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Stock-Based and Other Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]  
Stock-based compensation expense
We recognized total stock-based compensation expense as follows:
 
 
Year Ended December 31,
(millions)
 
2015
 
2014
 
2013
Stock-Based Compensation Expense Included in
 
 
 
 
 
 
General and Administrative Expense
 
$
50

 
$
63

 
$
58

Exploration Expense and Other
 
36

 
24

 
22

Total Stock-Based Compensation Expense
 
$
86

 
$
87

 
$
80

Tax Benefit Recognized
 
$
(30
)
 
$
(31
)
 
$
(28
)
Share-based Compensation Awards
The assumptions used in valuing stock options granted were as follows:
 
 
Year Ended December 31,
(weighted averages)
 
2015
 
2014
 
2013
Expected Term (in Years)
 
6.0

 
5.9

 
5.7

Expected Volatility
 
32.6
%
 
35.1
%
 
36.4
%
Risk-Free Rate
 
1.4
%
 
1.8
%
 
1.1
%
Expected Dividend Yield
 
1.2
%
 
1.1
%
 
1.2
%
Weighted Average Grant-Date Fair Value
 
$
13.93

 
$
20.31

 
$
17.08


Stock option activity was as follows:
 
 
Options
 
Weighted
Average
Exercise
 Price
 
Weighted
Average
Remaining
 Contractual Term
 
Aggregate
 Intrinsic Value
 
 
 
 
(per share)
 
(in years)
 
(in millions)
Outstanding at December 31, 2014
 
13,008,322

 
$
43.98

 
 
 
 
Granted
 
2,714,185

 
47.25

 
 
 
 
Exercised
 
(343,145
)
 
23.35

 
 
 
 
Forfeited
 
(808,350
)
 
52.24

 
 
 
 
Outstanding at December 31, 2015
 
14,571,012

 
$
44.59

 
5.6
 
$
21

Exercisable at December 31, 2015
 
10,659,799

 
$
41.53

 
4.5
 
$
21


The total intrinsic value of options exercised was $7 million in 2015, $58 million in 2014, and $64 million in 2013.
As of December 31, 2015, $34 million of compensation cost related to unvested stock options granted under the Plans remained to be recognized. The cost is expected to be recognized over a weighted-average period of 1.3 years. We issue new shares of our common stock to settle option exercises. Dividends are not paid on unexercised options.
Restricted Stock Awards   Awards of time-vested restricted stock (shares subject to service conditions) are valued at the price of our common stock at the date of award. The fair values of market based restricted stock awards are estimated on the date of award using a Monte Carlo valuation model that uses the assumptions in the following table. The Monte Carlo model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility represents the extent to which our stock price is expected to fluctuate between now and the award’s anticipated term. We use the historical volatility of Noble Energy common stock for the three-year period ended prior to the date of award. The risk-free rate is based on a three-year period for U.S. Treasury securities as of the year ended prior to the date of award.
The assumptions used in valuing market based restricted stock awards granted were as follows:
 
Year Ended December 31,
 
2015
 
2014
Number of Simulations
500,000

 
500,000

Expected Volatility
30
%
 
30
%
Risk-Free Rate
0.8
%
 
0.7
%

Restricted stock activity was as follows:
 
 
Subject to Time Vesting
 
Subject to Market Conditions
 
 
Number of Shares
 
Weighted
Average
Award Date
 Fair Value
 
Number of Shares
 
Weighted Average Award Date Fair Value
 
 
 
 
(per share)
 
 
 
(per share)
Outstanding at December 31, 2014
 
1,048,800

 
$
55.68

 
1,518,336

 
$
29.10

Awarded
 
1,554,002

 
39.57

 
762,786

 
27.30

Vested
 
(1,464,374
)
 
46.57

 
(1,172
)
 
42.21

Forfeited
 
(118,958
)
 
51.36

 
(350,028
)
 
28.41

Outstanding at December 31, 2015
 
1,019,470

 
$
45.55

 
1,929,922

 
$
28.50
Schedule of components for Rabbi Trust
Deferred Compensation Plans   We have a non-qualified deferred compensation plan for which participant-directed investments are held in a rabbi trust and are available to satisfy the claims of our creditors in the event of bankruptcy or insolvency. Participants in that nonqualified deferred compensation plan may elect to receive distributions in either cash or shares of our common stock. Components of that rabbi trust are as follows:
 
 
December 31,
(millions, except share amounts)
 
2015
 
2014
Rabbi Trust Assets
 
 
 
 
Mutual Fund Investments
 
$
63

 
$
83

Noble Energy Common Stock (at Fair Value)
 
35

 
51

Total Rabbi Trust Assets
 
$
98

 
$
134

Liability Under Related Deferred Compensation Plan
 
$
98

 
$
134

Number of Shares of Noble Energy Common Stock Held by Rabbi Trust
 
872,277

 
1,073,286
Schedule of benefit obligation, plant assets and AOCL balances for pension, restoration and other postretirement benefit plans
The benefit obligations, plan assets and AOCL balances for the pension, restoration and other postretirement benefit plans are summarized below as of December 31:
 
 
Retirement and Restoration Plans (1)
 
Medical and Life Plans
(millions)
 
2015
 
2014
 
2015
 
2014
Pension or Other Benefit Obligation
 
$
(24
)
 
$
(363
)
 
$
(5
)
 
$
(7
)
Fair Value of Plan Assets
 
—

 
242

 
—

 
—

Net Amount Recognized in Consolidated Balance Sheet
 
(24
)
 
(121
)
 
(5
)
 
(7
)
Current Liabilities
 
(2
)
 
(102
)
 
(1
)
 
(2
)
Noncurrent Liabilities
 
(22
)
 
(19
)
 
(4
)
 
(5
)
Net Prior Service (Cost) Credit, Before Tax
 
$
(15
)
 
$
(75
)
 
$
2

 
$
2

Net Gains (Losses), Before Tax
 
(4
)
 
(42
)
 
—

 
—

Accumulated Other Comprehensive Income (Loss)
 
$
(19
)
 
$
(117
)
 
$
2

 
$
2


(1) The retirement (pension) plan was terminated during 2015. Balances at December 31, 2015 relate to the restoration plan only.