SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2000
Commission File Number:
P-1: 0-17800 P-3: 0-18306 P-5: 0-18637
P-2: 0-17801 P-4: 0-18308 P-6: 0-18937
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
---------------------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
P-1 73-1330245
P-2 73-1330625
P-1 and P-2: P-3 73-1336573
Texas P-4 73-1341929
P-3 through P-6: P-5 73-1353774
Oklahoma P-6 73-1357375
---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
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 X No
------ ------
-1-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 277,069 $ 182,743
Accounts receivable:
Net Profits 244,038 167,901
---------- ----------
Total current assets $ 521,107 $ 350,644
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 913,247 1,003,826
---------- ----------
$1,434,354 $1,354,470
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 67,812) ($ 77,417)
Limited Partners, issued and
outstanding, 108,074 units 1,502,166 1,431,887
---------- ----------
Total Partners' capital $1,434,354 $1,354,470
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-2-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Net Profits $312,575 $229,741
Interest income 2,812 1,119
Gain on sale of Net Profits
Interests 23,453 -
-------- --------
$338,840 $230,860
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 32,165 $ 43,410
General and administrative
(Note 2) 31,296 29,901
-------- --------
$ 63,461 $ 73,311
-------- --------
NET INCOME $275,379 $157,549
======== ========
GENERAL PARTNER - NET INCOME $ 30,152 $ 19,550
======== ========
LIMITED PARTNERS - NET INCOME $245,227 $137,999
======== ========
NET INCOME per unit $ 2.27 $ 1.28
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Net Profits $896,241 $585,395
Interest income 7,152 3,063
Gain on sale of Net Profits
Interests 36,401 698
-------- --------
$939,794 $589,156
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $106,361 $160,727
General and administrative
(Note 2) 99,948 98,421
-------- --------
$206,309 $259,148
-------- --------
NET INCOME $733,485 $330,008
======== ========
GENERAL PARTNER - NET INCOME $ 82,206 $ 47,160
======== ========
LIMITED PARTNERS - NET INCOME $651,279 $282,848
======== ========
NET INCOME per unit $ 6.03 $ 2.62
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $733,485 $330,008
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 106,361 160,727
Gain on sale of Net Profits
Interests ( 36,401) ( 698)
Increase in accounts receivable -
Net Profits ( 76,137) ( 74,319)
-------- --------
Net cash provided by operating
activities $727,308 $415,718
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 17,832) ($ 10,863)
Proceeds from sale of Net Profits
Interests 38,451 2,858
-------- --------
Net cash provided (used) by investing
activities $ 20,619 ($ 8,005)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($653,601) ($358,102)
-------- --------
Net cash used by financing activities ($653,601) ($358,102)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 94,326 $ 49,611
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,743 99,454
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $277,069 $149,065
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 220,121 $ 148,106
Accounts receivable:
Net Profits 195,680 135,136
---------- ----------
Total current assets $ 415,801 $ 283,242
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 777,444 856,093
---------- ----------
$1,193,245 $1,139,335
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 51,461) ($ 56,585)
Limited Partners, issued and
outstanding, 90,094 units 1,244,706 1,195,920
---------- ----------
Total Partners' capital $1,193,245 $1,139,335
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $249,058 $173,641
Interest income 2,170 942
Gain on sale of Net Profits
Interests 17,091 -
-------- --------
$268,319 $174,583
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 27,032 $ 35,812
General and administrative
(Note 2) 26,219 24,932
-------- --------
$ 53,251 $ 60,744
-------- --------
NET INCOME $215,068 $113,839
======== ========
GENERAL PARTNER - NET INCOME $ 23,723 $ 7,078
======== ========
LIMITED PARTNERS - NET INCOME $191,345 $106,761
======== ========
NET INCOME per unit $ 2.12 $ 1.18
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $687,453 $455,894
Interest income 5,552 2,458
Gain on sale of Net Profits
Interests 26,051 652
-------- --------
$719,056 $459,004
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 87,584 $131,364
General and administrative
(Note 2) 83,568 82,061
-------- --------
$171,152 $213,425
-------- --------
NET INCOME $547,904 $245,579
======== ========
GENERAL PARTNER - NET INCOME $ 62,118 $ 17,411
======== ========
LIMITED PARTNERS - NET INCOME $485,786 $228,168
======== ========
NET INCOME per unit $ 5.39 $ 2.53
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $547,904 $245,579
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 87,584 131,364
Gain on sale of Net Profits
Interests ( 26,051) ( 652)
Increase in accounts receivable -
Net Profits ( 60,544) ( 58,024)
-------- --------
Net cash provided by operating
activities $548,893 $318,267
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 12,176) ($ 8,846)
Proceeds from sale of Net Profits
Interests 29,292 2,670
-------- --------
Net cash provided (used) by investing
activities $ 17,116 ($ 6,176)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($493,994) ($265,417)
-------- --------
Net cash used by financing activities ($493,994) ($265,417)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 72,015 $ 46,674
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 148,106 78,435
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $220,121 $125,109
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 409,203 $ 284,040
