|
1
|
Financial
Statements
|
|
|
2
|
|
3
|
|
4
|
Supplemental
Schedules
|
|
11
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12
|
KPMG
LLP
|
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||||
December
31,
|
||||||||
2007
|
2006
|
|||||||
Assets
|
||||||||
Cash,
non-interest bearing
|
$ | - | $ | 147,317 | ||||
Investments,
at fair value (Note 4)
|
150,099,051 | 126,470,771 | ||||||
Receivables
|
||||||||
Participant
contributions receivable
|
250,243 | 212,881 | ||||||
Employer
contributions receivable
|
1,609,404 | 579,932 | ||||||
Interest
and dividends receivable
|
7,021 | 4,074 | ||||||
Total
receivables
|
1,866,668 | 796,887 | ||||||
Total
Assets
|
151,965,719 | 127,414,975 | ||||||
Liabilities
|
||||||||
Due
to trustee for securities purchased
|
41,172 | 147,317 | ||||||
Total
Liabilities
|
41,172 | 147,317 | ||||||
Net
Assets Available for Benefits, at Fair Value
|
151,924,547 | 127,267,658 | ||||||
Adjustment
from fair value to contract value for fully benefit-responsive
investment contracts
|
179,882 | 167,377 | ||||||
Net
Assets Available for Benefits
|
$ | 152,104,429 | $ | 127,435,035 | ||||
The
accompanying notes are an integral part of these financial
statements.
|
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||||
Year
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
Additions
to Net Assets
|
||||||||
Investment
Income
|
||||||||
Net
appreciation in fair value of investments (Note 4)
|
$ | 13,225,534 | $ | 9,117,823 | ||||
Dividends
|
7,303,569 | 4,217,454 | ||||||
Participant
loan interest
|
197,619 | 159,162 | ||||||
Interest
from other investments
|
840,482 | 657,280 | ||||||
Net
Investment Income
|
21,567,204 | 14,151,719 | ||||||
Contributions
|
||||||||
Participants
|
8,507,788 | 7,450,758 | ||||||
Rollover
|
709,936 | 588,418 | ||||||
Employer
|
6,145,878 | 4,835,625 | ||||||
Total
Contributions
|
15,363,602 | 12,874,801 | ||||||
Total
Additions
|
36,930,806 | 27,026,520 | ||||||
Deductions
from Net Assets
|
||||||||
Benefits
paid to participants
|
12,243,187 | 13,710,431 | ||||||
Administrative
expenses
|
18,225 | 15,038 | ||||||
Total
Deductions
|
12,261,412 | 13,725,469 | ||||||
Net
Increase Before Transfers
|
24,669,394 | 13,301,051 | ||||||
Transfers
Into Plan
|
- | 36,332,684 | ||||||
Net
Increase in Net Assets Available for Benefits
|
24,669,394 | 49,633,735 | ||||||
Net
Assets Available for Benefits
|
||||||||
Beginning
of year
|
127,435,035 | 77,801,300 | ||||||
End of year
|
$ | 152,104,429 | $ | 127,435,035 | ||||
The
accompanying notes are an integral part of these financial
statements.
