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 March 31, 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 March 31, 1997 and December 31, 1996 1
Statements of Operations -
Three Months Ended March 31, 1997 and 1996 2
Statement of Partners' Equity - Three Months Ended
March 31, 1997 3
Statements of Cash Flows-
Three Months Ended March 31, 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
March 31, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 944 $ 957
Accounts receivable - oil and gas revenues 288,380 249,414
Due from opertor 1,353 -
Total current assets 290,677 250,371
Oil and gas properties, successful efforts method
Oil and gas properties 6,033,071 6,033,071
Less accumulated depreciation, depletion
and amortization 1,945,375 1,846,327
4,087,696 4,186,744
Other assets (net of amortization of $27,270 and
$25,971) 3,898 5,197
$4,382,271 $4,442,312
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses 23,052 29,563
Total current liabilities 23,052 29,563
Partners' Equity 4,359,219 4,412,749
$4,382,271 $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 ended March 31, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Revenues:
Sales of oil and gas $395,911 389,049
Transportation revenue - 8,295
Interest income 1,353 608
397,264 397,952
Expenses:
Lifting costs 68,023 62,608
Direct administrative cost 12 250
Depreciation, depletion and amortization 100,347 124,704
168,382 187,562
Net income $228,882 210,390
Net income per limited and
additional general partner unit $ 543 513
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Three months ended March 31, 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 (226,474) (55,938) (282,412)
Net income 173,589 55,293 228,882
Balance, March 31, 1997 $3,908,621 $ 450,598 $4,359,219
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1992-C LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Three months ended March 31, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $228,882 210,390
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 100,347 124,704
Changes in operating assets and liabilities:
Increase in accounts receivable -
oil and gas revenues (38,966) (161,523)
Increase in due from operator (1,353) (608)
Decrease in accrued expenses (6,511) (8,452)
Net cash provided from
operating activities 282,399 164,511
Cash flows from financing activities:
Distributions to partners (282,412) (163,762)
Net cash used by financing activities (282,412) (163,762)
Net (decrease) increase in cash (13) 749
Cash at beginning of period 957 1,749
Cash at end of period $ 944 2,498
</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
three months ended March 31, 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 March 31, 1997 of $267,625.
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. The Partnership's revenues from
natural gas sales will be affected by changes in prices. Natural gas
prices are subject to general market conditions which drive the pricing
changes.
Results of Operations
Natural gas sales increased 1.8% during the first quarter of 1997
compared to 1996 due to an increase in the volumes of natural gas offset in
part by lower sales price. While the partnership experienced a net income
of $228,882, depreciation, depletion and amortization is a non-cash expense
and therefore the partnership distributed $282,412 to the partners during
the first quarter 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
March 31, 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: May 14, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 14, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 944
<SECURITIES> 0
<RECEIVABLES> 288,380
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 290,677
<PP&E> 6,033,071
<DEPRECIATION> 1,945,375
<TOTAL-ASSETS> 4,382,271
<CURRENT-LIABILITIES> 23,052
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,382,271
<SALES> 395,911
<TOTAL-REVENUES> 397,264
<CGS> 68,023
<TOTAL-COSTS> 168,382
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 228,882
<INCOME-TAX> 0
<INCOME-CONTINUING> 228,882
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 228,882
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
