UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1995, or
/ / Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File No. 33-12244-1
PARKER & PARSLEY 87-A, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-2185148
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
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
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
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 13 pages.
There are no exhibits.
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $389,192 at September 30
and $142,195 at December 31 $ 389,635 $ 142,638
Accounts receivab - oil and gas sales 235,082 271,715
---------- ----------
Total current assets 624,717 414,353
Oil and gas properties - at cost, based on the
successful efforts accounting method 22,863,570 23,456,669
Accumulated depletion (15,177,145) (14,904,255)
---------- ----------
Net oil and gas properties 7,686,425 8,552,414
---------- ----------
$ 8,311,142 $ 8,966,767
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 197,719 $ 159,856
Accounts payable - other 10,095 -
---------- ----------
Total current liabilities 207,814 159,856
Partners' capital:
Limited partners (28,811 interests) 8,022,298 8,718,846
Managing general partner 81,030 88,065
---------- ----------
8,103,328 8,806,911
---------- ----------
$ 8,311,142 $ 8,966,767
=========== ==========
The financial information included as of September 30, 1995 has been
prepared by management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
Revenues:
Oil and gas sales $ 546,238 $ 643,385 $1,774,057 $1,815,381
Interest income 6,509 2,927 12,962 6,373
Salvage income from
equipment disposal 922 - 922 598
Gain on sale of assets 93 - 35,161 -
--------- --------- --------- ---------
Total revenues 553,762 646,312 1,823,102 1,822,352
Costs and expenses:
Production costs 292,004 324,483 936,390 1,028,964
General and administrative
expenses 16,366 18,454 53,201 53,521
Depletion 195,606 185,514 741,818 623,749
Abandoned property costs 482 - 11,575 -
--------- --------- --------- ---------
Total costs and expenses 504,458 528,451 1,742,984 1,706,234
--------- --------- --------- ---------
Net income $ 49,304 $ 117,861 $ 80,118 $ 116,118
========= ========= ========= =========
Allocation of net income:
Managing general partner $ 493 $ 1,178 $ 801 $ 1,161
========= ========= ========= =========
Limited partners $ 48,811 $ 116,683 $ 79,317 $ 114,957
========= ========= ========= =========
Net income per limited
partnership interest $ 1.69 $ 4.05 $ 2.75 $ 3.99
========= ========= ========= =========
Distributions per limited
partnership interest $ 9.00 $ 9.70 $ 26.93 $ 25.60
========= ========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
Managing
general Limited
partner partners Total
Balance at January 1, 1994 $ 98,267 $9,728,729 $9,826,996
Distributions (7,450) (737,473) (744,923)
Net income 1,161 114,957 116,118
--------- --------- ---------
Balance at September 30, 1994 $ 91,978 $9,106,213 $9,198,191
========= ========= =========
Balance at January 1, 1995 $ 88,065 $8,718,846 $8,806,911
Distributions (7,836) (775,865) (783,701)
Net income 801 79,317 80,118
--------- --------- ---------
Balance at September 30, 1995 $ 81,030 $8,022,298 $8,103,328
========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income $ 80,118 $ 116,118
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion 741,818 623,749
Salvage income from equipment disposal (922) -
Gain on sale of assets (35,161) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 36,633 (7,665)
Increase in accounts payable 25,955 16,514
--------- ---------
Net cash provided by operating activities 848,441 748,716
Cash flows from investing activities:
(Additions) disposals to oil and gas properties 24,765 (10,641)
Proceeds from salvage income from equipment
disposals 922 -
Proceeds from sale of assets 156,570 -
--------- ---------
Net cash provided by (used in) investing
activities 182,257 (10,641)
Cash flows from financing activities:
Cash distributions to partners (783,701) (744,923)
--------- ---------
Net increase (decrease) in cash and cash
equivalents 246,997 (6,848)
Cash and cash equivalents at beginning of period 142,638 242,119
--------- ---------
Cash and cash equivalents at end of period $ 389,635 $ 235,271
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of September
30, 1995 of Parker & Parsley 87-A, Ltd. (the "Registrant") include all
adjustments and accruals consisting only of normal recurring accrual adjustments
which are necessary for a fair presentation of the results for the interim
period. However, the results of operations for the nine months ended September
30, 1995 are not necessarily indicative of the results for the full year ending
December 31, 1995.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1994, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The May 25,
1993 settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter- partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of
$8,257,794, or $286.62 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000
6
<PAGE>
contingent fee sought by Price, together with prejudgment interest, and also
awarded Price an additional $5,498,525 in attorneys' fees. Southmark intends to
vigorously pursue appeal of the judgment. The summary judgment did not give
Price any relief against the Registrant, and although PPDLP believes the lawsuit
is without merit and intends to vigorously defend it, PPDLP is holding in
reserve approximately 12.5% of the total settlement pending final resolution of
the litigation by the court. Trial against the Registrant is currently scheduled
for April 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed August 15, 1987. The managing general partner of the
Registrant at December 31, 1994 was Parker & Parsley Development Company
("PPDC") which was merged into PPDLP on January 1, 1995. On January 1, 1995,
PPDLP, a Texas limited partnership, became the sole managing general partner of
the Registrant, by acquiring the rights and assuming the obligations of PPDC.