|
Percentage
of Basic
|
Percentage
of Basic
|
|||||||
Compensation
while a
|
Compensation
while a
|
|||||||
Covered
Employee that was
|
Covered
Employee that was
|
|||||||
Below
the Taxable Wage
|
Above
the Taxable Wage
|
|||||||
Age
of Participant
|
Base
|
Base
|
||||||
Under
35
|
4%
|
8%
|
||||||
At
least 35 but under 48
|
7%
|
10%
|
||||||
At
least 48
|
9%
|
12%
|
|
Period
of Service
|
Vested
|
|||
Completed
by Participant
|
Percentage
|
|||
Less
than 1 year
|
None
|
|||
At
least 1 but less than 2 years
|
34%
|
|
||
At
least 2 but less than 3 years
|
67%
|
|
||
3
or more years
|
100%
|
Period
of Service
|
Vested
|
|
Completed
by Participant
|
Percentage
|
|
Less
than 3 years
|
None
|
|
3
or more years
|
100%
|
December
31,
|
||||||||
2007
|
2006
|
|||||||
Noble
Energy common stock
|
$ | 39,484,572 | $ | 24,781,330 | ||||
Dodge
& Cox Stock Fund
|
14,109,869 | 14,331,871 | ||||||
Fidelity
Diversified International Fund
|
11,274,006 | 7,567,573 | ||||||
Fidelity
Dividend Growth Fund
|
* | 7,840,800 | ||||||
Fidelity
Managed Income
Portfolio (contract value of $16,732,125 and
$16,820,678, respectively)
|
16,552,243 | 16,653,301 | ||||||
Fidelity
Puritan Fund
|
8,582,045 | 9,120,193 | ||||||
Spartan
US Equity Index Fund
|
8,181,641 | 8,802,792 | ||||||
The
Growth Fund of America
|
9,708,598 | 8,268,433 | ||||||
*
Less than 5% of the Plan's net assets
|
Year
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
Noble
Energy common stock
|
$ | 15,297,792 | $ | 4,585,703 | ||||
Mutual
funds
|
(2,259,555 | ) | 4,516,563 | |||||
Common
stocks
|
187,297 | 15,557 | ||||||
Net
appreciation in fair value
|
$ | 13,225,534 | $ | 9,117,823 |
December
31,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Net
assets available for benefits per the financial statements
|
$ | 152,104,429 | $ | 127,435,035 | ||||
Less:
Adjustment
from fair value to contract value for fully benefit-responsive
investment contracts
|
(179,882 | ) | (167,377 | ) | ||||
Net
assets available for benefits per the Form 5500
|
$ | 151,924,547 | $ | 127,267,658 |
Year
Ended
|
Year
Ended
|
|||||||
December
31,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Net
investment income per the financial statements
|
$ | 21,567,204 | $ | 14,151,719 | ||||
Less:
Adjustment
from fair value to contract value for fully
benefit-responsive
investment contracts December 31, 2007 and 2006
|
(179,882 | ) | (167,377 | ) | ||||
Add:
Adjustment from fair value to contract value for fully
benefit-responsive
investment contracts December 31, 2006 and
2005
|
167,377 | - | ||||||
Net
investment income per the Form
5500
|
$ | 21,554,699 | $ | 13,984,342 |
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||||
Schedule H, Line 4a – Schedule
of Delinquent Participant Contributions
|
||||||||
Year
ended December 31, 2007
|
Identity of party involved | Relationship to plan, employer or other party-in-interest | Description of transaction, including rate of interest | Amount on line 4(a) | Lost interest | |||||||
Noble Energy, Inc. | Plan sponsor | 2006 participant contributions and loan repayments not deposited to Plan in a timely manner (Interest rate: various) | $ | 4,212 | $ | 332 |
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||
Schedule H, Line 4i – Schedule of Assets (Held
at End of Year)
|
||||||
December
31, 2007
|
||||||
|
||||||
Identity
of issue, borrower, lessor, or similar party
|
Description
of investment
|
Current
value
|
||||
Interest
