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Previous: ARAMARK CORP, 10-Q, 1997-05-12 |
Next: CHUBB SEPARATE ACCOUNT A OF CHUBB LIFE INSURANCE CO OF AMERI, 497J, 1997-05-12 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
MARK ONE
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 1997
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 2-89194
MAY DRILLING PARTNERSHIP 1984-1
MAY LIMITED PARTNERSHIP 1984-1
(Exact name of registrant as specified in its charter)
75-1973664
Texas 75-1973661
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4582 South Ulster Street Parkway
Suite 1700
Denver, Colorado 80237
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 850-7373
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 |_|
Page 1 of 9
<PAGE>
<TABLE>
<CAPTION>
MAY DRILLING PARTNERSHIP 1984-1
BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
1997 1996
ASSETS
Investment in
<S> <C> <C>
May Limited Partnership 1984-1 $261 $267
=== ===
PARTNERS' CAPITAL
Partners' Capital $261 $267
=== ===
<FN>
NOTE: The statements of operations and cash flows for May Drilling
Partnership 1984-1 are not presented because such information is equal
to the limited partner's share of such activity as presented in the May
Limited Partnership 1984-1 financial statements. The May Drilling
Partnership carries its investment in May Limited Partnership 1984-1 on
the equity method. The May Limited Partnership 1984-1 financial
statements should be read in conjunction with these balance sheets.
</FN>
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-2-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
1997 1996
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash and cash equivalents $ 297 $ 265
Accrued oil and gas sales 135 212
Due from affiliate 111 75
------ -------
Total 543 552
------ ------
OIL AND GAS PROPERTIES, using the
full cost method of accounting 8,064 8,064
Less accumulated depletion (8,064) (8,064)
----- ------
Net oil and gas properties - -
--------- ---------
TOTAL ASSETS $ 543 $ 552
====== ======
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 7 $ 11
-------- -------
Total 7 11
-------- -------
PARTNERS' CAPITAL
General partner 275 274
Limited partner 261 267
------ ------
Total 536 541
------ ------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 543 $ 552
====== ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-3-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for unit information)
For the Three Months Ended March 31,
1997 1996
REVENUES
<S> <C> <C>
Oil revenue $ 104 $ 129
Gas revenue 167 285
Interest income 3 3
--------- ---------
Total 274 417
------- -------
COSTS AND EXPENSES
Lease operating 8 6
Production taxes 17 23
General and administrative 7 10
Professional services and other 5 3
--------- ---------
Total 37 42
-------- --------
NET INCOME $ 237 $ 375
======= =======
ALLOCATION OF NET INCOME:
General Partner $ 91 $ 139
======== =======
Limited Partner $ 146 $ 236
======= =======
Per initial $1,000 limited partner investment $ 27.18 $ 43.94
====== ======
Weighted average initial $1,000 limited partner
investment units outstanding 5,371 5,371
====== ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-4-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Ended March 31,
1997 1996
OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 237 $ 375
------- -------
Cash from operations before working
capital changes 237 375
Changes in assets and liabilities provided (used) cash:
Accrued oil and gas sales 77 (65)
Due from affiliate (36) (102)
Accounts payable and accrued liabilities (4)
--------
Net cash provided by operating activities 274 208
------- -------
FINANCING ACTIVITIES:
Distributions to partners (242) (147)
------- -------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 32 61
CASH AND CASH EQUIVALENTS:
Balance, beginning of period 265 197
------- -------
Balance, end of period $ 297 $ 258
======= =======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-5-
<PAGE>
MAY LIMITED PARTNERSHIP 1984-1
NOTE TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - GENERAL
The financial statements presented are those of May Limited Partnership 1984-1
(the "Partnership"). The interim financial data are unaudited; however, in the
opinion of the general partner, the interim data include all adjustments,
consisting only of normal recurring adjustments, necessary for a fair
presentation of the results for the interim periods. These financial statements
should be read in conjunction with the financial statements and notes thereto
included in the Partnership's December 31, 1996 Annual Report on Form 10-K.
ITEM 2 -MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Liquidity and Capital Resources
Cash provided by operating activities totaled $274,000 for the three months
ended March 31, 1997 and $242,000 was distributed to partners. A distribution
was declared in April 1997. The distribution amount is $309,000, payable
$194,000 to May Drilling Partnership 1984-1 partners and $115,000 to the general
partner. Future distributions are dependent on future prices for the
Partnership's production and the production level of the Partnership's remaining
oil and gas reserves.
Results of Operations
First Quarter 1997 Compared to the First Quarter 1996
Oil Revenue
Oil revenue decreased $25,000 during the first quarter of 1997 as compared to
the corresponding period in 1996 as the result of a decrease in production
partially offset by an increase in the average oil price. Oil production
decreased 32% on the Freddie Aker #1 due to a decrease in the state allowable
production limits as well as normal production declines. The average oil price
increased from $19.15 per barrel in 1996 to $22.68 per barrel in 1997.
Gas Revenue
Gas revenue decreased $118,000 during the first quarter of 1997 as compared to
the corresponding period in 1996 due to a decrease in the average gas price
combined with an 37% decrease in production. The decrease in production was due
to a decrease in the state allowable production limits as well as normal
production declines. The average gas price decreased from $3.70 per mcf in 1996
to $3.45 per mcf in 1997.
Lease Operating
Lease operating expense increased $2,000 during the first quarter of 1997 as
compared with the first quarter of 1996 due to increased maintenance activity on
the Freddie Aker #1 well.
Production Taxes
Production taxes decreased $6,000 during the first quarter of 1997 as compared
to the corresponding period in 1996 due to decreased production as previously
discussed.
-6-
<PAGE>
General and Administrative
General and administrative expense decreased $3,000 during the first quarter of
1997 as compared with the first quarter of 1996 as a result of a decrease in the
allocation of overhead from the general partner.
Professional Services and Other
Professional services and other expense increased $2,000 during the first
quarter of 1997 as compared with the first quarter of 1996 primarily due to the
timing of these expenses.
-7-
<PAGE>
TEM 1 - LEGAL PROCEEDINGS
Reference is made to Item 8 - Note 4 of Form 10-K for the year ended
December 31, 1996.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
None.
-8-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Partnerships have duly caused this report to be signed on their behalf by the
undersigned, thereunto duly authorized.
MAY DRILLING PARTNERSHIP 1984-1
MAY LIMITED PARTNERSHIP 1984-1
By: EDP OPERATING, LTD.,
General Partner
By: HEPGP Ltd.,
General Partner
By: HALLWOOD G. P., INC.,
General Partner
Date: April 30, 1997 By: /s/Robert S. Pfeiffer
------------------- --------------------------
Robert S. Pfeiffer, Vice President
(Principal Accounting Officer)
-9-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
for the quarter ended March 31, 1997 for May Limited Partnership 1984-1 and is
qualified in its entirety by reference to such Form 10-Q.
</LEGEND>
<CIK> 0000757525
<NAME> May Limited Partnership 1984-1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Mar-31-1997
<CASH> 297
<SECURITIES> 0
<RECEIVABLES> 246
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 543
<PP&E> 8,864
<DEPRECIATION> 8,064
<TOTAL-ASSETS> 543
<CURRENT-LIABILITIES> 7
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 536
<TOTAL-LIABILITY-AND-EQUITY> 543
<SALES> 271
<TOTAL-REVENUES> 274
<CGS> 0
<TOTAL-COSTS> 37
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 237
<INCOME-TAX> 0
<INCOME-CONTINUING> 237
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 237
<EPS-PRIMARY> 27.18
<EPS-DILUTED> 27.18
</TABLE>
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