<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1996
Commission File Number:
P-1: 0-17800 P-3: 0-18306 P-5: 0-18637
P-2: 0-17801 P-4: 0-18308 P-6: 0-18937
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
-------------------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
P-1: 73-1330245
P-2: 73-1330625
P-1 and P-2: P-3: 73-1336573
Texas P-4: 73-1341929
P-3 through P-6: P-5: 73-1353774
Oklahoma P-6: 73-1357375
- -------------------------------- -----------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or
organization)
Two West Second Street, Tulsa, Oklahoma 74103
----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
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 the filing requirements for the past 90
days.
Yes X No
---- ----
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 280,295 $ 241,524
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 271,427 221,147
---------- ----------
Total current assets $ 551,722 $ 462,671
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,846,542 3,026,259
---------- ----------
$3,398,264 $3,488,930
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 58,874) ($ 48,322)
Limited Partners, issued and
outstanding, 108,074 units 3,457,138 3,537,252
---------- ----------
Total Partners' capital $3,398,264 $3,488,930
---------- ----------
$3,398,264 $3,488,930
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-2-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $310,284 $238,034
Interest income 1,937 2,061
Gain on sale of net profits and
royalty interests in oil and
gas properties - 1,173
-------- --------
$312,221 $241,268
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 86,539 $233,588
General and administrative 32,251 35,543
-------- --------
$118,790 $269,131
-------- --------
NET INCOME (LOSS) $193,431 ($ 27,863)
======== ========
GENERAL PARTNER - NET INCOME $ 13,036 $ 7,950
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $180,395 ($ 35,813)
======== ========
NET INCOME (LOSS) per unit $ 1.67 ($ .33)
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-3-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $620,610 $425,216
Interest income 3,742 3,906
Gain (loss) on sale of net profits
and royalty interests in oil and
gas properties 631 ( 378)
-------- --------
$624,983 $428,744
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $181,869 $435,582
General and administrative 67,352 67,802
-------- --------
$249,221 $503,384
-------- --------
NET INCOME (LOSS) $375,762 ($ 74,640)
======== ========
GENERAL PARTNER - NET INCOME $ 25,876 $ 13,691
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $349,886 ($ 88,331)
======== ========
NET INCOME (LOSS) per unit $ 3.24 ($ .82)
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $375,762 ($ 74,640)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 181,869 435,582
(Gain) loss on sale of net profits
and royalty interests in oil
and gas properties ( 631) 378
Increase in accounts receivable ( 50,280) ( 11,984)
-------- --------
Net cash provided by operating
activities $506,720 $349,336
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,152) $ -
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 631 26,088
-------- --------
Net cash provided (used) by
investing activities ($ 1,521) $ 26,088
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($466,428) ($389,500)
-------- --------
Net cash used by financing
activities ($466,428) ($389,500)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 38,771 ($ 14,076)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 241,524 227,184
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $280,295 $213,108
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-5-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 220,093 $ 167,791
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 221,051 176,041
---------- ----------
Total current assets $ 441,144 $ 343,832
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,345,503 2,510,707
---------- ----------
$2,786,647 $2,854,539
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 53,839) ($ 46,190)
Limited Partners, issued and
outstanding, 90,094 units 2,840,486 2,900,729
---------- ----------
Total Partners' capital $2,786,647 $2,854,539
---------- ----------
$2,786,647 $2,854,539
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $238,369 $173,145
Interest income 1,477 1,246
Loss on sale of net profits and
royalty interests in oil and
gas properties - ( 2,415)
-------- --------
$239,846 $171,976
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 78,390 $180,368
General and administrative 26,938 29,775
-------- --------
$105,328 $210,143
-------- --------
NET INCOME (LOSS) $134,518 ($ 38,167)
======== ========
GENERAL PARTNER - NET INCOME $ 9,788 $ 5,307
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $124,730 ($ 43,474)
======== ========
NET INCOME (LOSS) per unit $ 1.38 ($ .48)
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- --------
REVENUES:
Net profits and royalty interests
in oil and gas sales $478,042 $320,525
Interest income 2,720 2,312
Gain (loss) on sale of net profits
and royalty interests in oil and
gas properties 448 ( 724)
-------- --------
$481,210 $322,113
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $164,763 $342,983
General and administrative 56,224 56,706
-------- --------
$220,987 $399,689
-------- --------
NET INCOME (LOSS) $260,223 ($ 77,576)
======== ========
GENERAL PARTNER - NET INCOME $ 19,466 $ 9,841
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $240,757 ($ 87,417)
======== ========
NET INCOME (LOSS) per unit $ 2.67 ($ .97)
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $260,223 ($ 77,576)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 164,763 342,983
(Gain) loss on sale of net profits
and royalty interests in oil
and gas properties ( 448) 724
(Increase) decrease in accounts
receivable ( 45,010) 339
-------- --------
Net cash provided by operating
activities $379,528 $266,470
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of net profits
and royalty interests in oil and
gas properties $ 889 $ 20,502
-------- --------
Net cash provided by
investing activities $ 889 $ 20,502
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($328,115) ($288,500)
-------- --------
Net cash used by financing
activities ($328,115) ($288,500)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 52,302 ($ 1,528)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 167,791 138,086
