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, 2001
Commission File Number:
I-D: 0-15831 I-E: 0-15832 I-F: 0-15833
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
--------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
I-D 73-1265223
I-E 73-1270110
Oklahoma I-F 73-1292669
- ---------------------------- -------------------------------
(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 ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 235,126 $ 238,748
Accounts receivable:
Oil and gas sales 216,687 238,567
---------- ----------
Total current assets $ 451,813 $ 477,315
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 495,398 465,035
DEFERRED CHARGE 121,991 121,991
---------- ----------
$1,069,202 $1,064,341
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 8,160 $ 8,646
Gas imbalance payable 33,399 37,628
---------- ----------
Total current liabilities $ 41,559 $ 46,274
ACCRUED LIABILITY $ 39,330 $ 41,157
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 13,337) ($ 11,358)
Limited Partners, issued and
outstanding, 7,195 units 1,001,650 988,268
---------- ----------
Total Partners' capital $ 988,313 $ 976,910
---------- ----------
$1,069,202 $1,064,341
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
--------- ---------
REVENUES:
Oil and gas sales $361,981 $218,773
Interest income 2,719 1,690
Gain on sale of oil and gas
Properties 2,933 -
-------- --------
$367,633 $220,463
COSTS AND EXPENSES:
Lease operating $ 32,534 $ 68,992
Production tax 28,811 15,144
Depreciation, depletion, and
amortization of oil and gas
properties 10,704 16,447
General and administrative
(Note 2) 36,688 26,847
-------- --------
$108,737 $127,430
-------- --------
NET INCOME $258,896 $ 93,033
======== ========
GENERAL PARTNER - NET INCOME $ 39,514 $ 16,004
======== ========
LIMITED PARTNERS - NET INCOME $219,382 $ 77,029
======== ========
NET INCOME per unit $ 30.49 $ 10.71
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $258,896 $ 93,033
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 10,704 16,447
Gain on sale of oil and gas
properties ( 2,933) -
(Increase) decrease in accounts
receivable - oil and gas sales 21,880 ( 2,855)
Increase (decrease) in accounts
payable ( 486) 32,553
Decrease in gas imbalance payable ( 4,229) -
Decrease in accrued liability ( 1,827) -
-------- --------
Net cash provided by operating
activities $282,005 $139,178
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 41,130) ($ 1,364)
Proceeds from sale of oil and
gas properties 2,996 -
-------- --------
Net cash used by investing activities ($ 38,134) ($ 1,364)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($247,493) ($172,610)
-------- --------
Net cash used by financing activities ($247,493) ($172,610)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 3,622) ($ 34,796)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 238,748 183,942
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $235,126 $149,146
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2001 2000
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $1,291,260 $1,309,542
Accounts receivable:
Oil and gas sales 1,209,371 1,320,349
---------- ----------
Total current assets $2,500,631 $2,629,891
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,284,473 3,140,757
DEFERRED CHARGE 675,247 675,247
---------- ----------
$6,460,351 $6,445,895
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 74,923 $ 71,113
Gas imbalance payable 116,370 159,002
---------- ----------
Total current liabilities $ 191,293 $ 230,115
ACCRUED LIABILITY $ 234,539 $ 243,815
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 33,623) ($ 25,660)
Limited Partners, issued and
outstanding, 41,839 units 6,068,142 5,997,625
---------- ----------
Total Partners' capital $6,034,519 $5,971,965
---------- ----------
$6,460,351 $6,445,895
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Oil and gas sales $2,113,372 $1,322,408
Interest income 15,103 9,722
Gain on sale of oil and gas
properties 9,400 -
---------- ----------
$2,137,875 $1,332,130
COSTS AND EXPENSES:
Lease operating $ 271,103 $ 261,538
Production tax 146,462 80,189
Depreciation, depletion, and
amortization of oil and gas
properties 104,323 148,310
General and administrative
(Note 2) 138,880 155,708
---------- ----------
$ 660,768 $ 645,745
---------- ----------
NET INCOME $1,477,107 $ 686,385
========== ==========
GENERAL PARTNER - NET INCOME $ 232,590 $ 122,263
========== ==========
LIMITED PARTNERS - NET INCOME $1,244,517 $ 564,122
========== ==========
NET INCOME per unit $ 29.75 $ 13.48
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,477,107 $686,385
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 104,323 148,310
Gain on sale of oil and gas
properties ( 9,400) -
(Increase) decrease in accounts
