<PAGE> 1
================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended DECEMBER 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
Commission File Number 0-23166
A. Full title of the plan and address of the plan, if different from that of
the issuer named below:
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
(Exact name of registrant as specified in its charter)
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
[LOGO] HUGOTON ENERGY CORPORATION
KANSAS 48-1036256
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
301 N. MAIN, SUITE 1900, WICHITA, KANSAS 67202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (316) 262-1522
================================================================================
<PAGE> 2
ITEM 4. FINANCIAL STATEMENTS AND EXHIBITS
Listed below are all financial statements and exhibits filed as a part of this
Annual Report.
(a) Financial statements, including Statements of Net Assets Available for
Benefits as of December 31, 1996 and 1995, and the related Statement of
Changes in Net Assets Available for Benefits for the year ended December
31, 1996, Notes to the Financial Statements and Supplemental Schedules I
and II, together with the report thereon of Ernst & Young LLP, independent
public accountants.
(b) Consent of Ernst & Young LLP, independent public accountants.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the trustees
of the Hugoton Energy Corporation 401(k) Profit Sharing Plan have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
(Registrant)
Date: June 27, 1997 /s/ W. Mark Womble
------------- ---------------------------------------------
W. Mark Womble, Executive Vice President,
Chief Financial Officer and Director
(Chief Financial Officer and Duly Authorized
Officer)
2
<PAGE> 3
REPORT OF INDEPENDENT AUDITORS
The Board of Directors
Hugoton Energy Corporation
We have audited the accompanying statements of net assets available for
benefits of Hugoton Energy Corporation 401(k) Profit Sharing Plan as of
December 31, 1996 and 1995, and the related statement of changes in net assets
available for benefits for the year ended December 31, 1996. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for
benefits for the year ended December 31, 1996, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
The schedule of assets held for investment purposes and the schedule of
reportable transactions that accompany the Plan's financial statements do not
disclose the historical cost of certain Plan assets held by the Plan trustee.
Disclosure of this information is required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
ERNST & YOUNG LLP
Wichita, Kansas
June 20, 1997
3
<PAGE> 4
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
DECEMBER 31,
1996 1995
---------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value:
PIMCO Money Market Fund $ 17,648 $ 15,048
PIMCO Advisors funds:
U.S. Government Fund 20,323 12,255
International Fund 59,240 39,163
Target Fund 78,253 38,595
Growth Fund 85,924 34,758
---------- ----------
Total PIMCO Advisors funds 243,740 124,771
Hugoton Energy Corporation common stock 647,838 316,163
---------- ----------
Total investments 909,226 455,982
Employer contribution receivable 46,768 33,724
---------- ----------
Total assets 955,994 489,706
LIABILITIES
Payable for excess contributions 26,628 4,521
---------- ----------
Net assets available for benefits $ 929,366 $ 485,185
========== ==========
</TABLE>
See accompanying notes.
4
<PAGE> 5
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1996
-----------------
<S> <C>
ADDITIONS
Investment income:
Interest $ 1,175
Dividends 2,728
----------
Total investment income 3,903
Contributions:
Participant 189,158
Employer 215,786
----------
Total contributions 404,944
----------
Total additions 408,847
DEDUCTIONS
Benefits paid to participants 88,827
----------
Total deductions 88,827
Net realized and unrealized appreciation in fair
value of investments 124,161
----------
Net increase in net assets available for benefits 444,181
Net assets available for benefits at beginning of year 485,185
----------
Net assets available for benefits at end of year $ 929,366
==========
</TABLE>
See accompanying notes.
5
<PAGE> 6
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
1. DESCRIPTION OF PLAN
The following brief description of the Hugoton Energy Corporation 401(k) Profit
Sharing Plan (the Plan) provides general information only. Such description
represents a summary of significant Plan document provisions. Participants
should refer to the Plan document for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution plan covering substantially all full-time
employees of the Hugoton Energy Corporation (the Company) who have three months
or more of service and are age 21 or older. It is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
Participants may elect to enter into a salary reduction agreement with the
employer, whereby the participant agrees to accept a reduction in salary for a
specified amount which may not exceed the lesser of 10% of the participant's
salary for the Plan year or $9,500 for the year ended December 31, 1996. In
addition, the Company makes discretionary contributions to the Plan on behalf
of each participant.
Contributions from employees are recorded when the Hugoton Energy Corporation
makes payroll deductions for Plan participants. Contributions by the Company on
behalf of Plan participants are made shortly after the end of each fiscal
quarter of the Plan.
Forfeitures arising from nonvested contributions at the time of termination are
allocated to remaining participants in the Plan.
ALLOCATION OF CONTRIBUTIONS
The Plan consists of five separate Pacific Investment Management Company
(PIMCO) mutual funds as well as Hugoton Energy Corporation common stock.