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $220,093 $136,558
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-9-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 377,008 $ 296,629
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 403,662 318,575
---------- ----------
Total current assets $ 780,670 $ 615,204
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 4,430,291 4,740,639
---------- ----------
$5,210,961 $5,355,843
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 100,856) ($ 86,631)
Limited Partners, issued and
outstanding, 169,637 units 5,311,817 5,442,474
---------- ----------
Total Partners' capital $5,210,961 $5,355,843
---------- ----------
$5,210,961 $5,355,843
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $442,574 $322,106
Interest income 2,497 2,670
Loss on sale of net profits and
royalty interests in oil and
gas properties - ( 5,382)
-------- --------
$445,071 $319,394
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $147,145 $336,802
General and administrative 50,488 55,864
-------- --------
$197,633 $392,666
-------- --------
NET INCOME (LOSS) $247,438 ($ 73,272)
======== ========
GENERAL PARTNER - NET INCOME $ 18,133 $ 9,809
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $229,305 ($ 83,081)
======== ========
NET INCOME (LOSS) per unit $ 1.35 ($ .49)
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $890,130 $598,432
Interest income 4,653 5,049
Gain on sale of net profits and
royalty interests in oil and
gas properties 833 203
-------- --------
$895,616 $603,684
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $309,486 $640,607
General and administrative 105,614 106,930
-------- --------
$415,100 $747,537
-------- --------
NET INCOME (LOSS) $480,516 ($143,853)
======== ========
GENERAL PARTNER - NET INCOME $ 36,173 $ 18,432
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $444,343 ($162,285)
======== ========
NET INCOME (LOSS) per unit $ 2.62 ($ .96)
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $480,516 ($143,853)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 309,486 640,607
Gain on sale of net profits and
royalty interests in oil and
gas properties ( 833) ( 203)
(Increase) decrease in accounts
receivable ( 85,087) 385
-------- --------
Net cash provided by operating
activities $704,082 $496,936
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of net profits
and royalty interests in oil and
gas properties $ 1,695 $ 38,761
-------- --------
Net cash provided by investing
activities $ 1,695 $ 38,761
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($625,398) ($568,000)
-------- --------
Net cash used by financing
activities ($625,398) ($568,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 80,379 ($ 32,303)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 296,629 285,580
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $377,008 $253,277
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 303,489 $ 288,117
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 366,245 352,907
---------- ----------
Total current assets $ 669,734 $ 641,024
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,951,804 3,299,455
---------- ----------
$3,621,538 $3,940,479
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 69,906) ($ 54,546)
Limited Partners, issued and
outstanding, 126,306 units 3,691,444 3,995,025
---------- ----------
Total Partners' capital $3,621,538 $3,940,479
---------- ----------
$3,621,538 $3,940,479
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $368,788 $316,102
Interest and other income 2,541 3,010
Loss on sale of net profits and
royalty interests in oil and
gas properties - ( 5,593)
-------- --------
$371,329 $313,519
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $175,499 $425,858
General and administrative 37,648 41,083
-------- --------
$213,147 $466,941
-------- --------
NET INCOME (LOSS) $158,182 ($153,422)
======== ========
GENERAL PARTNER - NET INCOME $ 14,802 $ 9,363
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $143,380 ($162,785)
======== ========
NET INCOME (LOSS) per unit $ 1.13 ($ 1.29)
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- --------
REVENUES:
Net profits and royalty interests
in oil and gas sales $714,486 $611,882
Interest and other income 4,929 6,156
Gain (loss) on sale of net profits
and royalty interests in oil and
gas properties 70 ( 13,005)
-------- --------
$719,485 $605,033
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $347,068 $803,129
General and administrative 78,675 78,704
-------- --------
$425,743 $881,833
-------- --------
NET INCOME (LOSS) $293,742 ($276,800)
======== ========
GENERAL PARTNER - NET INCOME $ 28,323 $ 18,285
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $265,419 ($295,085)
======== ========
NET INCOME (LOSS) per unit $ 2.10 ($ 2.34)
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $293,742 ($276,800)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 347,068 803,129
(Gain) loss on sale of net profits
and royalty interests in oil and
gas properties ( 70) 13,005
Increase in accounts receivable ( 13,338) ( 103,093)
-------- --------
Net cash provided by operating
activities $627,402 $436,241
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 15,084)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 653 9,525
-------- --------
Net cash provided (used) by
investing activities $ 653 ($ 5,559)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($612,683) ($605,000)
-------- --------
Net cash used by financing
activities ($612,683) ($605,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 15,372 ($174,318)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 288,117 430,665
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $303,489 $256,347
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 233,165 $ 167,076
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 170,371 150,207
---------- ----------
Total current assets $ 403,536 $ 317,283
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,640,181 2,908,234
---------- ----------
$3,043,717 $3,225,517
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 60,746) ($ 48,425)
Limited Partners, issued and
outstanding, 118,449 units 3,104,463 3,273,942
---------- ----------
Total Partners' capital $3,043,717 $3,225,517
---------- ----------
$3,043,717 $3,225,517
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $266,293 $224,688
Interest and other income 1,714 2,551
-------- --------
$268,007 $227,239
