72207--3/3/2006--NOBLE_ENERGY

related topics

{gas, price, oil}

{loss, insurance, financial}

{acquisition, growth, future}

{debt, indebtedness, cash}

{cost, regulation, environmental}

{provision, law, control}

{operation, international, foreign}

{competitive, industry, competition}

Crude oil and natural gas prices are volatile and a substantial reduction in these prices could adversely affect our results and the price of our common stock. Failure to fund continued capital expenditures could adversely affect our properties. We may be unable to make attractive acquisitions or integrate acquired businesses and/or assets, and any inability to do so may disrupt our business. Estimates of crude oil and natural gas reserves are not precise. Exploration, development and production risks and natural disasters could result in liability exposure or the loss of production and revenues. Exploration and development drilling may not result in commercially productive reserves. The unavailability or high cost of drilling rigs, equipment, supplies, personnel and other oil field services could adversely affect our ability to execute our exploration and development plans on a timely basis and within our budget. We may not have enough insurance to cover all of the risks we face, which could result in significant financial exposure. We face significant competition and many of our competitors have resources in excess of our available resources. We are subject to various governmental regulations and environmental risks that may cause us to incur substantial costs. Our international operations may be adversely affected by economic and political developments. Significant capital expenditures are required to replace our reserves. Our level of indebtedness may limit our financial flexibility. Hedging transactions may limit our potential gains. Provisions in our Certificate of Incorporation, Stockholder Rights Plan and Delaware law may inhibit a takeover of us.

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72207--3/3/2006--NOBLE_ENERGY_INC