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 033-50192
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, 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 1993-E 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 $ 605 728
Accounts receivable - oil and gas revenues 101,854 140,097
Total current assets 102,459 140,825
Oil and gas properties,
successful efforts method
Oil and gas properties 7,115,383 7,115,383
Less accumulated depreciation,
depletion, and amortization 1,289,131 1,098,679
5,826,252 6,016,704
Other assets (net of amortization of
$23,281 and $20,033) 9,197 12,445
$5,937,908 6,169,974
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 21,166 30,227
Total current liabilities 21,166 30,227
Partners' equity 5,916,742 6,139,747
$5,937,908 6,169,974
</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 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 $186,274 $214,901 $383,293 $425,385
Transportation revenue 1,702 1,925 3,083 4,177
Interest income 496 672 1,298 1,283
188,472 217,498 387,674 430,845
Expenses:
Lifting costs 53,228 60,144 78,570 119,945
Direct administrative cost 1,409 90 1,421 90
Depreciation, depletion and
amortization 100,571 96,948 193,700 207,479
155,208 157,182 273,691 327,514
Net income $ 33,263 $ 60,316 $113,982 $103,331
Net income per limited and
additional general partner unit $ 63 $ 116 $ 243 $ 191
</TABLE>
See accompanying notes to financial statements.
<PAGE>
PDC 1993-E 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 $5,530,151 $ 609,596 6,139,747
Net income 89,243 24,739 113,982
Distribution to partners (288,997) (47,990) (336,987)
Balance, June 30, 1997 $5,330,397 $ 586,345 $5,916,742
</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, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $ 113,982 103,331
Adjustments to reconcile net income
to net cash provided from
operating activities:
Depreciation, depletion,
and amortization 193,700 207,479
Changes in operating assets
and liabilities:
Decrease (increase) in accounts receivable
- oil and gas revenues 38,243 (8,971)
Decrease in accrued expenses (9,061) (15,235)
Net cash provided from
operating activities 336,864 286,604
Cash flows from financing activities:
Distributions to partners (336,987) (288,222)
Net cash used
by financing activities (336,987) (288,222)
Net decrease in cash (123) (1,618)
Cash at beginning of period 728 1,713
Cash at end of period $ 605 95
</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 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
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 June 30, 1997 of $81,293.
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.
Results of Operations
Three Months Ended June 30, 1996 Compared with 1996
Natural gas sales decreased approximately 13.3% during the second
quarter of 1997 compared with the same period in 1996 primarily 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 $161,763
to the partners during the second quarter of 1997.
Six Months Ended June 30, 1997 Compare with 1996
Natural gas sales decreased approximately 9.9% during the first six
months of 1997 compared with the same period in 1996 primarily 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 $336,987 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 1993-E Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: July 24, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: July 24, 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-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 605
<SECURITIES> 0
<RECEIVABLES> 101,854
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 102,459
<PP&E> 7,115,383
<DEPRECIATION> 1,289,131
<TOTAL-ASSETS> 5,937,908
<CURRENT-LIABILITIES> 21,166
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 5,937,908
<SALES> 383,293
<TOTAL-REVENUES> 387,674
<CGS> 78,570
<TOTAL-COSTS> 273,691
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 113,982
<INCOME-TAX> 113,982
<INCOME-CONTINUING> 113,982
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 113,982
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
