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, 1998
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, 1998 and December 31, 1997 1
Statements of Operations -
Three Months Ended March 31, 1998 and 1997 2
Statement of Partners' Equity - Three Months Ended
March 31, 1998 3
Statements of Cash Flows-
Three Months Ended March 31, 1998 and 1997 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, 1998 and December 31, 1997
<TABLE>
<S> <S> <S>
Assets
1998 1997
(Unaudited)
Current assets:
Cash $ 3,078 2,264
Accounts receivable - oil and gas revenues 120,674 196,295
Total current assets 123,752 198,559
Oil and gas properties, successful efforts method 6,033,071 6,033,071
Less accumulated depreciation, depletion
and amortization 2,236,141 2,172,117
3,796,930 3,860,954
$3,920,682 4,059,513
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses 22,813 28,648
Total current liabilities 22,813 28,648
Partners' equity 3,897,869 4,030,865
$3,920,682 4,059,513
</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, 1998 and 1997
(Unaudited)
<TABLE>
<S> <S> <S>
1998 1997
Revenues:
Sales of oil and gas $176,244 395,911
Interest income 873 1,353
177,117 397,264
Expenses:
Lifting costs 52,135 68,023
Direct administrative cost 59 12
Depreciation, depletion and amortization 64,024 100,347
116,218 168,382
Net income $ 60,899 228,882
Net income per limited and
additional general partner unit $ 132 543
</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, 1998
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1997 $3,622,383 408,482 4,030,865
Distributions to partners (155,304) (38,591) (193,895)
Net income 42,317 18,582 60,899
Balance, March 31, 1998 $3,509,396 $ 388,473 $3,897,869
</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, 1998 and 1997
(Unaudited)
<TABLE>
<S> <S> <S>
1998 1997
Cash flows from operating activities:
Net income $ 60,899 228,882
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 64,024 100,347
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable -
oil and gas revenues 75,621 (38,966)
Increase in due from operator - (1,353)
Decrease in accrued expenses (5,835) (6,511)
Net cash provided from
operating activities 194,709 282,399
Cash flows from financing activities:
Distributions to partners (193,895) (282,412)
Net cash used by financing activities (193,895) (282,412)
Net increase (decrease) in cash 814 (13)
Cash at beginning of period 2,264 957
Cash at end of period $ 3,078 944
</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 1997, which contains a summary of significant 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, 1998 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, 1998 of $100,939.
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
Natural gas sales decreased 55.5% during the first quarter of 1998
compared to 1997 due to a decrease in the volumes of natural gas and lower
sales price. While the partnership experienced a modest net income of
$60,899, depreciation, depletion and amortization is a non-cash expense and
therefore the partnership distributed $193,895 to the partners during the
first quarter of 1998.
Year 2000 Issue
PDC, who administers all aspects of the Partnership, has assessed the
extent of Year 2000 Issues affecting PDC and the Partnership. PDC believes
that the new computer system, including operating software currently being
installed along with modifications being made by PDC's computer technicians
will address the dating system flaw inherent in most operating systems.
PDC expects to be fully Year 2000 Compliant by the end of 1998. PDC does
not currently expect to charge the Partnership for any portion of PDC's
cost to become Year 2000 Compliant.
-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, 1998.
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, 1998 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 14, 1998 /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-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 3,078
<SECURITIES> 0
<RECEIVABLES> 120,674
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 123,752
<PP&E> 6,033,071
<DEPRECIATION> 2,236,141
<TOTAL-ASSETS> 3,920,682
<CURRENT-LIABILITIES> 22,813
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 3,920,682
<SALES> 176,244
<TOTAL-REVENUES> 177,117
<CGS> 52,135
<TOTAL-COSTS> 116,218
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 60,899
<INCOME-TAX> 0
<INCOME-CONTINUING> 60,899
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 60,899
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
