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 033-50192
I.R.S. Employer Identification Number 55-0728949
PDC 1993-E 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 1993-E 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 - Three Months and
Nine Months Ended September 30, 1996 and 1995 2
Statement of Partners' Equity -
Nine Months Ended 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 1993-E LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
September 30, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets 1996 1995
(unaudited)
Current assets:
Cash $ 428 $ 1,713
Accounts receivable - oil and gas revenues 93,213 139,624
Total current assets 93,641 141,337
Oil and gas properties,
successful efforts method
Oil and gas properties 7,115,383 7,115,383
Less accumulated depreciation,
depletion, and amortization 1,020,390 726,308
6,094,993 6,389,075
Other assets (net of amortization of
$18,409 and $13,537) 14,069 18,941
$6,202,703 $6,549,353
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 6,122 $ 25,516
Total current liabilities 6,122 25,516
Partners' equity 6,196,581 6,523,837
$6,202,703 $6,549,353
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1993-E LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three Months and Nine Months ended September 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Revenues:
Sales of oil and gas $181,132 $146,559 $606,517 $489,334
Transportation revenue 5,900 (2,193) 10,077 2,503
Interest income 360 1,428 1,643 3,023
187,392 145,794 618,237 494,860
Expenses:
Lifting costs 68,019 56,747 187,964 193,246
Direct administrative cost 28 89 118 153
Depreciation, depletion and
amortization 91,475 93,188 298,954 296,945
159,522 150,024 487,036 490,344
Net income (loss) $ 27,870 $ (4,230) $131,201 $ 4,516
Net income (loss) per limited and
additional general partner unit $ 45 $ (29) $ 236 $ (54)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1993-E 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 $5,876,136 $ 647,701 $6,523,837
Net income 86,982 44,219 131,201
Distribution to partners (388,909) (69,548) (458,457)
Balance, September 30, 1996 $5,574,209 $ 622,372 $6,196,581
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1993-E 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 $131,201 $ 4,516
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 298,954 296,945
Changes in operating assets and liabilities:
Decrease in accounts receivable -
oil and gas revenues 46,411 54,581
Decrease in accrued expenses (19,394) (15,457)
Net cash provided from
operating activities 457,172 340,585
Cash flows from financing activities:
Distributions to partners (458,457) (341,068)
Net cash used by
financing activities (458,457) (341,068)
Net decrease in cash (1,285) (483)
Cash at beginning of period 1,713 2,042
Cash at end of period $ 428 $ 1,559
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1993-E 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
The Partnership was funded on December 31, 1993 with initial Limited
and Additional General Partner contributions of $7,408,795 and the Managing
General Partner contributed $720,299. Offering, organization and legal
costs of $926,100 were incurred leaving available capital of $7,202,994 for
Partnership activities.
The Partnership began exploration and development activities
subsequent to the funding of the Partnership and completed well drilling
activities by March 31, 1995. Thirty-six wells have been drilled, of which
thirty-four have been completed as producing wells.
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
$87,519.
The Partnership's revenues from oil and gas 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
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 approximately 24% during the third quarter
of 1996 compared with the same period in 1995 due to significantly higher
sales prices of natural gas offset in part by lower sales volumes. The
increase in net income of $32,100 was a direct result of the increased gas
sales.
Nine Months Ended September 30, 1996 Compared with 1995
Natural gas sales increased approximately 24% during the first nine
months of 1996 compared to the same period in 1995 due to significantly
higher sales prices of natural gas offset in part by lower sales volumes.
This incremental increase in gas sales was the direct reason for the
$126,685 increase in net income from 1995 to 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 1993-E Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: November 11, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 11, 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> 428
<SECURITIES> 0
<RECEIVABLES> 93,213
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 93,641
<PP&E> 7,115,383
<DEPRECIATION> 1,020,390
<TOTAL-ASSETS> 6,202,703
<CURRENT-LIABILITIES> 6,122
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,202,703
<SALES> 606,517
<TOTAL-REVENUES> 618,237
<CGS> 187,964
<TOTAL-COSTS> 487,036
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 131,201
<INCOME-TAX> 0
<INCOME-CONTINUING> 131,201
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 131,201
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
