Warren Resources Inc. produced 980,300 bbl of oil last year, a 12% decline from 2014, the company said in its year-end earnings release. Natural gas production, however, increased to 28 Bcf last year, up from 16.1 Bcf in 2014. The 74% increase reflected the company's first full year of Marcellus Shale production after it acquired Citrus Energy Corp. in mid-2014 (see Shale Daily, July 8, 2014). Warren said low commodity prices drove declines in 2015 results. Revenue was down to $88.4 million in 2015 from $150.7 million the prior year. The company reported a full-year net loss of $619.9 million (minus $7.55/share), compared to net income of $24 million (31 cents) in 2014. The loss was largely attributed to a $578.3 million property impairment charge. The company's average oil price declined to $41.14/bbl, compared to $86.02/bbl in 2014, while its average natural gas price declined to $1.55/Mcf, compared to $3.06/Mcf in 2014. Warren has defaulted on an interest payment for its 9% senior unsecured notes and is in currently in the process of trying to restructure its debt. It has warned investors of bankruptcy twice since February in separate news releases (see Shale Daily, March 14). In addition to the Marcellus Shale in Pennsylvania, the company has waterflood oilfield recovery operations in California and coalbed methane assets in Wyoming.