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $126,662 $369,397
General and administrative 35,335 38,705
-------- --------
$161,997 $408,102
-------- --------
NET INCOME (LOSS) $106,010 ($180,863)
======== ========
GENERAL PARTNER - NET INCOME $ 10,281 $ 5,733
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $ 95,729 ($186,596)
======== ========
NET INCOME (LOSS) per unit $ 0.81 ($ 1.58)
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $546,443 $464,952
Interest and other income 3,014 4,148
Gain on sale of net profits and
royalty interests in oil and
gas properties - 31
-------- --------
$549,457 $469,131
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $267,140 $753,207
General and administrative 73,837 74,030
-------- --------
$340,977 $827,237
-------- --------
NET INCOME (LOSS) $208,480 ($358,106)
======== ========
GENERAL PARTNER - NET INCOME $ 20,959 $ 12,223
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $187,521 ($370,329)
======== ========
NET INCOME (LOSS) per unit $ 1.58 ($ 3.13)
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $208,480 ($358,106)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 267,140 753,207
Gain on sale of net profits and
royalty interests in oil and
gas properties - ( 31)
(Increase) decrease in accounts
receivable ( 20,164) 71,489
-------- --------
Net cash provided by operating
activities $455,456 $466,559
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 25,710)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties - 31
Retirements of net profits and
royalty interests in oil and
gas properties 913 -
-------- --------
Net cash provided (used) by
investing activities $ 913 ($ 25,679)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($390,280) ($346,000)
-------- --------
Net cash used by financing
activities ($390,280) ($346,000)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 66,089 $ 94,880
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 167,076 140,602
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $233,165 $235,482
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 328,571 $ 254,180
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 264,320 231,575
---------- ----------
Total current assets $ 592,891 $ 485,755
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 4,326,772 4,684,277
---------- ----------
$4,919,663 $5,170,032
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,583) ($ 47,281)
Limited Partners, issued and
outstanding, 143,041 units 4,983,246 5,217,313
---------- ----------
Total Partners' capital $4,919,663 $5,170,032
---------- ----------
$4,919,663 $5,170,032
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $346,050 $375,926
Interest and other income 2,624 2,903
-------- --------
$348,674 $378,829
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $199,792 $386,395
General and administrative 42,588 50,296
-------- --------
$242,380 $436,691
-------- --------
NET INCOME (LOSS) $106,294 ($ 57,862)
======== ========
GENERAL PARTNER - NET INCOME $ 13,175 $ 12,563
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $ 93,119 ($ 70,425)
======== ========
NET INCOME (LOSS) per unit $ 0.65 ($ .49)
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-23-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $848,146 $659,903
Interest and other income 4,742 4,710
Gain on sale of net profits and
royalty interests in oil and
gas properties - 1,079
-------- --------
$852,888 $665,692
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $420,073 $748,552
General and administrative 89,132 94,599
-------- --------
$509,205 $843,151
-------- --------
NET INCOME (LOSS) $343,683 ($177,459)
======== ========
GENERAL PARTNER - NET INCOME $ 33,750 $ 21,069
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $309,933 ($198,528)
======== ========
NET INCOME (LOSS) per unit $ 2.17 ($ 1.39)
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-24-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $343,683 ($177,459)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 420,073 748,552
Gain on sale of net profits and
royalty interests in oil and
gas properties - ( 1,079)
Increase in accounts receivable ( 32,745) ( 57,353)
-------- --------
Net cash provided by operating
activities $731,011 $512,661
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 62,568) ($ 10,502)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties - 1,079
-------- --------
Net cash used by investing
activities ($ 62,568) ($ 9,423)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($594,052) ($384,000)
-------- --------
Net cash used by financing
activities ($594,052) ($384,000)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 74,391 $119,238
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 254,180 212,966
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $328,571 $332,204
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-25-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1996, combined
statements of operations for the three and six months ended June 30,
1996 and 1995 and combined statements of cash flows for the six months
ended June 30, 1996 and 1995 have been prepared by Geodyne Resources,
Inc., the general partner of the Geodyne Institutional/Pension Energy
Income Limited Partnerships, and are unaudited. Each limited
partnership is a general partner in the related Geodyne NPI
Partnership (the "NPI Partnerships") in which Geodyne Resources, Inc.
serves as the managing partner. For the purposes of these financial
statements, the general partner and managing partner are collectively
referred to as the "General Partner" and the limited partnerships and
NPI Partnerships are collectively referred to as the "Partnerships".
In the opinion of management the financial statements referred to
above include all necessary adjustments, consisting of normal
recurring adjustments, to present fairly the combined financial
position at June 30, 1996, the combined results of operations for the
three and six months ended June 30, 1996 and 1995 and the combined
cash flows for the six months ended June 30, 1996 and 1995.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. The
accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K filed
for the year ended December 31, 1995. The results of operations for
the period ended June 30, 1996 are not necessarily indicative of the
results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon
each $100 initial capital contribution.