Bearing Cash
|
||||||
* |
Fidelity
Cash Reserves
|
Cash
|
$ | 888,367 | ||
* |
Fidelity
Institutional Money Market Portfolio
|
Cash
|
1,683,122 | |||
* |
Fidelity
Select Money Market Portfolio
|
Cash
|
9,292 | |||
Bank
Union
|
Certificate
of deposit
|
29,000 | ||||
Colorado
Capital Bank
|
Certificate
of deposit
|
15,000 | ||||
Doral
Bank
|
Certificate
of deposit
|
15,000 | ||||
First
Bank & Trust
|
Certificate
of deposit
|
20,000 | ||||
First
Southern National Bank
|
Certificate
of deposit
|
80,000 | ||||
Morgan
Stanley
|
Certificate
of deposit
|
20,000 | ||||
R-G
Premier Bank
|
Certificate
of deposit
|
70,007 | ||||
Strategic
Capital
|
Certificate
of deposit
|
69,853 | ||||
Washita
State Bank
|
Certificate
of deposit
|
43,000 | ||||
Total
Interest Bearing Cash
|
2,942,641 | |||||
Common
Collective Trust Fund
|
||||||
* |
Fidelity
Managed Income Portfolio
|
Common
collective trust fund
|
16,552,243 | |||
Total
Common Collective Trust Fund
|
16,552,243 | |||||
Mutual
Funds
|
||||||
American
Century Small Company Fund
|
Mutual
fund
|
3,202,778 | ||||
Dodge
& Cox Stock Fund
|
Mutual
fund
|
14,109,869 | ||||
Dodge
& Cox International Stock Fund
|
Mutual
fund
|
10,525 | ||||
* |
Fidelity
Capital & Income Fund
|
Mutual
fund
|
5,452 | |||
* |
Fidelity
Convertible Securities Fund
|
Mutual
fund
|
4,508 | |||
* |
Fidelity
Diversified International Fund
|
Mutual
fund
|
11,274,006 | |||
* |
Fidelity
Dividend Growth Fund
|
Mutual
fund
|
7,384,383 | |||
* |
Fidelity
Freedom Income Fund
|
Mutual
fund
|
1,059,228 | |||
* |
Fidelity
Freedom 2000 Fund
|
Mutual
fund
|
137,118 | |||
* |
Fidelity
Freedom 2005 Fund
|
Mutual
fund
|
93,979 | |||
* |
Fidelity
Freedom 2010 Fund
|
Mutual
fund
|
1,542,793 | |||
* |
Fidelity
Freedom 2015 Fund
|
Mutual
fund
|
660,658 | |||
* |
Fidelity
Freedom 2020 Fund
|
Mutual
fund
|
2,084,306 | |||
* |
Fidelity
Freedom 2025 Fund
|
Mutual
fund
|
653,034 | |||
* |
Fidelity
Freedom 2030 Fund
|
Mutual
fund
|
1,112,253 | |||
* |
Fidelity
Freedom 2035 Fund
|
Mutual
fund
|
366,324 | |||
* |
Fidelity
Freedom 2040 Fund
|
Mutual
fund
|
379,054 | |||
* |
Fidelity
Investment Grade Bond Fund
|
Mutual
fund
|
2,142 | |||
* |
Fidelity
Puritan Fund
|
Mutual
fund
|
8,582,045 | |||
* |
Fidelity
Pacific Basin Fund
|
Mutual
fund
|
57,924 | |||
* |
Fidelity
Small Cap Growth Fund
|
Mutual
fund
|
9,762 | |||
* |
Fidelity
Select Air Transportation Portfolio
|
Mutual
fund
|
44,332 | |||
* |
Fidelity
Select Food & Agriculture Portfolio
|
Mutual
fund
|
54,824 | |||
* |
Fidelity
Total Bond Fund
|
Mutual
fund
|
2,236 | |||
Franklin
Small Mid-Cap Growth Fund
|
Mutual
fund
|
4,513,466 | ||||
Guinness
Atkinson China & Hong Kong Fund
|
Mutual
fund
|
6,574 | ||||
Harding
Loevner Emerging Market Portfolio
|
Mutual
fund
|
38,160 | ||||
Heartland
Value Fund
|
Mutual
fund
|
44,197 | ||||
Janus
Mid Cap Value Fund - Institutional Shares
|
Mutual
fund
|
5,045,525 | ||||
Janus
Strategic Value Fund
|
Mutual
fund
|
55,147 | ||||
Marsico
21st Century Fund
|
Mutual
fund
|
53,694 | ||||
Navellier
Fundamental A Portfolio
|
Mutual
fund
|
41,123 | ||||
PIMCO
Moderate Duration Fund
|
Mutual
fund
|
4,764,017 | ||||
PRIMECAP
Odyssey Aggressive Growth Fund
|
Mutual
fund
|
45,771 | ||||
Royce
Value Plus Investment Class Fund
|
Mutual
fund
|
47,240 | ||||
* |
Spartan
US Equity Index Fund
|
Mutual
fund
|
8,181,641 | |||
The
Growth Fund of America
|
Mutual
fund
|
9,708,598 | ||||
Third
Avenue Value Fund
|
Mutual
fund
|
30,948 | ||||
T.
