Merger, Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth our preliminary purchase price allocation which was based on fair values of assets acquired and liabilities assumed at the merger date, July 20, 2015, with the excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill:



	(in millions, except stock price)
Shares of Noble Energy common stock issued to Rosetta shareholders	41
Noble Energy common stock price on July 20, 2015	$	36.97
Fair value of common stock issued	$	1,518
Plus: fair value of Rosetta's restricted stock awards and performance awards assumed	10
Plus: Rosetta stock options assumed	1
Total purchase price	1,529
Plus: liabilities assumed by Noble Energy
Accounts Payable	100
Current Liabilities	37
Long-Term Deferred Tax Liability	8
Long-Term Debt	1,992
Other Long Term Liabilities	23
Asset Retirement Obligation	27
Total purchase price plus liabilities assumed	$	3,716

Fair Value of Rosetta Assets
Cash and Equivalents	$	61
Other Current Assets	76
Derivative Instruments	209
Oil and Gas Properties:
Proved Properties	1,613
Undeveloped Leaseholds	1,355
Gathering and Processing Assets	207
Asset Retirement Obligation	27
Other Property Plant and Equipment	5
Implied Goodwill ⁽¹⁾	163
Total Asset Value	$	3,716

Business Acquisition, Pro Forma Information

The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Rosetta Merger taken place on January 1, 2014; furthermore, the financial information is not intended to be a projection of future results.



	Year Ended December 31,
(in millions, except per share amounts)	2015			2014
Revenues	$	3,428		$	6,112
Net Income (Loss)	$	(2,393	)	$	1,607

Earnings (Loss) Per Share
Basic	$	(5.64	)	$	4.01
Diluted	$	(5.64	)	$	3.94

Schedule of Disposal Groups, Gain on Divestitures - Onshore US

The information regarding the assets sold is as follows:



	Year Ended December 31,
(millions)	2015			2014			2013
Cash Proceeds	$	151		$	135		$	150
Less
Net Book Value of Assets Sold	(156		)	(150		)	(117		)
Goodwill Allocated to Assets Sold ⁽¹⁾	(4		)	(7		)	(8		)
Asset Retirement Obligations Associated with Assets Sold	8			48			8
Other Closing Adjustments	1			10			3
Gain on Divestitures	$	—		$	36		$	36

⁽¹⁾See Note 4. Goodwill.

Schedule of Disposal Groups, Gain on Divestitures - China

The information regarding the China assets sold is as follows:



	Year Ended December 31, 2014
(millions)	2014
Sales Proceeds	$	186
Less
Net Book Value of Assets Sold	(149		)
Other Closing Adjustments	(2		)
Gain on Divestiture	$	35

Summary of Discontinued Operations

Summarized results of discontinued operations are as follows:



	Year Ended December 31,
(millions)	2013
Oil and Gas Sales	$	37
Income Before Income Taxes	12
Income Tax Expense	6
Operating Income, Net of Tax	6
Gain on Sale, Net of Tax	65
Discontinued Operations, Net of Tax	$	71

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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