Callon Petroleum Company Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 37,766us-gaap_NetIncomeLoss	$ 4,304us-gaap_NetIncomeLoss	$ 2,747us-gaap_NetIncomeLoss
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	58,014	45,393	51,043
Accretion expense	826us-gaap_AccretionExpense	1,785us-gaap_AccretionExpense	2,253us-gaap_AccretionExpense
Amortization of non-cash debt related items	1,272us-gaap_AmortizationOfFinancingCosts	471us-gaap_AmortizationOfFinancingCosts	402us-gaap_AmortizationOfFinancingCosts
Amortization of deferred credit	(487)	(3,164)	(3,086)
Equity in earnings of Medusa Spar LLC		(17)	(226)
Deferred income tax expense	23,134us-gaap_DeferredIncomeTaxExpenseBenefit	2,778us-gaap_DeferredIncomeTaxExpenseBenefit	2,223us-gaap_DeferredIncomeTaxExpenseBenefit
Net loss (gain) on derivatives, net of settlements	(27,650)us-gaap_UnrealizedGainLossOnDerivatives	2,730us-gaap_UnrealizedGainLossOnDerivatives	(1,683)us-gaap_UnrealizedGainLossOnDerivatives
Impairment of other property and equipment		1,707us-gaap_TangibleAssetImpairmentCharges	1,176us-gaap_TangibleAssetImpairmentCharges
Gain on sale of other property and equipment	(1,080)
Non-cash gain on early debt extinguishment	(151)	(3,696)	(1,366)
Non-cash expense related to equity share-based awards	1,126	2,092	1,697
Change in the fair value of liability share-based awards	3,936	2,903	1,620
Payments to settle asset retirement obligations	(3,808)	(721)	(1,314)
Changes in current assets and liabilities:
Accounts receivable	(7,915)	(3,497)	(883)
Other current assets	622	(560)	100
Current liabilities	12,805	3,583	1,753
Payments to settle vested liability share-based awards	(3,469)	(239)	(3,383)
Change in other long-term liabilities	(106)	(711)	103
Change in other assets, net	(448)	(666)	(1,886)
Net cash provided by operating activities	94,387	54,475	51,290
Cash flows from investing activities:
Capital expenditures	(232,596)	(159,724)	(133,299)
Acquisition	(222,883)	(10,885)	(2,075)
Proceeds from sale of mineral interest and equipment	2,978	89,992	39,936
Distribution from Medusa Spar LLC		813	1,735
Net cash used in investing activities	(452,501)	(79,804)	(93,703)
Cash flows from financing activities:
Borrowings on credit facility	132,500us-gaap_ProceedsFromLinesOfCredit	80,000us-gaap_ProceedsFromLinesOfCredit	53,000us-gaap_ProceedsFromLinesOfCredit
Borrowings on term loan	382,500
Payments on credit facility	(119,500)us-gaap_RepaymentsOfLinesOfCredit	(68,000)us-gaap_RepaymentsOfLinesOfCredit	(43,000)us-gaap_RepaymentsOfLinesOfCredit
Payments on term loan	(84,149)us-gaap_RepaymentsOfOtherLongTermDebt
Payment of deferred financing costs	(19,779)us-gaap_PaymentsOfFinancingCosts	(146)us-gaap_PaymentsOfFinancingCosts
Redemption of 13% Senior Notes	(50,057)	(50,060)	(10,225)
Issuance of preferred stock		70,035
Issuance of common stock	122,450
Payment of preferred stock dividends	(7,895)	(4,627)
Taxes paid related to exercise of employee stock options			(18)
Cash flows from financing activities	356,070	27,202	(243)
Net change in cash and cash equivalents	(2,044)	1,873	(42,656)
Balance, beginning of period	3,012	1,139	43,795
Balance, end of period	$ 968	$ 3,012	$ 1,139