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, 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 September 30, 1996 and December 31, 1995 1
Statements of Operations -
Nine Months Ended September 30, 1996 and 1995 2
Statement of Partners' Equity - September 30, 1996 3
Statements of Cash Flows-
Nine Months Ended September 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
September 30, 1996 and December 31, 1995
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 364 $ 471
Accounts receivable - oil and gas revenues 48,471 41,647
Due from operator - 1,700
Total current assets 48,835 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 2,781,664 2,648,609
2,158,249 2,291,304
Other assets (net of amortization of
$23,598 and $20,202) 1,134 4,530
$2,208,218 $2,339,652
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 10,612 $ 26,963
Total current liabilities 10,612 26,963
Partners' Equity 2,197,606 2,312,689
$2,208,218 $2,339,652
See accompanying notes to financial statements.
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<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three Months and Nine Months ended September 30, 1996 and 1995
<TABLE>
<S> <S> <S> <S> <S>
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Revenues:
Sales of oil and gas $ 81,586 $ 48,770 $346,674 $161,770
Transportation revenue - 2,907 - 8,746
Interest income 234 240 696 749
81,820 51,917 347,370 171,265
Expenses:
Lifting costs 37,600 26,802 109,659 75,528
Direct administrative cost 21 52 122 859
Depreciation, depletion
and amortization 49,142 16,398 136,451 102,502
86,763 43,252 246,232 178,889
Net income (loss) $ (4,943) $ 8,665 $101,138 $ (7,624)
Net income (loss) per limited and
additional general partner unit $ (34) $ 23 $ 255 $ (49)
</TABLE>
See accompanying notes to financial statements.
-2-<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Nine months ended September 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 (173,078) (43,143) (216,221)
Net income 67,071 34,067 101,138
Balance, September 30, 1996 $1,982,059 $215,547 $2,197,606
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Nine months ended September 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S>
1996 1995
Cash flows from operating activities:
Net income (loss) $101,138 $ (7,624)
Adjustments to reconcile net income
(loss) to net cash provided from
operating activities:
Depreciation, depletion and amortization 136,451 102,502
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable -
oil and gas revenues (6,824) 8,826
Decrease in due from operator 1,700 -
Decrease in accrued expenses (16,351) (12,829)
Net cash provided from
operating activities 216,114 90,875
Cash flows from financing activities:
Distributions to partners (216,221) (91,240)
Net cash used by
financing activities (216,221) (91,240)
Net decrease in cash (107) (365)
Cash at beginning of period 471 632
Cash at end of period $ 364 $ 267
</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
nine months ended September 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 September 30, 1996 of
$38,223.
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 September 30, 1996 Compared with 1995
Natural gas sales increased 67.3% during the third quarter of 1996
compared to 1995 due to the increase in the sales price of natural gas as
referred to above. While the partnership experienced a net loss of $4,943,
depreciation, depletion and amortization is a non-cash expense and
therefore the partnership distributed $64,252 to partners for the third
quarter of 1996.
Nine Months Ended September 30, 1996 Compared with 1995
Natural gas sales increased 114% during the first nine 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 $101,138
and distributed $216,221 to the partners in the first nine 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
September 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: November 13, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 13, 1996 /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-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 364
<SECURITIES> 0
<RECEIVABLES> 48,471
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 48,835
<PP&E> 4,939,913
<DEPRECIATION> 2,781,664
<TOTAL-ASSETS> 2,208,218
<CURRENT-LIABILITIES> 10,612
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,208,218
<SALES> 346,674
<TOTAL-REVENUES> 347,370
<CGS> 109,659
<TOTAL-COSTS> 246,232
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 101,138
<INCOME-TAX> 0
<INCOME-CONTINUING> 101,138
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 101,138
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
