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 June 30, 2001
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
June 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 389,851 $ 284,937
Accounts receivable:
Net Profits 215,030 280,155
---------- ----------
Total current assets $ 604,881 $ 565,092
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 839,476 892,090
---------- ----------
$1,444,357 $1,457,182
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 71,805) ($ 64,717)
Limited Partners, issued and
outstanding, 108,074 units 1,516,162 1,521,899
---------- ----------
Total Partners' capital $1,444,357 $1,457,182
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $430,320 $293,033
Interest income 3,181 2,352
Gain (loss) on sale of Net Profits
Interests ( 544) 6,618
-------- --------
$432,957 $302,003
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 37,271 $ 32,748
General and administrative
(Note 2) 29,970 30,019
-------- --------
$ 67,241 $ 62,767
-------- --------
NET INCOME $365,716 $239,236
======== ========
GENERAL PARTNER - NET INCOME $ 39,608 $ 26,635
======== ========
LIMITED PARTNERS - NET INCOME $326,108 $212,601
======== ========
NET INCOME per unit $ 3.02 $ 1.97
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $859,598 $583,666
Interest income 6,473 4,340
Gain (loss) on sale of Net Profits
Interests ( 680) 12,948
-------- --------
$865,391 $600,954
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 68,786 $ 74,196
General and administrative
(Note 2) 75,709 68,652
-------- --------
$144,495 $142,848
-------- --------
NET INCOME $720,896 $458,106
======== ========
GENERAL PARTNER - NET INCOME $ 77,633 $ 52,054
======== ========
LIMITED PARTNERS - NET INCOME $643,263 $406,052
======== ========
NET INCOME per unit $ 5.95 $ 3.76
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $720,896 $458,106
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 68,786 74,196
(Gain) loss on sale of Net Profits
Interests 680 ( 12,948)
(Increase) decrease in accounts
receivable - Net Profits 65,125 ( 81,320)
-------- --------
Net cash provided by operating
activities $855,487 $438,034
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,852) ($ 10,239)
Proceeds from sale of Net Profits
Interests - 14,720
-------- --------
Net cash provided (used) by investing
activities ($ 16,852) $ 4,481
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($733,721) ($416,681)
-------- --------
Net cash used by financing activities ($733,721) ($416,681)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $104,914 $ 25,834
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 284,937 182,743
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $389,851 $208,577
======== ========
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
June 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 303,259 $ 223,864
Accounts receivable:
Net Profits 176,313 229,168
---------- ----------
Total current assets $ 479,572 $ 453,032
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 737,898 761,996
---------- ----------
$1,217,470 $1,215,028
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 54,042) ($ 48,478)
Limited Partners, issued and
outstanding, 90,094 units 1,271,512 1,263,506
---------- ----------
Total Partners' capital $1,217,470 $1,215,028
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $338,697 $249,167
Interest income 2,405 1,763
Gain (loss) on sale of Net Profits
Interests ( 570) 4,638
-------- --------
$340,532 $255,568
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 30,308 $ 26,972
General and administrative
(Note 2) 25,102 25,164
-------- --------
$ 55,410 $ 52,136
-------- --------
NET INCOME $285,122 $203,432
======== ========
GENERAL PARTNER - NET INCOME $ 31,000 $ 22,594
======== ========
LIMITED PARTNERS - NET INCOME $254,122 $180,838
======== ========
NET INCOME per unit $ 2.82 $ 2.01
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $679,053 $438,395
Interest income 4,935 3,382
Gain (loss) on sale of Net Profits
Interests ( 663) 8,960
-------- --------
$683,325 $450,737
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 55,818 $ 60,552
General and administrative
(Note 2) 65,800 57,349
-------- --------
$121,618 $117,901
-------- --------
NET INCOME $561,707 $332,836
======== ========
GENERAL PARTNER - NET INCOME $ 60,701 $ 38,395
======== ========
LIMITED PARTNERS - NET INCOME $501,006 $294,441
======== ========
NET INCOME per unit $ 5.56 $ 3.27
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $561,707 $332,836
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 55,818 60,552
(Gain) loss on sale of Net Profits
Interests 663 ( 8,960)
(Increase) decrease in accounts
receivable - Net Profits 52,855 ( 63,029)
-------- --------
Net cash provided by operating
activities $671,043 $321,399
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 32,383) ($ 6,992)
Proceeds from sale of Net Profits
Interests - 10,721
-------- --------
Net cash provided (used) by investing
activities ($ 32,383) $ 3,729
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($559,265) ($315,788)
-------- --------
Net cash used by financing activities ($559,265) ($315,788)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 79,395 $ 9,340
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 223,864 148,106
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $303,259 $157,446
======== ========
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
June 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 564,799 $ 416,457
Accounts receivable:
General Partner (Note 2) - 512
Net Profits 328,335 428,390
---------- ----------
Total current assets $ 893,134 $ 845,359
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,377,988 1,420,233
---------- ----------
$2,271,122 $2,265,592
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 97,497) ($ 86,997)
Limited Partners, issued and
outstanding, 169,637 units 2,368,619 2,352,589
---------- ----------
