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, 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 033-37728
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, 1997 and December 31, 1996 1
Statements of Operations -
Nine Months Ended September 30, 1997 and 1996 2
Statement of Partners' Equity - September 30, 1997 3
Statements of Cash Flows-
Nine Months Ended September 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 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
September 30, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 480 $ 474
Accounts receivable - oil and gas revenues 37,280 71,018
Total current assets 37,760 71,492
Oil and gas properties, successful
efforts method
Oil and gas properties 4,939,913 4,939,913
Less accumulated depreciation,
depletion, and amortization 2,853,917 2,780,338
2,085,996 2,159,575
$2,123,756 $2,231,067
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 10,412 $ 23,849
Total current liabilities 10,412 23,849
Partners' Equity 2,113,344 2,207,218
$2,123,756 $2,231,067
</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 Nine Months ended September 30, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues:
Sales of oil and gas $ 59,334 $ 81,586 $210,609 $346,674
Transportation revenue 1,586 - 3,390 -
Interest income 145 234 781 696
61,065 81,820 214,780 347,370
Expenses:
Lifting costs 26,749 37,600 83,370 109,659
Direct administrative cost 51 21 775 122
Depreciation, depletion
and amortization 25,213 49,142 73,579 136,451
52,013 86,763 157,724 246,232
Net income (loss) $ 9,052 $ (4,943) $ 57,056 $101,138
Net income (loss) per limited and
additional general partner unit $ 18 $ (34) $ 146 $ 255
</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, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1996 $1,989,668 $217,550 $2,207,218
Distributions to partners (120,745) (30,185) (150,930)
Net income 38,287 18,769 57,056
Balance, September 30, 1997 $1,907,210 $206,134 $2,113,334
</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, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income (loss) $ 57,056 $101,138
Adjustments to reconcile net income
(loss) to net cash provided from
operating activities:
Depreciation, depletion and amortization 73,579 136,451
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable -
oil and gas revenues 33,738 (6,824)
Decrease in due from operator - 1,700
Decrease in accrued expenses (13,437) (16,351)
Net cash provided from
operating activities 150,936 216,114
Cash flows from financing activities:
Distributions to partners (150,936) (216,221)
Net cash used by
financing activities (150,936) (216,221)
Net increase (decrease) in cash 6 (107)
Cash at beginning of period 474 471
Cash at end of period $ 480 $ 364
</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 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
nine months ended September 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 September 30, 1997 of
$27,348.
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.
Results of Operations
Three Months Ended September 30, 1997 Compared with 1996
Natural gas sales decreased approximately 27.3% during the third
quarter of 1997 compared with the same period in 1996 due to lower sales
volumes. While the partnership experienced a modest net income,
depreciation, depletion and amortization is a non-cash expense and
therefore the Partnership distributed $29,583 to partners for the third
quarter of 1997.
Nine Months Ended September 30, 1997 Compared with 1996
Natural gas sales decreased 39.2% during the first nine months of 1997
compared with the same period in 1996 due to lowe sales volumes and average
lower sales prices of natural gas. While the partnership experinced a
modest natural income, depreciation, depletion and amortization is a non-
cash expense and therefore the partnership distributed $150,930 to the
partners during the first nine 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
September 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 1991-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: November 10, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 10, 1997 /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-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 480
<SECURITIES> 0
<RECEIVABLES> 37,280
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 37,760
<PP&E> 4,939,913
<DEPRECIATION> 2,853,917
<TOTAL-ASSETS> 2,123,756
<CURRENT-LIABILITIES> 10,412
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,123,756
<SALES> 210,609
<TOTAL-REVENUES> 214,780
<CGS> 83,370
<TOTAL-COSTS> 157,724
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 57,056
<INCOME-TAX> 0
<INCOME-CONTINUING> 57,056
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 57,056
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
