SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
COMMISSION FILE NUMBER: 1-11675
Full title of the plan and the address of the plan, if different from that of
the issuer named below:
TRITON EXPLORATION SERVICES, INC.
401(K) SAVINGS PLAN
Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
TRITON ENERGY LIMITED
CALEDONIAN HOUSE
MARY STREET
P.O. BOX 1043
GEORGE TOWN, GRAND CAYMAN
CAYMAN ISLANDS
<PAGE>
Required Information
(a) Financial Statements.
See "Index to Financial Statements" on page F-1.
(b) Exhibit.
The following document is an exhibit to this Form 11-K:
Exhibit
Number Document
23.1 - Consent of Price Waterhouse LLP, filed herewith.
<PAGE>
TRITON ENERGY CORPORATION 401(k) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
<S> <C>
Page
----
Financial statements:
Report of Independent Accountants F-2
Statement of Net Assets Available for Benefits, with Fund Information at
December 31, 1996 F-3
Statement of Net Assets Available for Benefits, with Fund Information at
December 31, 1995 F-4
Statement of Changes in Net Assets Available for Benefits,
with Fund Information for the Year Ended December 31, 1996 F-5
Notes to Financial Statements F-6
Supplemental schedules:
Schedule I - Investments at December 31, 1996 F-10
Schedule II - Transactions in Excess of 5% of the
Fair Market Value of the Plan Assets for
the Year Ended December 31, 1996 F-11
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Triton Energy Corporation 401(k) Savings Plan
In our opinion, the accompanying statements of net assets available for
benefits, with fund information, and the related statement of changes in net
assets available for benefits, with fund information, present fairly, in all
material respects, the net assets available for benefits of the Triton Energy
Corporation 401(k) Savings Plan at December 31, 1996 and 1995, and the changes
in net assets available for benefits for the year ended December 31, 1996, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits of these statements in accordance with generally
accepted auditing standards which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
schedules I and II is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is additional
information required by ERISA. Schedules I and II and the Fund Information
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
PRICE WATERHOUSE LLP
Dallas, Texas
June 13, 1997
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FUND INFORMATION
-----------------
LARGE LARGE SMALL
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION CAPITALIZATION
MONEY BOND VALUE EQUITY GROWTH VALUE EQUITY
FUND FUND FUND* FUND* FUND
----------- ---------- ----------------- --------------- ---------------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $ --- $ --- $ --- $ --- $ ---
International equity investments fund --- --- --- --- ---
Large capitalization value equity fund --- --- 834,419 --- ---
Large capitalization growth fund --- --- --- 1,134,577 ---
Small capitalization value equity fund --- --- --- --- 71,071
Government money fund 146,388 --- --- --- ---
Long term bond fund --- 202,186 --- --- ---
Participant loans --- --- --- --- ---
Cash and equivalents 524 366 1,101 1,226 117
----------- ---------- ----------------- --------------- ---------------
Total investments 146,912 202,552 835,520 1,135,803 71,188
----------- ---------- ----------------- --------------- ---------------
Receivables
Employer's contributions 1,502 1,741 7,846 10,602 2,290
Participants' contributions 1,915 2,365 10,329 13,977 3,378
Other 1,767 --- --- --- ---
----------- ---------- ----------------- --------------- ---------------
Total receivables 5,184 4,106 18,175 24,579 5,668
----------- ---------- ----------------- --------------- ---------------
Total assets 152,096 206,658 853,695 1,160,382 76,856
Liabilities
Accounts payable --- --- --- --- ---
----------- ---------- ----------------- --------------- ---------------
Net assets available for plan benefits $ 152,096 $ 206,658 $ 853,695 $ 1,160,382 $ 76,856
----------- ---------- ----------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL
EQUITY TRITON
INVESTMENTS STOCK PARTICIPANT CASH AND
FUND* FUND* LOANS EQUIVALENTS TOTAL
-------------- ---------- ------------ ------------- ----------
Assets
Investments, at fair value
Triton Energy Limited ordinary shares $ --- $6,224,781 $ --- $ --- $6,224,781
International equity investments fund 564,775 --- --- --- 564,775