Total Partners' capital $2,271,122 $2,265,592
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $630,221 $472,733
Interest income 4,611 3,525
Gain (loss) on sale of Net Profits
Interests ( 1,132) 8,570
-------- --------
$633,700 $484,828
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 55,999 $ 50,023
General and administrative
(Note 2) 46,613 46,631
-------- --------
$102,612 $ 96,654
-------- --------
NET INCOME $531,088 $388,174
======== ========
GENERAL PARTNER - NET INCOME $ 57,687 $ 42,967
======== ========
LIMITED PARTNERS - NET INCOME $473,401 $345,207
======== ========
NET INCOME per unit $ 2.79 $ 2.04
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
REVENUES:
Net Profits $1,264,163 $812,507
Interest income 9,350 6,774
Gain (loss) on sale of Net Profits
Interests ( 1,304) 16,545
---------- --------
$1,272,209 $835,826
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 103,290 $112,229
General and administrative
(Note 2) 109,596 107,243
---------- --------
$ 212,886 $219,472
---------- --------
NET INCOME $1,059,323 $616,354
========== ========
GENERAL PARTNER - NET INCOME $ 114,293 $ 56,702
========== ========
LIMITED PARTNERS - NET INCOME $ 945,030 $559,652
========== ========
NET INCOME per unit $ 5.57 $ 3.30
========== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,059,323 $616,354
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 103,290 112,229
(Gain) loss on sale of Net Profits
Interests 1,304 ( 16,545)
Decrease in accounts receivable -
General Partner 512 -
(Increase) decrease in accounts
receivable - Net Profits 100,055 ( 118,168)
---------- --------
Net cash provided by operating
activities $1,264,484 $593,870
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 62,349) ($ 12,902)
Proceeds from sale of Net Profits
Interests - 19,845
---------- --------
Net cash provided (used) by investing
activities ($ 62,349) $ 6,943
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,053,793) ($579,737)
---------- --------
Net cash used by financing activities ($1,053,793) ($579,737)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 148,342 $ 21,076
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 416,457 284,040
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 564,799 $305,116
========== ========
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
June 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 457,521 $ 439,461
Accounts receivable:
Net Profits 454,807 526,603
---------- ----------
Total current assets $ 912,328 $ 966,064
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 701,607 750,294
---------- ----------
$1,613,935 $1,716,358
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 62,027) ($ 54,697)
Limited Partners, issued and
outstanding, 126,306 units 1,675,962 1,771,055
---------- ----------
Total Partners' capital $1,613,935 $1,716,358
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- --------
REVENUES:
Net Profits $453,352 $327,858
Interest income 4,902 2,326
Gain (loss) on sale of Net Profits
Interests ( 813) 523
-------- --------
$457,441 $330,707
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 32,502 $ 45,039
General and administrative
(Note 2) 34,943 34,939
-------- --------
$ 67,445 $ 79,978
-------- --------
NET INCOME $389,996 $250,729
======== ========
GENERAL PARTNER - NET INCOME $ 41,434 $ 28,894
======== ========
LIMITED PARTNERS - NET INCOME $348,562 $221,835
======== ========
NET INCOME per unit $ 2.76 $ 1.76
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,164,589 $542,758
Interest income 10,444 4,527
Gain (loss) on sale of Net Profits
Interests ( 813) 523
---------- --------
$1,174,220 $547,808
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 66,363 $ 90,117
General and administrative
(Note 2) 85,818 80,061
---------- --------
$ 152,181 $170,178
---------- --------
NET INCOME $1,022,039 $377,630
========== ========
GENERAL PARTNER - NET INCOME $ 107,132 $ 45,421
========== ========
LIMITED PARTNERS - NET INCOME $ 914,907 $332,209
========== ========
NET INCOME per unit $ 7.24 $ 2.63
========== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,022,039 $377,630
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 66,363 90,117
(Gain) loss on sale of Net Profits
Interests 813 ( 523)
(Increase) decrease in accounts
receivable - Net Profits 71,796 ( 112,609)
---------- --------
Net cash provided by operating
activities $1,161,011 $354,615
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 18,533) ($ 11)
Proceeds from sale of Net Profits
Interests 44 15,830
---------- --------
Net cash provided (used) by
investing activities ($ 18,489) $ 15,819
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,124,462) ($346,215)
---------- --------
Net cash used by financing activities ($1,124,462) ($346,215)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 18,060 $ 24,219
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 439,461 188,928
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 457,521 $213,147
========== ========
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
June 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 532,343 $ 440,454
Accounts receivable:
Net Profits 258,521 351,685
---------- ----------
Total current assets $ 790,864 $ 792,139
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 693,610 730,201
---------- ----------
$1,484,474 $1,522,340
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 66,213) ($ 60,882)
Limited Partners, issued and
outstanding, 118,449 units 1,550,687 1,583,222
---------- ----------
Total Partners' capital $1,484,474 $1,522,340
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $452,545 $298,226
Interest income 5,650 2,772
Gain (loss) on sale of Net
Profits Interests ( 246) 49,040
-------- --------
$457,949 $350,038
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 23,364 $ 33,384
General and administrative
(Note 2) 32,845 32,818
-------- --------
$ 56,209 $ 66,202
-------- --------
NET INCOME $401,740 $283,836
======== ========
