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 033-37728
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, 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 1991-D 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 $ 386 $ 474
Accounts receivable - oil and gas revenues 37,674 71,018
Total current assets 38,060 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 2,828,704 2,780,338
2,111,209 2,159,575
$2,149,269 $2,231,067
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 15,394 $ 23,849
Total current liabilities 15,394 23,849
Partners' Equity 2,133,875 2,207,218
$2,149,269 $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 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 $ 63,715 $104,371 $151,275 $265,088
Transportation revenue 269 - 1,804 -
Interest income 281 259 636 462
64,265 104,630 153,715 265,550
Expenses:
Lifting costs 26,702 39,248 56,621 72,059
Direct administrative cost 712 101 724 101
Depreciation, depletion
and amortization 23,955 46,913 48,366 87,309
51,369 86,262 105,711 159,469
Net income $ 12,896 $ 18,368 $ 48,004 $106,081
Net income per limited and
additional general partner unit $ 30 $ 37 $ 128 $ 289
</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, 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 (97,078) (24,269) (121,347)
Net income 33,567 14,437 48,004
Balance, June 30, 1997 $1,926,157 $207,718 $2,133,875
</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, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $ 48,004 $106,081
Adjustments to reconcile net income
to net cash provided from
operating activities:
Depreciation, depletion and amortization 48,366 87,309
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable -
oil and gas revenues 33,344 (32,209)
Decrease in due from operator 0 1,700
Decrease in accrued expenses (8,455) (11,232)
Net cash provided from
operating activities 121,259 151,649
Cash flows from financing activities:
Distributions to partners (121,347) (151,969)
Net cash used by
financing activities (121,347) (151,969)
Net decrease in cash (88) (320)
Cash at beginning of period 474 471
Cash at end of period $ 386 $ 151
</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 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
$22,666.
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 revenues from natural gas sales
will be affected by changes in prices. Natural gas prices are
subject to general market conditions which drive the pricing changes.
Results of Operations
Three Months Ended June 30, 1997 Compared with 1996
Natural gas sales decreased approximately 39.0% during the
second quarter of 1997 compared with the same period in 1996 due to
lower sales volumes and average lower sales prices of natural gas.
While the partnership experienced a modest net income, depreciation,
depletion and amortization is a non-cash expense and and therefore
the Partnership distributed $61,154 to the partners during the second
quarter of 1997.
Six Months Ended June 30, 1997 Compare with 1996
Natural gas sales decreased approximately 42.9% during the first
six months of 1997 compared with the same period in 1996 due to lower
sales volumes and average lower sales prices of natural gas. While
the partnership experienced a modest net income, depreciation,
depletion and amortization is a non-cash expense and therefore
the partnership distributed $121,347 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 1991-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: August 5, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 5, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 386
<SECURITIES> 0
<RECEIVABLES> 37,674
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 38,060
<PP&E> 4,939,913
<DEPRECIATION> 2,828,704
<TOTAL-ASSETS> 2,149,269
<CURRENT-LIABILITIES> 15,394
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,149,269
<SALES> 151,275
<TOTAL-REVENUES> 153,715
<CGS> 56,621
<TOTAL-COSTS> 105,711
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 48,004
<INCOME-TAX> 0
<INCOME-CONTINUING> 48,004
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 48,004
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