receivable - oil and gas sales 110,978 ( 40,798)
Increase (decrease) in accounts
payable 3,810 ( 35,488)
Decrease in gas imbalance
payable ( 42,632) -
Decrease in accrued liability ( 9,276) -
---------- --------
Net cash provided by operating
activities $1,634,910 $758,409
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 248,039) ($ 10,786)
Proceeds from sale of oil and
gas properties 9,400 -
---------- --------
Net cash used by investing activities ($ 238,639) ($ 10,786)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,414,553) ($854,195)
---------- --------
Net cash used by financing activities ($1,414,553) ($854,195)
---------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 18,282) ($106,572)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,309,542 891,310
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,291,260 $784,738
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 419,333 $ 437,623
Accounts receivable:
Oil and gas sales 308,476 359,478
---------- ----------
Total current assets $ 727,809 $ 797,101
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 973,157 1,000,652
DEFERRED CHARGE 464,191 464,191
---------- ----------
$2,165,157 $2,261,944
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 33,682 $ 32,992
Gas imbalance payable 43,416 67,508
---------- ----------
Total current liabilities $ 77,098 $ 100,500
ACCRUED LIABILITY $ 185,520 $ 185,520
PARTNERS' CAPITAL:
General Partner $ 3,482 $ 7,531
Limited Partners, issued and
outstanding, 14,321 units 1,899,057 1,968,393
---------- ----------
Total Partners' capital $1,902,539 $1,975,924
---------- ----------
$2,165,157 $2,261,944
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Oil and gas sales $557,666 $439,003
Interest income 4,793 2,898
Gain on sale of oil and gas
properties 38,573 -
-------- --------
$601,032 $441,901
COSTS AND EXPENSES:
Lease operating $108,508 $116,902
Production tax 35,562 25,856
Depreciation, depletion, and
amortization of oil and gas
properties 35,180 38,584
General and administrative
(Note 2) 57,700 53,351
-------- --------
$236,950 $234,693
-------- --------
NET INCOME $364,082 $207,208
======== ========
GENERAL PARTNER - NET INCOME $ 53,418 $ 36,048
======== ========
LIMITED PARTNERS - NET INCOME $310,664 $171,160
======== ========
NET INCOME per unit $ 21.69 $ 11.95
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $364,082 $207,208
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 35,180 38,584
Gain on sale of oil and gas
properties ( 38,573) -
(Increase) decrease in accounts
receivable - oil and gas sales 51,002 ( 18,978)
Increase (decrease) in accounts
payable 690 ( 3,092)
Decrease in gas imbalance payable ( 24,092) -
-------- --------
Net cash provided by operating
activities $388,289 $223,722
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 7,685) ($ 4,400)
Proceeds from sale of oil and gas
properties 38,573 -
-------- --------
Net cash provided (used) by investing
activities $ 30,888 ($ 4,400)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($437,467) ($228,080)
-------- --------
Net cash used by financing activities ($437,467) ($228,080)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 18,290) ($ 8,758)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 437,623 254,500
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $419,333 $245,742
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE ENERGY INCOME PROGRAM I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2001, combined statements of
operations for the three months ended March 31, 2001 and 2000, and
combined statements of cash flows for the three months ended March 31,
2001 and 2000 have been prepared by Geodyne Resources, Inc., the General
Partner of the limited partnerships, without audit. Each limited
partnership is a general partner in the related Geodyne Energy Income
Production Partnership in which Geodyne Resources, Inc. serves as the
managing partner. Unless the context indicates otherwise, all references
to a "Partnership" or the "Partnerships" are references to the limited
partnership and its related production partnership, collectively, and all
references to the "General Partner" are references to the general partner
of the limited partnerships and the managing partner of the production
partnerships, collectively. 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, 2001, the combined results of operations for the
three months ended March 31, 2001 and 2000, and the combined cash flows
for the three months ended March 31, 2001 and 2000.
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, 2000. The
results of operations for the period ended March 31, 2001 are not
necessarily indicative of the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon each
$1,000 initial capital contribution.
