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 March 31, 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
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 197,523 $ 182,743
Accounts receivable:
Net Profits 202,779 167,901
General Partner (Note 2) 6,330 -
---------- ----------
Total current assets $ 406,632 $ 350,644
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 965,023 1,003,826
---------- ----------
$1,371,655 $1,354,470
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 73,683) ($ 77,417)
Limited Partners, issued and
outstanding, 108,074 units 1,445,338 1,431,887
---------- ----------
Total Partners' capital $1,371,655 $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 MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Net Profits $290,633 $157,465
Interest income 1,988 1,116
Gain on sale of Net Profits
Interests 6,330 664
-------- --------
$298,951 $159,245
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 41,448 $ 66,996
General and administrative
(Note 2) 38,633 38,161
-------- --------
$ 80,081 $105,157
-------- --------
NET INCOME $218,870 $ 54,088
======== ========
GENERAL PARTNER - NET INCOME $ 25,419 $ 11,327
======== ========
LIMITED PARTNERS - NET INCOME $193,451 $ 42,761
======== ========
NET INCOME per unit $ 1.79 $ .40
======== ========
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 CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $218,870 $ 54,088
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 41,448 66,996
Gain on sale of Net Profits
Interests ( 6,330) ( 664)
Increase in accounts receivable -
Net Profits ( 34,878) ( 1,584)
Increase in accounts receivable -
General Partner ( 6,330) -
-------- --------
Net cash provided by operating
activities $212,780 $118,836
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,645) ($ 2,673)
Proceeds from sale of Net Profits
Interests 6,330 664
-------- --------
Net cash provided (used) by investing
activities $ 3,685 ($ 2,009)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($201,685) ($111,168)
-------- --------
Net cash used by financing activities ($201,685) ($111,168)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 14,780 $ 5,659
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,743 99,454
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $197,523 $105,113
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 149,688 $ 148,106
Accounts receivable:
Net Profits 138,837 135,136
General Partner (Note 2) 4,322 -
---------- ----------
Total current assets $ 292,847 $ 283,242
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 824,400 856,093
---------- ----------
$1,117,247 $1,139,335
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 56,276) ($ 56,585)
Limited Partners, issued and
outstanding, 90,094 units 1,173,523 1,195,920
---------- ----------
Total Partners' capital $1,117,247 $1,139,335
========== ==========
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 STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $189,228 $120,305
Interest income 1,619 847
Gain on sale of Net Profits
Interests 4,322 454
-------- --------
$195,169 $121,606
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 33,580 $ 54,185
General and administrative
(Note 2) 32,185 31,861
-------- --------
$ 65,765 $ 86,046
-------- --------
NET INCOME $129,404 $ 35,560
======== ========
GENERAL PARTNER - NET INCOME $ 15,801 $ 3,903
======== ========
LIMITED PARTNERS - NET INCOME $113,603 $ 31,657
======== ========
NET INCOME per unit $ 1.26 $ .35
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
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 CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $129,404 $35,560
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 33,580 54,185
Gain on sale of Net Profits
Interests ( 4,322) ( 454)
Increase in accounts receivable -
Net Profits ( 3,701) ( 80)
Increase in accounts receivable -
General Partner ( 4,322) -
-------- -------
Net cash provided by operating
activities $150,639 $89,211
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,887) ($ 2,834)
Proceeds from sale of Net Profits
Interests 4,322 454
-------- -------
Net cash provided (used) by investing
activities $ 2,435 ($ 2,380)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($151,492) ($82,510)
-------- -------
Net cash used by financing activities ($151,492) ($82,510)
-------- -------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 1,582 $ 4,321
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 148,106 78,435
-------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $149,688 $82,756
======== =======
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 293,095 $ 284,040
Accounts receivable:
Net Profits 250,187 251,484
General Partner (Note 2) 7,975 -
---------- ----------
