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, 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 June 30, 1997 and December 31, 1996 1
Statements of Operations - Three Months and
Six Months Ended June 30, 1997 and 1996 2
Statement of Partners' Equity -
Six Months Ended June 30, 1997 3
Statements of Cash Flows-
Six Months Ended June 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
June 30, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 933 $ 957
Accounts receivable - oil and gas revenues 164,680 249,414
Total current assets 165,613 250,371
Oil and gas properties, successful efforts method
Oil and gas properties 6,033,071 6,033,071
Less accumulated depreciation, depletion
and amortization 2,031,224 1,846,327
4,001,847 4,186,744
Other assets (net of amortization of $28,828 and
$25,971) 2,340 5,197
$4,169,800 $4,442,312
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 19,161 $ 29,563
Total current liabilities 19,161 29,563
Partners' Equity 4,150,639 4,412,749
$4,169,800 $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 Six Months ended June 30, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues:
Sales of oil and gas $236,698 $217,952 $632,609 $607,001
Transportation revenue - 6,143 - 14,438
Interest income 740 822 2,093 1,430
237,438 224,917 634,702 622,869
Expenses:
Lifting costs 57,168 50,146 125,191 112,754
Direct administrative cost 2,105 91 2,116 341
Depreciation, depletion and amortization 87,407 114,871 187,754 239,575
146,680 165,108 315,061 352,670
Net income $ 90,758 $ 59,809 $319,641 $270,199
Net income per limited and
additional general partner unit $ 200 $ 135 $ 743 $ 648
</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, 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 (466,246) (115,505) (581,751)
Net income 237,417 82,224 319,641
Balance, June 30, 1997 $3,732,677 $ 417,962 $4,150,639
</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, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $ 319,641 $ 270,199
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 187,754 239,575
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable -
oil and gas revenues 84,734 (47)
Decrease in accrued expenses (10,402) (13,308)
Net cash provided from
operating activities 581,727 496,419
Cash flows from financing activities:
Distributions to partners (581,751) (498,017)
Net cash used by financing activities (581,751) (498,017)
Net decrease in cash (24) (1,598)
Cash at beginning of period 957 1,749
Cash at end of period $ 933 $ 151
</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 six months ended June 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 June 30, 1997 of
$146,452.
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.
Results of Operations
Three Months Ended June 30, 1997 Compared with 1996
Natural gas sales increased 8.6% during the second quarter of
1997 compared with the same period in 1996 due to higher sales
volumes offset partially by lower average sales prices. While the
Partnership experienced a net income of $90,758, depreciation,
depletion and amortization is a non-cash expense and therefore the
partnership distributed $299,339 to the partners during the second
quarter of 1997.
Six Months Ended June 30, 1997 Compare with 1996
Natural gas sales increased 4.2% during the first six 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 $319,641, depreciation,
depletion and amortization is a non-cash expense and therefore the
partnership distributed $581,751 to the partners during the first
six 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
June 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: August 6, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 6, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 933
<SECURITIES> 0
<RECEIVABLES> 164,680
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 165,613
<PP&E> 6,033,071
<DEPRECIATION> 2,031,224
<TOTAL-ASSETS> 4,169,800
<CURRENT-LIABILITIES> 19,161
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,169,800
<SALES> 632,609
<TOTAL-REVENUES> 634,702
<CGS> 125,191
<TOTAL-COSTS> 315,061
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 319,641
<INCOME-TAX> 0
<INCOME-CONTINUING> 319,641
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 319,641
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
