Performance Summary




Non-GAAP Financial Measures

This sustainability report contains measures which may be deemed "non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended. We present adjusted net income, a non-GAAP financial measure which excludes certain items that are included in income (loss) from continuing operations, the most directly comparable GAAP financial measure, for the years ended December 31, 2015, 2014, and 2013. Items excluded are those that we believe affect the comparability of operating results and include items whose timing and/or amount cannot be reasonably estimated or items that are non-recurring.  The non-GAAP financial measure of adjusted net income is presented because management believes it provides useful additional information to investors for analysis of our fundamental business on a recurring basis. In addition, management believes that adjusted net income is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry. Adjusted net income should not be considered in isolation or as a substitute for income (loss) from continuing operations or any other measure of a company's financial performance or profitability presented in accordance with GAAP.  A reconciliation of the differences between income (loss) from continuing operations and adjusted net income is presented below.  Because adjusted net income excludes some, but not all, items that affect income (loss) from continuing operations and may vary among companies, our calculation of adjusted net income may not be comparable to similarly titled measures of other companies. 

None of the information furnished above will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information above is not intended to, and does not, constitute a determination or admission by the Company, that the information is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.