Total current assets $ 551,257 $ 535,524
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,536,921 1,595,636
---------- ----------
$2,088,178 $2,131,160
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 114,136) ($ 113,709)
Limited Partners, issued and
outstanding, 169,637 units 2,202,314 2,244,869
---------- ----------
Total Partners' capital $2,088,178 $2,131,160
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $339,774 $223,179
Interest income 3,249 1,667
Gain on sale of Net Profits
Interests 7,975 837
-------- --------
$350,998 $225,683
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 62,206 $100,772
General and administrative
(Note 2) 60,612 59,878
-------- --------
$122,818 $160,650
-------- --------
NET INCOME $228,180 $ 65,033
======== ========
GENERAL PARTNER - NET INCOME $ 13,735 $ 7,199
======== ========
LIMITED PARTNERS - NET INCOME $214,445 $ 57,834
======== ========
NET INCOME per unit $ 1.26 $ .34
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
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 STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $228,180 $ 65,033
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 62,206 100,772
Gain on sale of Net Profits
Interests ( 7,975) ( 837)
Decrease in accounts receivable -
Net Profits 1,297 271
Increase in accounts receivable -
General Partner ( 7,975) -
-------- --------
Net cash provided by operating
activities $275,733 $165,239
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 3,491) ($ 5,376)
Proceeds from sale of Net Profits
Interests 7,975 837
-------- --------
Net cash provided (used) by investing
activities $ 4,484 ($ 4,539)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($271,162) ($152,353)
-------- --------
Net cash used by financing activities ($271,162) ($152,353)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 9,055 $ 8,347
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 284,040 146,246
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $293,095 $154,593
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 187,777 $ 188,928
Accounts receivable:
Net Profits 293,243 255,972
---------- ----------
Total current assets $ 481,020 $ 444,900
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 830,180 892,659
---------- ----------
$1,311,200 $1,337,559
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 79,054) ($ 80,321)
Limited Partners, issued and
outstanding, 126,306 units 1,390,254 1,417,880
---------- ----------
Total Partners' capital $1,311,200 $1,337,559
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Net Profits $214,900 $129,381
Interest income 2,201 948
-------- --------
$217,101 $130,329
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 45,078 $ 59,886
General and administrative
(Note 2) 45,122 44,581
-------- --------
$ 90,200 $104,467
-------- --------
NET INCOME $126,901 $ 25,862
======== ========
GENERAL PARTNER - NET INCOME $ 16,527 $ 3,641
======== ========
LIMITED PARTNERS - NET INCOME $110,374 $ 22,221
======== ========
NET INCOME per unit $ .87 $ .18
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $126,901 $ 25,862
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 45,078 59,886
(Increase) decrease in accounts
receivable - Net Profits ( 37,271) 15,350
-------- --------
Net cash provided by operating
activities $134,708 $101,098
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,991) ($ 2,215)
Proceeds from sale of Net Profits
Interests 20,392 -
-------- --------
Net cash provided (used) by investing
activities $ 17,401 ($ 2,215)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($153,260) ($ 91,985)
-------- --------
Net cash used by financing activities ($153,260) ($ 91,985)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 1,151) $ 6,898
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 188,928 101,652
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $187,777 $108,550
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 213,655 $ 217,441
Accounts receivable:
Net Profits 193,263 180,909
---------- ----------
Total current assets $ 406,918 $ 398,350
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 797,655 836,971
---------- ----------
$1,204,573 $1,235,321
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 68,414) ($ 68,638)
Limited Partners, issued and
outstanding, 118,449 units 1,272,987 1,303,959
---------- ----------
Total Partners' capital $1,204,573 $1,235,321
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Net Profits $238,553 $144,443
Interest income 2,550 1,356
-------- --------
$241,103 $145,799
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 39,316 $ 53,417
General and administrative
(Note 2) 42,342 41,853
-------- --------
$ 81,658 $ 95,270
-------- --------
NET INCOME $159,445 $ 50,529
======== ========
GENERAL PARTNER - NET INCOME $ 9,417 $ 4,595
