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## Field Netbacks 

Details of field netbacks per commodity unit produced are as follows: 

<img src='content_image/277012.jpg'>

Total operating income for the final quarter of 2014 was 68% higher than the same quarter of 2013 due to higher production volumes partially offset by lower oil and NGL prices. Compared to the third quarter of 2014, lower royalties and production costs were more than offset by lower pricing for all commodities as well as higher transportation costs, resulting in a netback-per-Boe decrease of 15%. Compared to the same quarter in 2013, all commodity prices decreased and, combined with the effect of increased lower netback natural gas production which increased from 76% to 80% of total corporate volumes, the year-over-year per-Boe selling price was lower by $5.03. The fourth quarter of 2014 benefited from hedging gains of $0.52 per Boe. 

Cash costs per Boe, comprising production costs, transportation, interest and general and administrative costs, amounted to $11.97 for the final quarter of 2014, $15.38 for the equivalent quarter of 2013 and $12.76 for the third quarter of 2014. In the fourth quarter of 2014, per-Boe reductions in production, interest and general and administrative costs more than offset transportation cost increases when compared to both prior periods. 

