	446			$	1,720			$	1,313
Natural gas			249				214				683				646
NGLs			70				44				196				143
Income from equity method investees			50				34				146				85
Other revenues			—				17				33				52
Total revenues			924				755				2,778				2,239
Operating Expenses
Lease operating expense			98				95				288				283
Production and ad valorem taxes			38				29				108				96
Transportation expense			17				17				53				51
Exploration expense			57				35				195				167
Depreciation, depletion and amortization			225				231				681				662
General and administrative			89				65				254				194
Gain on Divestitures			—				(114	)			(26	)			(114	)
Asset impairments			—				100				139				100
Other operating (income) expense, net			2				4				45				59
Total operating expenses			526				462				1,737				1,498
Operating Income			398				293				1,041				741
Other (Income) Expense
(Gain) loss on commodity derivative instruments			(322	)			(38	)			(179	)			(280	)
Interest, net of amount capitalized			14				21				51				60
Other (income) expense, net			(16	)			12				(16	)			(1	)
Total other (income) expense			(324	)			(5	)			(144	)			(221	)
Income Before Taxes			722				298				1,185				962
Income Tax Provision			281				66				436				289
Net Income		$	441			$	232			$	749			$	673
Earnings Per Share
Basic		$	2.50			$	1.33			$	4.25			$	3.86
Diluted [1]			2.39				1.31				4.12				3.80
Weighted average number of shares outstanding
Basic			177				175				176				175
Diluted			180				177				179				178

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Crude Oil and Condensate Sales Volumes (MBbl/d)
United States			38				41				37				40
Equatorial Guinea			15				8				13				11
North Sea			4				13				8				10
China			4				4				4				4
Total consolidated operations			61				66				62				65
Equity method investee			2				2				2				2
Total sales volumes			63				68				64				67
Crude Oil and Condensate Realized Prices ($/Bbl)
United States		$	91.21			$	71.28			$	95.10			$	73.31
Equatorial Guinea			108.11				76.28				108.40				75.44
North Sea			115.67				78.89				112.99				77.33
China			108.57				71.37				104.99				73.27
Consolidated average realized prices		$	98.15			$	73.41			$	100.86			$	74.30
Natural Gas Sales Volumes (MMcf/d)
United States			358				399				373				399
Equatorial Guinea			250				243				244				221
Israel			228				178				180				129
North Sea			4				6				6				7
Ecuador			—				28				—				28
Total sales volumes			840				854				803				784
Natural Gas Realized Prices ($/Mcf)
United States		$	3.98			$	3.87			$	4.09			$	4.38
Equatorial Guinea			0.27				0.27				0.27				0.27
Israel			5.15				3.85				4.80				4.08
North Sea			8.41				5.82				7.90				5.25
Consolidated average realized prices		$	3.21			$	2.82			$	3.12			$	3.13
Natural Gas Liquids (NGL) Sales Volumes (MBbl/d)
United States			16				13				14				13
Equity method investee			5				6				5				5
Total sales volumes			21				19				19				18
Natural Gas Liquids Realized Prices ($/Bbl)
United States		$	49.57			$	36.30			$	49.19			$	40.17
Barrels of Oil Equivalent Volumes (MBoe/d)
United States			113				120				114				119
Equatorial Guinea			57				49				54				48
Israel			38				30				30				22
North Sea			5				14				9				11
Other International			4				9				4				8
Total consolidated operations			217				222				211				208
Equity method investee			7				8				7				7
Total barrels of oil equivalent (MBoe/d)			224				230				218				215
Barrels of oil equivalent volumes (MMBoe)			21				21				60				59

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

		September 30,				December 31,
		2011				2010
Assets
Current Assets
Cash and cash equivalents		$	1,252			$	1,081
Accounts receivable, net			546				556
Other current assets			279				201
Total current assets			2,077				1,838
Net property, plant and equipment			12,512				10,264
Goodwill			696				696
Other noncurrent assets			548				484
Total Assets		$	15,833			$	13,282
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable — trade		$	1,132			$	927
Other current liabilities			826				495
Total current liabilities			1,958				1,422
Long-term debt			3,507				2,272
Deferred income taxes			2,235				2,110
Other noncurrent liabilities			551				630
Total Liabilities			8,251				6,434
Total Shareholders’ Equity			7,582				6,848
Total Liabilities and Shareholders’ Equity		$	15,833			$	13,282

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Adjusted Earnings [1]		$	234			$	225			$	737			$	561
Adjustments to reconcile adjusted earnings to discretionary cash flow:
Depreciation, depletion and amortization			225				231				681				662
Exploration expense			57				35				195				167
(Income)/distributions from equity method investments, net			28				8				23				6
Deferred compensation (income) expense			(18	)			15				(15	)			4
Deferred income taxes			49				(11	)			159				14
Stock-based compensation expense			15				13				43				40
Other			(2	)			(16	)			—				(11	)
Discretionary Cash Flow [2]		$	588			$	500			$	1,823			$	1,443
Reconciliation to Operating Cash Flows
Net changes in working capital			40				113				103				134
Cash exploration costs			(44	)			(33	)			(138	)			(110	)
Current tax expense of earnings adjustments			(41	)			25				(5	)			8
Stand-by rig expense [3]			1				—				(18	)			(27	)
Other adjustments			12				3				20				4
Net Cash Provided by Operating Activities		$	556			$	608			$	1,785			$	1,452
Capital expenditures (accrual based)		$	738			$	619			$	1,985			$	1,547
Increase in FPSO lease obligation			5				80				56				188
Marcellus Shale Asset Acquisition [4]			1,233				—				1,233				—
DJ Basin Asset Acquisition			—				(11	)			—				498
Total Capital Expenditures (Accrual Based)		$	1,976			$	688			$	3,274			$	2,233
Proceeds from Asset Sales		$	—			$	552			$	77			$	552

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Reclassification from Accumulated Other
Comprehensive Loss (AOCL) to Revenue [1]
Crude Oil		$	—			$	(5	)		$	—			$	(14	)
Natural Gas			—				—				—				(1	)
Total Revenue Decrease		$	—			$	(5	)		$	—			$	(15	)
(Gain) Loss on Commodity Derivative Instruments
Crude oil
Realized		$	4			$	(1	)		$	36			$	4
Unrealized			(292	)			50				(168	)			(59	)
Total crude oil		$	(288	)		$	49			$	(132	)		$	(55	)
Natural gas
Realized		$	(26	)		$	(32	)		$	(75	)		$	(69	)
Unrealized			(8	)			(55	)			28				(156	)
Total natural gas			(34	)			(87	)			(47	)			(225	)
Total Gain on Commodity Derivative Instruments		$	(322	)		$	(38	)		$	(179	)		$	(280	)
Summary of Cash Settlements
Realized (gain) on commodity derivative instruments		$	(22	)		$	(33	)		$	(39	)		$	(65	)
Amounts reclassified from AOCL			—				5				—				15
Cash settlements (received) paid		$	(22	)		$	(28	)		$	(39	)		$	(50	)