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Previous: CONECTIV INC, U-6B-2, 1998-08-21 |
Next: TROON PARTNERS LP, N-30D, 1998-08-21 |
<PAGE> 1
Filed with the Securities
and Exchange Commission
on August 21, 1998
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-9C-3
QUARTERLY REPORT PURSUANT TO RULE 58 OF
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
For the quarterly period ended June 30, 1998
Conectiv
(Name of Registered Holding Company)
800 King Street
Wilmington, DE 19899
(Address of Principal Executives Offices)
Inquiries concerning this Form U-9C-3 may
be directed to either:
Peter F. Clark
General Counsel
Conectiv
800 King Street
Wilmington, DE 19899
or
Louis M. Walters
Treasurer
Conectiv
800 King Street
Wilmington, DE 19899
(302) 429-3525
<PAGE> 2
Conectiv
FORM U-9C-3
For the Quarter Ended June 30, 1998
Table of Contents
<TABLE>
<CAPTION>
Page
<S> <C>
Item 1. Organization Chart 1
Item 2. Issuance's and Renewals of Securities and Capital Contributions 1
Item 3. Associated Transactions 1
Item 4. Summary of Aggregate Investment 2
Item 5. Other Investments 2
Item 6. Financial Statements and Exhibits 3
SIGNATURE 4
</TABLE>
<PAGE> 3
Item 1. - ORGANIZATION CHART
<TABLE>
<CAPTION>
Percentage
Energy or of Voting
Name of Gas Related Date of State of Securities
Reporting Company Company Organization Organization Held Nature of Business
- ----------------- ----------- ------------ ------------ ---------- ------------------
Conectiv
<S> <C> <C> <C> <C> <C>
Petron Fuel
Corporation Energy- 8/22/80 PA 100% Energy Commodity
related Marketing
</TABLE>
Item 2. - ISSUANCE'S AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS
CAPITAL CONTRIBUTIONS:
<TABLE>
<CAPTION>
Type of Security Principal Amount of Person to Whom
Company Issuing Security Issued Security Security Was Issued
------------------------ ---------------- ------------------- -------------------
<S> <C> <C> <C>
Petron Promissory Note * Conectiv
</TABLE>
* Confidential Treatment Requested
Item 3. - ASSOCIATED TRANSACTIONS
Part I. - Transactions performed by reporting companies on behalf of associate
companies.
<TABLE>
<CAPTION>
Types of Direct Indirect Total
Reporting Company Associate Company Services Costs Costs Cost of Amount
Rendering Services Receiving Services Rendered Charged Charged Capital Billed
- ------------------ ------------------ -------- ------- -------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
NONE
</TABLE>
Part II - Transactions performed by associate companies on behalf of reporting
companies.
<TABLE>
<CAPTION>
Types of Direct Indirect Total
Associate Company Reporting Company Services Costs Costs Cost of Amount
Rendering Services Receiving Services Rendered Charged Charged Capital Billed
- ------------------ ------------------ -------- ------- -------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
NONE
</TABLE>
1
<PAGE> 4
Item 4. - SUMMARY OF AGGREGATE INVESTMENT
Investments in energy-related companies (in thousands):
<TABLE>
<S> <C> <C>
Total consolidated capitalization as of June 30, 1998 $3,902,447 Line 1
Total capitalization multiplied by 15%
(Line 1 multiplied by 0.15) 585,367 Line 2
Greater of $50 million or line 2 585,367 Line 3
Total current aggregate investment:
(categorized by major line of energy-related business)
Energy-related business Category - Rule 58(b)(1)(v) *
Total current aggregate investment * Line 4
------
Difference between the greater of $50 million or 15% of
capitalization and the total aggregate investment of the
registered holding company system * Line 5
(line 3 less line 4) =========
</TABLE>
Investments in gas-related companies:
NONE
* Confidential Treatment Requested
Item 5. - OTHER INVESTMENTS
<TABLE>
<CAPTION>
Major Line of Other Investment in Other Investment in Reason for Difference
Energy-Related Business Last U-9C-3 Report this U-9C-3 Report in Other Investment
- ----------------------- ------------------- ------------------- ---------------------
<S> <C> <C> <C>
NONE
</TABLE>
2
<PAGE> 5
Item 6. - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements:
Exhibit A-1. Financial statements of Conectiv (incorporated by reference
to the filing by Conectiv on Form 10-Q for the period ended June 30,
1998.)