NET PROFITS AND ROYALTY INTERESTS IN OIL AND GAS PROPERTIES
-----------------------------------------------------------
The limited partnerships were formed for the purpose of investing
in the related NPI Partnerships. The NPI Partnerships follow the
successful efforts method of accounting for their net profits and
royalty interests in oil and gas properties ("oil and gas
properties"). Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. Property acquisition
costs include costs incurred by the Partnerships or the General
Partner to acquire producing properties, including related title
insurance or examination costs, commissions, engineering, legal and
accounting fees, and similar costs directly related to the
acquisitions. The acquisition cost to the NPI Partnership of net
profits and royalty interests in oil and gas properties acquired by
the General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition,
for the period of time the oil and gas properties are held by the
General Partner prior to their transfer to the Partnerships.
Impairment of net profits and royalty interests in oil and gas
properties is recognized based upon an individual property assessment.
-26-
<PAGE>
<PAGE>
Depletion of the costs of net profits and royalty interests in
producing oil and gas properties is computed on the unit-of-production
method.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards ("SFAS")
No. 121, "Accounting for the Impairment of Long Lived Assets and
Assets Held for Disposal. SFAS No. 121 provides that if the
unamortized costs of net profits and royalty interests in oil and gas
properties for each field exceed the expected undiscounted future cash
flows from such properties, the cost of the properties is written down
to fair value, which is determined by using the discounted future cash
flows from the properties. Under the Partnerships' prior impairment
policy if the unamortized costs of net profits and royalty interests
in oil and gas properties as a whole exceeded the estimated
undiscounted future net revenues of the properties, a valuation
allowance would be recorded for the excess amount. The risk that the
Partnerships will be required to record such impairment provisions in
the future increases when oil and gas prices are depressed.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for the Partnerships' direct
general and administrative expenses and for the general and
administrative overhead applicable to the Partnerships based on an
allocation of actual costs incurred by the General Partner. During
the six months ended June 30, 1996 the following payments were made to
the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $10,472 $56,880
P-2 8,806 47,418
P-3 16,334 89,280
P-4 12,195 66,480
P-5 11,497 62,340
P-6 13,850 75,282
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with its
activities, together with any compressor rental, consulting, or other
services provided.
The Partnerships receive Net Profits Interest distributions on a
monthly basis from affiliated partnerships managed by the General
Partner. These distributions are reflected as Revenue, "Net Profits
and Royalty Interests in Oil and Gas Sales", in the accompanying
statements of operations. The Net Profits Interest Receivable
represents amounts due from these affiliated partnerships.
-27-
<PAGE>
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
GENERAL
-------
The limited partnerships were formed for the purpose of investing
in the related NPI Partnerships. The NPI Partnerships are engaged in
the business of acquiring net profits interests and royalty interests
in producing oil and gas properties located in the continental United
States. In general, each NPI Partnership acquired passive interests
in producing properties and does not directly engage in development
drilling or enhanced recovery projects. Therefore, the economic life
of each limited partnership, and its related NPI Partnership, is
limited to the period of time required to fully produce its acquired
oil and gas reserves. A net profits interest in oil and gas
properties entitles the Partnerships to a portion of the oil and gas
sales less operating and production expenses and development costs
generated by the owner of the working interest in the oil and gas
properties. The net proceeds from the oil and gas operations are
distributed to the Limited Partners and the General Partner in
accordance with the terms of the Partnerships' Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnerships began operations and investors were assigned
their rights as Limited Partners, having made capital contributions in
the amounts and on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
In general, the amount of funds available for the acquisition of
producing properties was equal to the capital contributions of the
Limited Partners, less 15% for sales commissions and organization and
management fees. The Partnerships have fully invested their capital
contributions.
Net proceeds from the Partnerships' net profits and royalty
interests less necessary operating capital are distributed to Limited
Partners on a quarterly basis. Revenues and net proceeds of a
Partnership are largely dependent upon the volumes of oil and gas sold
and the prices received for such oil and gas. Over the last several
years, the domestic energy industry and the Partnerships have
contended with volatile, but generally low, oil and gas prices. Over
the last few years, the oil and gas market appears to have moved from
periods of relative stability in supply and demand to excess supply or
weakened demand. These trends have led to the volatility in pricing
and demand noted over the past years. While the General Partner
cannot predict future pricing trends, it believes the working capital
available as of June 30, 1996 and the net revenue generated from
future operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
-28-
<PAGE>
<PAGE>
RESULTS OF OPERATIONS
---------------------
PARTNERSHIP P-1
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $310,284 $238,034
Barrels produced 9,191 10,198
Mcf produced 119,096 126,684
Average price/Bbl $ 19.42 $ 16.82
Average price/Mcf $ 1.88 $ 1.21
Total net profits and royalty interests in oil and gas sales
increased $72,250 (30.4%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this increase,
$111,393 was related to the increases in the average prices of oil and
natural gas sold, partially offset by a $33,821 decrease related to
the decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 1,007 barrels and 7,588 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. Average oil and natural gas
prices increased to $19.42 per barrel and $1.88 per Mcf, respectively,
for the three months ended June 30, 1996 from $16.82 per barrel and
$1.21 per Mcf, respectively, for the three months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $147,049 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to upward revisions of previous reserve estimates at
December 31, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, this expense decreased to 27.9% for
the three months ended June 30, 1996 from 98.1% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the reserve revisions discussed above and the increases in the average
prices of oil and natural gas sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1996.