Accounts receivable:
Net Profits 365,337 251,484
---------- ----------
Total current assets $ 774,540 $ 535,524
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,449,508 1,595,636
---------- ----------
$2,224,048 $2,131,160
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 78,257) ($ 113,709)
Limited Partners, issued and
outstanding, 169,637 units 2,302,305 2,244,869
---------- ----------
Total Partners' capital $2,224,048 $2,131,160
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $464,186 $322,339
Interest income 4,235 1,866
Gain on sale of Net Profits
Interests 31,644 -
-------- --------
$500,065 $324,205
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 50,181 $ 66,778
General and administrative
(Note 2) 48,514 46,938
-------- --------
$ 98,695 $113,716
-------- --------
NET INCOME $401,370 $210,489
======== ========
GENERAL PARTNER - NET INCOME $ 44,230 $ 13,103
======== ========
LIMITED PARTNERS - NET INCOME $357,140 $197,386
======== ========
NET INCOME per unit $ 2.11 $ 1.16
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Net Profits $1,276,693 $852,103
Interest income 11,009 4,856
Gain on sale of Net Profits
Interests 48,189 1,252
---------- --------
$1,335,891 $858,211
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 162,410 $245,727
General and administrative
(Note 2) 155,757 154,359
---------- --------
$ 318,167 $400,086
---------- --------
NET INCOME $1,017,724 $458,125
========== ========
GENERAL PARTNER - NET INCOME $ 100,932 $ 32,493
========== ========
LIMITED PARTNERS - NET INCOME $ 916,792 $425,632
========== ========
NET INCOME per unit $ 5.41 $ 2.51
========== ========
UNITS OUTSTANDING 169,637 169,637
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,017,724 $458,125
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 162,410 245,727
Gain on sale of Net Profits
Interests ( 48,189) ( 1,252)
Increase in accounts receivable -
Net Profits ( 113,853) ( 109,522)
---------- --------
Net cash provided by operating
activities $1,018,092 $593,078
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 22,468) ($ 16,469)
Proceeds from sale of Net Profits
Interests 54,375 4,849
---------- --------
Net cash provided (used) by investing
activities $ 31,907 ($ 11,620)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 924,836) ($493,596)
---------- --------
Net cash used by financing activities ($ 924,836) ($493,596)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 125,163 $ 87,862
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 284,040 146,246
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 409,203 $234,108
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 339,654 $ 188,928
Accounts receivable:
Net Profits 406,106 255,972
---------- ----------
Total current assets $ 745,760 $ 444,900
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 738,094 892,659
---------- ----------
$1,483,854 $1,337,559
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 66,856) ($ 80,321)
Limited Partners, issued and
outstanding, 126,306 units 1,550,710 1,417,880
---------- ----------
Total Partners' capital $1,483,854 $1,337,559
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Net Profits $426,208 $215,501
Interest income 3,188 1,321
Gain on sale of Net
Profits Interests 4,702 -
-------- --------
$434,098 $216,822
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 49,206 $ 50,628
General and administrative
(Note 2) 36,303 34,958
-------- --------
$ 85,509 $ 85,586
-------- --------
NET INCOME $348,589 $131,236
======== ========
GENERAL PARTNER - NET INCOME $ 38,968 $ 8,521
======== ========
LIMITED PARTNERS - NET INCOME $309,621 $122,175
======== ========
NET INCOME per unit $ 2.45 $ .97
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Net Profits $968,966 $546,129
Interest income 7,715 3,190
Gain on sale of Net
Profits Interests 5,225 410
-------- --------
$981,906 $549,729
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $139,323 $164,883
General and administrative
(Note 2) 116,364 114,567
-------- --------
$255,687 $279,450
-------- --------
NET INCOME $726,219 $270,279
======== ========
GENERAL PARTNER - NET INCOME $ 84,389 $ 19,950
======== ========
LIMITED PARTNERS - NET INCOME $641,830 $250,329
======== ========
NET INCOME per unit $ 5.08 $ 1.98
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $726,219 $270,279
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 139,323 164,883
Gain on sale of Net Profits
Interests ( 5,225) ( 410)
Increase in accounts receivable -
Net Profits ( 150,134) ( 62,745)
-------- --------
Net cash provided by operating
activities $710,183 $372,007
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 594) ($ 6,102)
Proceeds from sale of Net Profits
Interests 21,061 5,080
-------- --------
Net cash provided (used) by investing
activities $ 20,467 ($ 1,022)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($579,924) ($301,661)
-------- --------
Net cash used by financing activities ($579,924) ($301,661)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $150,726 $ 69,324
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 188,928 101,652
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $339,654 $170,976
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 351,378 $ 217,441
Accounts receivable:
Net Profits 307,727 180,909
---------- ----------
Total current assets $ 659,105 $ 398,350
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 727,203 836,971
---------- ----------
$1,386,308 $1,235,321
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,397) ($ 68,638)
Limited Partners, issued and
outstanding, 118,449 units 1,449,705 1,303,959
---------- ----------
Total Partners' capital $1,386,308 $1,235,321
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $404,290 $230,347