Large capitalization value equity fund --- --- --- --- 834,419
Large capitalization growth fund --- --- --- --- 1,134,577
Small capitalization value equity fund --- --- --- --- 71,071
Government money fund --- --- --- --- 146,388
Long term bond fund --- --- --- --- 202,186
Participant loans --- --- 298,541 --- 298,541
Cash and equivalents 929 12,545 --- 102,540 119,348
-------------- ---------- ------------ ------------- ----------
Total investments 565,704 6,237,326 298,541 102,540 9,596,086
-------------- ---------- ------------ ------------- ----------
Receivables
Employer's contributions 4,079 11,830 --- (39,890) ---
Participants' contributions 5,765 16,159 --- (53,888) ---
Other --- 2,529 --- (4,296) ---
-------------- ---------- ------------ ------------- ----------
Total receivables 9,844 30,518 --- (98,074) ---
-------------- ---------- ------------ ------------- ----------
Total assets 575,548 6,267,844 298,541 4,466 9,596,086
Liabilities
Accounts payable --- --- --- 4,466 4,466
-------------- ---------- ------------ ------------- ----------
Net assets available for plan benefits $ 575,548 $6,267,844 $ 298,541 $ --- $9,591,620
-------------- ---------- ------------ ------------- ----------
</TABLE>
* Denotes an investment representing 5% or more of net assets available for
benefits.
See accompanying notes to financial statements.
<PAGE>
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FUND INFORMATION
-----------------
LARGE LARGE INTERNATIONAL
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION EQUITY TRITON
MONEY BOND VALUE EQUITY GROWTH INVESTMENTS STOCK
FUND FUND FUND FUND FUND FUND
----------- ---------- ----------------- --------------- -------------- ----------
Assets
Investments, at fair value
Triton Energy Corporation common stock $ --- $ --- $ --- $ --- $ --- $7,870,817
International equity investments fund --- --- --- --- 490,273 ---
Large capitalization value equity fund --- --- 635,262 --- --- ---
Large capitalization growth fund --- --- --- 702,796 --- ---
Government money fund 461,954 --- --- --- --- ---
Long term bond fund --- 189,760 --- --- --- ---
Participant loans --- --- --- --- --- ---
Cash and equivalents --- --- --- --- --- 1,288
----------- ---------- ----------------- --------------- -------------- ----------
Total investments 461,954 189,760 635,262 702,796 490,273 7,872,105
----------- ---------- ----------------- --------------- -------------- ----------
Receivables
Employer's contributions 812 1,621 6,308 7,781 4,752 9,850
Participants' contributions 1,014 2,185 8,409 10,221 6,641 14,151
Other 262 449 1,120 449 --- 2,291
----------- ---------- ----------------- --------------- -------------- ----------
Total receivables 2,088 4,255 15,837 18,451 11,393 26,292
----------- ---------- ----------------- --------------- -------------- ----------
Total assets 464,042 194,015 651,099 721,247 501,666 7,898,397
Liabilities
Accounts payable --- --- --- --- 132 ---
----------- ---------- ----------------- --------------- -------------- ----------
Net assets available for plan benefits $ 464,042 $ 194,015 $ 651,099 $ 721,247 $ 501,534 $7,898,397
----------- ---------- ----------------- --------------- -------------- ----------
<S> <C> <C> <C>
PARTICIPANT CASH AND
LOANS EQUIVALENTS TOTAL
------------ ------------ -----------
Assets
Investments, at fair value
Triton Energy Corporation common stock $ --- $ --- $ 7,870,817
International equity investments fund --- --- 490,273
Large capitalization value equity fund --- --- 635,262
Large capitalization growth fund --- --- 702,796
Government money fund --- --- 461,954
Long term bond fund --- --- 189,760
Participant loans 298,468 --- 298,468
Cash and equivalents --- 8,301 9,589
------------ ------------ -----------
Total investments 298,468 8,301 10,658,919
------------ ------------ -----------
Receivables
Employer's contributions --- --- 31,124
Participants' contributions --- --- 42,621
Other --- 1,965 6,536
------------ ------------ -----------
Total receivables --- 1,965 80,281
------------ ------------ -----------
Total assets 298,468 10,266 10,739,200
Liabilities
Accounts payable --- 10,266 10,398
------------ ------------ -----------
Net assets available for plan benefits $ 298,468 $ --- $10,728,802
------------ ------------ -----------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FUND INFORMATION
------------------
LARGE LARGE
