Long-Term Debt

12 Months Ended

Dec. 31, 2019

Note 8. Long-Term Debt

Our debt consists of the following:



	December 31, 2019					December 31, 2018
(millions, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Noble Energy, Excluding Noble Midstream Partners
Revolving Credit Facility, due March 9, 2023	$	—		—	%	$	—		—	%
Commercial Paper Borrowings	—			—	%	—			—	%
Senior Notes, due December 15, 2021	—			—	%	1,000			4.15	%
Senior Notes, due October 15, 2023	100			7.25	%	100			7.25	%
Senior Notes, due November 15, 2024	650			3.90	%	650			3.90	%
Senior Notes, due April 1, 2027	250			8.00	%	250			8.00	%
Senior Notes, due January 15, 2028	600			3.85	%	600			3.85	%
Senior Notes, due October 15, 2029	500			3.25	%	—			—	%
Senior Notes, due March 1, 2041	850			6.00	%	850			6.00	%
Senior Notes, due November 15, 2043	1,000			5.25	%	1,000			5.25	%
Senior Notes, due November 15, 2044	850			5.05	%	850			5.05	%
Senior Notes, due August 15, 2047	500			4.95	%	500			4.95	%
Senior Notes, due October 15, 2049	500			4.20	%	—			—	%
Senior Debentures	84			7.25	%	92			7.13	%
Finance Lease Obligations	205			—	%	223			—	%
Total Noble Energy Debt, Excluding Noble Midstream Partners Debt	6,089					6,115
Noble Midstream Partners
Noble Midstream Services Revolving Credit Facility, due March 9, 2023	595			3.11	%	60			3.67	%
Noble Midstream Services Term Loan Credit Facility, due July 31, 2021	500			2.85	%	500			3.42	%
Noble Midstream Services Term Loan Credit Facility, due August 23, 2022	400			2.74	%	—			—	%
Total Noble Midstream Partners Debt	1,495					560
Total Debt	7,584					6,675
Net Unamortized Discounts and Debt Issuance Costs	(65		)			(60		)
Total Debt, Net of Unamortized Discounts and Debt Issuance Costs	$	7,519				$	6,615
Less Amounts Due Within One Year:
Finance Lease Obligations	(42		)			(41		)
Long-Term Debt Due After One Year	$	7,477				$	6,574

Revolving Credit Facility Our Credit Agreement, as amended, provides for a $4.0 billion unsecured revolving credit facility (Revolving Credit Facility), which is available for general corporate purposes. The Revolving Credit Facility (i) provides for facility fee rates that range from 10 basis points to 25 basis points per year depending upon our credit rating, (ii) provides for interest rates that are based upon the Eurodollar rate plus a margin that ranges from 90 basis points to 150 basis points depending upon our credit rating, and (iii) includes sub-facilities for short-term loans and letters of credit up to an aggregate amount of $500 million under each sub-facility. As of December 31, 2019, we were in compliance with our debt covenants and no amounts were outstanding under our Revolving Credit Facility.

Commercial Paper Program Our commercial paper program provides for short-term funding needs. The program allows Noble Energy to issue a maximum of $4.0 billion of unsecured commercial paper notes and is supported by Noble Energy’s $4.0 billion Revolving Credit Facility. Our commercial paper notes, which generally have a maturity of less than 30 days, are sold under customary terms in the commercial paper market and are generally issued at a discounted price relative to the principal face value. Such discount prices are dependent on market conditions and ratings assigned to the commercial paper program by credit rating agencies at the time of commercial paper issuance. As of December 31, 2019, we had no outstanding commercial paper borrowings.

Senior Notes Issuance and Completed Tender Offer On October 1, 2019, we issued $500 million of 3.25% senior notes due

October 15, 2029 and $500 million of 4.20% senior notes due October 15, 2049. Interest on the notes is payable semi-annually beginning April 15, 2020. We may redeem some or all of the notes at any time at the applicable redemption price, plus accrued interest, if any. Proceeds from the issuance of the notes were used to fund the tender offer and redemption of our $1.0 billion 4.15% notes due December 15, 2021. In connection with the tender and redemption, in fourth quarter 2019, we recorded early debt extinguishment cost of approximately $44 million in our consolidated statements of operations.

Noble Midstream Services Revolving Credit Facility Noble Midstream Services LLC (Noble Midstream Services), a subsidiary of Noble Midstream Partners, maintains a revolving credit facility (Noble Midstream Services Revolving Credit Facility), which is available to fund working capital and to finance acquisitions and other capital expenditures of Noble Midstream Partners. In fourth quarter 2019, the capacity of the facility was increased from $800 million to almost $1.2 billion. As of December 31, 2019, $555 million was available for borrowing under the Noble Midstream Services Revolving Credit Facility.

All obligations of Noble Midstream Services, as the borrower under the Noble Midstream Services Revolving Credit Facility, are guaranteed by Noble Midstream Partners and all wholly-owned material subsidiaries of Noble Midstream Partners. Noble Midstream Services was in compliance with the debt covenants for this facility as of December 31, 2019.

Noble Midstream Services 2019 Term Loan Credit Facility On August 23, 2019, Noble Midstream Services entered into a term loan agreement (Noble Midstream Services 2019 Term Credit Agreement), which provides for a three-year senior unsecured term loan credit facility due August 23, 2022 (2019 Term Loan Credit Facility) with permitted aggregate borrowings of up to $400 million. Proceeds from the 2019 Term Loan Credit Facility were primarily used to repay a portion of the outstanding borrowings under the Noble Midstream Services Revolving Credit Facility. Noble Midstream Services was in compliance with the debt covenants for this facility as of December 31, 2019.

Noble Midstream Services 2018 Term Loan Credit Facility In 2018, Noble Midstream Services entered into a term loan agreement (Noble Midstream Services 2018 Term Credit Agreement), which provides for a three-year senior unsecured term loan credit facility due July 31, 2021 (2018 Term Loan Credit Facility) with permitted aggregate borrowings of up to $500 million. Proceeds from the 2018 Term Loan Credit Facility were primarily used to repay a portion of the outstanding borrowings under the Noble Midstream Services Revolving Credit Facility. Noble Midstream Services was in compliance with the debt covenants for this facility as of December 31, 2019.

Fair Value of Debt The fair value of fixed-rate, public debt is estimated based on the published market prices. As such, we consider the fair value of this debt to be a Level 1 measurement on the fair value hierarchy. Our non-public debt, including our Revolving Credit Facility, commercial paper borrowings, Noble Midstream Services Revolving Credit Facility and Noble Midstream Services term loans are subject to variable interest rates. The fair value is estimated based on significant other observable inputs; thus, we consider the fair value to be a Level 2 measurement on the fair value hierarchy. Fair value information regarding our debt is as follows:



	December 31, 2019				December 31, 2018
(millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt	$	7,379	$	8,033	$	6,452	$	6,121

Annual Debt Maturities As of December 31, 2019, annual maturities of outstanding debt, excluding finance lease obligations, were as follows:



	Debt Principal Payments
(millions)	Noble Energy Excluding Noble Midstream Partners		Noble Midstream Partners		Total
2020	$	—	$	—	$	—
2021	—		500		500
2022	—		400		400
2023	100		595		695
2024	650		—		650
Thereafter	5,134		—		5,134
Total	$	5,884	$	1,495	$	7,379

Finance Lease Obligations See Note 9. Leases.