Finance costs. Finance costs, net of amounts capitalised to exploration and development, increased by $0.9 million to  $0.7 million for the year ended 31 December 2014 as compared to net interest income of $0.2 million in the prior year. The  increase primarily relates to an increase in amortisation of deferred financing fees and additional interest incurred on undrawn  funds. Gain (loss) on derivative financial instruments . The net gain (loss) on derivative financial instruments changed by $11.6 million  to an $11.0 million gain for the year ended 31 December 2014 as compared to the prior year. The gain on commodity hedging  consisted of $9.7 million of unrealised gains on commodity derivative contracts and $1.3 of realised gains on commodity  derivative contracts.  The Company had the following open contracts at 31 December 2014:  Our combined Federal and state effective tax rates differ from the Group’s statutory tax rate of 30% primarily due to US federal  and state tax rates, non-deductible expenses and the recognition of previously unrecognised tax losses. See Note 7 in the Notes  to the Consolidated Financial Statements of this report for further information regarding our income taxes.  Adjusted EBITDAX . Adjusted EBITDAX is defined as earnings before interest expense, income taxes, depreciation, depletion  and amortisation, property impairments, gain/(loss) on sale of non-current assets, exploration expense, share-based  compensation and gains and losses on commodity hedging, net of settlements of commodity hedging.  For the year ended 31 December 2014, adjusted EBITDAX was $126.4 million, or 79% of revenue, compared to $52.6 million,  or 62% of revenue, from the prior year.  - 18 -  Contract Type  Counterparty  Basis  Quantity/mo  Strike Price Term  Collar  Wells Fargo  WTI  2,000 BBL  $75.00/$98.65  1 Jan 15 – 31 Dec 15  Collar  Shell Trading US  LLS  3,000 BBL  $85.00/$101.05  1 Jan 15 – 31 Dec 15  Collar  Wells Fargo  WTI  2,000 BBL  $80.00/$97.00  1 Jan 15 – 31 Dec 15  Collar  Wells Fargo  WTI  1,000 BBL  $80.00/$94.94  1 Jan 15 – 31 Dec 15 Swap  Wells Fargo  LLS  2,000 BBL  $91.65  1 Jan 15 – 31 Dec 15 Swap  Shell Trading US  LLS  5,000 BBL  $98.05  1 Jan 15 – 30 Jun 15 Swap  Shell Trading US  LLS  3,000 BBL  $94.10  1 Jul 15 – 31 Dec 15 Swap  Wells Fargo  WTI  2,000 BBL  $95.08  1 Jan 15 – 31 Dec 15 Swap  Wells Fargo  LLS  2,000 BBL  $97.74  1 Jan 15 – 31 Dec 15 Swap  Shell Trading US  LLS  5,000 BBL  $100.70  1 Jan 15 – 30 Jun 15 Swap  Shell Trading US  LLS  5,000 BBL  $94.10  1 Jan 16 – 31 Dec 16 Swap  Shell Trading US  HH  20,000 MCF  $4.14  1 Jan 15 – 31 Dec 15  Income taxes. The components of our provision for income taxes are as follows:  Year ended 31 December  (In US$‘000s)  2014  2013  Current tax (expense)/benefit ..................................................................... (17)  21,398  Deferred tax benefit/(expense) ................................................................... 858  (26,965)  Total income tax benefit/(expense)............................................................. 841  (5,567)  Combined Federal and state effective tax rate  (5.8)%  25.9% 