Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124 Page 125 Page 126 Page 127 Page 128 Page 129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164 Page 165 Page 166 Page 167 Page 168 Page 169 Page 170 Page 171 Page 172 Page 173 Page 174 Page 175 Page 176 Page 177 Page 178 Page 179 Page 180 Page 181 Page 182Year Ended December 31, 2015 vs. 2014 Years Ended December 31, Increase 2015 2014 (Decrease) (In thousands) Revenues and other income: Oil and gas revenue . . . . . . . . . . . . . . . . . . . . $ 446,696 $ 855,877 $(409,181) Gain on sale of assets . . . . . . . . . . . . . . . . . . 24,651 23,769 882 Other income . . . . . . . . . . . . . . . . . . . . . . . . 209 3,092 (2,883) Total revenues and other income . . . . . . . . . 471,556 882,738 (411,182) Costs and expenses: Oil and gas production . . . . . . . . . . . . . . . . . 105,336 100,122 5,214 Exploration expenses . . . . . . . . . . . . . . . . . . . 156,203 93,519 62,684 General and administrative . . . . . . . . . . . . . . 136,809 135,231 1,578 Depletion and depreciation . . . . . . . . . . . . . . 155,966 198,080 (42,114) Interest and other financing costs, net . . . . . . 37,209 45,548 (8,339) Derivatives, net . . . . . . . . . . . . . . . . . . . . . . . (210,649) (281,853) 71,204 Restructuring charges . . . . . . . . . . . . . . . . . . — 11,742 (11,742) Other expenses, net . . . . . . . . . . . . . . . . . . . . 5,246 2,081 3,165 Total costs and expenses . . . . . . . . . . . . . . . 386,120 304,470 81,650 Income before income taxes . . . . . . . . . . . . . . . 85,436 578,268 (492,832) Income tax expense . . . . . . . . . . . . . . . . . . . . 155,272 298,898 (143,626) Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . $ (69,836) $ 279,370 $(349,206) Oil and gas revenue. Oil and gas revenue decreased by $409.2 million during the year ended December 31, 2015 as compared to the year ended December 31, 2014, as a result of a significantly lower realized price per barrel and a slight decrease in sales volumes. We lifted and sold 8,538 MBbl at an average realized price per barrel of $52.32 in 2015 and 8,728 MBbl at an average realized price per barrel of $98.06 in 2014. Oil and gas production. Oil and gas production costs increased by $5.2 million during the year ended December 31, 2015 as compared to the year ended December 31, 2014 primarily as a result of an increase in routine operating expenses, including $2.8 million related to repairs to the gas compressor and costs to remove the damaged water injection riser, partially mitigated by a reduction in well workover costs. Exploration expenses. Exploration expenses increased by $62.7 million during the year ended December 31, 2015, as compared to the year ended December 31, 2014. The increase is primarily a result of $86.8 million of unsuccessful well costs for the Western Sahara CB-1 exploration well in 2015 partially mitigated by a decrease in seismic costs of $28.6 million. Depletion and depreciation. Depletion and depreciation decreased $42.1 million during the year ended December 31, 2015, as compared with the year ended December 31, 2014, primarily as a result of a lower depletion rate in 2015 as a result of an increase in our proved reserves associated with the Jubilee Field. Interest and other financing costs, net. Interest expense decreased by $8.3 million during the year ended December 31, 2015, as compared to the year ended December 31, 2014, primarily as a result of higher gross interest costs driven by a larger debt balance offset by higher capitalized interest during the year ended December 31, 2015, as compared to the year ended December 31, 2014. 88