SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 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
September 30, December 31,
2001 2000
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 232,770 $ 284,937
Accounts receivable:
Net Profits 176,349 280,155
---------- ----------
Total current assets $ 409,119 $ 565,092
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 812,555 892,090
---------- ----------
$1,221,674 $1,457,182
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 74,607) ($ 64,717)
Limited Partners, issued and
outstanding, 108,074 units 1,296,281 1,521,899
---------- ----------
Total Partners' capital $1,221,674 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $249,054 $312,575
Interest income 2,374 2,812
Gain on sale of Net Profits
Interests - 23,453
-------- --------
$251,428 $338,840
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 32,976 $ 32,165
General and administrative
(Note 2) 30,842 31,296
-------- --------
$ 63,818 $ 63,461
-------- --------
NET INCOME $187,610 $275,379
======== ========
GENERAL PARTNER - NET INCOME $ 21,491 $ 30,152
======== ========
LIMITED PARTNERS - NET INCOME $166,119 $245,227
======== ========
NET INCOME per unit $ 1.54 $ 2.27
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,108,652 $896,241
Interest income 8,847 7,152
Gain (loss) on sale of Net Profits
Interests ( 680) 36,401
---------- --------
$1,116,819 $939,794
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 101,762 $106,361
General and administrative
(Note 2) 106,551 99,948
---------- --------
$ 208,313 $206,309
---------- --------
NET INCOME $ 908,506 $733,485
========== ========
GENERAL PARTNER - NET INCOME $ 99,124 $ 82,206
========== ========
LIMITED PARTNERS - NET INCOME $ 809,382 $651,279
========== ========
NET INCOME per unit $ 7.49 $ 6.03
========== ========
UNITS OUTSTANDING 108,074 108,074
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 908,506 $733,485
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 101,762 106,361
(Gain) loss on sale of Net Profits
Interests 680 ( 36,401)
(Increase) decrease in accounts
receivable - Net Profits 103,806 ( 76,137)
---------- --------
Net cash provided by operating
activities $1,114,754 $727,308
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 22,907) ($ 17,832)
Proceeds from sale of Net Profits
Interests - 38,451
---------- --------
Net cash provided (used) by investing
activities ($ 22,907) $ 20,619
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,144,014) ($653,601)
---------- --------
Net cash used by financing activities ($1,144,014) ($653,601)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 52,167) $ 94,326
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 284,937 182,743
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 232,770 $277,069
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 185,166 $ 223,864
Accounts receivable:
Net Profits 140,426 229,168
---------- ----------
Total current assets $ 325,592 $ 453,032
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 715,513 761,996
---------- ----------
$1,041,105 $1,215,028
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 53,203) ($ 48,478)
Limited Partners, issued and
outstanding, 90,094 units 1,094,308 1,263,506
---------- ----------
Total Partners' capital $1,041,105 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
REVENUES:
Net Profits $188,436 $249,058
Interest income 1,855 2,170
Gain on sale of Net Profits
Interests - 17,091
-------- --------
$190,291 $268,319
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 26,617 $ 27,032
General and administrative
(Note 2) 25,890 26,219
-------- --------
$ 52,507 $ 53,251
-------- --------
NET INCOME $137,784 $215,068
======== ========
GENERAL PARTNER - NET INCOME $ 15,988 $ 23,723
======== ========
LIMITED PARTNERS - NET INCOME $121,796 $191,345
======== ========
NET INCOME per unit $ 1.35 $ 2.12
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- --------
REVENUES:
Net Profits $867,489 $687,453
Interest income 6,790 5,552
Gain (loss) on sale of Net Profits
Interests ( 663) 26,051
-------- --------
$873,616 $719,056
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 82,435 $ 87,584
General and administrative
(Note 2) 91,690 83,568
-------- --------
$174,125 $171,152
-------- --------
NET INCOME $699,491 $547,904
======== ========
GENERAL PARTNER - NET INCOME $ 76,689 $ 62,118
======== ========
LIMITED PARTNERS - NET INCOME $622,802 $485,786
======== ========
NET INCOME per unit $ 6.91 $ 5.39
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $699,491 $547,904
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 82,435 87,584
(Gain) loss on sale of Net Profits
Interests 663 ( 26,051)
(Increase) decrease in accounts
receivable - Net Profits 88,742 ( 60,544)
-------- --------
Net cash provided by operating
activities $871,331 $548,893
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 36,615) ($ 12,176)
Proceeds from sale of Net Profits
Interests - 29,292
-------- --------
Net cash provided (used) by investing
activities ($ 36,615) $ 17,116
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($873,414) ($493,994)
-------- --------
Net cash used by financing activities ($873,414) ($493,994)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 38,698) $ 72,015