PPDLP acquired PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc. and
Spraberry Development Corporation into MidPar LP., which survived the merger
with a change of name to PPDLP. The sole general partner of PPDLP is Parker &
Parsley Petroleum USA, Inc. PPDLP has the power and authority to manage, control
and administer all Registrant affairs. The limited partners contributed
$28,811,000 representing 28,811 interests ($1,000 per interest) sold to a total
of 2,264 limited partners.
Since its formation, the Registrant invested $23,703,002 in various prospects
that were drilled in Texas and Colorado. At September 30, 1995, the Registrant
had 88 producing oil and gas wells. Three wells have been plugged and abandoned;
one well in 1987, one well in 1988 and one well in 1995. In addition, five wells
were sold during 1995.
RESULTS OF OPERATIONS
Nine months ended September 30, 1995 compared with nine months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $1,774,057 from $1,815,381
for the nine months ended September 30, 1995 and 1994, respectively, a decrease
of 2%. The decrease in revenues resulted from a 13% decline in barrels of oil
produced and sold, offset by a 4% increase in mcf of gas produced and sold and
increases in the average prices received per barrel of oil and mcf of gas. For
the nine months ended September 30, 1995, 76,373 barrels of oil were sold
compared to 87,914 for the same period in 1994, a decrease of 11,541 barrels.
For the nine months ended September 30, 1995, 279,297 mcf of gas were sold
compared to 269,313 for the same period in 1994, an increase of 9,984 mcf. The
decrease in oil production was due to the decline characteristics of the
Registrant's oil and gas properties. The increase in gas production was the
result of operational changes on several wells. Management expects a certain
amount of decline in production in the future until the Registrant's
economically recoverable reserves are fully depleted.
7
<PAGE>
The average price received per barrel of oil increased $1.50, or 10%, from
$15.71 for the nine months ended September 30, 1994 to $17.21 for the same
period in 1995 while the average price received per mcf of gas increased from
$1.61 during the nine months ended September 30, 1994 to $1.65 for the same
period in 1995. The market price for oil and gas has been extremely volatile in
the past decade, and management expects a certain amount of volatility to
continue in the foreseeable future. The Registrant may therefore sell its future
oil and gas production at average prices lower or higher than that received
during the nine months ended September 30, 1995.
A gain of $35,161 on the sale of five wells was recognized during the nine
months ended September 30, 1995, resulting from proceeds received of $156,570
less the write-off of remaining capitalized well costs of $111,314 and a $10,095
payable due on the sale for post-closing adjustments.
Salvage income of $922 and $598 for the nine months ended September 30, 1995 and
1994, respectively, was derived from equipment credits received on wells plugged
and abandoned in prior years. Abandoned property costs of $11,575 were incurred
on the abandonment of one uneconomical well during the the nine months ended
September 30, 1995. There was no abandonment activity during the same period in
1994.
COSTS AND EXPENSES:
Total costs and expenses increased to $1,742,984 for the nine months ended
September 30, 1995 as compared to $1,706,234 for the same period in 1994, an
increase of $36,750. This increase was due to increases in depletion and
abandoned property costs, offset by declines in production costs and general and
administrative expenses ("G&A").
Production costs were $936,390 for the nine months ended September 30, 1995 and
$1,028,964 for the same period in 1994, resulting in a $92,574 decrease, or 9%.
This decrease was due to reductions in well repair, maintenance and workover
costs.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, from $53,521 for the nine months ended
September 30, 1994 to $53,201 for the same period in 1995.
Depletion was $741,818 for the nine months ended September 30, 1995 compared to
$623,749 for the same period in 1994. This represented an increase in depletion
of $118,069, or 19%. Depletion was computed quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 11,541 barrels for the nine
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the nine months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.31 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 and June 30, 1994 was
calculated based on reserves computed utilizing an oil price of $18.25 per
barrel while depletion expense for the three
8
<PAGE>
months ended March 31, 1994 was calculated based on reserves computed utilizing
an oil price of $12.75 per barrel.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$8,257,794, or $286.62 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
Three months ended September 30, 1995 compared with three months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $546,238 from $643,385 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
15%. The decrease in revenues resulted from an 18% decrease in barrels of oil
produced and sold and a decrease in the average price received per barrel of
oil, offset by a 3% increase in mcf of gas produced and sold and an increase in
the average price received per mcf of gas. For the three months ended September
30, 1995, 23,554 barrels of oil were sold compared to 28,884 for the same period
in 1994, a decrease of 5,330 barrels. For the three months ended September 30,
1995, 97,710 mcf of gas were sold compared to 95,192 for the same period in
1994, an increase of 2,518 mcf. The decrease in oil production was due to the
decline characteristics of the Registrant's oil and gas properties. The increase
in gas production was due to operational changes on several wells.
