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 September 30, 1997
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 September 30, 1997 and December 31, 1996 1
Statements of Operations - Three Months and
Nine Months Ended September 30, 1997 and 1996 2
Statement of Partners' Equity -
Nine Months Ended September 30, 1997 3
Statements of Cash Flows -
Nine Months Ended September 30, 1997 and 1996 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
September 30, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 1,474 $ 957
Accounts receivable - oil and gas revenues 153,405 249,414
Total current assets 154,879 250,371
Oil and gas properties, successful efforts method
Oil and gas properties 6,033,071 6,033,071
Less accumulated depreciation, depletion
and amortization 2,116,272 1,846,327
3,916,799 4,186,744
Other assets (net of amortization of $30,387 and
$25,971) 781 5,197
$4,072,459 $4,442,312
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 13,327 $ 29,563
Total current liabilities 13,327 29,563
Partners' Equity 4,059,132 4,412,749
$4,072,459 $4,442,312
</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 Nine Months ended September 30, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues:
Sales of oil and gas $199,109 $222,409 $831,718 $829,410
Transportation revenue - 8,167 - 22,605
Interest income 584 574 2,677 2,004
199,693 231,150 834,395 854,019
Expenses:
Lifting costs 57,877 59,449 183,068 172,203
Direct administrative cost 44 28 2,160 369
Depreciation, depletion and amortization 86,607 93,204 274,361 332,779
144,528 152,681 459,589 505,351
Net income $ 55,165 $ 78,469 $374,806 $348,668
Net income per limited and
additional general partner unit $ 111 $ 179 $ 854 $ 827
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Nine Months ended September 30, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1996 $3,961,506 $ 451,243 $4,412,749
Distributions to partners (583,584) (144,839) (728,423)
Net income 272,765 102,041 374,806
Balance, September 30, 1997 $3,650,687 $ 408,445 $4,059,132
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Nine Months ended September 30, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $374,806 $ 348,668
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 274,361 332,779
Changes in operating assets and liabilities:
(Decrease) increase in accounts receivable -
oil and gas revenues 96,009 (12,275)
Decrease in accrued expenses (16,236) (19,819)
Net cash provided from
operating activities 728,940 649,353
Cash flows from financing activities:
Distributions to partners (728,423) (650,404)
Net cash used by financing activities (728,423) (650,404)
Net increase (decrease) in cash 517 (1,051)
Cash at beginning of period 957 1,749
Cash at end of period $ 1,474 $ 698
</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 1996, 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
nine months ended September 30, 1997 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 September 30, 1997 of
$141,552.
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 September 30, 1997 Compared with 1996
Natural gas sales decreased 10.4% during the third quarter of 1997
compared with the same period in 1996 due to lower average sales prices
offset partially by higher sales volumes. While the Partnership
experienced a net income of $55,165 depreciation, depletion, and
amortization is a non-cash expense and therefore the partnership
distributed $146,672 to the partners in the third quarter of 1997.
Nine Months Ended September 30, 1997 Compared with 1996
Natural gas sales increased 0.3% during the first nine months of 1997
compared with the same period in 1996 primarily due to higher sales volumes
offset partially by lower sales prices. While the Partnership experienced
a net income of $374,806, depreication, depletion, and amortization is a
non-cash expense and therefore the partnership distributed $728,423 to the
partners in the first nine months of 1997.
-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
September 30, 1997.
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: November 11, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 11, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,474
<SECURITIES> 0
<RECEIVABLES> 153,405
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 154,879
<PP&E> 6,033,071
<DEPRECIATION> 2,116,272
<TOTAL-ASSETS> 4,072,459
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,072,459
<SALES> 831,718
<TOTAL-REVENUES> 834,395
<CGS> 183,068
<TOTAL-COSTS> 459,589
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 374,806
<INCOME-TAX> 0
<INCOME-CONTINUING> 374,806
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 374,806
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
