Bellatrix Exploration had a $444.2-million net loss last year, most of it due to asset writedowns in the fourth quarter, but says it exceeded its 2015 expense-reduction target and spent less money than it produced in the quarter.

Net loss for the quarter was $356.6 million or $1.86 per share, which compared with a year-earlier profit of $54.83 million or 29 cents per share. Revenue dropped to $72.1 million from $130.2 million in the fourth quarter of 2014.

The loss was primarily due to a $346.4 million non-cash writedown of its assets due to depressed crude oil and natural gas prices.

It realized an average price of $18.85 per barrel on an oil-equivalent basis (boe) or $20.26 per boe including offsets from its risk-management program.

That was down from $32.07 per boe, or $34.51 per boe including risk management, in the fourth quarter of 2014.

However, the Calgary-based company says its operating costs during the quarter fell to a record low of $6.87 per barrel on an oil-equivalent basis (boe) and general-administration costs hit a record low of $1.18 per boe.

Adjusted loss excluding impairments and other items was $8.6 million or four cents per share, compared with a year-earlier profit of nearly $59 million or 31 cents per share.