Interest income 3,796 1,554
-------- --------
$408,086 $231,901
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 39,905 $ 49,457
General and administrative
(Note 2) 34,101 32,777
-------- --------
$ 74,006 $ 82,234
-------- --------
NET INCOME $334,080 $149,667
======== ========
GENERAL PARTNER - NET INCOME $ 18,110 $ 9,384
======== ========
LIMITED PARTNERS - NET INCOME $315,970 $140,283
======== ========
NET INCOME per unit $ 2.67 $ 1.19
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $941,069 $574,192
Interest income 9,118 4,167
Gain on sale of Net Profits
Interests 49,040 -
-------- --------
$999,227 $578,359
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $112,605 $154,448
General and administrative
(Note 2) 109,261 107,702
-------- --------
$221,866 $262,150
-------- --------
NET INCOME $777,361 $316,209
======== ========
GENERAL PARTNER - NET INCOME $ 41,615 $ 21,780
======== ========
LIMITED PARTNERS - NET INCOME $735,746 $294,429
======== ========
NET INCOME per unit $ 6.21 $ 2.49
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $777,361 $316,209
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 112,605 154,448
Gain on sale of Net Profits
Interests ( 49,040) -
Increase in accounts receivable -
Net Profits ( 126,818) ( 40,267)
-------- --------
Net cash provided by operating
activities $714,108 $430,390
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,837) ($ 10,458)
Proceeds from sale of Net Profits
Interests 49,040 -
-------- --------
Net cash provided (used) by investing
activities $ 46,203 ($ 10,458)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($626,374) ($399,110)
-------- --------
Net cash used by financing activities ($626,374) ($399,110)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $133,937 $ 20,822
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 217,441 166,487
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $351,378 $187,309
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 599,951 $ 339,386
Accounts receivable:
Net Profits 399,380 177,661
---------- ----------
Total current assets $ 999,331 $ 517,047
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,616,108 1,797,167
---------- ----------
$2,615,439 $2,314,214
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 76,110) ($ 86,400)
Limited Partners, issued and
outstanding, 143,041 units 2,691,549 2,400,614
---------- ----------
Total Partners' capital $2,615,439 $2,314,214
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-22-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $722,132 $440,245
Interest income 5,857 2,362
-------- --------
$727,989 $442,607
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 79,141 $101,854
General and administrative
(Note 2) 41,038 39,578
-------- --------
$120,179 $141,432
-------- --------
NET INCOME $607,810 $301,175
======== ========
GENERAL PARTNER - NET INCOME $ 33,263 $ 19,015
======== ========
LIMITED PARTNERS - NET INCOME $574,547 $282,160
======== ========
NET INCOME per unit $ 4.02 $ 1.97
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
REVENUES:
Net Profits $1,689,429 $ 996,224
Interest income 13,632 6,497
Gain on sale of Net Profits
Interests 21,094 -
---------- ----------
$1,724,155 $1,002,721
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 223,350 $ 306,049
General and administrative
(Note 2) 131,600 130,369
---------- ----------
$ 354,950 $ 436,418
---------- ----------
NET INCOME $1,369,205 $ 566,303
========== ==========
GENERAL PARTNER - NET INCOME $ 76,270 $ 40,232
========== ==========
LIMITED PARTNERS - NET INCOME $1,292,935 $ 526,071
========== ==========
NET INCOME per unit $ 9.04 $ 3.68
========== ==========
UNITS OUTSTANDING 143,041 143,041
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,369,205 $566,303
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 223,350 306,049
Gain on sale of Net Profits
Interests ( 21,094) -
Increase in accounts receivable -
Net Profits ( 221,719) ( 122,947)
---------- --------
Net cash provided by operating
activities $1,349,742 $749,405
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 42,291) ($ 11,281)
Proceeds from sale of Net Profits
Interests 21,094 1,491
---------- --------
Net cash used by investing activities ($ 21,197) ($ 9,790)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,067,980) ($728,794)
---------- --------
Net cash used by financing activities ($1,067,980) ($728,794)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 260,565 $ 10,821
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,386 300,324
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 599,951 $311,145
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 2000, combined statements
of operations for the three and nine months ended September 30, 2000 and
1999, and combined statements of cash flows for the nine months ended
September 30, 2000 and 1999 have been prepared by Geodyne Resources, Inc.,
the General Partner of the Geodyne Institutional/Pension Energy Income
Limited Partnerships, without audit. Each limited partnership is a general
partner in the related Geodyne NPI Partnership (the "NPI Partnerships") in
which Geodyne Resources, Inc. serves as the managing partner. For the
purposes of these financial statements, the general partner and managing
partner are collectively referred to as the "General Partner" and the
limited partnerships and NPI Partnerships are collectively referred to as
the "Partnerships". In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting of normal
recurring adjustments, to present fairly the combined financial position
at September 30, 2000, the combined results of operations for the three
and nine months ended September 30, 2000 and 1999, and the combined cash
flows for the nine months ended September 30, 2000 and 1999.