GOVERNMENT LONG TERM CAPITALIZATION CAPITALIZATION
MONEY BOND VALUE EQUITY GROWTH
FUND FUND FUND FUND
------------ ----------- ------------------ ---------------
Additions to net assets attributed to:
Net appreciation (depreciation) in fair value $ --- $ (5,871) $ 75,680 $ 119,303
Dividends 17,041 12,242 60,322 47,051
Interest and other 16 28 581 450
------------ ----------- ------------------ ---------------
Total investment income (loss) 17,057 6,399 136,583 166,804
------------ ----------- ------------------ ---------------
Contributions
Participants 67,694 28,572 169,522 231,528
Employer 20,917 20,428 93,656 138,820
------------ ----------- ------------------ ---------------
Total contributions 88,611 49,000 263,178 370,348
------------ ----------- ------------------ ---------------
Loans to participants --- --- --- ---
Participant loan payments 6,212 11,239 17,054 17,386
------------ ----------- ------------------ ---------------
Total additions 111,880 66,638 416,815 554,538
------------ ----------- ------------------ ---------------
Deductions from net assets attributed to:
Benefits paid 251,635 40,927 186,569 188,733
Loans to participants 63,803 3,870 16,613 15,405
Participant loan payments --- --- --- ---
Miscellaneous (1,767) --- --- ---
------------ ----------- ------------------ ---------------
Total deductions 313,671 44,797 203,182 204,138
------------ ----------- ------------------ ---------------
Net increase (decrease) prior to interfund transfers (201,791) 21,841 213,633 350,400
Interfund transfers (110,155) (9,198) (11,037) 88,735
------------ ----------- ------------------ ---------------
Net increase (decrease) (311,946) 12,643 202,596 439,135
Net assets available for plan benefits:
Beginning of year 464,042 194,015 651,099 721,247
------------ ----------- ------------------ ---------------
End of year $ 152,096 $ 206,658 $ 853,695 $ 1,160,382
------------ ----------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
SMALL INTERNATIONAL
CAPITALIZATION EQUITY TRITON
VALUE EQUITY INVESTMENTS STOCK PARTICIPANT
FUND FUND FUND LOANS TOTAL
--------------- --------------- ------------ ------------ ------------
Additions to net assets attributed to:
Net appreciation (depreciation) in fair value $ 553 $ (16,962) $(1,248,406) $ --- $(1,075,703)
Dividends 5,496 42,793 --- --- 184,945
Interest and other 6 (165) --- 26,460 27,376
--------------- --------------- ------------ ------------ ------------
Total investment income (loss) 6,055 25,666 (1,248,406) 26,460 (863,382)
--------------- --------------- ------------ ------------ ------------
Contributions
Participants 10,808 111,421 295,337 --- 914,882
Employer 7,020 79,841 203,559 --- 564,241
--------------- --------------- ------------ ------------ ------------
Total contributions 17,828 191,262 498,896 --- 1,479,123
--------------- --------------- ------------ ------------ ------------
Loans to participants --- --- --- 140,131 140,131
Participant loan payments 350 11,982 92,520 --- 156,743
--------------- --------------- ------------ ------------ ------------
Total additions 24,233 228,910 (656,990) 166,591 912,615
--------------- --------------- ------------ ------------ ------------
Deductions from net assets attributed to:
Benefits paid --- 64,645 1,012,406 9,775 1,754,690
Loans to participants --- 2,166 38,274 --- 140,131
Participant loan payments --- --- --- 156,743 156,743
Miscellaneous --- --- --- --- (1,767)
--------------- --------------- ------------ ------------ ------------
Total deductions --- 66,811 1,050,680 166,518 2,049,797
--------------- --------------- ------------ ------------ ------------
Net increase (decrease) prior to interfund transfers 24,233 162,099 (1,707,670) 73 (1,137,182)
Interfund transfers 52,623 (88,085) 77,117 --- ---
--------------- --------------- ------------ ------------ ------------
Net increase (decrease) 76,856 74,014 (1,630,553) 73 (1,137,182)
Net assets available for plan benefits:
Beginning of year --- 501,534 7,898,397 298,468 10,728,802
--------------- --------------- ------------ ------------ ------------
End of year $ 76,856 $ 575,548 $ 6,267,844 $ 298,541 $ 9,591,620
--------------- --------------- ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the Triton Energy Corporation 40l(k) Savings Plan
(the "Plan") provides only general information. Participants should refer to
the Plan documents for a more complete description of the Plan provisions.