General and administrative expenses decreased $3,292 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in
professional fees during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
net profits and royalty interests in oil and gas sales, these expenses
decreased to 10.4% for the three months ended June 30, 1996 from 14.9%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
-29-
<PAGE>
<PAGE>
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995
Six Months Ended June 30,
-------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $620,610 $425,216
Barrels produced 18,695 19,980
Mcf produced 254,011 230,455
Average price/Bbl $ 18.48 $ 16.33
Average price/Mcf $ 1.81 $ 1.24
Total net profits and royalty interests in oil and gas sales
increased $195,394 (46.0%) for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Of this increase,
$174,316 was related to the increases in the average prices of oil and
natural gas sold and $42,636 was related to the increase in the
volumes of natural gas sold, partially offset by a $23,747 decrease
related to a decrease in the volumes of oil sold. Volumes of oil sold
decreased by 1,285 barrels for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Volumes of natural
gas sold increased by 23,556 Mcf for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. Average oil
and natural gas prices increased to $18.48 per barrel and $1.81 per
Mcf, respectively, for the six months ended June 30, 1996 from $16.33
per barrel and $1.24 per Mcf, respectively, for the six months ended
June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $253,713 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to upward revisions of previous reserve estimates at
December 31, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, this expense decreased to 29.3% for
the six months ended June 30, 1996 from 102.4% for the six months
ended June 30, 1995. This percentage decrease was primarily due to
the reserve revisions discussed above and the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses decreased to 10.9% for
the six months ended June 30, 1996 from 15.9% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $8,190,558 or 75.79% of Limited Partners' capital
contributions.
-30-
<PAGE>
<PAGE>
PARTNERSHIP P-2
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
---------------------------
Net profits and royalty
interests in oil and
gas sales $238,369 $173,145
Barrels produced 6,602 7,366
Mcf produced 100,789 104,052
Average price/Bbl $ 19.56 $ 16.86
Average price/Mcf $ 1.87 $ 1.26
Total net profits and royalty interests in oil and gas sales
increased $65,224 (37.7%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this increase,
$83,360 was related to the increases in the average prices of oil and
natural gas sold, partially offset by a $21,046 decrease related to
the decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 764 barrels and 3,263 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. Average oil and natural gas
prices increased to $19.56 per barrel and $1.87 per Mcf, respectively,
for the three months ended June 30, 1996 from $16.86 per barrel and
$1.26 per Mcf, respectively, for the three months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $101,978 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to upward revisions of previous reserve estimates at
December 31, 1995 and a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of net profits and royalty interests in oil and gas sales,
this expense decreased to 32.9% for the three months ended June 30,
1996 from 104.2% for the three months ended June 30, 1995. This
percentage decrease was primarily due to the reserve revisions and the
impairment provision discussed above and the increases in the average
prices of oil and natural gas sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995.
General and administrative expenses decreased $2,837 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of net profits and royalty interests in oil
and gas sales, these expenses decreased to 11.3% for the three months
ended June 30, 1996 from 17.2% for the three months ended June 30,
1995. This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six Months Ended June 30,
-------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $478,042 $320,525
Barrels produced 13,431 14,397
Mcf produced 214,514 195,519
Average price/Bbl $ 18.58 $ 16.39
Average price/Mcf $ 1.81 $ 1.31
-31-
<PAGE>
<PAGE>
Total net profits and royalty interests in oil and gas sales
increased $157,517 (49.1%) for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Of this increase,
$129,289 was related to the increases in the average prices of oil and
natural gas sold and $34,381 was related to an increase in the volumes
of natural gas sold, partially offset by a $17,948 decrease related to
a decrease in the volumes of oil sold. Volumes of oil sold decreased
by 966 barrels for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. Volumes of natural gas sold
increased by 18,995 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $18.58 per barrel and $1.81 per Mcf,
respectively, for the six months ended June 30, 1996 from $16.39 per
barrel and $1.31 per Mcf, respectively, for the six months ended June
30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $178,220 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to upward revisions of previous reserve estimates at
December 31, 1995 and a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of net profits and royalty interests in oil and gas sales,
this expense decreased to 34.5% for the six months ended June 30, 1996
from 107.0% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the reserve revisions and the impairment
provision discussed above and the increases in the average prices of
oil and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses decreased to 11.8% for
the six months ended June 30, 1996 from 17.7% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $6,225,561 or 69.10% of Limited Partners' capital
contributions.
PARTNERSHIP P-3
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $442,574 $322,106
Barrels produced 12,234 13,654
Mcf produced 190,142 197,578
Average price/Bbl $ 19.57 $ 16.86
Average price/Mcf $ 1.86 $ 1.27
Total net profits and royalty interests in oil and gas sales
-32-
<PAGE>
<PAGE>
increased $120,468 (37.4%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this increase,
$153,573 was related to the increases in the average prices of oil and
natural gas sold, partially offset by a $41,620 decrease related to
the decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 1,420 barrels and 7,436 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. Average oil and natural gas
prices increased to $19.57 per barrel and $1.86 per Mcf, respectively,
for the three months ended June 30, 1996 from $16.86 per barrel and
$1.27 per Mcf, respectively, for the three months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $189,657 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to upward revisions of previous reserve estimates at
December 31, 1995 and a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of net profits and royalty interests in oil and gas sales,
this expense decreased to 33.2% for the three months ended June 30,
1996 from 104.6% for the three months ended June 30, 1995. This
percentage decrease was primarily due to the reserve revisions and the
impairment provision discussed above and the increases in the average
prices of oil and natural gas sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995.