GENERAL PARTNER - NET INCOME $ 20,739 $ 14,088
======== ========
LIMITED PARTNERS - NET INCOME $381,001 $269,748
======== ========
NET INCOME per unit $ 3.22 $ 2.27
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,333,899 $536,779
Interest income 11,309 5,322
Gain (loss) on sale of Net
Profits Interests ( 246) 49,040
---------- --------
$1,344,962 $591,141
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 52,891 $ 72,700
General and administrative
(Note 2) 81,529 75,160
---------- --------
$ 134,420 $147,860
---------- --------
NET INCOME $1,210,542 $443,281
========== ========
GENERAL PARTNER - NET INCOME $ 62,077 $ 23,505
========== ========
LIMITED PARTNERS - NET INCOME $1,148,465 $419,776
========== ========
NET INCOME per unit $ 9.70 $ 3.54
========== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,210,542 $443,281
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 52,891 72,700
(Gain) loss on sale of Net
Profits Interests 246 ( 49,040)
(Increase) decrease in accounts
receivable - Net Profits 93,164 ( 86,941)
---------- --------
Net cash provided by operating
activities $1,356,843 $380,000
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,546) $ -
Proceeds from sale of Net Profits
Interests - 49,040
---------- --------
Net cash provided (used) investing
activities ($ 16,546) $ 49,040
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,248,408) ($377,885)
---------- --------
Net cash used by financing activities ($1,248,408) ($377,885)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 91,889 $ 51,155
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 440,454 217,441
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 532,343 $268,596
========== ========
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
June 30, December 31,
2001 2000
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 736,640 $ 691,186
Accounts receivable:
Net Profits 323,267 429,205
---------- ----------
Total current assets $1,059,907 $1,120,391
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,415,464 1,504,674
---------- ----------
$2,475,371 $2,625,065
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 81,951) ($ 75,505)
Limited Partners, issued and
outstanding, 143,041 units 2,557,322 2,700,570
---------- ----------
Total Partners' capital $2,475,371 $2,625,065
========== ==========
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 JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- --------
REVENUES:
Net Profits $659,542 $512,237
Interest income 7,623 4,062
Gain (loss) on sale of Net Profits
Interests ( 90) 21,094
-------- --------
$667,075 $537,393
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 45,521 $ 64,251
General and administrative
(Note 2) 39,521 39,453
-------- --------
$ 85,042 $103,704
-------- --------
NET INCOME $582,033 $433,689
======== ========
GENERAL PARTNER - NET INCOME $ 30,541 $ 23,609
======== ========
LIMITED PARTNERS - NET INCOME $551,492 $410,080
======== ========
NET INCOME per unit $ 3.86 $ 2.86
======== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,768,736 $967,297
Interest income 15,849 7,775
Gain (loss) on sale of Net Profits
Interests ( 90) 21,094
---------- --------
$1,784,495 $996,166
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 97,909 $144,209
General and administrative
(Note 2) 95,138 90,562
---------- --------
$ 193,047 $234,771
---------- --------
NET INCOME $1,591,448 $761,395
========== ========
GENERAL PARTNER - NET INCOME $ 82,696 $ 43,007
========== ========
LIMITED PARTNERS - NET INCOME $1,508,752 $718,388
========== ========
NET INCOME per unit $ 10.55 $ 5.02
========== ========
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 SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,591,448 $761,395
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 97,909 144,209
(Gain) loss on sale of Net Profits
Interests 90 ( 21,094)
(Increase) decrease in accounts
receivable - Net Profits 105,938 ( 168,038)
---------- --------
Net cash provided by operating
activities $1,795,385 $716,472
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 8,789) ($ 38,134)
Proceeds from sale of Net Profits
Interests - 22,658
---------- --------
Net cash used by investing
activities ($ 8,789) ($ 15,476)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,741,142) ($674,665)
---------- --------
Net cash used by financing
activities ($1,741,142) ($674,665)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 45,454 $ 26,331
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 691,186 339,386
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 736,640 $365,717
========== ========
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
JUNE 30, 2001
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 2001, combined statements of
operations for the three and six months ended June 30, 2001 and 2000, and
combined statements of cash flows for the six months ended June 30, 2001
and 2000 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 June 30, 2001, the combined results of operations for the three and six
months ended June 30, 2001 and 2000, and the combined cash flows for the
six months ended June 30, 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 June 30, 2001 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 June 30, 2001, 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 $1,530 $28,440
P-2 1,393 23,709
P-3 1,973 44,640
P-4 1,703 33,240
P-5 1,675 31,170
P-6 1,880 37,641
During the six months ended June 30, 2001, the following payments were
made to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $18,829 $56,880
P-2 18,382 47,418
P-3 20,316 89,280
P-4 19,338 66,480
P-5 19,189 62,340
P-6 19,856 75,282
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 December 31, 2000 for the P-3
Partnership represents accrued proceeds and interest due from the General
Partner for the sale of certain oil and gas properties during 2000. Such
amount was collected subsequent to December 31, 2000.