Information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. The accompanying interim
financial statements should be read in conjunction with the Partnerships'
Annual Report on Form 10-K filed for the year ended December 31, 1999. The
results of operations for the period ended September 30, 2000 are not
necessarily indicative of the results to be expected for the full year.
As used in these financial statements, the Partnerships' net profits and
royalty interests in oil and gas sales are referred to as "Net Profits"
and the Partnerships' net profits and royalty interests in oil and gas
properties are referred to as "Net Profits Interests". The working
interests from which the Partnerships' Net Profits Interests are carved
are referred to as "Working Interests".
The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.
-26-
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting fees,
and similar costs directly related to the acquisitions, plus an allocated
portion, of the General Partner's property screening costs. The
acquisition cost to the NPI Partnership of Net Profits Interests acquired
by the General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition, for
the period of time the properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of Net Profits Interests is
recognized based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs, net of estimated salvage value.
The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended September 30, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
-27-
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $2,856 $28,440
P-2 2,510 23,709
P-3 3,874 44,640
P-4 3,063 33,240
P-5 2,931 31,170
P-6 3,397 37,641
During the nine months ended September 30, 2000 the following payments
were made to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $14,628 $ 85,320
P-2 12,441 71,127
P-3 21,837 133,920
P-4 16,644 99,720
P-5 15,751 93,510
P-6 18,677 112,923
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
-28-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring Net Profits
Interests in producing oil and gas properties located in the continental
United States. In general, a Partnership acquired passive interests in
producing properties and does not directly engage in development drilling
or enhanced recovery projects. Therefore, the economic life of each
limited partnership, and its related NPI Partnership, is limited to the
period of time required to fully produce its acquired oil and gas
reserves. A Net Profits Interest entitles the Partnerships to a portion of
the oil and gas sales less operating and production expenses and
development costs generated by the owner of the
-29-
underlying Working Interests. The net proceeds from the oil and gas
operations are distributed to the Limited Partners and the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests less necessary
operating capital are distributed to the Limited Partners on a quarterly
basis. Revenues and net proceeds of a Partnership are largely dependent
upon the volumes of oil and gas sold and the prices received for such oil
and gas. While the General Partner cannot predict future pricing trends,
it believes the working capital available as of September 30, 2000 and the
net revenue generated from future operations will provide sufficient
working capital to meet current and future obligations.
-30-
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction with the
analysis of results of operations provided below. The most important
variables affecting the Partnerships' revenues are the prices received for
the sale of oil and gas and the volumes of oil and gas produced. The
Partnerships' production is mainly natural gas, so such pricing and
volumes are the most significant factors.
Due to the volatility of oil and gas prices, forecasting future prices is
subject to great uncertainty and inaccuracy. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market". Prices on
the spot market are subject to wide seasonal and regional pricing
fluctuations due to the highly competitive nature of the spot market. Such
spot market sales are generally short-term in nature and are dependent
upon the obtaining of transportation services provided by pipelines. It is
likewise difficult to predict production volumes. However, oil and gas are
depleting assets, so it can be expected that production levels will
decline over time. Recent gas prices have been significantly higher than
the Partnerships' historical average. This is attributable to the higher
prices for crude oil, a substitute fuel in some markets, and reduced
production due to lower capital investments in 1998 and 1999.
P-1 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $312,575 $229,741
Barrels produced 4,127 5,492
Mcf produced 73,707 72,924
Average price/Bbl $ 28.42 $ 21.48
Average price/Mcf $ 3.41 $ 2.30
As shown in the table above, total Net Profits increased $82,834 (36.1%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $29,000
and $82,000, respectively, were related to increases in the average prices
of oil and gas sold. These increases were partially offset by a decrease
of approximately $29,000 related to a
-31-
decrease in volumes of oil sold. Volumes of oil sold decreased 1,365
barrels, while volumes of gas sold increased 783 Mcf for the three months
ended September 30, 2000 as compared to the three months ended September
30, 1999. The decrease in volumes of oil sold was primarily due to (i)
positive prior period volume adjustments made by the operators on two
significant wells during the three months ended September 30, 1999 and
(ii) normal declines in production. Average oil and gas prices increased
to $28.42 per barrel and $3.41 per Mcf, respectively, for the three months
ended September 30, 2000 from $21.48 per barrel and $2.30 per Mcf,
respectively, for the three months ended September 30, 1999.
