CONFORMED COPY
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
For the period ended June 30, 1996
or
[ ] Transition Report Pursuant to Section 13 of 15(d) of
the Securities and Exchange Act of 1934
For the transition period from to
Commission file number 033-43206
I.R.S. Employer Identification Number 55-0718529
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
103 East Main Street
Bridgeport, WV 26330
Telephone: (304) 842-6256
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 XX No
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheets June 30, 1996 and December 31, 1995 1
Statements of Operations - Three Months and
Six Months Ended June 30, 1996 and 1995 2
Statement of Partners' Equity -
Six Months Ended June 30, 1996 3
Statements of Cash Flows -
Six Months Ended June 30, 1996 and 1995 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 6. Exhibits and Reports on Form 8-K 7
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
June 30, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 151 $ 1,749
Accounts receivable - oil and gas revenues 165,343 165,296
Total current assets 165,494 167,045
Oil and gas properties, successful efforts method
Oil and gas properties 6,033,071 6,033,071
Less accumulated depreciation, depletion
and amortization 1,742,693 1,506,234
4,290,378 4,526,837
Other assets (net of amortization of $22,853 and
$19,737) 8,315 11,431
$4,464,187 $4,705,313
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 20,058 $ 33,366
Total current liabilities 20,058 33,366
Partners' Equity 4,444,129 4,671,947
$4,464,187 $4,705,313
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three Months and Six Months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Sales of oil and gas $217,952 $193,929 $607,001 $387,405
Transportation revenue 6,143 8,597 14,438 18,810
Interest income 822 852 1,430 1,569
224,917 203,378 622,869 407,784
Expenses:
Lifting costs 50,146 47,173 112,754 97,938
Direct administrative cost 91 71 341 84
Depreciation, depletion and amortization 114,871 143,383 239,575 291,589
165,108 190,627 352,670 389,611
Net income $ 59,809 $ 12,751 $270,199 $ 18,173
Net income (loss) per limited and
additional general partner unit $ 135 $ (87) $ 648 $ (119)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Six Months ended June 30, 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1995 $4,202,020 $ 469,927 $4,671,947
Distributions to partners (413,073) (84,944) (498,017)
Net income 206,927 63,272 270,199
Balance, June 30, 1996 $3,995,874 $ 448,255 $4,444,129
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Six Months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S>
1996 1995
Cash flows from operating activities:
Net income $ 270,199 $ 18,173
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 239,575 291,589
Changes in operating assets and liabilities:
(Decrease) increase in accounts receivable -
oil and gas revenues (47) 8,769
Decrease in accrued expenses (13,308) (16,240)
Net cash provided from
operating activities 496,419 302,291
Cash flows from financing activities:
Distributions to partners (498,017) (304,491)
Net cash used by financing activities (498,017) (304,491)
Net decrease in cash (1,598) (2,200)
Cash at beginning of period 1,749 2,427
Cash at end of period $ 151 $ 227
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Notes to Financial Statements
(Unaudited)
1. Accounting Policies
Reference is hereby made to the Partnership's Annual Report on Form
10-K for 1995, which contains a summary of major accounting policies
followed by the Partnership in the preparation of its financial
statements. These policies were also followed in preparing the
quarterly report included herein.
2. Basis of Presentation
The Management of the Partnership believes that all adjustments
(consisting of only normal recurring accruals) necessary to a fair
statement of the results of such periods have been made. The results
of operations for the six months ended June 30, 1996 are not necessarily
indicative of the results to be expected for the full year.
3. Oil and Gas Properties
Oil and Gas Properties are reported on the successful efforts method.
-5-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
Operations will be conducted with available funds and revenues
generated from oil and gas activities. No bank borrowings are anticipated.
The Partnership had net working capital at June 30, 1996 of
$145,436.
The Partnership's revenues from oil and gas will be affected by
changes in prices. As a result of changes in federal regulations, gas prices
are highly dependent on the balance between supply and demand. The
Partnership's gas sales prices are subject to increase and decrease based on
various market sensitive indices. Price levels of natural gas are currently
above usual seasonal averages, and while they are not predictable, it appears
that on average, they will be higher in 1996 than in 1995.
Results of Operations
Three Months Ended June 30, 1996 Compared with 1995
Natural gas sales increased 12.4% during the second quarter of
1996 compared to 1995 due to the increase in the sales price of natural gas
as referred to above. The partnership experienced a net income of $59,809
and distributed $334,255 to the partners in the second quarter of 1996.
Six Months Ended June 30, 1996 Compared with 1995
Natural gas sales increased 56.7% during the first six months of
1996 compared to 1995 due to the increase in the sales price of natural gas as
referred to above. The partnership experienced a net income of $270,199 and
distributed $498,017 to the partners in the first six months of 1996.
-6-
<PAGE>
CONFORMED COPY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Exhibits and Reports on Form 8-K
(a) None.
(b) No reports on Form 8-K have been filed during the quarter ended
June 30, 1996.
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.
PDC 1992-C Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: August 7, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 7, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 151
<SECURITIES> 0
<RECEIVABLES> 165,343
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 165,494
<PP&E> 6,033,071
<DEPRECIATION> 1,742,693
<TOTAL-ASSETS> 4,464,187
<CURRENT-LIABILITIES> 20,058
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,464,187
<SALES> 607,001
<TOTAL-REVENUES> 622,869
<CGS> 112,754
<TOTAL-COSTS> 352,670
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 270,199
<INCOME-TAX> 0
<INCOME-CONTINUING> 270,199
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 270,199
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
