Exhibit 99.1

		NEWS RELEASE

NOBLE ENERGY ANNOUNCES FOURTH QUARTER AND FULL YEAR 2011 RESULTS,

INCLUDING RECORD SALES VOLUMES AND PROVED RESERVES

HOUSTON (February 9, 2012) — Noble Energy, Inc. (NYSE: NBL) reported today a fourth quarter 2011 net loss of $296 million, or $1.67 per share diluted, on revenues of $985 million. Results for the quarter included an asset impairment charge and an unrealized commodity derivatives loss. Excluding these items, fourth quarter adjusted net income(1) was $211 million, or $1.18 per share diluted. The Company reported net income of $52 million during the final quarter of 2010, or $0.29 per share diluted, on revenues of $783 million. Adjusted net income(1) for the fourth quarter of 2010 was $185 million, or $1.04 per share diluted.

Discretionary cash flow(1) for the fourth quarter 2011 was $677 million compared to $538 million for the similar quarter in 2010. Net cash provided by operating activities was $385 million, compared to $494 million, and capital expenditures(2) were $1.0 billion.

Key highlights for the fourth quarter of 2011 include:

Noble Energy reported full year 2011 net income of $453 million, or $2.54 per share diluted, compared to net income of $725 million, or $4.10 per share diluted, in 2010. Adjusted net income⁽¹⁾ for 2011 was $947 million, or $5.31 per share diluted, up from $746 million, or $4.22 per share diluted, in 2010. Discretionary cash flow⁽¹⁾ was $2.5 billion for the year, up 26 percent from 2010, and net cash provided by operating activities for the year was $2.2 billion, up 12 percent from 2010. Total year capital expenditures⁽²⁾ were $3.0 billion.

Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “Noble Energy closed out 2011 with record production for the fourth quarter while significantly progressing our inventory of major projects. First production was reached at Aseng offshore Equatorial Guinea seven months ahead of schedule and 13 percent below budget. We are positioned to deliver production from Galapagos and South Raton in the Gulf of Mexico in the first half of 2012. We continue to mature our Eastern Mediterranean portfolio, where the development at Tamar is progressing on schedule and on budget and the recent appraisal drilling at Leviathan has increased the estimated resources of the field. The discovery at Cyprus, along with the Tanin discovery announced this week, increased gross estimated mean resources discovered in the Levant Basin to approximately 35 Tcf. Balancing our growing international portfolio are two lower-risk onshore U.S. developments. Production out of the DJ Basin continues to grow led by the horizontal program which completed 25 wells in the fourth quarter. The Marcellus JV is growing production, and we began to operate our first rig in early 2012 in the wet gas portion of the acreage. Financially, we have increased our liquidity position to support our major project developments. We are exceptionally well positioned for continued growth and delivery of value to our shareholders.”

Fourth quarter 2011 sales volumes averaged 233 MBoe/d, up eight percent from the fourth quarter 2010 excluding volumes from Ecuador, which we exited in 2011. The sales volume split for the fourth quarter 2011 was 40 percent liquids, 29 percent international natural gas, and 31 percent U.S. natural gas.

Noble Energy’s U.S. volumes totaled 127 MBoe/d for the fourth quarter 2011, up seven percent from the same quarter last year. The increase was attributed to the addition of the Marcellus JV and continued growth in the horizontal Niobrara play in the DJ Basin. Natural production declines were experienced in the deepwater Gulf of Mexico and various onshore natural gas properties.

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Sales volume from the Company’s international assets was 106 MBoe/d for the final quarter of 2011, an increase of eight percent from the fourth quarter of 2010 excluding volumes from Ecuador. The increase was due to the early startup of the Aseng oil project offshore Equatorial Guinea and higher sales from the Mari-B field which continued to produce at high levels to satisfy Israeli natural gas demand.

