“Recent events have had an unprecedented and unpredictable impact on the global economy and the oil and gas industry,” said David L. Stover, Noble Energy’s Chairman and CEO. “We are acting quickly and aggressively to confront today’s economic challenges with a focus on Noble Energy’s financial strength and to position the Company to improve shareholder value. Noble Energy benefits from a high-quality, low-decline portfolio, strong capital discipline, and an ability to flex spending as appropriate. The actions taken to date are expected to generate more than one billion dollars in annualized cash savings, and we will continue to remain agile to ensure the long-term success of the business.”