Revenues for the fourth quarter of 2015 totaled $65.9 million, representing a 31% increase as compared to revenues for the fourth quarter of 2014. Adjusted Revenue, which includes the impact of cash settled derivatives, and excludes brokered natural gas and marketing revenue, totaled $74.4 million, representing a 41% increase over Adjusted Revenue of $52.6 million in the fourth quarter of 2014. The net loss for the fourth quarter of 2015 was $813.9 million, or $3.66 per share. Adjusted EBITDAX was $31.3 million for the fourth quarter of 2015, or $0.14 per share.
Revenues for the full year 2015 totaled $255.3 million, representing an 85% increase as compared to revenues for the full 2014. Adjusted Revenue totaled $271.7 million, representing a 97% increase over Adjusted Revenue of $138.0 million in the full year 2014. The net loss for the full year 2015 was $971.4 million, or $4.46 per share. Adjusted EBITDAX was $113.1 million for the full year 2015, an 81% increase year over year, or $0.51 per share.And further:
During 2016, the Company plans to focus on enhancing its margins, continuing to improve its peer leading drilling and completion efficiencies in the Utica Shale, strengthening its balance sheet and preserving its high quality asset base for the future. Details on these initiatives include:
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- The Company plans to continue to streamline its operations in order to improve its operating margins which include the sale of certain non-core and higher-cost assets. During the year, the company anticipates receiving proceeds from these non-core assets of between $15 million and $20 million
- As a result of decreased activity, the Company implemented a workforce reduction in the second half of 2015. The Company estimates that its 2016 cash general and administrative expenses fall to approximately $36.0 million, and the Company intends to continue to thoroughly analyze its cost structure to identify additional savings opportunities
- The Company expects to maintain its voluntary production curtailment initiative through at least the first half of 2016 in order to preserve its productive capacity from its producing wells until commodity prices improve. At current forward strip prices, the Company anticipates that its production during 2016 to be consistent with the 2015 full year rate of approximately 200 MMcfe per day until such time as the Company elects to adjust this curtailment approach
- The Company plans to maintain flexibility in implementing its 2016 capital plan, which is heavily weighted to the second half of the year enabling the Company to further delay restarting its drilling and completion activity as necessary
- The Company has established an initial capital budget of $168.0 million3, which includes approximately $130 million for drilling and completion activities and approximately $35 million for land activities
- The initial capital budget includes capital expenditures to drill 7.6 net horizontal Utica Shale wells and complete 9.4 net horizontal Utica Shale wells in 2016. The Company expects to exit the year with 11.5 net drilled but uncompleted wells
- In establishing this capital budget, the Company has assumed an average Henry Hub natural gas price of at least $2.34 per Mcf and an average WTI oil price of at least $34.80 per Bbl for the year
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