Depletion of Net Profits Interests decreased $11,245 (25.9%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999 and
the decrease in volumes of oil sold. As a percentage of Net Profits, this
expense decreased to 10.3% for the three months ended September 30, 2000
from 18.9% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
General and administrative expenses increased $1,395 (4.7%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 10.0% for the three months ended September 30, 2000 from
13.0% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
-------------------------------
2000 1999
-------- --------
Net Profits $896,241 $585,395
Barrels produced 14,610 19,288
Mcf produced 237,938 276,290
Average price/Bbl $ 27.92 $ 15.00
Average price/Mcf $ 2.85 $ 1.81
As shown in the table above, total Net Profits increased $310,846 (53.1%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $189,000
and $248,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by
decreases of approximately $70,000 and
-32-
$69,000, respectively, related to decreases in volumes of oil and gas
sold. Volumes of oil and gas sold decreased 4,678 barrels and 38,352 Mcf,
respectively, for the nine months ended September 30, 2000 as compared to
the nine months ended September 30, 1999. The decrease in volumes of oil
sold was primarily due to (i) positive prior period volume adjustments
made by the operators on several wells during the nine months ended
September 30, 1999 and (ii) normal declines in production. The decrease in
volumes of gas sold was primarily due to (i) a positive prior period
volume adjustment made by the operator on one significant well during the
nine months ended September 30, 1999, (ii) the P-1 Partnership's receipt
of a decreased percentage of sales due to gas balancing on two significant
wells during the nine months ended September 30, 2000, and (iii) normal
declines in production. Average oil and gas prices increased to $27.92 per
barrel and $2.85 per Mcf, respectively, for the nine months ended
September 30, 2000 from $15.00 per barrel and $1.81 per Mcf, respectively,
for the nine months ended September 30, 1999.
Depletion of Net Profits Interests decreased $54,366 (33.8%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to the decreases in
volumes of oil and gas sold and upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1999. As a percentage of
Net Profits, this expense decreased to 11.9% for the nine months ended
September 30, 2000 from 27.5% for the nine months ended September 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses increased $1,527 (1.6%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 11.2% for the nine months ended September 30, 2000 from 16.8%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $12,530,558 or 115.94% of the Limited Partners' capital
contributions.
-33-
P-2 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $249,058 $173,641
Barrels produced 2,913 3,869
Mcf produced 60,875 60,719
Average price/Bbl $ 28.45 $ 21.55
Average price/Mcf $ 3.51 $ 2.29
As shown in the table above, total Net Profits increased $75,417 (43.4%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $20,000
and $74,000, respectively, were related to increases in the average prices
of oil and gas sold. These increases were partially offset by a decrease
of approximately $21,000 related to a decrease in volumes of oil sold.
Volumes of oil sold decreased 956 barrels, while volumes of gas sold
increased 156 Mcf for the three months ended September 30, 2000 as
compared to the three months ended September 30, 1999. The decrease in
volumes of oil sold was primarily due to (i) positive prior period volume
adjustments made by the operators on two significant wells during the
three months ended September 30, 1999 and (ii) normal declines in
production. Average oil and gas prices increased to $28.45 per barrel and
$3.51 per Mcf, respectively, for the three months ended September 30, 2000
from $21.55 per barrel and $2.29 per Mcf, respectively, for the three
months ended September 30, 1999.
Depletion of Net Profits Interests decreased $8,780 (24.5%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999 and
the decrease in volumes of oil sold. As a percentage of Net Profits, this
expense decreased to 10.9% for the three months ended September 30, 2000
from 20.6% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
-34-
General and administrative expenses increased $1,287 (5.2%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 10.5% for the three months ended September 30, 2000 from
14.4% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
-------------------------------
2000 1999
-------- --------
Net Profits $687,453 $455,894
Barrels produced 10,274 13,756
Mcf produced 192,221 225,347
Average price/Bbl $ 27.92 $ 14.99
Average price/Mcf $ 2.91 $ 1.86
As shown in the table above, total Net Profits increased $231,559 (50.8%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $133,000
and $200,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by
decreases of approximately $52,000 and $62,000, respectively, related to
decreases in volumes of oil and gas sold. Volumes of oil and gas sold
decreased 3,482 barrels and 33,126 Mcf, respectively, for the nine months
ended September 30, 2000 as compared to the nine months ended September
30, 1999. The decrease in volumes of oil sold was primarily due to (i)
positive prior period volume adjustments made by the operators on several
wells during the nine months ended September 30, 1999 and (ii) normal
declines in production. The decrease in volumes of gas sold was primarily
due to (i) a positive prior period volume adjustment made by the operator
on one significant well during the nine months ended September 30, 1999,
(ii) the P-2 Partnership's receipt of a decreased percentage of sales due
to gas balancing on two significant wells during the nine months ended
September 30, 2000, and (iii) normal declines in production. Average oil
and gas prices increased to $27.92 per barrel and $2.91 per Mcf,
respectively, for the nine months ended September 30, 2000 from $14.99 per
barrel and $1.86 per Mcf, respectively, for the nine months ended
September 30, 1999.
