63
Fiscal year ended December 31, 2014 as compared to year ended December 31, 2013
Year Ended
December 31,
Increase Percentage
2014
2013
(Decrease) Change
($ in thousands)
Consolidated Operations:
Oil and gas revenue
..............................................................
$
— $
— $
—
—%
Operating costs and expenses
Seismic and exploration....................................................
41,431
49,847
(8,416)
(17)%
Dry hole expense and impairment ....................................
133,223
224,105
(90,882)
(41)%
General and administrative ...............................................
72,090
72,895
(805)
(1)%
Depreciation and amortization ..........................................
1,694
1,328
366
28%
Total operating costs and expenses
.....................................
248,438
348,175
(99,737)
(29)%
Operating income (loss) .........................................................
(248,438) (348,175)
99,737
(29)%
Other income (expense)
Gain (loss) on sale of assets ..............................................
—
2,996
(2,996)
(100)%
Interest income..................................................................
5,958
6,043
(85)
(1)%
Interest expense.................................................................
(74,768)
(65,376)
(9,392)
14%
Total other income (expense)
...............................................
(68,810)
(56,337)
(12,473)
22%
Net income (loss) from continuing operations before income
tax...........................................................................................
(317,248) (404,512)
87,264
(22)%
Income tax expense (benefit) .................................................
—
—
—
—
Net income (loss) from continuing operations
...................
$ (317,248) $ (404,512) $
87,264
(22)%
Consolidated Operations:
Oil and gas revenue.
We did not realize any oil and gas revenue during the years ended December 31, 2014 and 2013.
Operating costs and expenses.
Our operating costs and expenses for our consolidated operations consisted of the following
during the years ended December 31, 2014 and 2013:
Seismic and exploration.
Seismic and exploration costs decreased by approximately $8.4 million during the year ended
December 31, 2014, as compared to the year ended December 31, 2013. The decrease was primarily due to an $11.8 million decrease
in seismic costs offset by the increase of $0.7 million in delay rental and $2.7 million in exploration expenses attributed primarily to
standby costs on the Ensco 8503 incurred during January 2014.