Employee contributions are invested semimonthly in the funds or Company stock
based upon participant's direction. Employer contributions are invested
quarterly in Hugoton Energy Corporation common stock.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contribution and
allocations of the Company's contribution and Plan earnings. Earnings
allocations are based on participant investment balances, as defined in the
Plan document.
6
<PAGE> 7
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1. DESCRIPTION OF THE PLAN (CONTINUED)
VESTING
Participants become immediately vested in the benefits from their contributions
plus actual earnings thereon. Employer contributions vest based on years of
service according to the following schedule:
<TABLE>
<CAPTION>
YEARS OF SERVICE VESTING PERCENTAGE
------------------
<S> <C>
<3 0%
3 20
4 40
5 60
6 80
7 or more 100
</TABLE>
BENEFITS
At December 31, 1996 and 1995, the total vested amounts of the accounts of
persons who had elected to terminate from the Plan and whose benefit claims had
been processed and approved for payment prior to year-end but had not been paid
were $1,690 and $57,412, respectively. Such amounts represent a reporting
difference between ERISA requirements and the requirements under generally
accepted accounting principles. See Note 6.
Vested benefits are distributed in the form of a lump-sum distribution upon the
participant's retirement, death or termination of employment.
ADMINISTRATIVE EXPENSES
Administrative fees and expenses associated with the Plan are paid by the
Company.
7
<PAGE> 8
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
VALUATION OF INVESTMENTS
Assets of the Plan were invested in money market and mutual funds managed by
PIMCO Advisors Group and the Company's common stock. Investments, including the
Company's common stock, were valued at quoted market prices except money market
funds which were valued at cost which approximates market.
INCOME TAX STATUS
The Internal Revenue Service (IRS) has ruled that the Plan qualifies under
section 401(a) of the Internal Revenue Code and is, therefore, not subject to
tax under income tax laws. Once a plan is qualified, it is required to operate
in conformity with the plan provisions and current law to maintain its
qualified status. A favorable determination letter was obtained from the IRS on
September 3, 1994, qualifying the Plan. The Plan has been amended since that
date, although according to the Plan administrator, there is no course of
action or series of events that would adversely affect the Plan's qualified
status.
USE OF ESTIMATES
The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
8
<PAGE> 9
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS
All participant contributions may be invested at the election of the
participant in six investment fund options. A summary of net assets available
for benefits at December 31, 1996 and 1995, and changes in net assets available
for benefits for the year ended December 31, 1996, by fund option, is as
follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1996
-------------------------------------------------------------------------------------------------
NONPARTICIPANT
PARTICIPANT DIRECTED DIRECTED
----------------------------------------------------------------------- --------------
PIMCO PIMCO HUGOTON HUGOTON
MONEY U.S. PIMCO PIMCO PIMCO ENERGY ENERGY
MARKET GOVERNMENT INTERNATIONAL TARGET GROWTH CORPORATION CORPORATION
FUND FUND FUND FUND FUND COMMON STOCK COMMON STOCK TOTAL
------- ---------- ------------- ------- ------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
PIMCO Money Market Fund $10,622 $ 15 $ 1,019 $ 1,507 $ 1,187 $ 3,298 $ -- $ 17,648
PIMCO Advisors funds:
U.S. Government Fund -- 20,323 -- -- -- -- -- 20,323
International Fund -- -- 59,240 -- -- -- -- 59,240
Target Fund -- -- -- 78,253 -- -- -- 78,253
Growth Fund -- -- -- -- 85,924 -- -- 85,924
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total PIMCO Advisors funds -- 20,323 59,240 78,253 85,924 -- -- 243,740
Hugoton Energy Corporation
common stock -- -- -- -- -- 208,705 439,133 647,838
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total investments 10,622 20,338 60,259 79,760 87,111 212,003 439,133 909,226
Employer contribution receivable -- -- -- -- -- -- 46,768 46,768
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total assets 10,622 20,338 60,259 79,760 87,111 212,003 485,901 955,994
LIABILITIES
Payable for excess contributions 8,678 11,433 1,803 2,531 1,837 346 -- 26,628
------- ---------- ------------- ------- ------- ------------ ------------ --------
Net assets available for benefits $ 1,944 $ 8,905 $ 58,456 $77,229 $85,274 $ 211,657 $ 485,901 $929,366
======= ========== ============= ======= ======= ============ ============ ========
</TABLE>
9
<PAGE> 10
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31, 1995
-------------------------------------------------------------------------------------------------
NONPARTICIPANT
PARTICIPANT DIRECTED DIRECTED
----------------------------------------------------------------------- --------------
PIMCO PIMCO HUGOTON HUGOTON