-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 June 30, 2001 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. Gas prices in late 2000 and early 2001 were
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 2000. In the last few months spot gas prices have generally declined
month to month. It is not possible to accurately predict future pricing
direction.
P-1 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $430,320 $293,033
Barrels produced 6,142 4,751
Mcf produced 80,847 71,744
Average price/Bbl $ 26.60 $ 28.20
Average price/Mcf $ 4.26 $ 3.05
As shown in the table above, total Net Profits increased $137,287 (46.9%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately (i) $98,000 was
related to an increase in the average price of gas sold and (ii) $39,000
-31-
and $28,000, respectively, were related to increases in volumes of oil and
gas sold. These increases were partially offset by a decrease of
approximately $17,000 related to an increase in production expenses.
Volumes of oil and gas sold increased 1,391 barrels and 9,103 Mcf,
respectively, for the three months ended June 30, 2001 as compared to the
three months ended June 30, 2000. The increase in volumes of oil sold was
primarily due to a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
2001. The increase in volumes of gas sold was primarily due to (i) a
positive prior period gas balancing adjustment made by the purchaser on
one significant well during the three months ended June 30, 2001 and (ii)
a positive prior period volume adjustment made by the purchaser on another
significant well during the three months ended June 30, 2001. Average oil
prices decreased to $26.60 per barrel for the three months ended June 30,
2001 from $28.20 per barrel for the three months ended June 30, 2000.
Average gas prices increased to $4.26 per Mcf for the three months ended
June 30, 2001 from $3.05 per Mcf for the three months ended June 30, 2000.
Depletion of Net Profits Interests increased $4,523 (13.8%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This increase was primarily due to the increases in volumes of oil
and gas sold. This increase was partially offset by upward revisions in
the estimates of remaining oil and gas reserves at December 31, 2000. As a
percentage of Net Profits, this expense decreased to 8.7% for the three
months ended June 30, 2001 from 11.2% for the three months ended June 30,
2000. This percentage decrease was primarily due to the increase in the
average price of gas sold.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
7.0% for the three months ended June 30, 2001 from 10.2% for the three
months ended June 30, 2000. This percentage decrease was primarily due to
the increase in Net Profits.
-32-
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2000.
Six Months Ended June 30,
-------------------------
2001 2000
-------- --------
Net Profits $859,598 $583,666
Barrels produced 11,134 10,483
Mcf produced 150,416 164,231
Average price/Bbl $ 27.61 $ 27.72
Average price/Mcf $ 4.75 $ 2.60
As shown in the table above, total Net Profits increased $275,932 (47.3%)
for the six months ended June 30, 2001 as compared to the six months ended
June 30, 2000. Of this increase, approximately $324,000 was related to an
increase in the average price of gas sold. This increase was partially
offset by decreases of approximately (i) $36,000 related to a decrease in
volumes of gas sold and (ii) $29,000 related to an increase in production
expenses. Volumes of oil sold increased 651 barrels, while volumes of gas
sold decreased 13,815 Mcf for the six months ended June 30, 2001 as
compared to the six months ended June 30, 2000. Average oil prices
decreased to $27.61 per barrel for the six months ended June 30, 2001 from
$27.72 per barrel for the six months ended June 30, 2000. Average gas
prices increased to $4.75 per Mcf for the six months ended June 30, 2001
from $2.60 per Mcf for the six months ended June 30, 2000.
Depletion of Net Profits Interests decreased $5,410 (7.3%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, this expense decreased to 8.0% for
the six months ended June 30, 2001 from 12.7% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in the average price of gas sold.
General and administrative expenses increased $7,057 (10.3%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. This increase was primarily due to a change in allocation of audit
fees among the P-1 Partnership and other affiliated partnerships. As a
percentage of Net Profits, these expenses decreased to 8.8% for the six
months ended June 30, 2001 from 11.8% for the six months ended June 30,
2000. This percentage decrease was primarily due to the increase in Net
Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $13,453,558 or 124.48% of the Limited Partners' capital
contributions.