-11-
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development
costs incurred in connection with the further development of oil and gas
reserves. 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 Partnerships of
properties 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. Leasehold impairment
is recognized based upon an individual property assessment and exploratory
experience. Upon discovery of commercial reserves, leasehold costs are
transferred to producing properties.
Depletion of the costs of producing oil and gas properties, amortization
of related intangible drilling and development costs, and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method. The Partnerships' depletion, depreciation, and amortization
includes estimated dismantlement and abandonment costs, net of estimated
salvage value.
When complete units of depreciable property are retired or sold, the asset
cost and related accumulated depreciation are eliminated with any gain or
loss reflected in income. When less than complete units of depreciable
property are retired or sold, the proceeds are credited to oil and gas
properties.
-12-
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, 2001, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
I-D $16,702 $ 19,986
I-E 22,660 116,220
I-F 17,920 39,780
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.
-13-
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 and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership, and its related
Production Partnership, is limited to the period of time required to fully
produce its acquired oil and gas reserves. 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.
-14-
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
----------- ------------------ ---------------
I-D March 4, 1986 $ 7,194,700
I-E September 10, 1986 41,839,400
I-F December 16, 1986 14,320,900
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 operations 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, 2001 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
Occasional expenditures for new wells or well recompletions or workovers,
however, may reduce or eliminate cash available for particular quarterly
cash distribution. During the three months ended March 31, 2001, capital
expenditures for the I-D and I-E Partnerships totaled $41,130 and
$248,039, respectively. These expenditures were primarily due to the
recompletion of the Haley 08-1 well, located in Winkler County, Texas, in
which the I-D and I-E Partnerships own interests of 1.2% and 7.3%,
respectively.
-15-
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.
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.
I-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
-------- --------
Oil and gas sales $361,981 $218,773
Oil and gas production expenses $ 61,345 $ 84,136
Barrels produced 1,037 1,669
Mcf produced 51,633 72,913
Average price/Bbl $ 28.49 $ 27.03
Average price/Mcf $ 6.44 $ 2.38
As shown in the table above, total oil and gas sales increased $143,208
(65.5%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $209,000 was
related to an increase in the average price of gas sold. This increase was
partially offset by decreases of approximately $17,000 and $51,000,
respectively, related to decreases in volumes of oil and gas sold. Volumes
of oil and gas sold
-16-
decreased 632 barrels and 21,280 Mcf, respectively, for the three months
ended March 31, 2001 as compared to the three months ended March 31, 2000.
The decrease in volumes of oil sold was primarily due to ongoing
production difficulties on one significant well during the three months
ended March 31, 2001. The decrease in volumes of gas sold was primarily
due to (i) normal declines in production and (ii) a negative prior period
volume adjustment made by the operator on one significant well during the
three months ended March 31, 2001. Average oil and gas prices increased to
$28.49 per barrel and $6.44 per Mcf, respectively, for the three months
ended March 31, 2001 from $27.03 per barrel and $2.38 per Mcf,
respectively, for the three months ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $22,791 (27.1%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
decrease was primarily due to workover expenses incurred on one
significant well during the three months ended March 31, 2000 in order to
improve the recovery of reserves. This decrease was partially offset by an
increase in production taxes associated with the increase in oil and gas
sales. As a percentage of oil and gas sales, these expenses decreased to
16.9% for the three months ended March 31, 2001 from 38.5% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $5,743 (34.9%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense decreased to 3.0% for the
three months ended March 31, 2001 from 7.5% for the three months ended
March 31, 2000. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses increased $9,841 (36.7%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. This increase was primarily due to a change in allocation of
audit fees among the I-D Partnership and other affiliated partnerships. As
a percentage of oil and gas sales, these expenses decreased to 10.1% for
the three months ended March 31, 2001 from 12.3% for the three months
ended March 31, 2000. This percentage decrease was primarily due to the
increase in oil and gas sales.