General and administrative expenses decreased $5,376 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of net profits and royalty interests in oil
and gas sales, these expenses decreased to 11.4% for the three months
ended June 30, 1996 from 17.3% for the three months ended June 30,
1995. This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six Months Ended June 30,
-------------------------
1996 1995
------- --------
Net profits and royalty
interests in oil and
gas sales $890,130 $598,432
Barrels produced 24,885 26,685
Mcf produced 404,994 371,511
Average price/Bbl $ 18.58 $ 16.39
Average price/Mcf $ 1.80 $ 1.31
Total net profits and royalty interests in oil and gas sales
increased $291,698 (48.7%) for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Of this increase,
$240,480 was related to the increases in the average prices of oil and
natural gas sold and $60,269 was related to an increase in the volumes
of natural gas sold, partially offset by a $33,444 decrease related to
a decrease in the volumes of oil sold. Volumes of oil sold decreased
by 1,800 barrels for the six months ended June 30, 1996 as compared to
-33-
<PAGE>
<PAGE>
the six months ended June 30, 1995. Volumes of natural gas sold
increased by 33,483 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $18.58 per barrel and $1.80 per Mcf,
respectively, for the six months ended June 30, 1996 from $16.39 per
barrel and $1.31 per Mcf, respectively, for the six months ended June
30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $331,121 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to upward revisions of previous reserve estimates at
December 31, 1995 and a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of net profits and royalty interests in oil and gas sales,
this expense decreased to 34.8% for the six months ended June 30, 1996
from 107.0% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the reserve revisions and the impairment
provision discussed above and the increases in the average prices of
oil and natural gas sold for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses decreased to 11.9% for
the six months ended June 30, 1996 from 17.9% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $11,143,401 or 65.69% of Limited Partners' capital
contributions.
PARTNERSHIP P-4
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $368,788 $316,102
Barrels produced 6,243 6,873
Mcf produced 184,689 234,691
Average price/Bbl $ 20.04 $ 17.69
Average price/Mcf $ 2.00 $ 1.45
Total net profits and royalty interests in oil and gas sales
increased $52,686 (16.7%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this increase,
$145,232 was related to the increases in the average prices of oil and
natural gas sold, partially offset by a decrease of $112,629 related
to the decrease in the volumes of oil and natural gas sold. Volumes
of oil and natural gas sold decreased by 630 barrels and 50,002 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. The decrease in the volumes of
-34-
<PAGE>
<PAGE>
natural gas sold was primarily due to (i) normal declines in
production resulting from diminished natural gas reserves on three of
the significant wells in which the P-4 Partnership owns a net profits
interest and (ii) positive prior period adjustments made by a
purchaser during the three months ended June 30, 1995 on two of the
significant wells in which the P-4 Partnership owns a net profits
interest. Average oil and natural gas prices increased to $20.04 per
barrel and $2.00 per Mcf, respectively, for the three months ended
June 30, 1996 from $17.69 per barrel and $1.45 per Mcf, respectively,
for the three months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $250,359 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995, (ii)
upward revisions of previous reserve estimates at December 31, 1995,
and (iii) the decrease in equivalent units of production sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, this expense decreased to 47.6% for
the three months ended June 30, 1996 from 134.7% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the reserve revisions and the impairment provision discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased $3,435 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in
professional fees during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
net profits and royalty interests in oil and gas sales, these expenses
decreased to 10.2% for the three months ended June 30, 1996 from 13.0%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six Months Ended June 30,
-------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $714,486 $611,882
Barrels produced 12,469 13,853
Mcf produced 364,510 437,265
Average price/Bbl $ 19.65 $ 17.61
Average price/Mcf $ 1.92 $ 1.51
Total net profits and royalty interests in oil and gas sales
increased $102,604 (16.8%) for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Of this increase,
$207,539 was related to the increases in the average prices of oil and
natural gas sold, partially offset by a decrease of $166,886 related
to the decreases in the volumes of oil and natural gas sold. Volumes
of oil and natural gas sold decreased by 1,384 barrels and 72,755 Mcf,
-35-
<PAGE>
<PAGE>
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. The decrease in the volumes of
natural gas sold was primarily due to (i) normal declines in
production resulting from diminished natural gas reserves on three
significant wells in which the P-4 Partnership owns a net profits
interest. and (ii) positive prior period adjustments made by a
purchaser during the six months ended June 30, 1995 on two significant
wells in which the P-4 Partnership owns a net profits interest. This
decrease in the volumes of natural gas sold was partially offset by
negative prior period adjustments during the six months ended June 30,
1995 on one significant well in which the P-4 Partnership owns a net
profits interest. Average oil and natural gas prices increased to
$19.65 per barrel and $1.92 per Mcf, respectively, for the six months
ended June 30, 1996 from $17.61 per barrel and $1.51 per Mcf,
respectively, for the six months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $456,061 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995, (ii)
upward revisions of previous reserve estimates at December 31, 1995,
and (iii) the decrease in equivalent units of production sold during
the six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. As a percentage of net profits and royalty interests
in oil and gas sales, this expense decreased to 48.6% for the six
months ended June 30, 1996 from 131.3% for the six months ended June
30, 1995. This percentage decrease was primarily due to the reserve
revisions and the impairment provision discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses remained relatively
constant at 11.0% for the six months ended June 30, 1996 as compared
to 12.9% for the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $9,264,945 or 73.35% of Limited Partners' capital
contributions.