Rowe Price Emerging Europe & Mediterranean Fund
|
Mutual
fund
|
60,905 | ||||
Vanguard
Global Equity Fund
|
Mutual
fund
|
51,087 | ||||
Westcore
Select Fund
|
Mutual
fund
|
50,954 | ||||
Western
Asset Core Portfolio
|
Mutual
fund
|
4,846 | ||||
Total
Mutual Funds
|
85,577,426 |
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||
Schedule
H, Line 4i – Schedule of Assets (Held at End of Year)
|
||||||
December
31, 2007
|
||||||
|
|
|||||
Identity
of issue, borrower, lessor, or similar party
|
Description
of investment
|
Current
value
|
||||
Common
Stocks
|
||||||
Abercrombie
& Fitch Co.
|
Common
stock
|
$ | 16,100 | |||
Aeropostale
Inc.
|
Common
stock
|
15,900 | ||||
Agrium
Inc.
|
Common
stock
|
14,442 | ||||
Akamai
Technologies Inc.
|
Common
stock
|
3,460 | ||||
Allegheny
Technologies Inc.
|
Common
stock
|
8,679 | ||||
Altria
Group Inc.
|
Common
stock
|
4,209 | ||||
AMDL,
Inc.
|
Common
stock
|
1,644 | ||||
American
Eagle Outfitters Inc.
|
Common
stock
|
8,374 | ||||
American
Vanguard Corp.
|
Common
stock
|
17,455 | ||||
AspenBio
Pharma Inc.
|
Common
stock
|
9,592 | ||||
AT&T
Inc.
|
Common
stock
|
20,780 | ||||
Atwood
Oceanics Inc.
|
Common
stock
|
35,084 | ||||
BP
plc
|
Common
stock
|
85 | ||||
Bed
Bath & Beyond Inc.
|
Common
stock
|
11,756 | ||||
BioFuel
Energy Corp.
|
Common
stock
|
56,240 | ||||
Bravo
Venture Group
|
Common
stock
|
697 | ||||
Bronco
Drilling Company Inc.
|
Common
stock
|
1,500 | ||||
Brookfield
Asset Management Inc.
|
Common
stock
|
6,285 | ||||
Capstead
Mortgage Corp.
|
Common
stock
|
2,374 | ||||
Cell
Genesys, Inc.
|
Common
stock
|
9,925 | ||||
CF
Industries Holdings, Inc.
|
Common
stock
|
33,018 | ||||
Chesapeake
Energy Corp.
|
Common
stock
|
39,584 | ||||
Chevron
Corp.
|
Common
stock
|
65,899 | ||||
Chicago
Bridge & Iron Company
|
Common
stock
|
39,286 | ||||
Chipotle
Mexican Grill, Inc.
|
Common
stock
|
2,206 | ||||
Cimarex
Energy Co.
|
Common
stock
|
17,012 | ||||
Coca-Cola
Co.
|
Common
stock
|
6,247 | ||||
Columbus
Gold Corp.
|
Common
stock
|
957 | ||||
Corning
Inc.
|
Common
stock
|
230,810 | ||||
Creative
Technology Ltd.
|
Common
stock
|
4,250 | ||||
Crosshair
Exploration & Mining Corp.
|
Common
stock
|
1,547 | ||||
Cummins
Engine Company, Inc.
|
Common
stock
|
6,465 | ||||
Deep
Down, Inc.
|
Common
stock
|
8,134 | ||||
Deep
Earth Resources
|
Common
stock
|
60 | ||||
Delek
US Holdings Inc.
|
Common
stock
|
10,225 | ||||
Dendreon
Corp.
|
Common
stock
|
245,068 | ||||
Diamond
Offshore Drilling Inc.
