61
Fiscal year ended December 31, 2015 as compared to year ended December 31, 2014
Year Ended
December 31,
Increase
Percentage
2015
2014
(Decrease)
Change
($ in thousands)
Consolidated Operations:
Oil and gas revenue
.........................................................................
$
— $
— $
—
—%
Operating costs and expenses
Seismic and exploration...............................................................
45,318
41,431
3,887
9%
Dry hole expense and impairment ...............................................
308,960
133,223
175,737
132%
General and administrative ..........................................................
87,031
72,090
14,941
21%
Accretion expense........................................................................
99
—
99
100%
Depreciation and amortization.....................................................
1,403
1,694
(291)
(17)%
Total operating costs and expenses
................................................
442,811
248,438
194,373
78%
Operating income (loss) ....................................................................
(442,811)
(248,438)
(194,373)
78%
Other income (expense)
Gain (loss) on sale of assets.........................................................
1,555
—
1,555
100%
Interest income ............................................................................
6,087
5,958
129
2%
Interest expense ...........................................................................
(63,376)
(74,768)
11,392
(15)%
Total other income (expense)
.........................................................
(55,734)
(68,810)
13,076
(19)%
Net income (loss) from continuing operations before income tax ....
(498,545)
(317,248)
(181,297)
57%
Income tax expense (benefit) ............................................................
—
—
—
—
Net income (loss) from continuing operations
..............................
$ (498,545) $ (317,248) $ (181,297)
57%
Consolidated Operations
Oil and gas revenue.
We did not realize any oil and gas revenue during the years ended December 31, 2015 and 2014,
respectively.
Operating costs and expenses.
Our operating costs and expenses for our operations consisted of the following during the years
ended December 31, 2015 and 2014:
Seismic and exploration.
Seismic and exploration costs increased by approximately $3.9 million during the year ended
December 31, 2015, as compared to the year ended December 31, 2014. The increase was primarily due to a $3.8 million increase in
seismic costs and a $0.6 million increase in exploration expenses offset by the decrease of $0.5 million in delay rental.
