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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Liabilities


	As of December 31,
	2015		2014
Deferred tax asset
Federal net operating loss carryforward	$	107,935	$	86,629
Statutory depletion carryforward		8,843		8,876
Alternative minimum tax credit carryforward		208		208
Asset retirement obligations		630		1,003
Other		8,241		6,621
Deferred tax asset before valuation allowance		125,857		103,337
Deferred tax liability
Oil and natural gas properties		6,488		54,723
Other		10,526		10,140
Total deferred tax liability		17,014		64,863
Net deferred tax asset before valuation allowance		108,843		38,474
Less: Valuation allowance		(108,843)		—
Net deferred tax asset	$	—	$	38,474

Summary of Operating Loss Carryforwards



			Year Expiring
	Total		2016-2021		2022-2024		2025-2027		2028-2030		2031-2035
Federal NOL carryforwards	$	308,385	$	13,892	$	101,495	$	39,714	$	32,111	$	121,173

Schedule of Effective Income Tax Rate Reconciliation



	For the Year Ended December 31,
Components of income tax rate reconciliation	2015		2014		2013
Income tax expense computed at the statutory federal income tax rate		35%		35%		35%
Percentage depletion carryforward		—%		—%		(8)%
State taxes net of federal benefit		1%		1%		4%
Restricted stock and stock options		—%		—%		5%
Section 162(m)		(1)%		2%		6%
Valuation allowance		(54)%		—%		—%
Effective income tax rate		(19)%		38%		42%



	For the Year Ended December 31,
Components of income tax expense	2015		2014		2013
Current state income tax expense	$	—	$	—	$	326
Deferred federal income tax (benefit) expense		(69,087)		22,373		2,652
Deferred state income tax (benefit) expense		(1,282)		761		126
Valuation allowance		108,843		—		—
Total income tax expense	$	38,474	$	23,134	$	3,104

- References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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