-33-
P-2 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $338,697 $249,167
Barrels produced 4,347 3,342
Mcf produced 66,228 58,126
Average price/Bbl $ 26.61 $ 28.17
Average price/Mcf $ 4.35 $ 3.55
As shown in the table above, total Net Profits increased $89,530 (35.9%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately (i) $53,000 was
related to an increase in the average price of gas sold and (ii) $28,000
and $29,000, respectively, were related to increases in volumes of oil and
gas sold. These increases were partially offset by a decrease of
approximately $13,000 related to an increase in production expenses.
Volumes of oil and gas sold increased 1,005 barrels and 8,102 Mcf,
respectively, for the three months ended June 30, 2001 as compared to the
three months ended June 30, 2000. The increase in volumes of oil sold was
primarily due to a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
2001. The increase in volumes of gas sold was primarily due to (i) a
positive prior period gas balancing adjustment made by the purchaser on
one significant well during the three months ended June 30, 2001 and (ii)
a positive prior period volume adjustment made by the purchaser on another
significant well during the three months ended June 30, 2001. Average oil
prices decreased to $26.61 per barrel for the three months ended June 30,
2001 from $28.17 per barrel for the three months ended June 30, 2000.
Average gas prices increased to $4.35 per Mcf for the three months ended
June 30, 2001 from $3.55 per Mcf for the three months ended June 30, 2000.
Depletion of Net Profits Interests increased $3,336 (12.4%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This increase was primarily due to the increases in volumes of oil
and gas sold. This increase was partially offset by upward revisions in
the estimates of remaining oil and gas reserves at December 31, 2000. As a
percentage of Net Profits, this expense decreased to 8.9% for the three
months ended June 30, 2001 from 10.8% for the three months ended June 30,
2000. This percentage decrease was primarily due to the increase in the
average price of gas sold.
-34-
General and administrative expenses remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
7.4% for the three months ended June 30, 2001 from 10.1% for the three
months ended June 30, 2000. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2000.
Six Months Ended June 30,
-------------------------
2001 2000
-------- --------
Net Profits $679,053 $438,395
Barrels produced 7,837 7,361
Mcf produced 122,982 131,346
Average price/Bbl $ 27.60 $ 27.71
Average price/Mcf $ 4.86 $ 2.63
As shown in the table above, total Net Profits increased $240,658 (54.9%)
for the six months ended June 30, 2001 as compared to the six months ended
June 30, 2000. Of this increase, approximately $275,000 was related to an
increase in the average price of gas sold. This increase was partially
offset by a decrease of approximately $24,000 related to an increase in
production expenses. Volumes of oil sold increased 476 barrels, while
volumes of gas sold decreased 8,364 Mcf for the six months ended June 30,
2001 as compared to the six months ended June 30, 2000. Average oil prices
decreased to $27.60 per barrel for the six months ended June 30, 2001 from
$27.71 per barrel for the six months ended June 30, 2000. Average gas
prices increased to $4.86 per Mcf for the six months ended June 30, 2001
from $2.63 per Mcf for the six months ended June 30, 2000.
Depletion of Net Profits Interests decreased $4,734 (7.8%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, this expense decreased to 8.2% for
the six months ended June 30, 2001 from 13.8% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in the average price of gas sold.
General and administrative expenses increased $8,451 (14.7%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. This increase was primarily due to a change in allocation of audit
fees among the P-2 Partnership and other affiliated partnerships. As a
percentage of Net Profits, these expenses decreased to 9.7% for the six
months ended June 30, 2001 from 13.1% for the
-35-
six months ended June 30, 2000. This percentage decrease was primarily due
to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $10,251,561 or 113.79% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $630,221 $472,733
Barrels produced 8,040 6,181
Mcf produced 123,187 108,613
Average price/Bbl $ 26.61 $ 28.17
Average price/Mcf $ 4.37 $ 3.64
As shown in the table above, total Net Profits increased $157,488 (33.3%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately (i) $89,000 was
related to an increase in the average price of gas sold and (ii) $52,000
and $53,000, respectively, were related to increases in volumes of oil and
gas sold. These increases were partially offset by a decrease of
approximately $25,000 related to an increase in production expenses.
Volumes of oil and gas sold increased 1,859 barrels and 14,574 Mcf,
respectively, for the three months ended June 30, 2001 as compared to the
three months ended June 30, 2000. The increase in volumes of oil sold was
primarily due to a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
2001. The increase in volumes of gas sold was primarily due to (i) a
positive prior period gas balancing adjustment made by the purchaser on
one significant well during the three months ended June 30, 2001 and (ii)
a positive prior period volume adjustment made by the purchaser on another
significant well during the three months ended June 30, 2001. Average oil
prices decreased to $26.61 per barrel for the three months ended June 30,
2001 from $28.17 per barrel for the three months ended June 30, 2000.
Average gas prices increased to $4.37 per Mcf for the three months ended
June 30, 2001 from $3.64 per Mcf for the three months ended June 30, 2000.
