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, 2000
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
of incorporation or Number)
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 such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
<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,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 208,577 $ 182,743
Accounts receivable:
Net Profits 249,221 167,901
---------- ----------
Total current assets $ 457,798 $ 350,644
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 938,097 1,003,826
---------- ----------
$1,395,895 $1,354,470
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 67,044) ($ 77,417)
Limited Partners, issued and
outstanding, 108,074 units 1,462,939 1,431,887
---------- ----------
Total Partners' capital $1,395,895 $1,354,470
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-2-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Net Profits $293,033 $198,189
Interest income 2,352 828
Gain on sale of Net Profits
Interests 6,618 34
-------- --------
$302,003 $199,051
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 32,748 $ 50,321
General and administrative
(Note 2) 30,019 30,359
-------- --------
$ 62,767 $ 80,680
-------- --------
NET INCOME $239,236 $118,371
======== ========
GENERAL PARTNER - NET INCOME $ 26,635 $ 16,283
======== ========
LIMITED PARTNERS - NET INCOME $212,601 $102,088
======== ========
NET INCOME per unit $ 1.97 $ .94
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Net Profits $583,666 $355,654
Interest income 4,340 1,944
Gain on sale of Net Profits
Interests 12,948 698
-------- --------
$600,954 $358,296
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 74,196 $117,317
General and administrative
(Note 2) 68,652 68,520
-------- --------
$142,848 $185,837
-------- --------
NET INCOME $458,106 $172,459
======== ========
GENERAL PARTNER - NET INCOME $ 52,054 $ 27,610
======== ========
LIMITED PARTNERS - NET INCOME $406,052 $144,849
======== ========
NET INCOME per unit $ 3.76 $ 1.34
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $458,106 $172,459
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 74,196 117,317
Gain on sale of Net Profits
Interests ( 12,948) ( 698)
Increase in accounts receivable -
Net Profits ( 81,320) ( 43,286)
-------- --------
Net cash provided by operating
activities $438,034 $245,792
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 10,239) ($ 5,410)
Proceeds from sale of Net Profits
Interests 14,720 2,904
-------- --------
Net cash provided (used) by investing
activities $ 4,481 ($ 2,506)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($416,681) ($228,422)
-------- --------
Net cash used by financing activities ($416,681) ($228,422)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 25,834 $ 14,864
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,743 99,454
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $208,577 $114,318
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 157,446 $ 148,106
Accounts receivable:
Net Profits 198,165 135,136
---------- ----------
Total current assets $ 355,611 $ 283,242
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 800,772 856,093
---------- ----------
$1,156,383 $1,139,335
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 50,978) ($ 56,585)
Limited Partners, issued and
outstanding, 90,094 units 1,207,361 1,195,920
---------- ----------
Total Partners' capital $1,156,383 $1,139,335
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $249,167 $161,948
Interest income 1,763 669
Gain on sale of Net Profits
Interests 4,638 198
-------- --------
$255,568 $162,815
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 26,972 $ 41,367
General and administrative
(Note 2) 25,164 25,268
-------- --------
$ 52,136 $ 66,635
-------- --------
NET INCOME $203,432 $ 96,180
======== ========
GENERAL PARTNER - NET INCOME $ 22,594 $ 6,430
======== ========
LIMITED PARTNERS - NET INCOME $180,838 $ 89,750
======== ========
NET INCOME per unit $ 2.01 $ 1.00
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $438,395 $282,253
Interest income 3,382 1,516
Gain on sale of Net Profits
Interests 8,960 652
-------- --------
$450,737 $284,421
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 60,552 $ 95,552
General and administrative
(Note 2) 57,349 57,129
-------- --------
$117,901 $152,681
-------- --------
NET INCOME $332,836 $131,740
======== ========
GENERAL PARTNER - NET INCOME $ 38,395 $ 10,333
======== ========
LIMITED PARTNERS - NET INCOME $294,441 $121,407
======== ========
NET INCOME per unit $ 3.27 $ 1.35
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $332,836 $131,740
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 60,552 95,552
Gain on sale of Net Profits
Interests ( 8,960) ( 652)
Increase in accounts receivable -
Net Profits ( 63,029) ( 36,824)
-------- --------
Net cash provided by operating
activities $321,399 $189,816
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 6,992) ($ 5,124)
Proceeds from sale of Net Profits
Interests 10,721 2,692
-------- --------
Net cash provided (used) by investing
activities $ 3,729 ($ 2,432)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($315,788) ($169,417)
-------- --------
Net cash used by financing activities ($315,788) ($169,417)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 9,340 $ 17,967
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 148,106 78,435
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $157,446 $ 96,402
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 305,116 $ 284,040
Accounts receivable:
Net Profits 369,652 251,484
---------- ----------
Total current assets $ 674,768 $ 535,524
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,493,009 1,595,636
---------- ----------
$2,167,777 $2,131,160
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 91,744) ($ 113,709)
Limited Partners, issued and
outstanding, 169,637 units 2,259,521 2,244,869
---------- ----------
Total Partners' capital $2,167,777 $2,131,160
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $472,733 $306,585
Interest income 3,525 1,323
Gain on sale of Net Profits
Interests 8,570 415
-------- --------
$484,828 $308,323
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 50,023 $ 78,177
General and administrative
(Note 2) 46,631 47,543
-------- --------
$ 96,654 $125,720
-------- --------
NET INCOME $388,174 $182,603
======== ========
