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 033-37728
I.R.S. Employer Identification Number 55-0711661
PDC 1991-D 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 1991-D 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 -
Six Months Ended June 30, 1996 and 1995 2
Statement of Partners' Equity - 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 1991-D 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 $ 471
Accounts receivable - oil and gas revenues 73,856 41,647
Due from operator - 1,700
Total current assets 74,007 43,818
Oil and gas properties, successful
efforts method
Oil and gas properties 4,939,913 4,939,913
Less accumulated depreciation,
depletion, and amortization 2,733,654 2,648,609
2,206,259 2,291,304
Other assets (net of amortization of
$22,466 and $20,202) 2,266 4,530
$2,282,532 $2,339,652
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 15,731 $ 26,963
Total current liabilities 15,731 26,963
Partners' Equity 2,266,801 2,312,689
$2,282,532 $2,339,652
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1991-D 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 $104,371 $ 56,783 $265,088 $113,000
Transportation revenue - 2,752 - 5,839
Interest income 259 250 462 509
104,630 59,785 265,550 119,348
Expenses:
Lifting costs 39,248 25,297 72,059 48,726
Direct administrative cost 101 795 101 807
Depreciation, depletion
and amortization 46,913 41,793 87,309 86,104
86,262 67,885 159,469 135,637
Net income (loss) $ 18,368 $ (8,100) $106,081 $(16,289)
Net income (loss) per limited and
additional general partner unit $ 37 $ (36) $ 289 $ (72)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1991-D 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 $2,088,066 $224,623 $2,312,689
Distributions to partners (121,676) (30,293) (151,969)
Net income 76,059 30,022 106,081
Balance, June 30, 1996 $2,042,449 $224,352 $2,266,801
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1991-D 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 (loss) $106,081 $ (16,289)
Adjustments to reconcile net income
(loss) to net cash provided from
operating activities:
Depreciation, depletion and amortization 87,309 86,104
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable -
oil and gas revenues (32,209) 2,064
Decrease in due from operator 1,700 -
Decrease in accrued expenses (11,232) (5,669)
Net cash provided from
operating activities 151,649 66,210
Cash flows from financing activities:
Distributions to partners (151,969) (66,762)
Net cash used by
financing activities (151,969) (66,762)
Net decrease in cash (320) (552)
Cash at beginning of period 471 632
Cash at end of period $ 151 $ 80
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1991-D 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
$58,276.
The Partnership's revenues from oil and gas sales 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 in the coming year, 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 84% 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
$18,368 and distributed $118,754 to the partners in the second
quarter of 1996.
Six Months Ended June 30, 1996 Compared with 1995
Natural gas sales increased 135% 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 $106,081 and distributed $151,969 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 1991-D 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
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<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> 73,856
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 74,007
<PP&E> 4,939,913
<DEPRECIATION> 2,733,654
<TOTAL-ASSETS> 2,282,532
<CURRENT-LIABILITIES> 15,731
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,282,532
<SALES> 265,088
<TOTAL-REVENUES> 265,550
<CGS> 72,059
<TOTAL-COSTS> 159,469
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 106,081
<INCOME-TAX> 0
<INCOME-CONTINUING> 106,081
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 106,081
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
