Debt

3 Months Ended

Mar. 31, 2019

Note 7. Debt

Debt consists of the following:



	March 31, 2019					December 31, 2018
(millions, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Revolving Credit Facility, due March 9, 2023 ⁽¹⁾	$	—		—	%	$	—		—	%
Noble Midstream Services Revolving Credit Facility, due March 9, 2023 ⁽²⁾	230			3.66	%	60			3.67	%
Noble Midstream Services Term Loan Credit Facility, due July 31, 2021	500			3.41	%	500			3.42	%
Senior Notes and Debentures	5,892			⁽³	⁾	5,892			⁽³	⁾
Finance Lease Obligations ⁽⁴⁾	215			—	%	223			—	%
Total	6,837					6,675
Net Unamortized Discounts and Debt Issuance Costs	(58		)			(60		)
Total Debt	6,779					6,615
Less Amounts Due Within One Year
Finance Lease Obligations⁽⁴⁾	(41		)			(41		)
Long-Term Debt Due After One Year	$	6,738				$	6,574


⁽¹⁾	As of March 31, 2019 and December 31, 2018, the Revolving Credit Facility had $4.0 billion of capacity and the entire amount was available for borrowing.


⁽²⁾	As of March 31, 2019 and December 31, 2018, the Noble Midstream Services Revolving Credit Facility had $800 million of capacity. Amounts available for borrowing at totaled $570 million and $740 million, respectively.


⁽³⁾	The Senior Notes and Debentures have weighted average interest rates of 5.01% for both March 31, 2019 and December 31, 2018.


⁽⁴⁾	See Note 8. Leases.

Commercial Paper Program In first quarter 2019, we established a commercial paper program to provide for short-term funding needs. The program allows for a maximum of $4.0 billion of unsecured commercial paper notes and is supported by

Noble Energy’s Revolving Credit Facility. Commercial paper generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 397 days. The commercial paper is sold under customary terms in the commercial paper market and notes are either issued at a discounted price relative to the principal face value or will bear interest at varying interest rates on a fixed or floating basis. Such discounted prices or interest amounts are dependent on market conditions and ratings assigned to the commercial paper program by credit agencies at the time of commercial paper issuance. No borrowings or repayments occurred during first quarter 2019 under the commercial paper program.

Fair Value of Debt See Note 13. Fair Value Measurements and Disclosures.