GENERAL PARTNER - NET INCOME $ 42,967 $ 12,191
======== ========
LIMITED PARTNERS - NET INCOME $345,207 $170,412
======== ========
NET INCOME per unit $ 2.04 $ 1.04
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $812,507 $529,764
Interest income 6,774 2,990
Gain on sale of Net Profits
Interests 16,545 1,252
-------- --------
$835,826 $534,006
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $112,229 $178,949
General and administrative
(Note 2) 107,243 107,421
-------- --------
$219,472 $286,370
-------- --------
NET INCOME $616,354 $247,636
======== ========
GENERAL PARTNER - NET INCOME $ 56,702 $ 19,390
======== ========
LIMITED PARTNERS - NET INCOME $559,652 $228,246
======== ========
NET INCOME per unit $ 3.30 $ 1.35
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $616,354 $247,636
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 112,229 178,949
Gain on sale of Net Profits
Interests ( 16,545) ( 1,252)
Increase in accounts receivable -
Net Profits ( 118,168) ( 70,491)
-------- --------
Net cash provided by operating
activities $593,870 $354,842
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 12,902) ($ 9,601)
Proceeds from sale of Net Profits
Interests 19,845 4,927
-------- --------
Net cash provided (used) by investing
activities $ 6,943 ($ 4,674)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($579,737) ($313,596)
-------- --------
Net cash used by financing activities ($579,737) ($313,596)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 21,076 $ 36,572
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 284,040 146,246
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $305,116 $182,818
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 213,147 $ 188,928
Accounts receivable:
Net Profits 368,581 255,972
---------- ----------
Total current assets $ 581,728 $ 444,900
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 787,246 892,659
---------- ----------
$1,368,974 $1,337,559
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 70,115) ($ 80,321)
Limited Partners, issued and
outstanding, 126,306 units 1,439,089 1,417,880
---------- ----------
Total Partners' capital $1,368,974 $1,337,559
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Net Profits $327,858 $201,247
Interest income 2,326 921
Gain on sale of Net
Profits Interests 523 410
-------- --------
$330,707 $202,578
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 45,039 $ 54,369
General and administrative
(Note 2) 34,939 35,028
-------- --------
$ 79,978 $ 89,397
-------- --------
NET INCOME $250,729 $113,181
======== ========
GENERAL PARTNER - NET INCOME $ 28,894 $ 7,788
======== ========
LIMITED PARTNERS - NET INCOME $221,835 $105,393
======== ========
NET INCOME per unit $ 1.76 $ .83
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Net Profits $542,758 $330,628
Interest income 4,527 1,869
Gain on sale of Net
Profits Interests 523 410
-------- --------
$547,808 $332,907
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 90,117 $114,255
General and administrative
(Note 2) 80,061 79,609
-------- --------
$170,178 $193,864
-------- --------
NET INCOME $377,630 $139,043
======== ========
GENERAL PARTNER - NET INCOME $ 45,421 $ 11,429
======== ========
LIMITED PARTNERS - NET INCOME $332,209 $127,614
======== ========
NET INCOME per unit $ 2.63 $ 1.01
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $377,630 $139,043
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 90,117 114,255
Gain on sale of Net Profits
Interests ( 523) ( 410)
Increase in accounts receivable -
Net Profits ( 112,609) ( 38,214)
-------- --------
Net cash provided by operating
activities $354,615 $214,674
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 11) ($ 6,101)
Proceeds from sale of Net Profits
Interests 15,830 6,530
-------- --------
Net cash provided by investing
activities $ 15,819 $ 429
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($346,215) ($191,661)
-------- --------
Net cash used by financing activities ($346,215) ($191,661)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 24,219 $ 23,442
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 188,928 101,652
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $213,147 $125,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 268,596 $ 217,441
Accounts receivable:
Net Profits 267,850 180,909
---------- ----------
Total current assets $ 536,446 $ 398,350
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 764,271 836,971
---------- ----------
$1,300,717 $1,235,321
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 65,018) ($ 68,638)
Limited Partners, issued and
outstanding, 118,449 units 1,365,735 1,303,959
---------- ----------
Total Partners' capital $1,300,717 $1,235,321
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $298,226 $199,402
Interest income 2,772 1,257
Gain on sale of Net Profits
Interests 49,040 -
-------- --------
$350,038 $200,659
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 33,384 $ 51,574
General and administrative
(Note 2) 32,818 33,072
-------- --------
$ 66,202 $ 84,646
-------- --------
NET INCOME $283,836 $116,013
======== ========
GENERAL PARTNER - NET INCOME $ 14,088 $ 7,801
======== ========
LIMITED PARTNERS - NET INCOME $269,748 $108,212
======== ========
NET INCOME per unit $ 2.27 $ .91
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $536,779 $343,845
Interest income 5,322 2,613
Gain on sale of Net Profits
Interests 49,040 -
-------- --------
$591,141 $346,458
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 72,700 $104,991
General and administrative
(Note 2) 75,160 74,925
-------- --------
$147,860 $179,916
-------- --------
NET INCOME $443,281 $166,542
======== ========
GENERAL PARTNER - NET INCOME $ 23,505 $ 12,396
======== ========
LIMITED PARTNERS - NET INCOME $419,776 $154,146
======== ========
NET INCOME per unit $ 3.54 $ 1.30
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $443,281 $166,542
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 72,700 104,991
Gain on sale of Net Profits
Interests ( 49,040) -
Increase in accounts receivable -
Net Profits ( 86,941) ( 7,861)
-------- --------
Net cash provided by operating
activities $380,000 $263,672
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 10,459)
Proceeds from sale of Net Profits
Interests 49,040 -
-------- --------
Net cash provided (used) by investing
activities $ 49,040 ($ 10,459)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($377,885) ($273,949)