-17-
The Limited Partners have received cash distributions through March 31,
2001 totaling $15,321,175 or 212.95% of Limited Partners' capital
contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
---------- ----------
Oil and gas sales $2,113,372 $1,322,408
Oil and gas production expenses $ 417,565 $ 341,727
Barrels produced 11,520 14,474
Mcf produced 288,560 402,090
Average price/Bbl $ 27.44 $ 26.70
Average price/Mcf $ 6.23 $ 2.33
As shown in the table above, total oil and gas sales increased $790,964
(59.8%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $1,125,000
was related to an increase in the average price of gas sold. This increase
was partially offset by decreases of approximately $79,000 and $264,000,
respectively, related to decreases in volumes of oil and gas sold. Volumes
of oil and gas sold decreased 2,954 barrels and 113,530 Mcf, respectively,
for the three months ended March 31, 2001 as compared to the three months
ended March 31, 2000. The decrease in volumes of oil sold was primarily
due to (i) normal declines in production and (ii) the sale of three wells
during 2000. The decrease in volumes of gas sold was primarily due to (i)
normal declines in production and (ii) a negative gas balancing adjustment
made by the operator on one significant well during the three months ended
March 31, 2001. Average oil and gas prices increased to $27.44 per barrel
and $6.23 per Mcf, respectively, for the three months ended March 31, 2001
from $26.70 per barrel and $2.33 per Mcf, respectively, for the three
months ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $75,838 (22.2%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales and (ii) workover
expenses incurred on one significant well during the three months ended
March 31, 2001 in order to improve the recovery of reserves. As a
percentage of oil and gas sales, these expenses decreased to 19.8% for the
three
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months ended March 31, 2001 from 25.8% for the three months ended March
31, 2000. This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $43,987 (29.7%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense decreased to 4.9% for the
three months ended March 31, 2001 from 11.2% for the three months ended
March 31, 2000. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses decreased $16,828 (10.8%) for the
three months ended March 31, 2001 as compared to the three months ended
March 31, 2000. This decrease was primarily due to a change in allocation
of audit fees among the I-E Partnership and other affiliated partnerships.
As a percentage of oil and gas sales, these expenses decreased to 6.6% for
the three months ended March 31, 2001 from 11.8% for the three months
ended March 31, 2000. This percentage decrease was primarily due to the
increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $59,849,552 or 143.05% of Limited Partners' capital
contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
-------- --------
Oil and gas sales $557,666 $439,003
Oil and gas production expenses $144,070 $142,758
Barrels produced 5,571 7,126
Mcf produced 72,112 95,870
Average price/Bbl $ 27.79 $ 26.81
Average price/Mcf $ 5.59 $ 2.59
As shown in the table above, total oil and gas sales increased $118,663
(27.0%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $216,000 was
related to an increase in the average price of gas sold. This increase was
partially offset by decreases of approximately $42,000 and $61,000,
respectively, related to decreases in
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volumes of oil and gas sold. Volumes of oil and gas sold decreased 1,555
barrels and 23,758 Mcf, respectively, for the three months ended March 31,
2001 as compared to the three months ended March 31, 2000. The decrease in
volumes of oil sold was primarily due to (i) normal declines in production
and (ii) the sale of three wells during 2000. The decrease in volumes of
gas sold was primarily due to normal declines in production. Average oil
and gas prices increased to $27.79 per barrel and $5.59 per Mcf,
respectively, for the three months ended March 31, 2001 from $26.81 per
barrel and $2.59 per Mcf, respectively, for the three months ended March
31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) remained relatively constant during the three months
ended March 31, 2001 as compared to the three months ended March 31, 2000.
As a percentage of oil and gas sales, these expenses decreased to 25.8%
for the three months ended March 31, 2001 from 32.5% for the three months
ended March 31, 2000. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $3,404 (8.8%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to the decreases in volumes of oil and gas sold, which
decrease was partially offset by a downward revision in the estimates of
remaining oil and gas reserves at December 31, 2000 on several significant
wells. As a percentage of oil and gas sales, this expense decreased to
6.3% for the three months ended March 31, 2001 from 8.8% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
General and administrative expenses increased $4,349 (8.2%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. As a percentage of oil and gas sales, these expenses decreased
to 10.3% for the three months ended March 31, 2001 from 12.2% for the
three months ended March 31, 2000. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $19,603,664 or 136.89% of Limited Partners' capital
contributions.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2001:
Date of Event January 26, 2001
Date filed with the SEC January 26, 2001
Items Included Item 5 - Other
Events
Item 7 - Exhibits
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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 ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 11, 2001 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 11, 2001 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
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