GENERAL
The Plan, as amended and restated January 1, 1994, is a restatement of the
Triton Energy Corporation Employee Stock Ownership Plan ("ESOP") which was
originally effective as of May 31, 1976. At December 31, 1993, the only fund
available for investment was the Triton Stock Fund. All assets of the ESOP
were transferred to the Plan at January 1, 1994 at current value. Effective
January 1, 1997, the Plan's sponsorship changed from Triton Energy Corporation
to Triton Exploration Services, Inc. and the Plan name changed from the Triton
Energy Corporation 401(k) Savings Plan to the Triton Exploration Services,
Inc. 401(k) Savings Plan. The Plan is a defined contribution plan covering
all employees of Triton Energy Corporation (the "Company") and
employees of affiliated companies adopting the Plan. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
The Plan covers all employee classifications except leased and temporary
employees and members of a legally recognized collective bargaining unit who
are not expressly granted permission to participate. Employees are
automatically enrolled on January 1st, April 1st, July 1st or October 1st
which coincides with or next follows an employee's employment commencement
date.
The Plan is administered by an administrative committee appointed by the Board
of Directors of the Company. The Plan's investments are held by a trust fund
administered by SBS Trust Company.
2. REORGANIZATION
On March 25, 1996, the stockholders of the Company approved the merger of a
wholly owned subsidiary of Triton Energy Limited ("TEL"), a Cayman Islands
company incorporated in August 1995, with and into the Company (the
"Reorganization"). Pursuant to the Reorganization, TEL became the parent
holding company of the Company and each share of Common Stock, par value
$1.00, and 5% Convertible Preferred Stock of the Company outstanding on March
25, 1996, was converted into one Ordinary Share, par value $.01, and one 5%
Convertible Preference Share, respectively, of TEL. Following the
reorganization, the Triton Stock Fund holds ordinary shares of TEL.
<PAGE>
3. ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared on the accrual basis
of accounting. The trustee holds and manages the funds and distributes cash
and stock to the Plan participants.
The assets of the Government Money Fund, Long Term Bond Fund, Large
Capitalization Value Equity Fund, Large Capitalization Growth Fund, Small
Capitalization Value Equity Fund and International Equity Investments Fund
are invested in separate funds managed by independent registered investment
advisors.
VALUATION OF INVESTMENTS
Investments are valued at current value based on quoted market prices except
for loans which are valued at cost which approximates fair value. Net
appreciation or depreciation of investments as reported in the statement of
changes in net assets available for plan benefits is calculated based on a
revalued cost method basis as required under ERISA guidelines.
THE USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
INTERFUND TRANSFERS
Participants may change their percentage contributions and fund allocations
once per calendar quarter.
FORFEITURES
A participant forfeits any non-vested employer contributions upon termination
of employment for reasons other than retirement, death or disability.
Forfeitures are utilized to reduce the Company's matching contributions and
were immaterial for 1996.