======== ========
LIMITED PARTNERS - NET INCOME $150,028 $ 45,934
======== ========
NET INCOME per unit $ 1.27 $ .39
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $159,445 $ 50,529
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 39,316 53,417
(Increase) decrease in accounts
receivable - Net Profits ( 12,354) 28,477
-------- --------
Net cash provided by operating
activities $186,407 $132,423
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 10,463)
-------- --------
Net cash used by investing activities $ - ($ 10,463)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($190,193) ($152,449)
-------- --------
Net cash used by financing activities ($190,193) ($152,449)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 3,786) ($ 30,489)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 217,441 166,487
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $213,655 $135,998
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 308,818 $ 339,386
Accounts receivable:
Net Profits 226,941 177,661
---------- ----------
Total current assets $ 535,759 $ 517,047
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,753,795 1,797,167
---------- ----------
$2,289,554 $2,314,214
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 84,368) ($ 86,400)
Limited Partners, issued and
outstanding, 143,041 units 2,373,922 2,400,614
---------- ----------
Total Partners' capital $2,289,554 $2,314,214
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Net Profits $455,060 $207,544
Interest income 3,713 2,387
-------- --------
$458,773 $209,931
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 79,958 $103,069
General and administrative
(Note 2) 51,109 50,500
-------- --------
$131,067 $153,569
-------- --------
NET INCOME $327,706 $ 56,362
======== ========
GENERAL PARTNER - NET INCOME $ 19,398 $ 6,822
======== ========
LIMITED PARTNERS - NET INCOME $308,308 $ 49,540
======== ========
NET INCOME per unit $ 2.16 $ .35
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $327,706 $ 56,362
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 79,958 103,069
(Increase) decrease in accounts
receivable - Net Profits ( 49,280) 57,990
-------- --------
Net cash provided by operating
activities $358,384 $217,421
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 37,129) ($ 13,537)
Proceeds from sale of Net Profits
Interests 543 -
-------- --------
Net cash used by investing activities ($ 36,586) ($ 13,537)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($352,366) ($307,616)
-------- --------
Net cash used by financing activities ($352,366) ($307,616)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 30,568) ($103,732)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,386 300,324
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $308,818 $196,592
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2000, combined statements of
operations for the three months ended March 31, 2000 and 1999, and
combined statements of cash flows for the three months ended March 31,
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 March 31, 2000, the combined results of operations for the three months
ended March 31, 2000 and 1999, and the combined cash flows for the three
months ended March 31, 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 March 31, 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.
-20-
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 March 31, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
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Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $10,193 $28,440
P-2 8,476 23,709
P-3 15,972 44,640
P-4 11,882 33,240
P-5 11,172 31,170
P-6 13,468 37,641
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.
The receivable from the General Partner at March 31, 2000 for the P-1, P-2
and P-3 Partnerships represents proceeds due to the Partnerships from the
sale of oil and gas properties to third parties during the first quarter
of 2000. Subsequent to March 31, 2000, this receivable was collected by
the Partnerships.
-22-
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
-23-
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 March 31, 2000 and the net
revenue generated from future operations will provide sufficient working
capital to meet current and future obligations.
During the three months ended March 31, 2000, capital expenditures
indirectly incurred by the P-6 Partnership totaled $37,129. These
expenditures were primarily due to the Partnership's indirect
participation in the recompletion of the Myron No. 2 well located in
Grayson County, Texas in order to improve the recovery of reserves.
-24-
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 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 low prices in 1998.