-------- --------
Net cash used by financing activities ($377,885) ($273,949)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 51,155 ($ 20,736)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 217,441 166,487
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $268,596 $145,751
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 365,717 $ 339,386
Accounts receivable:
Net Profits 345,699 177,661
---------- ----------
Total current assets $ 711,416 $ 517,047
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,689,528 1,797,167
---------- ----------
$2,400,944 $2,314,214
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 78,058) ($ 86,400)
Limited Partners, issued and
outstanding, 143,041 units 2,479,002 2,400,614
---------- ----------
Total Partners' capital $2,400,944 $2,314,214
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-22-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $512,237 $348,435
Interest income 4,062 1,748
Gain on sale of Net Profits
Interests 21,094 -
-------- --------
$537,393 $350,183
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 64,251 $101,126
General and administrative
(Note 2) 39,453 40,291
-------- --------
$103,704 $141,417
-------- --------
NET INCOME $433,689 $208,766
======== ========
GENERAL PARTNER - NET INCOME $ 23,609 $ 14,395
======== ========
LIMITED PARTNERS - NET INCOME $410,080 $194,371
======== ========
NET INCOME per unit $ 2.86 $ 1.36
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
<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, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $967,297 $555,979
Interest income 7,775 4,135
Gain on sale of Net Profits
Interests 21,094 -
-------- --------
$996,166 $560,114
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $144,209 $204,195
General and administrative
(Note 2) 90,562 90,791
-------- --------
$234,771 $294,986
-------- --------
NET INCOME $761,395 $265,128
======== ========
GENERAL PARTNER - NET INCOME $ 43,007 $ 21,217
======== ========
LIMITED PARTNERS - NET INCOME $718,388 $243,911
======== ========
NET INCOME per unit $ 5.02 $ 1.71
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
<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, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $761,395 $265,128
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 144,209 204,195
Gain on sale of Net Profits
Interests ( 21,094) -
Increase in accounts receivable -
Net Profits ( 168,038) ( 27,346)
-------- --------
Net cash provided by operating
activities $716,472 $441,977
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 38,134) ($ 11,281)
Proceeds from sale of Net Profits
Interests 22,658 1,491
-------- --------
Net cash used by investing activities ($ 15,476) ($ 9,790)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($674,665) ($511,794)
-------- --------
Net cash used by financing activities ($674,665) ($511,794)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 26,331 ($ 79,607)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,386 300,324
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $365,717 $220,717
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 2000, combined statements of
operations for the three and six months ended June 30, 2000 and 1999, and
combined statements of cash flows for the six months ended June 30, 2000
and 1999 have been prepared by Geodyne Resources, Inc., the General
Partner of the Geodyne Institutional/Pension Energy Income Limited
Partnerships, without audit. 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, 2000, the combined results of operations for the three and six
months ended June 30, 2000 and 1999, and the combined cash flows for the
six months ended June 30, 2000 and 1999.
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, 1999. The
results of operations for the period ended June 30, 2000 are not
necessarily indicative of the results to be expected for the full year.
As used in these financial statements, the Partnerships' net profits and
royalty interests in oil and gas sales are referred to as "Net Profits"
and the Partnerships' net profits and royalty interests in oil and gas
properties are referred to as "Net Profits Interests". The working
interests from which the Partnerships' Net Profits Interests are carved
are referred to as "Working Interests".
The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.
-26-
<PAGE>
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. 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, plus an allocated
portion, of the General Partner's property screening costs. The
acquisition cost to the NPI Partnership of Net Profits Interests 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 properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of Net Profits Interests is
recognized based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs, net of estimated salvage value.
The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended June 30, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
-27-
<PAGE>
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $1,579 $28,440
P-2 1,455 23,709
P-3 1,991 44,640
P-4 1,699 33,240
P-5 1,648 31,170
P-6 1,812 37,641
During the six months ended June 30, 2000 the following payments were made
to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $11,772 $56,880
P-2 9,931 47,418
P-3 17,963 89,280
P-4 13,581 66,480
P-5 12,820 62,340
P-6 15,280 75,282
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
-28-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
-----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
-------
The Partnerships are engaged in the business of acquiring Net Profits
Interests in producing oil and gas properties located in the continental
United States. In general, a 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 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
-29-
<PAGE>
underlying Working Interests. 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 acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests less necessary
operating capital are distributed to the 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. While the General Partner cannot predict future pricing trends,
it believes the working capital available as of June 30, 2000 and the net
revenue generated from future operations will provide sufficient working
capital to meet current and future obligations.
