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, 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 June 30, 1996 and December 31, 1995 1
Statements of Operations - Three Months and
Six Months Ended June 30, 1996 and 1995 2
Statement of Partners' Equity -
Six Months Ended June 30, 1996 3
Statements of Cash Flows -
Six Months Ended June 31, 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
June 30, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets 1996 1995
(unaudited)
Current assets:
Cash $ 95 1,713
Accounts receivable - oil and gas revenues 148,595 139,624
Total current assets 148,690 141,337
Oil and gas properties,
successful efforts method
Oil and gas properties 7,115,383 7,115,383
Less accumulated depreciation,
depletion, and amortization 930,539 726,308
6,184,844 6,389,075
Other assets (net of amortization of
$16,785 and $13,537) 15,693 18,941
$6,349,227 6,549,353
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 10,281 25,516
Total current liabilities 10,281 25,516
Partners' equity 6,338,946 6,523,837
$6,349,227 6,549,353
</TABLE>
See accompanying notes to financial statements.
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<PAGE>
PDC 1993-E LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three Months and Six Months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Sales of oil and gas $214,901 $178,267 $425,385 $342,775
Transportation revenue 1,925 2,771 4,177 4,696
Interest income 672 867 1,283 1,595
217,498 181,905 430,845 349,066
Expenses:
Lifting costs 60,144 59,252 119,945 136,499
Direct administrative cost 90 52 90 64
Depreciation, depletion and
amortization 96,948 98,143 207,479 203,757
157,182 157,447 327,514 340,320
Net income $ 60,316 $ 24,458 $103,331 $ 8,746
Net income (loss) per limited and
additional general partner unit $ 116 $ 34 $ 191 $ (25)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1993-E LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Six months ended June 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 70,552 32,779 103,331
Distribution to partners (244,887) (43,335) (288,222)
Balance, June 30, 1996 $5,701,801 $ 637,145 $6,338,946
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1993-E LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Six months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S>
1996 1995
Cash flows from operating activities:
Net income $ 103,331 8,746
Adjustments to reconcile net income
to net cash provided from
operating activities:
Depreciation, depletion,
and amortization 207,479 203,757
Changes in operating assets
and liabilities:
(Increase) decrease in accounts receivable
- oil and gas revenues (8,971) 29,110
Decrease in accrued expenses (15,235) (7,400)
Net cash provided from
operating activities 286,604 234,213
Cash flows from financing activities:
Distributions to partners (288,222) (236,087)
Net cash used
by financing activities (288,222) (236,087)
Net decrease in cash (1,618) (1,874)
Cash at beginning of period 1,713 2,042
Cash at end of period $ 95 168
</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 six months ended June 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, 1994. 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 June 30, 1996 of
$138,409.
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 June 30, 1996 Compared with 1995
Natural gas sales increased approximately 21% during the second
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 $35,858 was a
direct result of the increased gas sales.
Six Months Ended June 30, 1996 Compared with 1995
Natural gas sales increased approximately 24% during the first
six months of 1996 compared with the same period in 1995 due to
significantly higher sales prices offset in part by lower sales
volumes. This incremental increase in gas sales was the direct
reason for the $94,585 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
June 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: August 6, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 6, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
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<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 95
<SECURITIES> 0
<RECEIVABLES> 148,595
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 148,690
<PP&E> 7,115,383
<DEPRECIATION> 930,539
<TOTAL-ASSETS> 6,349,227
<CURRENT-LIABILITIES> 10,281
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,349,227
<SALES> 425,385
<TOTAL-REVENUES> 430,845
<CGS> 119,945
<TOTAL-COSTS> 327,514
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 103,331
<INCOME-TAX> 0
<INCOME-CONTINUING> 103,331
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 103,331
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