<PAGE>
PARTICIPANT LOANS
Loans outstanding aggregated $298,541 and $298,468 at December 31, 1996 and
1995, respectively, and bear interest at prime (8.25% at December 31, 1996)
plus two percent.
A participant may obtain a loan from all of his/her accounts. The maximum
amount that can be borrowed is equal to 50% of the participant's vested
account balance up to a maximum of $50,000. Participants may borrow general
purpose loans with payment terms up to five years and primary residence loans
with payment terms up to 15 years. Both the principal and interest portions
of the repayments are allocated by current election.
EXPENSES
Costs and expenses incurred in administering the Plan, excluding certain fees
and expenses of the trustee and investment manager, are borne by the Company.
4. PLAN PARTICIPATION AND WITHDRAWALS
There were approximately 186 participants contributing to the Plan at December
31, 1996 (142 at December 31, 1995). A participating employee may invest his
contributions in multiples of five percent in one or more of the following
active funds: the Government Money Fund, Long Term Bond Fund, Large
Capitalization Value Equity Fund, Large Capitalization Growth Fund, Small
Capitalization Value Equity Fund, International Equity Investments Fund and
the Triton Stock Fund.
A participant may contribute up to 12% of his/her compensation subject to the
annual deferral limit. The Company contributes an amount equal to a
participant's contribution, limited to a maximum of six percent of the
participant's base pay.
Participating employees receive a lump sum payment of all vested contributions
upon retirement, disability, death or termination. Also, participating
employees may make a hardship withdrawal from their participant accounts,
rollover accounts and their vested employer contributed accounts.
5. VESTED INTEREST IN PLAN EQUITY
Plan participants are vested at all times in their employee contributed
accounts. Vesting of employer contributions to a participant's account occurs
at a rate of 20% per year, with full vesting achieved upon five years of
service. In the event of retirement, death or disability, the participant
immediately becomes fully vested. In addition, in the event the Plan is
terminated or partially terminated, employer contributions are discontinued,
or a subsidiary of the Company terminates its participation in the Plan, the
affected participants' employer contributed accounts will become fully vested.
Net assets available for Plan benefits at December 31, 1996 and 1995 included
vested amounts of $289,664 and $255,039, respectively, attributable to
separated employees.
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants become fully vested in their accounts.
7. INCOME TAX STATUS
Management believes that the Plan is qualified under Section 401(a) of the
Internal Revenue Code and therefore, the Plan is exempt from taxation under
Section 501. The Internal Revenue Service granted a favorable letter of
determination to the Plan as amended on December 5, 1994. Generally,
contributions to a qualified plan are deductible by the Company when made,
earnings of the trust are tax exempt and participants are not taxed on their
benefits until withdrawn from the Plan.
Management is unaware of any variations in the operation of the Plan from the
terms of the Plan documents as amended. The Plan has complied with the
fidelity bonding requirement of ERISA.
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SCHEDULE I
INVESTMENTS AT DECEMBER 31, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
IDENTITY OF ISSUE, BORROWER, LESSOR OR SIMILAR PARTY NUMBER OF CURRENT
DESCRIPTION OF INVESTMENT SHARES COST VALUE (a)
- --------------------------------------------------------------- --------- ---------- ----------
TRITON STOCK FUND (b)
- ----------------------------------------------------------------
Triton Energy Limited ordinary shares 128,236 $2,001,439 $6,267,844
---------- ----------
INTERNATIONAL EQUITY INVESTMENTS FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 56,010 $ 590,652 $ 575,548
---------- ----------
LARGE CAPITALIZATION VALUE EQUITY FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 68,095 $ 730,932 $ 853,695
---------- ----------
LARGE CAPITALIZATION GROWTH FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 80,099 $ 990,448 $1,160,382
---------- ----------
SMALL CAPITALIZATION VALUE EQUITY FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 6,111 $ 76,320 $ 76,856
---------- ----------
GOVERNMENT MONEY FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 146,912 $ 152,096 $ 152,096
---------- ----------
LONG TERM BOND FUND
- ---------------------------------------------------------------
Consulting Group Capital Markets Fund 24,611 $ 204,913 $ 206,658
---------- ----------
PARTICIPANT LOANS
- ---------------------------------------------------------------
Participant Notes Receivable Due January 31, 1997
through
September 30, 2010
at 8% - 11% $ 298,541 $ 298,541
---------- ----------
(a) Current value represents closing prices at December 31, 1996.