The P-5 Partnership's Statement of Cash Flows for the six months ended
June 30, 2000 includes proceeds from the sale of oil and gas properties
during the six months ended June 30, 2000. These proceeds will be included
in the Partnership's cash distributions to be paid in August 2000.
-30-
<PAGE>
RESULTS OF OPERATIONS
---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction with the
analysis of results of operations provided below. The most important
variables affecting the Partnerships' revenues are the prices received for
the sale of oil and gas and the volumes of oil and gas produced. The
Partnerships' production is mainly natural gas, so such pricing and
volumes are the most significant factors.
Due to the volatility of oil and gas prices, forecasting future prices is
subject to great uncertainty and inaccuracy. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market". Prices on
the spot market are subject to wide seasonal and regional pricing
fluctuations due to the highly competitive nature of the spot market. Such
spot market sales are generally short-term in nature and are dependent
upon the obtaining of transportation services provided by pipelines. It is
likewise difficult to predict production volumes. However, oil and gas are
depleting assets, so it can be expected that production levels will
decline over time. Recent gas prices have been higher than the
Partnerships' historical average. This is attributable to the higher
prices for crude oil, a substitute fuel in some markets, and reduced
production due to lower capital investments in 1998 and 1999.
P-1 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $293,033 $198,189
Barrels produced 4,751 6,370
Mcf produced 71,744 84,519
Average price/Bbl $ 28.20 $ 14.98
Average price/Mcf $ 3.05 $ 1.78
As shown in the table above, total Net Profits increased $94,844 (47.9%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $63,000 and $91,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $24,000 and $23,000, respectively, related to decreases
in volumes of oil and gas
-31-
<PAGE>
sold and (ii) $12,000 related to an increase in production expenses.
Volumes of oil and gas sold decreased 1,619 barrels and 12,775 Mcf,
respectively, for the three months ended June 30, 2000 as compared to the
three months ended June 30, 1999. The decrease in volumes of oil sold was
primarily due to normal declines in production. The decrease in volumes of
gas sold was primarily due to (i) the P-1 Partnership's receipt of a
decreased percentage of sales on two significant wells during the three
months ended June 30, 2000 due to its overproduced gas balancing position
in those wells and (ii) normal declines in production. The increase in
production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold, (ii) a positive prior period production tax adjustment on one
significant well during the three months ended June 30, 2000, and (iii) a
negative prior period production tax adjustment made by the operator on
another significant well during the three months ended June 30, 1999.
Average oil and gas prices increased to $28.20 per barrel and $3.05 per
Mcf, respectively, for the three months ended June 30, 2000 from $14.98
per barrel and $1.78 per Mcf, respectively, for the three months ended
June 30, 1999.
Depletion of Net Profits Interests decreased $17,573 (34.9%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 11.2% for the three months ended June 30, 2000 from
25.4% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $340 (1.1%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of Net Profits, these expenses decreased to 10.2%
for the three months ended June 30, 2000 from 15.3% for the three months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
-32-
<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six months Ended June 30,
-------------------------
2000 1999
-------- --------
Net Profits $583,666 $355,654
Barrels produced 10,483 13,796
Mcf produced 164,231 203,366
Average price/Bbl $ 27.72 $ 12.42
Average price/Mcf $ 2.60 $ 1.64
As shown in the table above, total Net Profits increased $228,012 (64.1%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $160,000 and $158,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately $41,000 and $64,000, respectively, related to decreases in
volumes of oil and gas sold. Volumes of oil and gas sold decreased 3,313
barrels and 39,135 Mcf, respectively, for the six months ended June 30,
2000 as compared to the six months ended June 30, 1999. The decrease in
volumes of oil sold was primarily due to (i) positive prior period payout
volume adjustments on two significant wells during the six months ended
June 30, 1999 and (ii) normal declines in production. The decrease in
volumes of gas sold was primarily due to (i) a positive prior period
payout volume adjustment on one significant well during the six months
ended June 30, 1999, (ii) the P-1 Partnership's receipt of a decreased
percentage of sales on two significant wells during the six months ended
June 30, 2000 due to its overproduced gas balancing position in those
wells, and (iii) normal declines in production. The decrease in production
expenses was primarily due to (i) a decrease in lease operating expenses
associated with the decreases in volumes of oil and gas sold, (ii)
workover expenses incurred on one significant well during the six months
ended June 30, 1999 in order to improve the recovery of reserves, and
(iii) a positive prior period lease operating expense adjustment on
another significant well during the six months ended June 30, 1999. These
decreases in production expenses were partially offset by an increase in
production taxes associated with the increases in the average prices of
oil and gas sold. Average oil and gas prices increased to $27.72 per
barrel and $2.60 per Mcf, respectively, for the six months ended June 30,
2000 from $12.42 per barrel and $1.64 per Mcf, respectively, for the six
months ended June 30, 1999.