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 223,864 148,106
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $185,166 $220,121
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 371,121 $ 416,457
Accounts receivable:
General Partner (Note 2) - 512
Net Profits 262,666 428,390
---------- ----------
Total current assets $ 633,787 $ 845,359
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,336,406 1,420,233
---------- ----------
$1,970,193 $2,265,592
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 69,419) ($ 86,997)
Limited Partners, issued and
outstanding, 169,637 units 2,039,612 2,352,589
---------- ----------
Total Partners' capital $1,970,193 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
REVENUES:
Net Profits $352,647 $464,186
Interest income 3,581 4,235
Gain on sale of Net Profits
Interests - 31,644
-------- --------
$356,228 $500,065
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 49,390 $ 50,181
General and administrative
(Note 2) 47,860 48,514
-------- --------
$ 97,250 $ 98,695
-------- --------
NET INCOME $258,978 $401,370
======== ========
GENERAL PARTNER - NET INCOME $ 29,985 $ 44,230
======== ========
LIMITED PARTNERS - NET INCOME $228,993 $357,140
======== ========
NET INCOME per unit $ 1.35 $ 2.11
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
REVENUES:
Net Profits $1,616,810 $1,276,693
Interest income 12,931 11,009
Gain (loss) on sale of Net Profits
Interests ( 1,304) 48,189
---------- ----------
$1,628,437 $1,335,891
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 152,680 $ 162,410
General and administrative
(Note 2) 157,456 155,757
---------- ----------
$ 310,136 $ 318,167
---------- ----------
NET INCOME $1,318,301 $1,017,724
========== ==========
GENERAL PARTNER - NET INCOME $ 144,278 $ 100,932
========== ==========
LIMITED PARTNERS - NET INCOME $1,174,023 $ 916,792
========== ==========
NET INCOME per unit $ 6.92 $ 5.41
========== ==========
UNITS OUTSTANDING 169,637 169,637
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,318,301 $1,017,724
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 152,680 162,410
(Gain) loss on sale of Net Profits
Interests 1,304 ( 48,189)
Decrease in accounts receivable -
General Partner 512 -
(Increase) decrease in accounts
receivable - Net Profits 165,724 ( 113,853)
---------- ----------
Net cash provided by operating
activities $1,638,521 $1,018,092
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 70,157) ($ 22,468)
Proceeds from sale of Net Profits
Interests - 54,375
---------- ----------
Net cash provided (used) by investing
activities ($ 70,157) $ 31,907
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,613,700) ($ 924,836)
---------- ----------
Net cash used by financing activities ($1,613,700) ($ 924,836)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 45,336) $ 125,163
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 416,457 284,040
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 371,121 $ 409,203
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 423,990 $ 439,461
Accounts receivable:
Net Profits 475,123 526,603
---------- ----------
Total current assets $ 899,113 $ 966,064
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 776,022 750,294
---------- ----------
$1,675,135 $1,716,358
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 55,077) ($ 54,697)
Limited Partners, issued and
outstanding, 126,306 units 1,730,212 1,771,055
---------- ----------
Total Partners' capital $1,675,135 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
REVENUES:
Net Profits $642,677 $426,208
Interest income 3,302 3,188
Gain on sale of Net Profits
Interests - 4,702
-------- --------
$645,979 $434,098
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 54,769 $ 49,206
General and administrative
(Note 2) 35,822 36,303
-------- --------
$ 90,591 $ 85,509
-------- --------
NET INCOME $555,388 $348,589
======== ========
GENERAL PARTNER - NET INCOME $ 60,138 $ 38,968
======== ========
LIMITED PARTNERS - NET INCOME $495,250 $309,621
======== ========
NET INCOME per unit $ 3.92 $ 2.45
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,807,266 $968,966
Interest income 13,746 7,715
Gain (loss) on sale of Net Profits
Interests ( 813) 5,225
---------- --------
$1,820,199 $981,906
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 121,132 $139,323
General and administrative
(Note 2) 121,640 116,364
---------- --------
$ 242,772 $255,687
---------- --------
NET INCOME $1,577,427 $726,219
========== ========
GENERAL PARTNER - NET INCOME $ 167,270 $ 84,389
========== ========
LIMITED PARTNERS - NET INCOME $1,410,157 $641,830
========== ========
NET INCOME per unit $ 11.16 $ 5.08
========== ========
UNITS OUTSTANDING 126,306 126,306
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,577,427 $726,219
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 121,132 139,323
(Gain) loss on sale of Net
Profits Interests 813 ( 5,225)
(Increase) decrease in accounts
receivable - Net Profits 51,480 ( 150,134)
---------- --------
Net cash provided by operating
activities $1,750,852 $710,183
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 148,286) ($ 594)
Proceeds from sale of Net Profits
Interests 613 21,061
---------- --------
Net cash provided (used) by
investing activities ($ 147,673) $ 20,467