(b) Party-in-interest
TRITON ENERGY CORPORATION
401(K) SAVINGS PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
SCHEDULE II
TRANSACTIONS IN EXCESS OF 5% OF THE FAIR MARKET VALUE
OF THE PLAN ASSETS FOR THE YEAR ENDED DECEMBER 31, 1996
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CURRENT VALUE
AGGREGATE AGGREGATE EXPENSE OF ASSET ON
IDENTITY OF PARTY INVOLVED PURCHASE SELLING LEASE INCURRED WITH COST TRANSACTION
DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION OF ASSET DATE
- ----------------------------------------- ---------- ---------- ------- ------------------- ---------- --------------
TRITON STOCK FUND
- -----------------------------------------
Triton Energy Limited ordinary shares (a) $ 679,413 $ 636,765 $ --- $ 11,656 $ 194,549 $ 636,765
---------- ---------- ------- ------------------- ---------- --------------
GOVERNMENT MONEY FUND
- -----------------------------------------
Consulting Group Capital Markets Fund $ 111,464 $ 427,030 $ --- $ --- $ 427,030 $ 427,030
---------- ---------- ------- ------------------- ---------- --------------
LARGE CAPITALIZATION VALUE EQUITY FUND
- -----------------------------------------
Consulting Group Capital Markets Fund $ 367,205 $ 243,728 $ --- $ --- $ 204,266 $ 243,728
---------- ---------- ------- ------------------- ---------- --------------
LARGE CAPITALIZATION GROWTH FUND
- -----------------------------------------
Consulting Group Capital Markets Fund $ 567,960 $ 255,480 $ --- $ --- $ 214,884 $ 255,480
---------- ---------- ------- ------------------- ---------- --------------
CASH EQUIVALENTS
- -----------------------------------------
Reserve Deposit Account (RDA VI) $2,803,293 $2,693,710 $ --- $ --- $2,693,710 $ 2,693,710
---------- ---------- ------- ------------------- ---------- --------------
(a) Party-in-interest
<S> <C> <C> <C>
NUMBER OF
IDENTITY OF PARTY INVOLVED TRANSACTIONS
------------------- NET
DESCRIPTION OF ASSET PURCHASES SALES GAIN
- ----------------------------------------- ------------ ----- --------
TRITON STOCK FUND
- -----------------------------------------
Triton Energy Limited ordinary shares (a) 19 15 $442,216
--------
GOVERNMENT MONEY FUND
- -----------------------------------------
Consulting Group Capital Markets Fund 89 29 $ ---
--------
LARGE CAPITALIZATION VALUE EQUITY FUND
- -----------------------------------------
Consulting Group Capital Markets Fund 82 36 $ 39,462
--------
LARGE CAPITALIZATION GROWTH FUND
- -----------------------------------------
Consulting Group Capital Markets Fund 100 41 $ 40,596
--------
CASH EQUIVALENTS
- -----------------------------------------
Reserve Deposit Account (RDA VI) 82 86 $ ---
--------
(a) Party-in-interest
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
TRITON ENERGY CORPORATION
401(k) Savings Plan
Date: June 25, 1997 /s/ Robert B. Holland, III
Robert B. Holland, III
Senior Vice President and Secretary
<PAGE>
EXHIBIT INDEX
The following document is an exhibit to this Form 11-K:
Exhibit
Number Document
23.1 Consent of Price Waterhouse LLP, filed herewith.
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-51691), as amended, of the Triton Energy
Corporation 401(k) Savings Plan of our report dated June 13, 1997 appearing on
page F-2 of this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Dallas, Texas
June 23, 1997
