SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 2)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
Commission File Number: 1-10695
Parker & Parsley Petroleum Company
(Exact name of registrant as specified in its charter)
Delaware 74-2570602
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
303 West Wall, Suite 101, Midland, Texas 79701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(915) 683-4768
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Common Stock..................................... New York Stock Exchange
Rights to Acquire Shares of
Common Stock................................... New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein and will not be contained, to the best
of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
Aggregate market value of the voting stock held by
non-affiliates of the Registrant as of February 3, 1997...... $1,174,357,828
Number of shares of Common Stock outstanding as of
February 3, 1997............................................. 35,085,247
Page 1 of 6 pages.
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PARKER & PARSLEY PETROLEUM COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
PARKER & PARSLEY PETROLEUM COMPANY
Date: May 9, 1997 By: /s/ Scott D. Sheffield
-----------------------------------------
Scott D. Sheffield, Chairman of the Board,
President, Chief Executive Officer
and Director (principal executive officer)
Date: May 9, 1997 By: /s/ Steven L. Beal
-----------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer (principal
financial and accounting officer)
2
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EXHIBIT 21.1
SUBSIDIARIES OF THE COMPANY
State or Jurisdiction
of Organization Subsidiaries
- --------------------- -----------
Delaware Bridge Oil (U.S.A.) Inc.
Delaware DMLP Co.
Delaware Doram Energy, Inc.
Delaware Dorchester Exploration, Inc.
Texas Dorchester Gas Systems, Inc.
Texas Dorchester Intrastate Gas Systems, L.P.
Texas Dorchester Master Limited Partnership
Delaware LTP Investments, Inc.
Delaware P&PCanada LP Co.
Delaware P&PCanada GP Co.
Delaware P&P Holdings, Inc.
Delaware P&P, Inc.
Delaware ParCal Inc.
Delaware Parker & Parsley Argentina, Inc.
Turks and Caicos Islands Parker & Parsley Capital LLC
Texas Parker & Parsley Development L.P.
Delaware Parker & Parsley Energy Trading Company
Delaware Parker & Parsley Gas Processing Co.
Delaware Parker & Parsley, Inc.
Delaware Parker & Parsley International Petroleum Company
Australia Parker & Parsley Petroleum Australia Holdings Pty
Limited
Australia Parker & Parsley Petroleum Australia Pty Limited
Delaware Parker & Parsley Petroleum USA, Inc.
Delaware Parker & Parsley Producing L.P.
Texas Parker & Parsley Properties L.P.
Texas Parker & Parsley Scholarship Foundation
New York Parker & Parsley Transfer Agent Corporation
Texas Parsley Petroleum Company
Delaware Rosamond Drilling Company, Inc.
Pennsylvania Three Rivers Pipeline Business Trust
Partnerships of which one or more direct or indirect
subsidiaries of the Company is a general partner
Texas Parker & Parsley 81-I, Ltd.
Texas Parker & Parsley 81-II, Ltd.
Texas Parker & Parsley 82-I, Ltd.
Texas Parker & Parsley 82-II, Ltd.
Texas Parker & Parsley 82-III, Ltd.
Texas Parker & Parsley 83-A, Ltd.
Texas Parker & Parsley 83-B, Ltd.
Texas Parker & Parsley 84-A, Ltd.
Texas Parker & Parsley 85-A, Ltd.
Texas Parker & Parsley 85-B, Ltd.
Texas Parker & Parsley Private Investment 85-A Ltd.
Texas Parker & Parsley Selected 85 Private Investment, Ltd.
Texas Parker & Parsley 86-A, Ltd.
3
<PAGE>
State or Jurisdiction
of Organization Subsidiaries
- --------------------- ------------
Texas Parker & Parsley 86-B, Ltd.
Texas Parker & Parsley 86-C, Ltd.
Texas Parker & Parsley Private Investment 86, Ltd.
Delaware Parker & Parsley 87-A, Ltd.
Delaware Parker & Parsley 87-B, Ltd.
Delaware Parker & Parsley 87-A Conv., Ltd.
Delaware Parker & Parsley 87-B Conv., Ltd.
Delaware Parker & Parsley Private Investment 87, Ltd.