MONEY U.S. PIMCO PIMCO PIMCO ENERGY ENERGY
MARKET GOVERNMENT INTERNATIONAL TARGET GROWTH CORPORATION CORPORATION
FUND FUND FUND FUND FUND COMMON STOCK COMMON STOCK TOTAL
------- ---------- ------------- ------- ------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
PIMCO Money Market Fund $ 2,497 $ 4,055 $ 1,029 $ 1,192 $ 3,861 $ 2,414 $ -- $ 15,048
PIMCO Advisors funds:
U.S. Government Fund -- 12,255 -- -- -- -- -- 12,255
International Fund -- -- 39,163 -- -- -- -- 39,163
Target Fund -- -- -- 38,595 -- -- -- 38,595
Growth Fund -- -- -- -- 34,758 -- -- 34,758
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total PIMCO Advisors funds -- 12,255 39,163 38,595 34,758 -- -- 124,771
Hugoton Energy Corporation
common stock -- -- -- -- -- 111,842 204,321 316,163
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total investments 2,497 16,310 40,192 39,787 38,619 114,256 204,321 455,982
Employer contribution receivable -- -- -- -- -- -- 33,724 33,724
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total assets 2,497 16,310 40,192 39,787 38,619 114,256 238,045 489,706
LIABILITIES
Payable for excess contributions -- 45 45 45 45 340 4,001 4,521
------- ---------- ------------- ------- ------- ------------ ------------ --------
Net assets available for benefits $ 2,497 $ 16,265 $ 40,147 $39,742 $38,574 $ 113,916 $ 234,044 $485,185
======= ========== ============= ======= ======= ============ ============ ========
</TABLE>
10
<PAGE> 11
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1996
-------------------------------------------------------------------------------------------------
NONPARTICIPANT
PARTICIPANT DIRECTED DIRECTED
----------------------------------------------------------------------- --------------
PIMCO PIMCO HUGOTON HUGOTON
MONEY U.S. PIMCO PIMCO PIMCO ENERGY ENERGY
MARKET GOVERNMENT INTERNATIONAL TARGET GROWTH CORPORATION CORPORATION
FUND FUND FUND FUND FUND COMMON STOCK COMMON STOCK TOTAL
------- ---------- ------------- ------- ------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 708 $ -- $ 68 $ 100 $ 79 $ 220 $ -- $ 1,175
Dividends -- 819 118 1,091 700 -- -- 2,728
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total investment income 708 819 186 1,191 779 220 -- 3,903
Contributions:
Participant (732) (1,495) 23,820 38,613 46,891 82,061 -- 189,158
Employer -- -- -- -- -- -- 215,786 215,786
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total contributions (732) (1,495) 23,820 38,613 46,891 82,061 215,786 404,944
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total additions (24) (676) 24,006 39,804 47,670 82,281 215,786 408,847
DEDUCTIONS
Benefits paid to participants 1,625 6,381 7,656 11,664 10,227 12,705 38,569 88,827
Transfers to (from) funds (1,096) 122 -- (1,806) -- 2,780 -- --
------- ---------- ------------- ------- ------- ------------ ------------ --------
Total deductions 529 6,503 7,656 9,858 10,227 15,485 38,569 88,827
Net realized and unrealized
appreciation (depreciation)
in fair value of investments -- (181) 1,959 7,541 9,257 30,945 74,640 124,161
------- ---------- ------------- ------- ------- ------------ ------------ --------
Net increase (decrease) in
net assets available for
benefits (553) (7,360) 18,309 37,487 46,700 97,741 251,857 444,181
Net assets available for
benefits at beginning
of year 2,497 16,265 40,147 39,742 38,574 113,916 234,044 485,185
------- ---------- ------------- ------- ------- ------------ ------------ --------
Net assets available for
benefits at end of year $ 1,944 $ 8,905 $ 58,456 $77,229 $85,274 $ 211,657 $ 485,901 $929,366
======= ========== ============= ======= ======= ============ ============ ========
</TABLE>
11
<PAGE> 12
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS (CONTINUED)
During 1996, the Plan's investments (including investments bought, sold, as
well as held during the year) appreciated in fair value by $124,161, as
follows:
<TABLE>
<CAPTION>
NET APPRECIATION
(DEPRECIATION)
IN FAIR VALUE FAIR VALUE AT
DURING YEAR END OF YEAR
---------------- -------------
<S> <C> <C>
YEAR ENDED DECEMBER 31, 1996:
Fair value as determined by
estimated market price:
PIMCO Money Market Fund $ -- $ 17,648
Fair value as determined by quoted
market price:
PIMCO Advisors funds:
U.S. Government Fund (181) 20,323
International Fund 1,959 59,240
Target Fund 7,541 78,253
Growth Fund 9,257 85,924
Hugoton Energy Corporation
common stock 105,585 647,838
--------- ---------
$ 124,161 $ 909,226
========= =========
</TABLE>
Fair value of individual investments that represent 5% or more of the Plan's
net assets were as follows:
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
PIMCO Advisors funds:
International Fund $ 59,240 $ 39,163
Target Fund 78,253 38,595
Growth Fund 85,924 34,758
Hugoton Energy Corporation common stock 647,838 316,163
</TABLE>
12
<PAGE> 13
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right to
discontinue its contributions at any time and to terminate the Plan in
accordance with the provisions of ERISA. In the event the Plan is terminated,
it will remain operational until all benefits due under the Plan have been
distributed on a pro rata basis.