Crude oil and condensate prices were up significantly from the fourth quarter of 2010. Noble Energy’s global crude oil price averaged $101.12 per barrel, up 22 percent versus the fourth quarter 2010. Natural gas realizations in the U.S. averaged $3.42 per thousand cubic feet (Mcf) and in Israel averaged $5.10 per Mcf. Natural gas liquid pricing in the U.S. averaged $46.11 per barrel for the quarter, representing 48 percent of the Company’s average U.S. crude oil realization.

Total production costs per barrel of oil equivalent (Boe), including lease operating expense (LOE), production and ad valorem taxes, and transportation were $7.88 per Boe, up 13 percent from the last quarter of 2010. LOE and depreciation, depletion, and amortization (DD&A) per Boe were $5.08 and $13.20, respectively. The unit rates were impacted by the Company’s mix of sales volumes, particularly with the startup of Aseng offshore Equatorial Guinea and the increased production from the DJ Basin. Production and ad valorem taxes reflected stronger liquid commodity prices and higher volumes. Exploration expense for the fourth quarter 2011 was $85 million, which included costs associated with the Bwabe dry hole offshore Cameroon. The Company’s adjusted effective tax rate for the fourth quarter 2011 was 33 percent, with 43 percent deferred.

The Company recorded a $620 million asset impairment related to onshore U.S. dry natural gas properties, primarily in the Piceance Basin, as a result of declining natural gas prices. Other operating expenses of $41 million were mostly due to costs associated with disposition of surplus inventory and expected legal settlements. Non-operating expenses included a $22 million deferred compensation charge associated with the quarterly value change of Noble Energy stock held in a benefit program.

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PROVED RESERVES

Estimated reserves at the end of 2011 were approximately 1.2 BBoe, up 11 percent from 2010. Reserves in the U.S. accounted for 47 percent of the total, with International the remaining 53 percent. Reserves are split 31 percent global liquids, 42 percent international natural gas, and 27 percent U.S. natural gas.

Noble Energy added total proved reserves of 198 million barrels of oil equivalent (MMBoe) in 2011, including revisions. These additions replaced 244 percent of 2011 production.

U.S. net additions of 120 MMBoe resulted in 279 percent replacement of U.S. production and were driven by the acquisition of the Company’s Marcellus JV and the horizontal drilling program in the DJ Basin. These net additions included negative revisions of 45 MMBoe primarily associated with the reduction of undeveloped vertical locations in the DJ Basin as the Company continues to transition rigs to horizontal drilling and reduced activity levels in dry gas fields due to lower natural gas prices.

The international portfolio added net 78 MMBoe of reserves, or 205 percent replacement of international production, with 80 MMBoe of additions from the successful appraisal drilling results at Tamar offset slightly by revisions in non-core areas.

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 888-299-7208 and 719-325-2149. 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.

Media Inquiries:

Communications and Government Relations

(281) 876-8873 media@nobleenergyinc.com

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Investor Contacts:

David Larson

(281) 872-3125 dlarson@nobleenergyinc.com

Eric Schneider, CFA

(281) 872-2640 eschneider@nobleenergyinc.com

This news release 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 help facilitate comparison of Company operating performance across periods and with peer companies.

This news release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy’s current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks 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 actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy’s business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy’s offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.

The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company’s probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as “estimated resources,” “gross estimated resource,” and “gross mean resource estimate.” These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy’s offices or website, http://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)

Schedule 2

Noble Energy, Inc.

Summary Statement of Operations

(in millions, except per share amounts, unaudited)

Schedule 3

Noble Energy, Inc.

Volume and Price Statistics

(unaudited)

Schedule 4

Noble Energy, Inc.

Condensed Balance Sheets

(in millions)

Schedule 5

Noble Energy, Inc.

Discretionary Cash Flow and Reconciliation to Operating Cash Flow

(in millions, unaudited)

Schedule 6

Noble Energy, Inc.

Effect of Commodity Derivative Instruments

(in millions, unaudited)

Schedule 7

Noble Energy, Inc.

Supplemental Data

(in millions)

(Unaudited)