Delaware Parker & Parsley Producing Properties 87-A, Ltd.
Delaware Parker & Parsley Producing Properties 87-B, Ltd.
Delaware Parker & Parsley 88-A, L.P.
Delaware Parker & Parsley 88-B, L.P.
Delaware Parker & Parsley 88-C, L.P.
Delaware Parker & Parsley 88-A Conv., L.P.
Delaware Parker & Parsley 88-B Conv., L.P.
Delaware Parker & Parsley 88-C Conv., L.P.
Delaware Parker & Parsley Private Investment 88, L.P.
Delaware Parker & Parsley Producing Properties 88-A, L.P.
Delaware Parker & Parsley 89-A, L.P.
Delaware Parker & Parsley 89-B, L.P.
Texas Parker & Parsley 89-A Conv., L.P.
Texas Parker & Parsley 89-B Conv., L.P.
Texas P&P Employees 89-A Conv., L.P.
Texas P&P Employees 89-B Conv., L.P.
Delaware Parker & Parsley Private Investment 89, L.P.
Texas P&P Employees Private Investment 89, L.P.
Delaware Parker & Parsley 90-A Conv., L.P.
Delaware Parker & Parsley 90-B Conv., L.P.
Delaware Parker & Parsley 90-C Conv., L.P.
Delaware Parker & Parsley 90-A, L.P.
Delaware Parker & Parsley 90-B, L.P.
Delaware Parker & Parsley 90-C, L.P.
Texas P&P Employees 90-A Conv., L.P.
Texas P&P Employees 90-B Conv., L.P.
Texas P&P Employees 90-C Conv., L.P.
Delaware Parker & Parsley Private Investment 90 Conv., L.P.
Texas P&P Employees Private Investment 90 Conv., L.P.
Delaware Parker & Parsley 90 Spraberry Private Development
Conv., L.P.
Texas P&P Employees 90 Spraberry Private Development L.P.
Delaware Parker & Parsley 91-A, L.P.
Delaware Parker & Parsley 91-B, L.P.
Delaware Parker & Parsley 91-A Conv., L.P.
Delaware Parker & Parsley 91-B Conv., L.P.
Texas P&P Employees 91-A G.P.
Texas P&P Employees 91-B G.P.
Texas Parker & Parsley 1992 Direct Investment Program, Ltd.
Texas Parker & Parsley 1993 Direct Investment Program, Ltd.
Texas Parker & Parsley 1994 Direct Investment Program, Ltd.
Texas Midkiff Development Drilling Program, Ltd.
4
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors and Stockholders
Parker & Parsley Petroleum Company
We consent to the incorporation by reference in the Registration
Statements (No. 33-38971, No. 33-47168, No. 33- 49612 and No. 33-79480) on Form
S-8 and (No. 333-21275) on Form S-3 of Parker & Parsley Petroleum Company and
subsidiaries of our report dated January 29, 1997, relating to the consolidated
balance sheets of Parker & Parsley Petroleum Company and subsidiaries as of
December 31, 1996 and 1995 and the related consolidated statements of
operations, stockholders' equity, and cash flows for each of the years in the
three-year period ended December 31, 1996, which report appears in the December
31, 1996 annual report on Form 10-K of Parker & Parsley Petroleum Company. Our
report refers to changes in the method of accounting for the impairment of
long-lived assets and for long-lived assets to be disposed of.
KPMG PEAT MARWICK LLP
Midland, Texas
March 7, 1997
5
<PAGE>
EXHIBIT 23.2
CONSENT OF INDEPENDENT PETROLEUM ENGINEERS AND GEOLOGISTS
As independent oil and gas consultants, Netherland, Sewell & Associates,
Inc. hereby consents to (a) the use of our audit letter prepared for Parker &
Parsley Petroleum Company ("Parker & Parsley") effective December 31, 1996, and
(b) all references to our firm included in or made a part of Parker & Parsley's
annual report on Form 10-K for the year ended December 31, 1996.
NETHERLAND, SEWELL & ASSOCIATES, INC.
G. Lance Binder
Senior Vice President
Dallas, Texas
March 7, 1997
6
<PAGE>
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