|
Common
stock
|
92,300 | ||||
Dune
Energy Inc
|
Common
stock
|
2,040 | ||||
East
West Bancorp, Inc.
|
Common
stock
|
2,450 | ||||
ECU
Silver Mining Inc.
|
Common
stock
|
1,091 | ||||
Eden
Energy Corp
|
Common
stock
|
2,340 | ||||
EMC
Corporation
|
Common
stock
|
5,559 | ||||
Energy
Transfer Equity, L.P.
|
Common
stock
|
38,929 | ||||
Ethanoil
& Gas Corp
|
Common
stock
|
1 | ||||
Ethanex
Energy
|
Common
stock
|
4,200 | ||||
ExxonMobil
Corp.
|
Common
stock
|
69,065 | ||||
FortuNet,
Inc.
|
Common
stock
|
8,050 | ||||
Freeport-McMoRan
Copper & Gold Inc.
|
Common
stock
|
15,366 | ||||
Garmin
Ltd.
|
Common
stock
|
55,290 | ||||
Gasco
Energy Inc.
|
Common
stock
|
1,990 | ||||
Gemini
Explorations
|
Common
stock
|
464 | ||||
Geologix
Explorations Inc.
|
Common
stock
|
2,677 | ||||
Geoinformatics
Exploration Inc.
|
Common
stock
|
300 | ||||
Gold
Fields Ltd.
|
Common
stock
|
1,065 | ||||
Goldman
Sachs Group Inc.
|
Common
stock
|
48,565 | ||||
Google
Inc.
|
Common
stock
|
24,202 | ||||
Great
Basin Gold Ltd.
|
Common
stock
|
1,064 | ||||
HKN,
Inc.
|
Common
stock
|
837 | ||||
Insteel
Industries Inc.
|
Common
stock
|
11,730 | ||||
Intel
Corp.
|
Common
stock
|
6,901 | ||||
iShares
Silver Trust
|
Common
stock
|
3,233 | ||||
JPMorgan
Chase & Co.
|
Common
stock
|
13,166 | ||||
Johnson
& Johnson
|
Common
stock
|
7,279 | ||||
KBR,
Inc.
|
Common
stock
|
23,280 | ||||
Kellogg
Company
|
Common
stock
|
5,457 | ||||
Key
Energy Services Inc.
|
Common
stock
|
1,036 | ||||
Kraft
Foods Inc.
|
Common
stock
|
3,444 | ||||
Level
3 Communications Inc.
|
Common
stock
|
3,040 |
NOBLE
ENERGY, INC. THRIFT AND PROFIT SHARING PLAN
|
||||||
Schedule
H, Line 4i – Schedule of Assets (Held at End of Year)
|
||||||
December
31, 2007
|
||||||
|
|
|||||
Identity
of issue, borrower, lessor, or similar party
|
Description
of investment
|
Current
value
|
||||
Common
Stocks
|
||||||
Mammoth
Energy Group
|
Common
stock
|
1 | ||||
Marathon
Oil Corp.
|
Common
stock
|
30,689 | ||||
Maverick
Oil & Gas Inc.
|
Common
stock
|
29 | ||||
MGM
Mirage
|
Common
stock
|
6,302 | ||||
Mosaic
Co.
|
Common
stock
|
56,604 | ||||
Murphy
Oil Corp.
|
Common
stock
|
65,753 | ||||
Nasdaq
OMX Group Inc
|
Common
stock
|
14,847 | ||||
* |
Noble
Energy, Inc.
|
Common
stock
|
39,484,572 | |||
Northern
Dynasty Minerals Ltd.
|
Common
stock
|
919 | ||||
Northwest
Biotherapeutics Inc.
|
Common
stock
|
10 | ||||
On
The Go Healthcare, Inc.
|
Common
stock
|
16 | ||||
Particle
Drilling Technologies, Inc.
|
Common
stock
|
516 | ||||
Pepsico,
Inc.
|
Common
stock
|
20,004 | ||||
PetroSun
Inc.