PARTNERSHIP P-5
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $266,293 $224,688
Barrels produced 2,537 3,552
Mcf produced 160,698 193,661
Average price/Bbl $ 19.36 $ 18.71
Average price/Mcf $ 1.82 $ 1.35
Total net profits and royalty interests in oil and gas sales
-36-
<PAGE>
<PAGE>
increased $41,605 (18.5%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this increase,
$91,021 was related to the increase in the average price of natural
gas sold, partially offset by a decrease of $79,643 related to the
decreases in the volumes of oil and natural gas sold. Volumes of oil
and natural gas sold decreased by 1,015 barrels and 32,963 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. The decreases in the volumes of
oil and natural gas sold was primarily due to significant positive
prior period adjustments made by the purchaser during the three months
ended June 30, 1995 on one well in which the P-5 Partnership owns a
net profits interest. Average oil and natural gas prices increased to
$19.36 per barrel and $1.82 per Mcf, respectively, for the three
months ended June 30, 1996 from $18.71 per barrel and $1.35 per Mcf,
respectively, for the three months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $242,735 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995, (ii)
upward revisions of previous reserve estimates at December 31, 1995,
and (iii) the decrease in equivalent units of production sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, this expense decreased to 47.6% for
the three months ended June 30, 1996 from 164.4% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the reserve revisions and the impairment provision discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased $3,370 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in
professional fees during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
net profits and royalty interests in oil and gas sales, these expenses
decreased to 13.3% for the three months ended June 30, 1996 from 17.2%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six Months Ended June 30,
-------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $546,443 $464,952
Barrels produced 6,015 6,335
Mcf produced 334,938 400,326
Average price/Bbl $ 18.57 $ 17.96
Average price/Mcf $ 1.78 $ 1.31
Total net profits and royalty interests in oil and gas sales
increased $81,491 (17.5%) for the six months ended June 30, 1996 as
-37-
<PAGE>
<PAGE>
compared to the six months ended June 30, 1995. Of this increase,
$188,153 was related to the increase in the average price of natural
gas sold, partially offset by a decrease of $116,391 related to the
decrease in the volumes of natural gas sold. Volumes of oil and
natural gas sold decreased by 320 barrels and 65,388 Mcf,
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. The decreases in the volumes of
oil and natural gas sold was primarily due to significant positive
prior period adjustments made by the purchaser during the six months
ended June 30, 1995 on one well in which the P-5 Partnership owns a
net profits interest. Average oil and natural gas prices increased to
$18.57 per barrel and $1.78 per Mcf, respectively, for the six months
ended June 30, 1996 from $17.96 per barrel and $1.31 per Mcf,
respectively, for the six months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $486,067 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995, (ii)
upward revisions of previous reserve estimates at December 31, 1995,
and (iii) the decrease in equivalent units of production sold during
the six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. As a percentage of net profits and royalty interests
in oil and gas sales, this expense decreased to 48.9% for the six
months ended June 30, 1996 from 162.0% for the six months ended June
30, 1995. This percentage decrease was primarily due to the reserve
revisions and the impairment provision discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses decreased to 13.5% for
the six months ended June 30, 1996 from 15.9% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $4,896,759 or 41.34% of Limited Partners' capital
contributions.
PARTNERSHIP P-6
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three Months Ended June 30,
---------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $346,050 $375,926
Barrels produced 5,799 4,184
Mcf produced 254,756 360,647
Average price/Bbl $ 20.22 $ 17.92
Average price/Mcf $ 1.61 $ 1.41
-38-
<PAGE>
<PAGE>
Total net profits and royalty interests in oil and gas sales
decreased $29,876 (7.9%) for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Of this decrease,
$170,485 was related to the decrease in the volumes of natural gas
sold, partially offset by an increase of $81,752 related to the
increases in the average prices of oil and gas sold, as well as an
increase of $32,655 related to the increase in the volumes of oil
sold. Volumes of oil sold increased by 1,615 barrels for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. The increase in volumes of oil sold was primarily due to
(i) increased production due to a well recompletion and a well
workover during the three months ended June 30, 1995 in order to
improve the recovery of reserves and (ii) upward prior period volume
adjustments made by the purchaser during the three months ended June
30, 1996. Volumes of natural gas sold decreased by 150,891 Mcf for
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995. The decrease in the volumes of natural gas sold
resulted primarily from (i) the normal decline in production due to
diminished natural gas reserves on several of the P-6 Partnership's
significant wells during the three months ended June 30, 1996 and (ii)
positive prior period adjustments on one well in which the Partnership
owns a net profits interest during the six months ended June 30, 1995.