Depletion of Net Profits Interests increased $5,976 (11.9%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This increase was primarily due to the increases in volumes of oil
and gas sold. This increase was partially offset by upward revisions in
the estimates of remaining oil and gas reserves
-36-
at December 31, 2000. As a percentage of Net Profits, this expense
decreased to 8.9% for the three months ended June 30, 2001 from 10.6% for
the three months ended June 30, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
7.4% for the three months ended June 30, 2001 from 9.9% for the three
months ended June 30, 2000. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2000.
Six Months Ended June 30,
-------------------------
2001 2000
---------- --------
Net Profits $1,264,163 $812,507
Barrels produced 14,487 13,612
Mcf produced 229,273 245,207
Average price/Bbl $ 27.61 $ 27.71
Average price/Mcf $ 4.87 $ 2.62
As shown in the table above, total Net Profits increased $451,656 (55.6%)
for the six months ended June 30, 2001 as compared to the six months ended
June 30, 2000. Of this increase, approximately $516,000 was related to an
increase in the average price of gas sold. This increase was partially
offset by a decrease of approximately $45,000 related to an increase in
production expenses. Volumes of oil sold increased 875 barrels, while
volumes of gas sold decreased 15,934 Mcf for the six months ended June 30,
2001 as compared to the six months ended June 30, 2000. Average oil prices
decreased to $27.61 per barrel for the six months ended June 30, 2001 from
$27.71 per barrel for the six months ended June 30, 2000. Average gas
prices increased to $4.87 per Mcf for the six months ended June 30, 2001
from $2.62 per Mcf for the six months ended June 30, 2000.
Depletion of Net Profits Interests decreased $8,939 (8.0%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, this expense decreased to 8.2% for
the six months ended June 30, 2001 from 13.8% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in the average price of gas sold.
-37-
General and administrative expenses increased $2,353 (2.2%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, these expenses decreased to 8.7% for
the six months ended June 30, 2001 from 13.2% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $18,644,401 or 109.91% of the Limited Partners' capital
contributions.
P-4 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $453,352 $327,858
Barrels produced 5,704 4,818
Mcf produced 86,155 85,597
Average price/Bbl $ 26.34 $ 30.13
Average price/Mcf $ 5.04 $ 3.49
As shown in the table above, total Net Profits increased $125,494 (38.3%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately $133,000 was related
to an increase in the average price of gas sold and approximately $27,000
was related to an increase in volumes of oil sold. These increases were
partially offset by a decrease of approximately $22,000 related to a
decrease in the average price of oil sold and approximately $15,000
related to an increase in production expenses. Volumes of oil and gas sold
increased 886 barrels and 558 Mcf, respectively, for the three months
ended June 30, 2001 as compared to the three months ended June 30, 2000.
The increase in volumes of oil sold was primarily due to increased
production on several wells due to successful workovers on those wells
during 2000. The increase in volumes of gas sold was primarily due to the
successful completion of a new well during mid 2000. Both increases were
substantially offset by normal declines in production. Average oil prices
decreased to $26.34 per barrel for the three months ended June 30, 2001
from $30.13 per barrel for the three months ended June 30, 2000. Average
gas prices increased to $5.04 per Mcf for the three months ended June 30,
2001 from $3.49 per Mcf for the three months ended June 30, 2000.
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Depletion of Net Profits Interests decreased $12,537 (27.8%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This decrease was primarily due to upward revisions in the estimates
of remaining oil and gas reserves at December 31, 2000. This decrease was
partially offset by the increases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense decreased to 7.2% for the three
months ended June 30, 2001 from 13.7% for the three months ended June 30,
2000. This percentage decrease was primarily due to the increase in the
average price of gas sold and the dollar decrease in Depletion of Net
Profits Interests.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
7.7% for the three months ended June 30, 2001 from 10.7% for the three
months ended June 30, 2000. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2000.
Six Months Ended June 30,
-------------------------
2001 2000
---------- --------
Net Profits $1,164,589 $542,758
Barrels produced 11,566 10,968
Mcf produced 176,394 163,300
Average price/Bbl $ 27.48 $ 28.21
Average price/Mcf $ 6.14 $ 2.81
As shown in the table above, total Net Profits increased $621,831 (114.6%)
for the six months ended June 30, 2001 as compared to the six months ended
June 30, 2000. Of this increase, approximately $588,000 was related to an
increase in the average price of gas sold. Volumes of oil and gas sold
increased 598 barrels and 13,094 Mcf, respectively, for the six months
ended June 30, 2001 as compared to the six months ended June 30, 2000. The
increase in volumes of gas sold was primarily due to the successful
completion of a new well during mid 2000. This increase was partially
offset by normal declines in production. Average oil prices decreased to
$27.48 per barrel for the six months ended June 30, 2001 from $28.21 per
barrel for the six months ended June 30, 2000. Average gas prices
increased to $6.14 per Mcf for the six months ended June 30, 2001 from
$2.81 per Mcf for the six months ended June 30, 2000.