-33-
<PAGE>
Depletion of Net Profits Interests decreased $43,121 (36.8%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 12.7% for the six months ended June 30, 2000 from
33.0% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to
11.8% for the six months ended June 30, 2000 from 19.3% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $12,324,558 or 114.04% of the Limited Partners' capital
contributions.
P-2 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $249,167 $161,948
Barrels produced 3,342 4,545
Mcf produced 58,126 69,686
Average price/Bbl $ 28.17 $ 14.93
Average price/Mcf $ 3.55 $ 1.95
As shown in the table above, total Net Profits increased $87,219 (53.9%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $44,000 and $93,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $18,000 and $22,000, respectively, related to decreases
in volumes of oil and gas sold and (ii) $10,000 related to an increase in
production expenses. Volumes of oil and gas sold decreased 1,203 barrels
and 11,560 Mcf, respectively, for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. The decrease in volumes
of oil sold was primarily due to normal declines in production. The
decrease in volumes of gas sold was primarily due to (i) the
-34-
<PAGE>
P-2 Partnership's receipt of a decreased percentage of sales on two
significant wells during the three months ended June 30, 2000 due to its
overproduced gas balancing position in those wells and (ii) normal
declines in production. The increase in production expenses was primarily
due to (i) an increase in production taxes associated with the increases
in the average prices of oil and gas sold, (ii) a positive prior period
production tax adjustment on another significant well during the three
months ended June 30, 2000, and (iii) a negative prior period production
tax adjustment made by the operator on another significant well during the
three months ended June 30, 1999. Average oil and gas prices increased to
$28.17 per barrel and $3.55 per Mcf, respectively, for the three months
ended June 30, 2000 from $14.93 per barrel and $1.95 per Mcf,
respectively, for the three months ended June 30, 1999.
Depletion of Net Profits Interests decreased $14,395 (34.8%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 10.8% for the three months ended June 30, 2000 from
25.5% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2000 as compared to the three months ended
June 30, 1999. As a percentage of Net Profits, these expenses decreased to
10.1% for the three months ended June 30, 2000 from 15.6% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six months Ended June 30,
-------------------------
2000 1999
-------- --------
Net Profits $438,395 $282,253
Barrels produced 7,361 9,887
Mcf produced 131,346 164,628
Average price/Bbl $ 27.71 $ 12.42
Average price/Mcf $ 2.63 $ 1.71
As shown in the table above, total Net Profits increased $156,142 (55.3%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $113,000 and $121,000,
respectively,
-35-
<PAGE>
were related to increases in the average prices of oil and gas sold. These
increases were partially offset by decreases of approximately $31,000 and
$57,000, respectively, related to decreases in volumes of oil and gas
sold. Volumes of oil and gas sold decreased 2,526 barrels and 33,282 Mcf,
respectively, for the six months ended June 30, 2000 as compared to the
six months ended June 30, 1999. The decrease in volumes of oil sold was
primarily due to (i) positive prior period payout volume adjustments on
two significant wells during the six months ended June 30, 1999 and (ii)
normal declines in production. The decrease in volumes of gas sold was
primarily due to (i) a positive prior period payout volume adjustment on
one significant well during the six months ended June 30, 1999, (ii) the
P-2 Partnership's receipt of a decreased percentage of sales on two
significant wells during the six months ended June 30, 2000 due to its
overproduced gas balancing position in those wells, and (iii) normal
declines in production. The decrease in production expenses was primarily
due to (i) a decrease in lease operating expenses associated with the
decreases in volumes of oil and gas sold, (ii) workover expenses incurred
during the six months ended June 30, 1999 on one significant well in order
to improve the recovery of reserves, and (iii) a positive prior period
lease operating expense adjustment made by the operator on another
significant well during the six months ended June 30, 1999. These
decreases in production expenses were partially offset by an increase in
production taxes associated with the increases in the average prices of
oil and gas sold. Average oil and gas prices increased to $27.71 per
barrel and $2.63 per Mcf, respectively, for the six months ended June 30,
2000 from $12.42 per barrel and $1.71 per Mcf, respectively, for the six
months ended June 30, 1999.
Depletion of Net Profits Interests decreased $35,000 (36.6%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 13.8% for the six months ended June 30, 2000 from
33.9% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to
13.1% for the six months ended June 30, 2000 from 20.2% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
-36-
<PAGE>
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $9,387,561 or 104.20% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $472,733 $306,585
Barrels produced 6,181 8,483
Mcf produced 108,613 132,329
Average price/Bbl $ 28.17 $ 14.88
Average price/Mcf $ 3.64 $ 1.95
As shown in the table above, total Net Profits increased $166,148 (54.2%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $82,000 and $183,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $34,000 and $46,000, respectively, related to decreases
in volumes of oil and gas sold and (ii) $19,000 related to an increase in
production expenses. Volumes of oil and gas sold decreased 2,302 barrels
and 23,716 Mcf, respectively, for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. The decrease in volumes
of oil sold was primarily due to normal declines in production. The
decrease in volumes of gas sold was primarily due to (i) the P-3
Partnership's receipt of a decreased percentage of sales on two
significant wells during the three months ended June 30, 2000 due to its
overproduced gas balancing position in those wells and (ii) normal
declines in production. The increase in production expenses was primarily
due to (i) an increase in production taxes associated with the increases
in the average prices of oil and gas sold, (ii) a positive prior period
production tax adjustment on one significant well during the three months
ended June 30, 2000, and (iii) a negative prior period production tax
adjustment made by the operator on another significant well during the
three months ended June 30, 1999. Average oil and gas prices increased to
$28.17 per barrel and $3.64 per Mcf, respectively, for the three months
ended June 30, 2000 from $14.88 per barrel and $1.95 per Mcf,
respectively, for the three months ended June 30, 1999.