|
Common
stock
|
2,100 | ||||
Pfizer
Inc.
|
Common
stock
|
21,135 | ||||
Potash
Corp.
|
Common
stock
|
41,748 | ||||
PowerShares
Global Water Portfolio
|
Common
stock
|
3,008 | ||||
PowerShares
Dynamic Energy
Exploration & Production
Portfolio
|
Common
stock
|
2,543 | ||||
Qiao
Xing Universal Telephone Inc.
|
Common
stock
|
4,950 | ||||
RTI
International Metals Inc.
|
Common
stock
|
41,358 | ||||
Sally
Beauty Holdings Inc.
|
Common
stock
|
28,960 | ||||
Samex
Mining Corp
|
Common
stock
|
508 | ||||
SandRidge
Energy, Inc.
|
Common
stock
|
7,172 | ||||
Sears
Holdings Corporation
|
Common
stock
|
56,128 | ||||
Shaw
Communications, Inc.
|
Common
stock
|
14,208 | ||||
Shengdatech,
Inc.
|
Common
stock
|
36,125 | ||||
Silver
Star Energy Inc.
|
Common
stock
|
45 | ||||
Sony
Corp.
|
Common
stock
|
185,316 | ||||
Southern
Copper Corp.
|
Common
stock
|
36,796 | ||||
Southern
Home Medical Equipment, Inc
|
Common
stock
|
45 | ||||
Southwestern
Energy Co.
|
Common
stock
|
16,716 | ||||
streetTRACKS
Gold Shares
|
Common
stock
|
4,123 | ||||
Terax
Energy Inc.
|
Common
stock
|
15 | ||||
Terra
Industries Inc.
|
Common
stock
|
34,387 | ||||
Tesoro
Corporation
|
Common
stock
|
11,976 | ||||
Teton
Energy Corp.
|
Common
stock
|
48,755 | ||||
Texas
Instruments Inc.
|
Common
stock
|
8,376 | ||||
Titanium
Metals Corp.
|
Common
stock
|
7,957 | ||||
Tournigan
Energy Ltd.
|
Common
stock
|
528 | ||||
Transocean,
Inc.
|
Common
stock
|
42,945 | ||||
Trophy
Resources Inc.
|
Common
stock
|
5 | ||||
Ultra
Petroleum Corp.
|
Common
stock
|
14,300 | ||||
United
Technologies Corp.
|
Common
stock
|
19,180 | ||||
Vimple-Communications
|
Common
stock
|
37,440 | ||||
XTO
Energy Inc.
|
Common
stock
|
103,505 | ||||
Xerium
Technologies Inc.
|
Common
stock
|
10,400 | ||||
Total
Common Stocks
|
41,934,775 | |||||
Other
Investments
|
||||||
Enterprise
Products Partners L.P.
|
Other
investments
|
4,944 | ||||
Precision
Castparts Call Option
|
Other
investments
|
(1,600 | ) | |||
The
Blackstone Group
|
Other
investments
|
9,959 | ||||
Williams
Coal Seam Gas Royalty Trust
|
Other
investments
|
1,583 | ||||
Total
Other Investments
|
14,886 | |||||
* |
Participant
Loans
|
Interest
rates range from 4.0% to 9.75%; maturities from January 4, 2008 through
July 31, 2024
|
3,077,080 | |||
Total
Participant Loans
|
3,077,080 | |||||
Total
Investments
|
$ | 150,099,051 | ||||
* |
Represents
party-in-interest.
|
|||||
Note:
Historical cost information has been omitted for participant-directed
investments.
|
||||||
See
accompanying report of independent registered public accounting
firm.
|
NOBLE
ENERGY, INC. THRIFT
|
||
AND
PROFIT SHARING PLAN
|
||
Date:
June 19, 2008
|
By:
|
/s/
Andrea Lee Robison
|
Andrea
Lee Robison,
|
||
Vice
President, Human Resources of Noble Energy,
Inc.
|
Exhibit
number
|
Exhibit
|
|
23.1
|
Consent
of Independent Registered Public Accounting
Firm
|