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
Fees for legal, accounting, and other services rendered by parties-in-interest
were paid by the Company based on customary and reasonable rates for such
services.
6. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
DECEMBER 31,
1996 1995
--------- ---------
<S> <C> <C>
Net assets available for benefits per
the financial statements $ 929,366 $ 485,185
Amounts allocated to withdrawn participants (1,690) (57,412)
--------- ---------
Net assets available for benefits per the Form 5500 $ 927,676 $ 427,773
========= =========
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1996
-----------------
<S> <C>
Benefits paid to participants per the financial statements $ 88,827
Add: Amounts allocated on Form 5500 to withdrawn
participants at December 31, 1996 1,690
Less: Amounts allocated on Form 5500 to withdrawn
participants at December 31, 1995 (57,412)
--------
Benefits paid to participants per the Form 5500 $ 33,105
========
</TABLE>
13
<PAGE> 14
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
7. SUBSEQUENT EVENT
On June 26, 1997, the Board of Directors of the Company approved amendments to
the Plan. Such amendments, once adopted, will reduce the vesting period to five
years of service and expand the participant-directed fund options. The
effective date of such amendments has not yet been determined.
14
<PAGE> 15
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
Schedule
--------
<S> <C>
Assets Held for Investment Purposes 1
Reportable Transactions 2
</TABLE>
15
<PAGE> 16
SCHEDULE 1
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
DESCRIPTION OF CURRENT
IDENTITY OF ISSUER INVESTMENT COST VALUE
- --------------------------------------------------------------------
<S> <C> <C> <C>
PIMCO Money Market Fund ** $ 17,648
PIMCO Advisors funds:
U.S. Government Fund ** 20,323
International Fund ** 59,240
Target Fund ** 78,253
Growth Fund ** 85,924
Hugoton Energy Corporation * Common stock ** 647,838
--------
$909,226
========
</TABLE>
* Indicates party-in-interest.
** Records are maintained solely on a fair market basis. Accordingly,
historical cost information is not available.
16
<PAGE> 17
SCHEDULE 2
HUGOTON ENERGY CORPORATION
401(k) PROFIT SHARING PLAN
REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
CURRENT VALUE OF
PURCHASE COST OF ASSET AT DATE OF NET GAIN
IDENTITY OF PARTY INVOLVED PRICE PROCEEDS ASSET TRANSACTION (LOSS)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (i) - Individual transactions in excess of 5% of plan assets
Purchase of Hugoton Energy Corporation common stock * $ 25,020 $ 25,020 $25,020 $-
Category (iii) - Series of transactions in excess of 5% of plan assets
Purchases of PIMCO Advisors International Fund $ 25,280 $ 25,280 $-
Sales of PIMCO Advisors International Fund $ 7,322 $ 7,322 **
Purchases of PIMCO Advisors Target Fund $ 42,331 $ 42,331 $-
Sales of PIMCO Advisors Target Fund $11,378 ** $11,378 **
Purchases of PIMCO Advisors Growth Fund $ 50,922 $ 50,922 $-
Sales of PIMCO Advisors Growth Fund $ 9,708 ** $ 9,708 **
Purchases of Hugoton Energy Corporation common stock * $272,877 $272,877 $-
Sales of Hugoton Energy Corporation common stock * $43,355 ** $43,355 **
</TABLE>
* Indicates party-in-interest.
** Records are maintained solely on a fair market value basis. Accordingly,
historical cost information is not available.
17
<PAGE> 18
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
23.1 Consent of Independent Auditors
</TABLE>
<PAGE> 1
EXHIBIT 23.1
EXHIBIT B. CONSENT OF INDEPENDENT AUDITORS
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8, No. 33-83440) pertaining to the 401(k) Profit Sharing Plan of
Hugoton Energy Corporation of our report dated June 20, 1997, with respect to
the financial statements and schedules of the Hugoton Energy Corporation 401(k)
Profit Sharing Plan included in this Annual Report (Form 11-K), for the year
ended December 31, 1996.
ERNST & YOUNG LLP
Wichita, Kansas
June 27, 1997