-39-
Depletion of Net Profits Interests decreased $23,754 (26.4%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. This decrease was primarily due to upward revisions in the estimates
of remaining oil and gas reserves at December 31, 2000. This decrease was
partially offset by the increases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense decreased to 5.7% for the six
months ended June 30, 2001 from 16.6% for the six months ended June 30,
2000. This percentage decrease was primarily due to the increase in the
average price of gas sold and the dollar decrease in Depletion of Net
Profits Interests.
General and administrative expenses increased $5,757 (7.2%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, these expenses decreased to 7.4% for
the six months ended June 30, 2001 from 14.8% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $14,478,945 or 114.63% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $452,545 $298,226
Barrels produced 1,068 1,528
Mcf produced 110,410 100,891
Average price/Bbl $ 26.07 $ 27.25
Average price/Mcf $ 4.44 $ 3.26
As shown in the table above, total Net Profits increased $154,319 (51.7%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately $130,000 was related
to an increase in the average price of gas sold and approximately $31,000
was related to an increase in volumes of gas sold. Volumes of oil sold
decreased 460 barrels, while volumes of gas sold increased 9,519 Mcf for
the three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. The decrease in volumes of oil sold was primarily due to
normal declines in production. The increase in volumes of gas sold was
primarily due to (i) an increase in production on one significant well due
to the successful workover of that well
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during 2000 and (ii) the P-5 Partnership's receipt of an increased
percentage of sales on two other significant wells during the three months
ended June 30, 2001 due to gas balancing. As of the date of this Quarterly
Report, Management does not know whether the gas balancing adjustment will
continue in the future, thereby continuing to contribute to an increase in
volumes of gas produced for the P-5 Partnership. Average oil prices
decreased to $26.07 per barrel for the three months ended June 30, 2001
from $27.25 per barrel for the three months ended June 30, 2000. Average
gas prices increased to $4.44 per Mcf for the three months ended June 30,
2001 from $3.26 per Mcf for the three months ended June 30, 2000.
Depletion of Net Profits Interests decreased $10,020 (30.0%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This decrease was primarily due to upward revisions in the estimates
of remaining gas reserves at December 31, 2000. This decrease was
partially offset by the increase in volumes of gas sold. As a percentage
of Net Profits, this expense decreased to 5.2% for the three months ended
June 30, 2001 from 11.2% for the three months ended June 30, 2000. This
percentage decrease was primarily due to the increase in the average price
of gas sold and the dollar decrease in Depletion of Net Profits Interests.
General and administrative expenses remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
7.3% for the three months ended June 30, 2001 from 11.0% for the three
months ended June 30, 2000. This percentage decrease was primarily due to
the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2000.
Six Months Ended June 30,
-------------------------
2001 2000
---------- --------
Net Profits $1,333,899 $536,779
Barrels produced 2,219 3,218
Mcf produced 251,140 220,360
Average price/Bbl $ 27.66 $ 27.80
Average price/Mcf $ 5.89 $ 2.76
As shown in the table above, total Net Profits increased $797,120
(148.5%) for the six months ended June 30, 2001 as compared to the six
months ended June 30, 2000. Of this increase, approximately $785,000
was related to an increase in the average price of gas sold and
approximately $85,000 was related to an increase in volumes of gas
sold. Volumes
-41-
of oil sold decreased 999 barrels, while volumes of gas sold increased
30,780 Mcf for the six months ended June 30, 2001 as compared to the six
months ended June 30, 2000. The decrease in volumes of oil sold was
primarily due to normal declines in production. The increase in volumes of
gas sold was primarily due to (i) an increase in production on one
significant well due to the successful recompletion of that well during
2000, (ii) an increase in production on another significant well due to
the successful workover of that well during 2000, and (iii) the P-5
Partnership's receipt of an increased percentage of sales on several wells
during the six months ended June 30, 2001 due to gas balancing. As of the
date of this Quarterly Report, Management does not know whether the gas
balancing adjustment will continue in the future, thereby continuing to
contribute to an increase in volumes of gas produced for the P-5
Partnership. Average oil prices decreased to $27.66 per barrel for the six
months ended June 30, 2001 from $27.80 per barrel for the six months ended
June 30, 2000. Average gas prices increased to $5.89 per Mcf for the six
months ended June 30, 2001 from $2.76 per Mcf for the six months ended
June 30, 2000.
Depletion of Net Profits Interests decreased $19,809 (27.2%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. This decrease was primarily due to upward revisions in the estimates
of remaining gas reserves at December 31, 2000. This decrease was
partially offset by the increase in volumes of gas sold. As a percentage
of Net Profits, this expense decreased to 4.0% for the six months ended
June 30, 2001 from 13.5% for the six months ended June 30, 2000. This
percentage decrease was primarily due to the increase in the average price
of gas sold and the dollar decrease in Depletion of Net Profits Interests.
