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 March 31, 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 033-70568
I.R.S. Employer Identification Number 55-0737400
PDC 1994-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 1994-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheets March 31, 1997 and December 31, 1996 1
Statements of Operations -
Three Months Ended March 31, 1997 and 1996 2
Statement of Partners' Equity -
Three Months Ended March 31, 1997 3
Statements of Cash Flows -
Three Months Ended March 31, 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 1994-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
March 31, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets 1997 1996
(unaudited)
Current assets:
Cash $ 1,903 920
Accounts receivable - oil and gas revenues 192,650 195,829
Total current assets 194,553 196,749
Oil and gas properties,
successful efforts method
Oil and gas properties 7,174,936 7,174,936
Less accumulated depreciation, depletion,
and amortization 1,287,006 1,165,600
5,887,930 6,009,336
$6,082,483 6,206,085
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 32,839 36,277
Total current liabilities 32,839 36,277
Partners' equity 6,049,644 6,169,808
$6,082,483 6,206,085
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1994-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three Months Ended March 31, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Revenues:
Sales of oil and gas $251,266 $384,371
Transportation revenue 129 159
Interest income 994 787
252,389 385,317
Expenses:
Lifting cost 38,380 57,874
Direct administrative cost 12 -
Depreciation, depletion and amortization 121,406 133,785
159,798 191,659
Net income $ 92,591 $193,658
Net income per limited and
additional general partner unit $ 202 $ 410
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1994-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Three months ended March 31, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1996 $4,935,814 $1,233,994 $6,169,808
Net income 76,231 16,360 92,591
Distribution to partners (172,350) (40,405) (212,755)
Balance, March 31, 1997 $4,839,695 $1,209,949 $6,049,644
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1994-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Three months ended March 31, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $ 92,591 193,659
Adjustments to reconcile net income
to net cash provided from
operating activities:
Depreciation, depletion, and amortization 121,406 133,785
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
- oil and gas revenues 3,179 (158,204)
Decrease in accrued expenses (3,438) (250)
Net cash provided from
operating activities 213,738 168,990
Cash flows from financing activities:
Distributions to partners (212,755) (169,240)
Net cash used
by financing activities (212,755) (169,240)
Net increase (decrease) in cash 983 (250)
Cash at beginning of period 920 7,752
Cash at end of period $ 1,903 7,502
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1994-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
three months ended March 31, 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 30, 1994 with initial Limited
and Additional General Partner contributions of $7,548,761 and the Managing
General Partner contributed $1,651,292. Offering, organization and legal
costs of $943,595 were incurred leaving available capital of $8,256,458 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. Forty-two wells have been drilled, of which thirty-eight
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 March 31, 1997 of $161,714.
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
Sales of oil and gas decreased 34.6% during the first quarter of 1997
compared to 1996 due to lower sales volumes of natural gas along with lower
average sales prices. While the Parntership experienced a modest net income
of $92,591, depreciation, depletion and amortization is a non-cash expense
and therefore the partnership distributed $212,755 to the partners during
the first quarter 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
March 31, 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 1994-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: May 14, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 14, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,903
<SECURITIES> 0
<RECEIVABLES> 192,650
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 194,553
<PP&E> 7,174,936
<DEPRECIATION> 1,287,006
<TOTAL-ASSETS> 6,082,483
<CURRENT-LIABILITIES> 32,839
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,082,483
<SALES> 251,266
<TOTAL-REVENUES> 252,389
<CGS> 38,380
<TOTAL-COSTS> 159,798
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 92,591
<INCOME-TAX> 0
<INCOME-CONTINUING> 92,591
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 92,591
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