-35-
Depletion of Net Profits Interests decreased $43,780 (33.3%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to the decreases in
volumes of oil and gas sold and upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1999. As a percentage of
Net Profits, this expense decreased to 12.7% for the nine months ended
September 30, 2000 from 28.8% for the nine months ended September 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses increased $1,507 (1.8%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 12.2% for the nine months ended September 30, 2000 from 18.0%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $9,541,561 or 105.91% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $464,186 $322,339
Barrels produced 5,385 7,152
Mcf produced 113,848 113,597
Average price/Bbl $ 28.44 $ 21.57
Average price/Mcf $ 3.51 $ 2.29
As shown in the table above, total Net Profits increased $141,847 (44.0%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $37,000
and $140,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by a
decrease of approximately $38,000 related to a decrease in volumes of oil
sold. Volumes of oil sold decreased 1,767 barrels, while volumes of gas
sold increased 251 Mcf for the three months ended September 30, 2000 as
compared to the three months ended September 30, 1999. The decrease in
volumes of oil sold was primarily due to (i) positive prior period volume
adjustments made by the operators on two significant wells during the
three months
-36-
ended September 30, 1999 and (ii) normal declines in production. Average
oil and gas prices increased to $28.44 per barrel and $3.51 per Mcf,
respectively, for the three months ended September 30, 2000 from $21.57
per barrel and $2.29 per Mcf, respectively, for the three months ended
September 30, 1999.
Depletion of Net Profits Interests decreased $16,597 (24.9%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999 and
the decrease in volumes of oil sold. As a percentage of Net Profits, this
expense decreased to 10.8% for the three months ended September 30, 2000
from 20.7% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
General and administrative expenses increased $1,576 (3.4%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 10.5% for the three months ended September 30, 2000 from
14.6% for the three months ended September 30, 1999. This percentage
decrease was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
-------------------------------
2000 1999
---------- --------
Net Profits $1,276,693 $852,103
Barrels produced 18,997 25,502
Mcf produced 359,055 422,909
Average price/Bbl $ 27.92 $ 14.98
Average price/Mcf $ 2.90 $ 1.87
As shown in the table above, total Net Profits increased $424,590 (49.8%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $246,000
and $372,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by
decreases of approximately $97,000 and $119,000, respectively, related to
decreases in volumes of oil and gas sold. Volumes of oil and gas sold
decreased 6,505 barrels and 63,854 Mcf, respectively, for the nine months
ended September 30, 2000 as compared to the nine months ended September
30, 1999. The decrease in volumes of oil sold was primarily due to (i)
positive prior period volume adjustments made by the operators on several
wells
-37-
during the nine months ended September 30, 1999 and (ii) normal declines
in production. The decrease in volumes of gas sold was primarily due to
(i) a positive prior period volume adjustment made by the operator on one
significant well during the nine months ended September 30, 1999, (ii) the
P-3 Partnership's receipt of a decreased percentage of sales due to gas
balancing on two significant wells during the nine months ended September
30, 2000, and (iii) normal declines in production. Average oil and gas
prices increased to $27.92 per barrel and $2.90 per Mcf, respectively, for
the nine months ended September 30, 2000 from $14.98 per barrel and $1.87
per Mcf, respectively, for the nine months ended September 30, 1999.
Depletion of Net Profits Interests decreased $83,317 (33.9%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to the decreases in
volumes of oil and gas sold and upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1999. As a percentage of
Net Profits, this expense decreased to 12.7% for the nine months ended
September 30, 2000 from 28.8% for the nine months ended September 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
nine months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 12.2% for the nine months ended September 30, 2000 from 18.1%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
The P-3 Partnership achieved payout during the nine months ended September
30, 2000. After payout, operations and revenues for the P-3 Partnership
have been and will be allocated using the after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnerships' Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $17,311,401 or 102.05% of the Limited Partners' capital
contributions.
-38-
P-4 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $426,208 $215,501
Barrels produced 6,218 4,416
Mcf produced 87,791 81,223
Average price/Bbl $ 29.33 $ 20.10
Average price/Mcf $ 4.13 $ 2.51
As shown in the table above, total Net Profits increased $210,707 (97.8%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $57,000
and $143,000, respectively, were related to increases in the average
prices of oil and gas sold and approximately $36,000 was related to an
increase in volumes of oil sold. These increases were partially offset by
a decrease of approximately $42,000 related to an increase in production
expenses. Volumes of oil and gas sold increased 1,802 barrels and 6,568
Mcf, respectively, for the three months ended September 30, 2000 as
compared to the three months ended September 30, 1999. The increase in
volumes of oil sold was primarily due to increased production on two wells
following successful workovers completed during late 1999. The increase in
production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold and (ii) workover expenses incurred on two significant wells during
the three months ended September 30, 2000. Average oil and gas prices
increased to $29.33 per barrel and $4.13 per Mcf, respectively, for the
three months ended September 30, 2000 from $20.10 per barrel and $2.51 per
Mcf, respectively, for the three months ended September 30, 1999.