9
<PAGE>
The average price received per barrel of oil decreased $.78, or 5%, from $17.23
for the three months ended September 30, 1994 to $16.45 for the same period in
1995 while the average price received per mcf of gas increased 6% from $1.53
during the three months ended September 30, 1994 to $1.62 in 1995.
A gain of $93 on the sale of five wells was recognized during the three months
ended September 30, 1995 resulting from a receivable due on the sale for
post-closing adjustments.
Salvage income of $922 for the three months ended September 30, 1995 was derived
from equipment credits received on a well plugged and abandoned in a prior year.
Abandoned property costs of $482 were incurred on the abandonment of one
uneconomical well during the three months ended September 30, 1995. There was no
abandonment activity for the same period in 1994.
COSTS AND EXPENSES:
Total costs and expenses decreased to $504,458 for the three months ended
September 30, 1995 as compared to $528,451 for the same period in 1994, a
decrease of $23,993 or 5%. This decrease was due to declines in production costs
and G&A, offset by increases in depletion and abandoned property costs.
Production costs were $292,004 for the three months ended September 30, 1995 and
$324,483 for the same period in 1994, resulting in a $32,479 decrease, or 10%.
The decrease consisted of lower well repair and maintenance costs and production
taxes, offset by an increase in ad valorem taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 11% from $18,454 for the three months ended
September 30, 1994 to $16,366 for the same period in 1995.
Depletion was $195,606 for the three months ended September 30, 1995 compared to
$185,514 for the same period in 1994. This represented an increase in depletion
of $10,092, or 5%. Oil production decreased 5,330 barrels for the three months
ended September 30, 1995 from the same period in 1994. Depletion expense for the
three months ended September 30, 1995 was calculated based on reserves computed
utilizing an oil price of $16.31 per barrel while depletion expense for the
three months ended September 30, 1994 was calculated based on reserves computed
utilizing an oil price of $18.25 per barrel.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities increased to $848,441 during the nine
months ended September 30, 1995, a 13% increase from the same period ended
September 30, 1994. This
10
<PAGE>
increase was due to a decrease in production costs. The decrease in production
costs was primarily the result of a reduction in well repair and maintenance
costs and workover expense.
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
The Registrant's investing activities during the nine months ended September 30,
1995 resulted in the receipt of $24,765 from the disposal of oil and gas
equipment on active properties. For the nine months ended September 30, 1994,
investing activities included $10,641 for expenditures related to repair and
maintenance activity on several oil and gas properties.
Proceeds from salvage income of $922 from the sale of oil and gas equipment on a
property abandoned in a prior year were received during the nine months ended
September 30, 1995.
Proceeds of $156,570 from sale of assets were received from the sale of five
wells during the nine months ended September 30, 1995.
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $783,701 of which $775,865 was distributed to
the limited partners and $7,836 to the managing general partner. For the same
period ended September 30, 1994, cash was sufficient for distributions to the
partners of $744,923 of which $737,473 was distributed to the limited partners
and $7,450 to the managing general partner.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
ACCOUNTING STANDARD ON IMPAIRMENT OF LONG-LIVED ASSETS
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 - Accounting for Impairment of Long-lived
Assets and for Long-lived Assets to Be Disposed Of ("FAS 121") regarding the
impairment of long-lived assets, identifiable intangibles and goodwill related
to those assets. FAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995, although earlier adoption is encouraged. The
application of FAS 121 to oil and gas companies utilizing the successful efforts
method (such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows expected to
result from the use of such assets and, if so, will require reduction of the
carrying amount of the "impaired" assets to their estimated fair values. There
is currently a great deal of uncertainty as to how FAS 121 will apply to oil and
gas companies using the successful efforts method, including uncertainty
regarding the determination of expected future cash flows from the relevant
assets and, if an impairment is determined to exist, their estimated fair value.
There is also uncertainty regarding the level at which the test might be
applied. Given this uncertainty, the Registrant is currently unable to estimate
the effect that FAS 121 will have on the Registrant's results of operations for
the period in which it is adopted.
11
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$8,257,794, or $286.62 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
12
<PAGE>
PARKER & PARSLEY 87-A, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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 thereunto duly authorized.
PARKER & PARSLEY 87-A, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: November 9, 1995 By: /s/ Steven L. Beal
--------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000810999
<NAME> 87A.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 389,635
<SECURITIES> 0
<RECEIVABLES> 235,082
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 624,717
<PP&E> 22,863,570
<DEPRECIATION> 15,177,145
<TOTAL-ASSETS> 8,311,142
<CURRENT-LIABILITIES> 207,814
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 8,103,328
<TOTAL-LIABILITY-AND-EQUITY> 8,311,142
<SALES> 1,774,057
<TOTAL-REVENUES> 1,823,102
<CGS> 0
<TOTAL-COSTS> 1,742,984
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 80,118
<INCOME-TAX> 0
<INCOME-CONTINUING> 80,118
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 80,118
<EPS-PRIMARY> 2.75
<EPS-DILUTED> 0
</TABLE>