-37-
<PAGE>
Depletion of Net Profits Interests decreased $28,154 (36.0%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 10.6% for the three months ended June 30, 2000 from
25.5% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $912 (1.9%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of Net Profits, these expenses decreased to 9.9% for
the three months ended June 30, 2000 from 15.5% for the three months ended
June 30, 1999. This percentage decrease was primarily due to the increase
in Net Profits.
The P-3 Partnership achieved payout during the three months ended June 30,
2000. After payout, operations and revenues for the P-3 Partnership have
been and will be allocated using the after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnerships' Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
-------- --------
Net Profits $812,507 $529,764
Barrels produced 13,612 18,350
Mcf produced 245,207 309,312
Average price/Bbl $ 27.71 $ 12.41
Average price/Mcf $ 2.62 $ 1.71
As shown in the table above, total Net Profits increased $282,743 (53.4%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $208,000 and $223,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately $58,000 and $110,000, respectively, related to decreases in
volumes of oil and gas
-38-
<PAGE>
sold. Volumes of oil and gas sold decreased 4,738 barrels and 64,105 Mcf,
respectively, for the six months ended June 30, 2000 as compared to the
six months ended June 30, 1999. The decrease in volumes of oil sold was
primarily due to (i) positive prior period payout volume adjustments on
two significant wells during the six months ended June 30, 1999 and (ii)
normal declines in production. The decrease in volumes of gas sold was
primarily due to (i) a positive prior period payout volume adjustment on
one significant well during the six months ended June 30, 1999, (ii) the
P-3 Partnership's receipt of a decreased percentage of sales on two
significant wells during the six months ended June 30, 2000 due to its
overproduced gas balancing position in those wells, and (iii) normal
declines in production. The decrease in production expenses was primarily
due to (i) a decrease in lease operating expenses associated with the
decreases in volumes of oil and gas sold, (ii) workover expenses incurred
during the six months ended June 30, 1999 on one significant well in order
to improve the recovery of reserves, and (iii) a positive prior period
lease operating expense adjustment made by the operator on another
significant well during the six months ended June 30, 1999. These
decreases in production expenses were partially offset by an increase in
production taxes associated with the increases in the average prices of
oil and gas sold. Average oil and gas prices increased to $27.71 per
barrel and $2.62 per Mcf, respectively, for the six months ended June 30,
2000 from $12.41 per barrel and $1.71 per Mcf, respectively, for the six
months ended June 30, 1999.
Depletion of Net Profits Interests decreased $66,720 (37.3%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 13.8% for the six months ended June 30, 2000 from
33.8% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to
13.2% for the six months ended June 30, 2000 from 20.3% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
-39-
<PAGE>
The P-3 Partnership achieved payout during the six months ended June 30,
2000. After payout, operations and revenues for the P-3 Partnership have
been and will be allocated using the after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnerships' Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $17,011,401 or 100.28% of the Limited Partners' capital
contributions.
P-4 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $327,858 $201,247
Barrels produced 4,818 4,444
Mcf produced 85,597 89,014
Average price/Bbl $ 30.13 $ 15.05
Average price/Mcf $ 3.49 $ 2.21
As shown in the table above, total Net Profits increased $126,611 (62.9%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $73,000 and $110,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by a decrease of
approximately $54,000 related to an increase in production expenses.
Volumes of oil sold increased 374 barrels, while volumes of gas sold
decreased 3,417 Mcf for the three months ended June 30, 2000 as compared
to the three months ended June 30, 1999. The increase in production
expenses was primarily due to (i) an increase in production taxes
associated with the increases in the average prices of oil and gas sold
and (ii) workover expenses incurred during the three months ended June 30,
2000 on two significant wells in order to improve the recovery of
reserves. Average oil and gas prices increased to $30.13 per barrel and
$3.49 per Mcf, respectively, for the three months ended June 30, 2000 from
$15.05 per barrel and $2.21 per Mcf, respectively, for the three months
ended June 30, 1999.