Depletion of Net Profits Interests decreased $1,422 (2.8%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, this expense decreased
to 11.5% for the three months ended September 30, 2000 from 23.5% for the
three months ended September 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
-39-
General and administrative expenses increased $1,345 (3.8%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 8.5% for the three months ended September 30, 2000 from 16.2%
for the three months ended September 30, 1999. This percentage decrease
was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
------------------------------
2000 1999
-------- --------
Net Profits $968,966 $546,129
Barrels produced 17,186 13,493
Mcf produced 251,091 269,857
Average price/Bbl $ 28.62 $ 15.28
Average price/Mcf $ 3.27 $ 2.10
As shown in the table above, total Net Profits increased $422,837 (77.4%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $229,000
and $294,000, respectively, were related to increases in the average
prices of oil and gas sold and approximately $56,000 was related to an
increase in volumes of oil sold. These increases were partially offset by
a decrease of approximately $118,000 related to an increase in production
expenses. Volumes of oil sold increased 3,693 barrels, while volumes of
gas sold decreased 18,766 Mcf for the nine months ended September 30, 2000
as compared to the nine months ended September 30, 1999. The increase in
volumes of oil sold was primarily due to increased production on two wells
following successful workovers completed during late 1999. The increase in
production expenses was primarily due to (i) an increase in production
taxes associated with the increases in the average prices of oil and gas
sold and (ii) workover expenses incurred on three significant wells during
the nine months ended September 30, 2000. Average oil and gas prices
increased to $28.62 per barrel and $3.27 per Mcf, respectively, for the
nine months ended September 30, 2000 from $15.28 per barrel and $2.10 per
Mcf, respectively, for the nine months ended September 30, 1999.
Depletion of Net Profits Interests decreased $25,560 (15.5%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999 and
the decrease in volumes of gas sold. As a percentage of Net Profits, this
expense decreased to 14.4% for the nine months
-40-
ended September 30, 2000 from 30.2% for the nine months ended September
30, 1999. This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold.
General and administrative expenses increased $1,797 (1.6%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 12.0% for the nine months ended September 30, 2000 from 21.0%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $13,143,945 or 104.06% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $404,290 $230,347
Barrels produced 1,143 1,417
Mcf produced 124,702 116,176
Average price/Bbl $ 31.93 $ 21.56
Average price/Mcf $ 3.84 $ 2.32
As shown in the table above, total Net Profits increased $173,943 (75.5%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $190,000
was related to an increase in the average price of gas sold and
approximately $20,000 was related to an increase in volumes of gas sold.
These increases were partially offset by a decrease of approximately
$42,000 related to an increase in production expenses. Volumes of oil sold
decreased 274 barrels, while volumes of gas sold increased 8,526 Mcf for
the three months ended September 30, 2000 as compared to the three months
ended September 30, 1999. The decrease in volumes of oil sold was
primarily due to normal declines in production. The increase in production
expenses was primarily due to (i) an increase in production taxes
associated with the increases in the average prices of oil and gas sold,
(ii) positive prior period lease operating expense adjustments made by the
operator on several wells during the three months ended September 30,
2000, and (iii) workover expenses incurred on one significant well during
the three months ended September 30, 2000. Average oil and gas prices
increased to $31.93 per barrel and $3.84 per Mcf,
-41-
respectively, for the three months ended September 30, 2000 from $21.56
per barrel and $2.32 per Mcf, respectively, for the three months ended
September 30, 1999.
Depletion of Net Profits Interests decreased $9,552 (19.3%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999. As a
percentage of Net Profits, this expense decreased to 9.9% for the three
months ended September 30, 2000 from 21.5% for the three months ended
September 30, 1999. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses increased $1,324 (4.0%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 8.4% for the three months ended September 30, 2000 from 14.2%
for the three months ended September 30, 1999. This percentage decrease
was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
-------------------------------
2000 1999
-------- --------
Net Profits $941,069 $574,192
Barrels produced 4,361 5,378
Mcf produced 345,062 357,095
Average price/Bbl $ 28.89 $ 15.84
Average price/Mcf $ 3.15 $ 1.89
As shown in the table above, total Net Profits increased $366,877 (63.9%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $57,000
and $437,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by a
decrease of approximately $88,000 related to an increase in production
expenses. Volumes of oil and gas sold decreased 1,017 barrels and 12,033
Mcf, respectively, for the nine months ended September 30, 2000 as
compared to the nine months ended September 30, 1999. The decrease in
volumes of oil sold was primarily due to normal declines in production.
The increase in production expenses was primarily due to (i) an increase
in production taxes associated with the increases in the average prices of
oil and gas sold and (ii) workover expenses incurred on one significant
well during the nine months ended September 30, 2000. Average oil and gas
prices increased to $28.89 per
-42-
barrel and $3.15 per Mcf, respectively, for the nine months ended
September 30, 2000 from $15.84 per barrel and $1.89 per Mcf, respectively,
for the nine months ended September 30, 1999.
Depletion of Net Profits Interests decreased $41,843 (27.1%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999 and
the decreases in volumes of oil and gas sold. As a percentage of Net
Profits, this expense decreased to 12.0% for the nine months ended
September 30, 2000 from 26.9% for the nine months ended September 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses increased $1,559 (1.4%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 11.6% for the nine months ended September 30, 2000 from 18.8%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $8,567,759 or 72.33% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1999.