Exhibit A-2. Financial statements of Petron Fuel Corporation
B. Exhibits:
Exhibit B-1. Contracts required by Item 3. - NONE
Exhibit B-2. Certificate of Conectiv.
3
<PAGE> 6
SIGNATURE
The undersigned registered holding company has duly caused this quarterly
report to be signed on its behalf by the undersigned officer thereunto duly
authorized pursuant to the requirements of the Public Utility Holding Company
Act of 1935.
Conectiv.
By: /s/Louis M. Walters
-----------------------
Louis M. Walters
Treasurer
August 21, 1998
4
<PAGE> 1
PETRON EXHIBIT A-2
CONSOLIDATED BALANCE SHEET
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
June 30,
1998
-----------
<S> <C>
ASSETS
------
CURRENT ASSETS
Cash and cash equivalents *
Accounts receivable *
Inventory *
Prepayments *
----------
*
PROPERTY, PLANT, & EQUIPMENT, NET *
----------
GOODWILL & OTHER INTANGIBLES *
----------
DEFERRED CHARGES *
----------
TOTAL ASSETS *
==========
CAPITALIZATION AND LIABILITIES
------------------------------
CURRENT LIABILITIES
Short-term debt *
Accounts payable--general *
Accounts payable to associated companies *
Taxes accrued *
Interest accrued *
Other *
----------
*
----------
CAPITALIZATION
Paid-in capital *
Retained earnings *
----------
Total common stockholder's equity *
Notes payable to Conectiv *
----------
*
----------
TOTAL CAPITALIZATION AND LIABILITIES *
==========
</TABLE>
* CONFIDENTIAL TREATMENT REQUESTED
<PAGE> 2
EXHIBIT A-2
PETRON
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Six Months
Ended Ended
6/30/98 6/30/98
------------------- -------------------
<S> <C> <C>
OPERATING REVENUES
Other services * *
Revenues from associated companies * *
------------------- -------------------
* *
------------------- -------------------
OPERATING EXPENSES
Other services' cost of sales * *
Operating expenses -- associated companies * *
Operating expenses -- general * *
Depreciation and amortization * *
------------------- -------------------
* *
------------------- -------------------
OPERATING INCOME * *
------------------- -------------------
OTHER INCOME * *
------------------- -------------------
INTEREST EXPENSE
Borrowings from associated companies * *
Short-term debt * *
------------------- -------------------
* *
------------------- -------------------
INCOME BEFORE INCOME TAXES * *
------------------- -------------------
INCOME TAXES * *
------------------- -------------------
NET INCOME * *
=================== ===================
</TABLE>
Note:
Petron was acquired in March 1998 and the acquisition was recorded in the
second quarter of 1998. Petron's operating results for March 1998 to June 1998,
which are immaterial to Conectiv on a consolidated basis, are reflected in
Conectiv's consolidated Statement of Income as shown above.
* CONFIDENTIAL TREATMENT REQUESTED
<PAGE> 1
Exhibit B-2
CERTIFICATE
I hereby certify that the Form U-9C-3 for Conectiv for the previous quarter has
been provided to the state commissions listed below:
Delaware Public Service Commission
861 Silver Lake Boulevard
Cannon Building, Suite 100
Dover, DE 19904
Maryland Public Service Commission
6 St. Paul Centre, 16th Floor
Baltimore, MD 21202
Virginia State Corporation Commission
1300 E. Main Street
Tyler Building
Richmond, VA 23219
Board of Public Utilities
Two Gateway Center
Newark, NJ 07102
CONECTIV
BY:s/ LOUIS M. WALTERS
-------------------------
Louis M. Walters
Treasurer
Date: August 21, 1998
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