-40-
<PAGE>
Depletion of Net Profits Interests decreased $9,330 (17.2%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to upward revisions in the estimates
of remaining oil and gas reserves at December 31, 1999. As a percentage of
Net Profits, this expense decreased to 13.7% for the three months ended
June 30, 2000 from 27.0% for the three months ended June 30, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2000 as compared to the three months ended
June 30, 1999. As a percentage of Net Profits, these expenses decreased to
10.7% for the three months ended June 30, 2000 from 17.4% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
-------- --------
Net Profits $542,758 $330,628
Barrels produced 10,968 9,077
Mcf produced 163,300 188,634
Average price/Bbl $ 28.21 $ 12.93
Average price/Mcf $ 2.81 $ 1.92
As shown in the table above, total Net Profits increased $212,130 (64.2%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $168,000 and $144,000,
respectively, were related to increases in the average prices of oil and
gas sold and approximately $25,000 was related to an increase in volumes
of oil sold. These increases were partially offset by decreases of
approximately (i) $76,000 related to an increase in production expenses
and (ii) $49,000 related to a decrease in volumes of gas sold. Volumes of
oil sold increased 1,891 barrels, while volumes of gas sold decreased
25,334 Mcf for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. The increase in volumes of oil sold was
primarily due to increased production on two wells following successful
workovers completed during late 1999. The decrease in volumes of gas sold
was primarily due to normal declines in production. The increase in
production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold and (ii) workover expenses incurred during the
-41-
<PAGE>
six months ended June 30, 2000 on two significant wells in order to
improve the recovery of reserves. Average oil and gas prices increased to
$28.21 per barrel and $2.81 per Mcf, respectively, for the six months
ended June 30, 2000 from $12.93 per barrel and $1.92 per Mcf,
respectively, for the six months ended June 30, 1999.
Depletion of Net Profits Interests decreased $24,138 (21.1%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decrease in volumes of gas
sold and upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 16.6% for the six months ended June 30, 2000 from
34.6% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to
14.8% for the six months ended June 30, 2000 from 24.1% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $12,945,945 or 102.50% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $298,226 $199,402
Barrels produced 1,528 2,396
Mcf produced 100,891 115,648
Average price/Bbl $ 27.25 $ 15.29
Average price/Mcf $ 3.26 $ 1.89
As shown in the table above, total Net Profits increased $98,824 (49.6%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $18,000 and $139,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $13,000 and $28,000, respectively, related to decreases
in volumes of oil and gas sold and (ii) $17,000 related to an increase in
production
-42-
<PAGE>
expenses. Volumes of oil and gas sold decreased 868 barrels and 14,757
Mcf, respectively, for the three months ended June 30, 2000 as compared to
the three months ended June 30, 1999. The decrease in volumes of oil sold
was primarily due to (i) a positive prior period payout volume adjustment
during the three months ended June 30, 1999 and (ii) normal declines in
production. The decrease in volumes of gas sold was primarily due to (i) a
negative prior period volume adjustment made by the purchaser on one
significant well during the three months ended June 30, 2000 and (ii)
normal declines in production. The increase in production expenses was
primarily due to (i) an increase in production taxes associated with the
increases in the average prices of oil and gas sold, (ii) workover
expenses incurred during the three months ended June 30, 2000 on one
significant well in order to improve the recovery of reserves, and (iii)
an increase in repair and maintenance expenses incurred on another
significant well during the three months ended June 30, 2000. Average oil
and gas prices increased to $27.25 per barrel and $3.26 per Mcf,
respectively, for the three months ended June 30, 2000 from $15.29 per
barrel and $1.89 per Mcf, respectively, for the three months ended June
30, 1999.
The P-5 Partnership sold certain Net Profits Interests during the three
months ended June 30, 2000 and recognized a gain of $49,040 on such sales.
No such sales of Net Profits Interests occurred during the three months
ended June 30, 1999.
Depletion of Net Profits Interests decreased $18,190 (35.3%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 11.2% for the three months ended June 30, 2000 from
25.9% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2000 as compared to the three months ended
June 30, 1999. As a percentage of Net Profits, these expenses decreased to
11.0% for the three months ended June 30, 2000 from 16.6% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
-43-
<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
------------------------
2000 1999
-------- --------
Net Profits $536,779 $343,845
Barrels produced 3,218 3,961
Mcf produced 220,360 240,919
Average price/Bbl $ 27.80 $ 13.79
Average price/Mcf $ 2.76 $ 1.68
As shown in the table above, total Net Profits increased $192,934 (56.1%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $45,000 and $239,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $35,000 related to a decrease in volumes of gas sold and
(ii) $46,000 related to an increase in production expenses. Volumes of oil
and gas sold decreased 743 barrels and 20,559 Mcf, respectively, for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. The decrease in volumes of oil sold was primarily due to (i) a
positive prior period payout volume adjustment during the six months ended
June 30, 1999 and (ii) normal declines in production. The increase in
production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold, (ii) the timing of payment of ad valorem taxes on three significant
wells, and (iii) workover expenses incurred during the six months ended
June 30, 2000 on one significant well in order to improve the recovery of
reserves. Average oil and gas prices increased to $27.80 per barrel and
$2.76 per Mcf, respectively, for the six months ended June 30, 2000 from
$13.79 per barrel and $1.68 per Mcf, respectively, for the six months
ended June 30, 1999.
The P-5 Partnership sold certain Net Profits Interests during the six
months ended June 30, 2000 and recognized a gain of $49,040 on such sales.
No such sales of Net Profits Interests occurred during the six months
ended June 30, 1999.