Three Months Ended September 30,
--------------------------------
2000 1999
-------- --------
Net Profits $722,132 $440,245
Barrels produced 2,971 5,560
Mcf produced 220,785 215,064
Average price/Bbl $ 27.52 $ 19.42
Average price/Mcf $ 3.79 $ 2.36
As shown in the table above, total Net Profits increased $281,887 (64.0%)
for the three months ended September 30, 2000 as compared to the three
months ended September 30, 1999. Of this increase, approximately $318,000
was related to an increase in the average price of gas sold, which
increase was partially offset by a decrease of approximately $50,000
related to a decrease in volumes of oil sold. Volumes of oil sold
decreased 2,589 barrels, while volumes of gas sold increased 5,721 Mcf for
the three months ended September 30, 2000 as compared to the three months
ended
-43-
September 30, 1999. The decrease in volumes of oil sold was primarily due
to (i) positive prior period volume adjustments made by the purchasers on
several wells during the three months ended September 30, 1999, (ii)
sporadic oil sales in 2000 on several wells in one field, and (iii) normal
declines in production. Average oil and gas prices increased to $27.52 per
barrel and $3.79 per Mcf, respectively, for the three months ended
September 30, 2000 from $19.42 per barrel and $2.36 per Mcf, respectively,
for the three months ended September 30, 1999.
Depletion of Net Profits Interests decreased $22,713 (22.3%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at December 31, 1999. As a
percentage of Net Profits, this expense decreased to 11.0% for the three
months ended September 30, 2000 from 23.1% for the three months ended
September 30, 1999. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses increased $1,460 (3.7%) for the three
months ended September 30, 2000 as compared to the three months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 5.7% for the three months ended September 30, 2000 from 9.0%
for the three months ended September 30, 1999. This percentage decrease
was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Nine Months Ended September 30,
-------------------------------
2000 1999
---------- --------
Net Profits $1,689,429 $996,224
Barrels produced 10,647 14,798
Mcf produced 609,532 657,672
Average price/Bbl $ 27.74 $ 15.27
Average price/Mcf $ 3.16 $ 1.88
As shown in the table above, total Net Profits increased $693,205 (69.6%)
for the nine months ended September 30, 2000 as compared to the nine
months ended September 30, 1999. Of this increase, approximately $133,000
and $780,000, respectively, were related to increases in the average
prices of oil and gas sold. These increases were partially offset by a
decrease of approximately $91,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 4,151 barrels and 48,140 Mcf,
respectively, for the nine months ended September 30, 2000 as compared to
the nine months ended September 30, 1999.
-44-
The decrease in volumes of oil sold was primarily due to (i) positive
prior period volume adjustments made by the purchasers on several wells
during the three months ended September 30, 1999, (ii) sporadic oil sales
in 2000 on several wells in one field, and (iii) normal declines in
production. Average oil and gas prices increased to $27.74 per barrel and
$3.16 per Mcf, respectively, for the nine months ended September 30, 2000
from $15.27 per barrel and $1.88 per Mcf, respectively, for the nine
months ended September 30, 1999.
Depletion of Net Profits Interests decreased $82,699 (27.0%) for the nine
months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. This decrease was primarily due to the decreases in
volumes of oil and gas sold and upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1999. As a percentage of
Net Profits, this expense decreased to 13.2% for the nine months ended
September 30, 2000 from 30.7% for the nine months ended September 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
nine months ended September 30, 2000 as compared to the nine months ended
September 30, 1999. As a percentage of Net Profits, these expenses
decreased to 7.8% for the nine months ended September 30, 2000 from 13.1%
for the nine months ended September 30, 1999. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2000 were $11,794,248 or 82.45% of the Limited Partners' capital
contributions.
-45-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-46-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule containing summary financial information
extracted from the P-1 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
27.2 Financial Data Schedule containing summary financial information
extracted from the P-2 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
27.3 Financial Data Schedule containing summary financial information
extracted from the P-3 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
27.4 Financial Data Schedule containing summary financial information
extracted from the P-4 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
27.5 Financial Data Schedule containing summary financial information
extracted from the P-5 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
27.6 Financial Data Schedule containing summary financial information
extracted from the P-6 Partnership's financial statements as of
September 30, 2000 and for the nine months ended September 30, 2000,
filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
None.
-47-
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.
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-6
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: November 13, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: November 13, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-48-
INDEX TO EXHIBITS
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income P-1
Limited Partnership's financial statements as of September 30, 2000
and for the nine months ended September 30, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income P-2
Limited Partnership's financial statements as of September 30, 2000
and for the nine months ended September 30, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income
Limited Partnership P-3's financial statements as of September 30,
2000 and for the nine months ended September 30, 2000, filed
herewith.
27.4 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income
Limited Partnership P-4's financial statements as of September 30,
2000 and for the nine months ended September 30, 2000, filed
herewith.
27.5 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income
Limited Partnership P-5's financial statements as of September 30,
2000 and for the nine months ended September 30, 2000, filed
herewith.
27.6 Financial Data Schedule containing summary financial information
extracted from the Geodyne Institutional/Pension Energy Income
Limited Partnership P-6's financial statements as of September 30,
2000 and for the nine months ended September 30, 2000, filed
herewith.
All other exhibits are omitted as inapplicable.
-49-