P-1 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $290,633 $157,465
Barrels produced 5,732 7,426
Mcf produced 92,487 118,847
Average price/Bbl $ 27.33 $ 10.22
Average price/Mcf $ 2.25 $ 1.53
As shown in the table above, total Net Profits increased $133,168 (84.6%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $98,000 and $66,000,
respectively, were related to increases in the average prices of oil and
gas sold and approximately $26,000 was related to a decrease in production
expenses. These increases were partially offset by decreases of
-25-
approximately $17,000 and $40,000, respectively, related to decreases in
volumes of oil and gas sold. Volumes of oil and gas sold decreased 1,694
barrels and 26,360 Mcf, respectively, for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999. The decrease in
volumes of oil sold was primarily due to positive prior period payout
related volume adjustments made by the operators on two significant wells
during the three months ended March 31, 1999 and normal declines in
production. The decrease in volumes of gas sold was primarily due to a
positive prior period payout related volume adjustment made by the
operator during the three months ended March 31, 1999 and normal declines
in production. The decrease in production expenses was primarily due to
(i) a decrease in lease operating expenses associated with the decreases
in volumes of oil and gas sold, (ii) workover expenses incurred during the
three months ended March 31, 1999 on one significant well in order to
improve the recovery of reserves, and (iii) a positive prior period lease
operating expense adjustment on another significant well made during the
three months ended March 31, 1999. Average oil and gas prices increased to
$27.33 per barrel and $2.25 per Mcf, respectively, for the three months
ended March 31, 2000 from $10.22 per barrel and $1.53 per Mcf,
respectively, for the three months ended March 31, 1999.
Depletion of Net Profits Interests decreased $25,548 (38.1%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 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 14.3% for the three months ended March 31, 2000
from 42.5% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold and the dollar decrease in depletion of Net Profits
Interests.
General and administrative expenses increased $472 (1.2%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
13.3% for the three months ended March 31, 2000 from 24.2% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $12,129,558 or 112.23% of the Limited Partners' capital
contributions.
-26-
P-2 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $189,228 $120,305
Barrels produced 4,019 5,342
Mcf produced 73,220 94,942
Average price/Bbl $ 27.33 $ 10.29
Average price/Mcf $ 1.89 $ 1.53
As shown in the table above, total Net Profits increased $68,923 (57.3%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $69,000 and $26,000,
respectively, were related to increases in the average prices of oil and
gas sold and approximately $21,000 was related to a decrease in production
expenses. These increases were partially offset by decreases of
approximately $14,000 and $33,000, respectively, related to decreases in
volumes of oil and gas sold. Volumes of oil and gas sold decreased 1,323
barrels and 21,722 Mcf, respectively, for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999. The decrease in
volumes of oil sold was primarily due to positive prior period volume
adjustments made by the operators on two significant wells during the
three months ended March 31, 1999 and normal declines in production. The
decrease in volumes of gas sold was primarily due to a positive prior
period payout related volume adjustment made by the operator during the
three months ended March 31, 1999 and normal declines in production. The
decrease in production expenses was primarily due to (i) a decrease in
lease operating expenses associated with the decreases in volumes of oil
and gas sold, (ii) workover expenses incurred during the three months
ended March 31, 1999 on one significant well in order to improve the
recovery of reserves, and (iii) a positive prior period lease operating
expense adjustment on another significant well made during the three
months ended March 31, 1999. Average oil and gas prices increased to
$27.33 per barrel and $1.89 per Mcf, respectively, for the three months
ended March 31, 2000 from $10.29 per barrel and $1.53 per Mcf,
respectively, for the three months ended March 31, 1999.
-27-
Depletion of Net Profits Interests decreased $20,605 (38.0%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. This decrease was primarily due to (i) the decreases in volumes
of oil and gas sold and (ii) 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 17.7% for the three months ended
March 31, 2000 from 45.0% for the three months ended March 31, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold and the dollar decrease in depletion of Net
Profits Interests.