Depletion of Net Profits Interests decreased $32,291 (30.8%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 13.5% for the six months
-44-
<PAGE>
ended June 30, 2000 from 30.5% for the six months ended June 30, 1999.
This percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to
14.0% for the six months ended June 30, 2000 from 21.8% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $8,335,759 or 70.37% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Net Profits $512,237 $348,435
Barrels produced 3,473 6,524
Mcf produced 172,886 207,505
Average price/Bbl $ 29.04 $ 13.61
Average price/Mcf $ 3.25 $ 1.91
As shown in the table above, total Net Profits increased $163,802 (47.0%)
for the three months ended June 30, 2000 as compared to the three months
ended June 30, 1999. Of this increase, approximately $54,000 and $233,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately $42,000 and $66,000, respectively, related to decreases in
volumes of oil and gas sold. Volumes of oil and gas sold decreased 3,051
barrels and 34,619 Mcf, respectively, for the three months ended June 30,
2000 as compared to the three months ended June 30, 1999. The decrease in
volumes of oil sold was primarily due to (i) sporadic oil sales in 2000 on
several wells in one field, (ii) a positive prior period payout volume
adjustment on one significant well during the three months ended June 30,
1999, and (iii) normal declines in production. The decrease in volumes of
gas sold was primarily due to (i) negative prior period volume adjustments
made by the purchasers on two significant wells during the three months
ended June 30, 2000 and (ii) normal declines in production. The increase
in production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold and (ii)
-45-
<PAGE>
an increase in repair and maintenance expenses incurred on three
significant wells during the three months ended June 30, 2000. Average oil
and gas prices increased to $29.04 per barrel and $3.25 per Mcf,
respectively, for the three months ended June 30, 2000 from $13.61 per
barrel and $1.91 per Mcf, respectively, for the three months ended June
30, 1999.
Depletion of Net Profits Interests decreased $36,875 (36.5%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 12.5% for the three months ended June 30, 2000 from
29.0% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $838 (2.1%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of Net Profits, these expenses decreased to 7.7% for
the three months ended June 30, 2000 from 11.6% for the three months ended
June 30, 1999. This percentage decrease was primarily due to the increase
in Net Profits.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
-------- --------
Net Profits $967,297 $555,979
Barrels produced 7,676 9,238
Mcf produced 388,747 442,608
Average price/Bbl $ 27.82 $ 12.77
Average price/Mcf $ 2.80 $ 1.65
As shown in the table above, total Net Profits increased $411,318 (74.0%)
for the six months ended June 30, 2000 as compared to the six months ended
June 30, 1999. Of this increase, approximately $116,000 and $447,000,
respectively, were related to increases in the average prices of oil and
gas sold. These increases were partially offset by decreases of
approximately (i) $89,000 related to a decrease in volumes of gas sold and
(ii) $42,000 related to an increase in production expenses. Volumes of oil
and gas sold decreased 1,562 barrels and 53,861 Mcf, respectively, for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. The decrease in volumes of oil sold was primarily due to (i)
sporadic oil sales in 2000
-46-
<PAGE>
on several wells in one field, (ii) a positive prior period payout related
volume adjustment made by the operator on one significant well during the
six months ended June 30, 1999, and (iii) normal declines in production.
The decrease in volumes of gas sold was primarily due to (i) negative
prior period volume adjustments made by the purchasers on two significant
wells during the three months ended June 30, 2000 and (ii) normal declines
in production. The increase in production expenses was primarily due to
(i) an increase in production taxes associated with the increases in the
average prices of oil and gas sold, (ii) the timing of payment of ad
valorem taxes on two significant wells, and (iii) an increase in repair
and maintenance expenses incurred on three significant wells during the
six months ended June 30, 2000. Average oil and gas prices increased to
$27.82 per barrel and $2.80 per Mcf, respectively, for the six months
ended June 30, 2000 from $12.77 per barrel and $1.65 per Mcf,
respectively, for the six months ended June 30, 1999.
Depletion of Net Profits Interests decreased $59,986 (29.4%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. This decrease was primarily due to the decreases in volumes of oil
and gas sold and upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of Net Profits, this
expense decreased to 14.9% for the six months ended June 30, 2000 from
36.7% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of Net Profits, these expenses decreased to 9.4%
for the six months ended June 30, 2000 from 16.3% for the six months ended
June 30, 1999. This percentage decrease was primarily due to the increase
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2000 were $11,432,248 or 79.92% of the Limited Partners' capital
contributions.
-47-
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-48-
<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, 2000 and for the six months ended
June 30, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the P-2 Partnership's financial
statements as of June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the P-3 Partnership's financial
statements as of June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the P-4 Partnership's financial
statements as of June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the P-5 Partnership's financial
statements as of June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the P-6 Partnership's financial
statements as of June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
None.
-49-
<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 14, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: August 14, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-50-
<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, 2000 and
for the six months ended June 30, 2000, 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, 2000 and
for the six months ended June 30, 2000, 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, 2000
and for the six months ended June 30, 2000, 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, 2000
and for the six months ended June 30, 2000, 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, 2000
and for the six months ended June 30, 2000, 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, 2000
and for the six months ended June 30, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
-51-
