Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

3 Months Ended

Mar. 31, 2019

As previously described in Note 1 - Summary of Significant Accounting Policies, we lease certain office space, office equipment, production facilities, compressors, drilling rigs, vehicles and other ancillary drilling equipment under cancelable and non-cancelable leases to support our operations. The following tables reflect the current period impact of our adoption of the new leases standard. As we have no leases that meet the criteria for classification as a finance lease, all information contained herein represents our operating leases.

The components of our total lease cost were as follows:



	Three Months Ended
	March 31, 2019
Operating lease cost	$	9,565
Short-term lease cost ^(a)	$	1,498


(a)	Short-term lease cost excludes expenses related to leases with a contract term of one month or less.

Supplemental balance sheet information related to our operating leases is included in the table below:



	As of March 31, 2019
Operating lease right-of-use assets	$	40,977

Current operating lease liabilities	29,134
Operating lease liabilities	11,751
Total operating lease liabilities	$	40,885

As of March 31, 2019, our weighted average remaining lease term and our weighted average discount rate for our operating leases were 1.6 years and 4.02%, respectively.

Our operating lease liabilities with enforceable contract terms that are greater than one year mature as follows:



	As of March 31, 2019
Remainder of 2019	$	25,505
2020	13,765
2021	1,573
2022	534
2023	517
Thereafter	388
Total lease payments	42,282
Less imputed interest	1,397
Total	$	40,885