General and administrative expenses increased $324 (1.0%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
17.0% for the three months ended March 31, 2000 from 26.5% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $9,240,561 or 102.57% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $339,774 $223,179
Barrels produced 7,431 9,867
Mcf produced 136,594 176,983
Average price/Bbl $ 27.33 $ 10.29
Average price/Mcf $ 1.81 $ 1.53
As shown in the table above, total Net Profits increased $116,595 (52.2%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $127,000 and
$38,000, respectively, were related to increases in the average prices of
oil and gas sold and approximately $39,000 was related to a decrease in
production expenses. These increases were partially offset by decreases of
approximately $25,000 and $62,000, respectively, related to decreases in
volumes of oil and gas sold. Volumes of oil and gas sold decreased 2,436
barrels and 40,389 Mcf, respectively, for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999. The
-28-
decrease in volumes of oil sold was primarily due to positive prior period
volume adjustments made by the operators on two significant wells during
the three months ended March 31, 1999 and normal declines in production.
The decrease in volumes of gas sold was primarily due to a positive prior
period payout related volume adjustment made by the operator during the
three months ended March 31, 1999 and normal declines in production. The
decrease in production expenses was primarily due to (i) a decrease in
lease operating expenses associated with the decreases in volumes of oil
and gas sold, (ii) workover expenses incurred during the three months
ended March 31, 1999 on one significant well in order to improve the
recovery of reserves, and (iii) a positive prior period lease operating
expense adjustment on another significant well made during the three
months ended March 31, 1999. Average oil and gas prices increased to
$27.33 per barrel and $1.81 per Mcf, respectively, for the three months
ended March 31, 2000 from $10.29 per barrel and $1.53 per Mcf,
respectively, for the three months ended March 31, 1999.
Depletion of Net Profits Interests decreased $38,566 (38.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 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 18.3% for the three months ended March 31, 2000
from 45.2% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold and the dollar decrease in depletion of Net Profits
Interests.
The P-3 Partnership should achieve payout during the three months ended
June 30, 2000. After payout, operations and revenues for the P-3
Partnership will be allocated using 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 are 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.
General and administrative expenses increased $734 (1.2%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
17.8% for the three months ended March 31, 2000 from 26.8% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
-29-
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $16,723,401 or 98.58% of the Limited Partners' capital
contributions.
P-4 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $214,900 $129,381
Barrels produced 6,150 4,633
Mcf produced 77,703 99,620
Average price/Bbl $ 26.70 $ 10.90
Average price/Mcf $ 2.05 $ 1.66
As shown in the table above, total Net Profits increased $85,519 (66.1%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $97,000 and $30,000,
respectively, were related to increases in the average prices of oil and
gas sold and approximately $17,000 was related to an increase in volumes
of oil sold. These increases were partially offset by decreases of
approximately (i) $36,000 related to a decrease in volumes of gas sold and
(ii) $22,000 related to an increase in production expenses. Volumes of oil
sold increased 1,517 barrels while volumes of gas sold decreased 21,917
Mcf for the three months ended March 31, 2000 as compared to the three
months ended March 31, 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 decrease in volumes of gas sold
was primarily due to normal declines in production. The increase in
production expenses was primarily due to an increase in production taxes
associated with the increase in Net Profits. Average oil and gas prices
increased to $26.70 per barrel and $2.05 per Mcf, respectively, for the
three months ended March 31, 2000 from $10.90 per barrel and $1.66 per
Mcf, respectively, for the three months ended March 31, 1999.
Depletion of Net Profits Interests decreased $14,808 (24.7%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. This decrease was primarily due to the decrease in volumes of
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 21.0% for the three months ended March 31, 2000 from
46.3% for the three months ended March 31, 1999. This percentage decrease
was
-30-
primarily due the increases in the average prices of oil and gas sold.
General and administrative expenses increased $541 (1.2%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
21.0% for the three months ended March 31, 2000 from 34.5% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $12,772,945 or 101.13% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $238,553 $144,443
Barrels produced 1,690 1,565
Mcf produced 119,469 125,271
Average price/Bbl $ 28.30 $ 11.50
Average price/Mcf $ 2.34 $ 1.48
As shown in the table above, total Net Profits increased $94,110 (65.2%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $28,000 and
$102,000, 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 an increase in production expenses.