Average oil and natural gas prices increased to $20.22 per barrel and
$1.61 per Mcf, respectively, for the three months ended June 30, 1996
from $17.92 per barrel and $1.41 per Mcf, respectively, for the three
months ended June 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $186,603 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995 and (ii)
the decrease in the volumes of natural gas sold during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of net profits and royalty interests in oil
and gas sales, this expense decreased to 57.7% for the three months
ended June 30, 1996 from 102.8% for the three months ended June 30,
1995. This percentage decrease was primarily due to the impairment
provision discussed above and the increases in the average prices of
oil and natural gas sold during the three months ended June 30, 1996
as compared to the three months ended June 30, 1995.
General and administrative expenses decreased $7,708 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of net profits and royalty interests in oil
and gas sales, these expenses remained relatively constant at 12.3%
for the three months ended June 30, 1996 compared to 13.4% for the
three months ended June 30, 1995.
-39-
<PAGE>
<PAGE>
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six Months Ended June 30,
-------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $848,146 $659,903
Barrels produced 11,505 8,214
Mcf produced 539,769 698,022
Average price/Bbl $ 19.10 $ 17.33
Average price/Mcf $ 1.83 $ 1.33
Total net profits and royalty interests in oil and gas sales
increased $188,243 (28.5%) for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Of this increase,
$349,011 was related to the increase in the average price of natural
gas sold, as well as an increase of $62,858 related to the increase in
the volumes of oil sold, partially offset by a decrease of $289,603
related to the decrease in the volumes of natural gas sold. Volumes
of oil sold increased by 3,291 barrels for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. The
increase in volumes of oil sold was primarily due to (i) increased
production due to a well recompletion and a well workover during the
six months ended June 30, 1995 in order to improve the recovery of
reserves and (ii) upward prior period volume adjustments made by the
purchaser during the six months ended June 30, 1996. Volumes of
natural gas sold decreased by 158,253 Mcf for the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995. The
decrease in the volumes of natural gas sold resulted primarily from
(i) the normal decline in production due to diminished natural gas
reserves on several of the P-6 Partnership's significant wells during
the six months ended June 30, 1996 and (ii) positive prior period
adjustments on one well in which the Partnership owns a net profits
interest during the six months ended June 30, 1995. Average oil and
natural gas prices increased to $19.10 per barrel and $1.83 per Mcf,
respectively, for the six months ended June 30, 1996 from $17.33 per
barrel and $1.33 per Mcf, respectively, for the six months ended June
30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $328,479 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to (i) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995 and (ii)
the decrease in the volumes of natural gas sold during the six months
ended June 30, 1996 as compared to the six months ended June 30, 1995.
As a percentage of net profits and royalty interests in oil and gas
sales, this expense decreased to 49.5% for the six months ended June
30, 1996 from 113.4% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the impairment provision
discussed above and the increases in the average prices of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995.
General and administrative expenses decreased $5,467 for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the six
-40-
<PAGE>
<PAGE>
months ended June 30, 1996 as compared to the six months ended June
30, 1995. As a percentage of net profits and royalty interests in oil
and gas sales, these expenses decreased to 10.5% for the six months
ended June 30, 1996 from 14.3% for the six months ended June 30, 1995.
This percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $5,889,248 or 41.17% of Limited Partners' capital
contributions.
-41-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:
(a) Exhibits:
27.1 Financial Data Schedule containing summary financial
information extracted from the P-1 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the P-2 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the P-3 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the P-4 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the P-5 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the P-6 Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
(b) Reports on Form 8-K:
None
-42-
<PAGE>
<PAGE>
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, thereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-6
(Registrant)
By: GEODYNE RESOURCES, INC.
General Partner
Date: August 12, 1996 By: /s/Dennis R. Neill
-------------------------------------
(Signature)
Dennis R. Neill
President
Date: August 12, 1996 By: /s/Drew S. Phillips
--------------------------------------
(Signature)
Drew S. Phillips
Principal Accounting Officer
-43-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income P-1 Limited Partnership's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income P-2 Limited Partnership's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-3's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-4's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-5's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-6's financial statements
as of June 30, 1996 and for the six months ended June 30,
1996, filed herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850427
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LTD PSHP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 280,295
<SECURITIES> 0
<RECEIVABLES> 271,427
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 551,722
<PP&E> 8,690,825
<DEPRECIATION> 5,844,283
<TOTAL-ASSETS> 3,398,264
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,398,264
<TOTAL-LIABILITY-AND-EQUITY> 3,398,264
<SALES> 620,610
<TOTAL-REVENUES> 624,983
<CGS> 0
<TOTAL-COSTS> 249,221
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 375,762
<INCOME-TAX> 0
<INCOME-CONTINUING> 375,762
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 375,762
<EPS-PRIMARY> 3.24
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850428
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LTD PSHP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 220,093
<SECURITIES> 0
<RECEIVABLES> 221,051
<ALLOWANCES> 0
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<CURRENT-ASSETS> 441,144
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