General and administrative expenses increased $6,369 (8.5%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, these expenses decreased to 6.1% for
the six months ended June 30, 2001 from 14.0% for the six months ended
June 30, 2000. This percentage decrease was primarily due to the increase
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $10,063,759 or 84.96% of the Limited Partners' capital
contributions.
-42-
P-6 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2000.
Three Months Ended June 30,
---------------------------
2001 2000
-------- --------
Net Profits $659,542 $512,237
Barrels produced 2,372 3,473
Mcf produced 170,320 172,886
Average price/Bbl $ 30.38 $ 29.04
Average price/Mcf $ 4.35 $ 3.25
As shown in the table above, total Net Profits increased $147,305 (28.8%)
for the three months ended June 30, 2001 as compared to the three months
ended June 30, 2000. Of this increase, approximately $186,000 was related
to an increase in the average price of gas sold. This increase was
partially offset by a decrease of approximately $32,000 related to a
decrease in volumes of oil sold. Volumes of oil and gas sold decreased
1,101 barrels and 2,566 Mcf, respectively, for the three months ended June
30, 2001 as compared to the three months ended June 30, 2000. The decrease
in volumes of oil sold was primarily due to (i) a negative prior period
volume adjustment made by the purchaser on one significant well during the
three months ended June 30, 2001 and (ii) normal declines in production.
Average oil and gas prices increased to $30.38 per barrel and $4.35 per
Mcf, respectively, for the three months ended June 30, 2001 from $29.04
per barrel and $3.25 per Mcf, respectively, for the three months ended
June 30, 2000.
Depletion of Net Profits Interests decreased $18,730 (29.2%) for the three
months ended June 30, 2001 as compared to the three months ended June 30,
2000. This decrease was primarily due to (i) upward revisions in the
estimates of remaining oil and gas reserves at December 31, 2000 and (ii)
the decreases in volumes of oil and gas sold. As a percentage of Net
Profits, this expense decreased to 6.9% for the three months ended June
30, 2001 from 12.5% for the three months ended June 30, 2000. 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 remained relatively constant for the
three months ended June 30, 2001 as compared to the three months ended
June 30, 2000. As a percentage of Net Profits, these expenses decreased to
6.0% for the three months ended June 30, 2001 from 7.7% for the
-43-
three months ended June 30, 2000. This percentage decrease was primarily
due to the increase in Net Profits.
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 2000.
Six Months Ended June 30,
-------------------------
2001 2000
---------- --------
Net Profits $1,768,736 $967,297
Barrels produced 5,844 7,676
Mcf produced 359,203 388,747
Average price/Bbl $ 27.45 $ 27.82
Average price/Mcf $ 5.50 $ 2.80
As shown in the table above, total Net Profits increased $801,439 (82.9%)
for the six months ended June 30, 2001 as compared to the six months ended
June 30, 2000. Of this increase, approximately $968,000 was related to an
increase in the average price of gas sold. This increase was partially
offset by a decrease of approximately $83,000 related to a decrease in
volumes of gas sold. Volumes of oil and gas sold decreased 1,832 barrels
and 29,544 Mcf, respectively, for the six months ended June 30, 2001 as
compared to the six months ended June 30, 2000. The decrease in volumes of
oil sold was primarily due to normal declines in production. Average oil
prices decreased to $27.45 per barrel for the six months ended June 30,
2001 from $27.82 per barrel for the six months ended June 30, 2000.
Average gas prices increased to $5.50 per Mcf for the six months ended
June 30, 2001 from $2.80 per Mcf for the six months ended June 30, 2000.
Depletion of Net Profits Interests decreased $46,300 (32.1%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. This decrease was primarily due to (i) upward revisions in the
estimates of remaining oil and gas reserves at December 31, 2000 and (ii)
the decreases in volumes of oil and gas sold. As a percentage of Net
Profits, this expense decreased to 5.5% for the six months ended June 30,
2001 from 14.9% for the six months ended June 30, 2000. This percentage
decrease was primarily due to the increase in the average price of gas
sold.
General and administrative expenses increased $4,576 (5.1%) for the six
months ended June 30, 2001 as compared to the six months ended June 30,
2000. As a percentage of Net Profits, these expenses decreased to 5.4% for
the six months ended June 30, 2001 from 9.4% for the six months ended June
30, 2000. This percentage decrease was primarily due to the increase in
Net Profits.
-44-
Cumulative cash distributions to the Limited Partners through June 30,
2001 were $14,042,248 or 98.17% of the Limited Partners' capital
contributions. Management anticipates that the P-6 Partnership should
achieve payout with the cash distribution to be paid in August 2001. After
payout, operations and revenues for the P-6 Partnership will be allocated
using after payout percentages included in the P-6 Partnership's
Partnership Agreement. 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.
-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
None.
(b) Reports on Form 8-K.
None.
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: August 14, 2001 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: August 14, 2001 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
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