Volumes of oil sold increased 125 barrels, while volumes of gas sold
decreased 5,802 Mcf for the three months ended March 31, 2000 as compared
to the three months ended March 31, 1999. The increase in production
expenses was primarily due to (i) an increase in production taxes
associated with the increase in Net Profits and (ii) the timing of payment
of ad valorem taxes on three significant wells. Average oil and gas prices
increased to $28.30 per barrel and $2.34 per Mcf, respectively, for the
three months ended March 31, 2000 from $11.50 per barrel and $1.48 per
Mcf, respectively, for the three months ended March 31, 1999.
-31-
Depletion of Net Profits Interests decreased $14,101 (26.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. This decrease was primarily due to the decrease in volumes of
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 16.5% for the three months ended March 31, 2000 from
37.0% for the three months ended March 31, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses increased $489 (1.2%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
17.7% for the three months ended March 31, 2000 from 29.0% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $8,158,759 or 68.88% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Net Profits $455,060 $207,544
Barrels produced 4,203 2,714
Mcf produced 215,861 235,103
Average price/Bbl $ 26.81 $ 10.74
Average price/Mcf $ 2.44 $ 1.43
As shown in the table above, total Net Profits increased $247,516 (119.3%)
for the three months ended March 31, 2000 as compared to the three months
ended March 31, 1999. Of this increase, approximately $68,000 and
$218,000, respectively, were related to increases in the average prices of
oil and gas sold. These increases were partially offset by decreases of
approximately (i) $28,000 related to a decrease in volumes of gas sold and
(ii) $27,000 related to an increase in production expenses. Volumes of oil
sold increased 1,489 barrels, while volumes of gas sold decreased 19,242
Mcf for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. The increase in volumes of oil sold was
primarily due to the sale during the three months ended March 31, 2000 of
oil on
-32-
several wells which had previously been curtailed due to low oil prices.
The increase in production expenses was primarily due to (i) an increase
in production taxes associated with the increase in Net Profits and (ii)
the timing of payment of ad valorem taxes on two significant wells.
Average oil and gas prices increased to $26.81 per barrel and $2.44 per
Mcf, respectively, for the three months ended March 31, 2000 from $10.74
per barrel and $1.43 per Mcf, respectively, for the three months ended
March 31, 1999.
Depletion of Net Profits Interests decreased $23,111 (22.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. This decrease was primarily due to the decrease in volumes of
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 17.6% for the three months ended March 31, 2000 from
49.7% for the three months ended March 31, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses increased $609 (1.2%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of Net Profits, these expenses decreased to
11.2% for the three months ended March 31, 2000 from 24.3% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2000 were $11,127,248 or 77.79% of the Limited Partners' capital
contributions.
YEAR 2000 COMPUTER ISSUES
- -------------------------
The year 2000 issue refers to the inability of computer and other
information technology systems to properly process date and time
information, stemming from the earlier programming practice of using two
digits rather than four to represent the year in a date. To the knowledge
of the General Partner, the Partnerships have not experienced any material
effects from the year 2000 issue. Costs incurred by the Partnerships in
order to ensure year 2000 compatibility were not material to the
Partnerships.
-33-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-34-
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 March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the P-2 Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the P-3 Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the P-4 Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the P-5 Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the P-6 Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2000:
Date of Event: January 28, 2000
Date filed with the SEC: January 28, 2000
Items included: Item 5 - Other Events
Item 7 - Exhibits
-35-
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: May 11, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 11, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-36-
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 March 31, 2000 and
for the three months ended March 31, 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 March 31, 2000 and
for the three months ended March 31, 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 March 31, 2000
and for the three months ended March 31, 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 March 31, 2000
and for the three months ended March 31, 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 March 31, 2000
and for the three months ended March 31, 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 March 31, 2000
and for the three months ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
-37-