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,618,650) ($579,924)
---------- --------
Net cash used by financing
activities ($1,618,650) ($579,924)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 15,471) $150,726
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 439,461 188,928
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 423,990 $339,654
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2001 2000
------------ -------------
CURRENT ASSETS:
Cash and cash equivalents $ 309,381 $ 440,454
Accounts receivable:
Net Profits 136,015 351,685
---------- ----------
Total current assets $ 445,396 $ 792,139
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 688,750 730,201
---------- ----------
$1,134,146 $1,522,340
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 71,754) ($ 60,882)
Limited Partners, issued and
outstanding, 118,449 units 1,205,900 1,583,222
---------- ----------
Total Partners' capital $1,134,146 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
REVENUES:
Net Profits $236,933 $404,290
Interest income 3,362 3,796
-------- --------
$240,295 $408,086
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 22,501 $ 39,905
General and administrative
(Note 2) 33,641 34,101
-------- --------
$ 56,142 $ 74,006
-------- --------
NET INCOME $184,153 $334,080
======== ========
GENERAL PARTNER - NET INCOME $ 9,940 $ 18,110
======== ========
LIMITED PARTNERS - NET INCOME $174,213 $315,970
======== ========
NET INCOME per unit $ 1.47 $ 2.67
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ --------
REVENUES:
Net Profits $1,570,832 $941,069
Interest income 14,671 9,118
Gain (loss) on sale of Net
Profits Interests ( 246) 49,040
---------- --------
$1,585,257 $999,227
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 75,392 $112,605
General and administrative
(Note 2) 115,170 109,261
---------- --------
$ 190,562 $221,866
---------- --------
NET INCOME $1,394,695 $777,361
========== ========
GENERAL PARTNER - NET INCOME $ 72,017 $ 41,615
========== ========
LIMITED PARTNERS - NET INCOME $1,322,678 $735,746
========== ========
NET INCOME per unit $ 11.17 $ 6.21
========== ========
UNITS OUTSTANDING 118,449 118,449
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,394,695 $777,361
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 75,392 112,605
(Gain) loss on sale of Net
Profits Interests 246 ( 49,040)
(Increase) decrease in accounts
receivable - Net Profits 215,670 ( 126,818)
---------- --------
Net cash provided by operating
activities $1,686,003 $714,108
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 34,187) ($ 2,837)
Proceeds from sale of Net Profits
Interests - 49,040
---------- --------
Net cash provided (used) by
investing activities ($ 34,187) $ 46,203
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,782,889) ($626,374)
---------- --------
Net cash used by financing
activities ($1,782,889) ($626,374)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 131,073) $133,937
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 440,454 217,441
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 309,381 $351,378
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2001 2000
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 515,449 $ 691,186
Accounts receivable:
Net Profits 179,595 429,205
---------- ----------
Total current assets $ 695,044 $1,120,391
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,374,512 1,504,674
---------- ----------
$2,069,556 $2,625,065
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 76,676) ($ 75,505)
Limited Partners, issued and
outstanding, 143,041 units 2,146,232 2,700,570
---------- ----------
Total Partners' capital $2,069,556 $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 SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
REVENUES:
Net Profits $404,161 $722,132
Interest income 5,040 5,857
Gain on sale of Net Profits
Interests 37,810 -
-------- --------
$447,011 $727,989
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 46,995 $ 79,141
General and administrative
(Note 2) 40,421 41,038
-------- --------
$ 87,416 $120,179
-------- --------
NET INCOME $359,595 $607,810
======== ========
GENERAL PARTNER - NET INCOME $ 39,685 $ 33,263
======== ========
LIMITED PARTNERS - NET INCOME $319,910 $574,547
======== ========
NET INCOME per unit $ 2.23 $ 4.02
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Net Profits $2,172,897 $1,689,429
Interest income 20,889 13,632
Gain on sale of Net Profits
Interests 37,720 21,094
---------- ----------
$2,231,506 $1,724,155
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 144,904 $ 223,350
General and administrative
(Note 2) 135,559 131,600
---------- ----------
$ 280,463 $ 354,950
---------- ----------
NET INCOME $1,951,043 $1,369,205
========== ==========
GENERAL PARTNER - NET INCOME $ 122,381 $ 76,270
========== ==========
LIMITED PARTNERS - NET INCOME $1,828,662 $1,292,935
========== ==========
NET INCOME per unit $ 12.78 $ 9.04
========== ==========
UNITS OUTSTANDING 143,041 143,041
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)
2001 2000
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,951,043 $1,369,205
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 144,904 223,350
Gain on sale of Net Profits
Interests ( 37,720) ( 21,094)
(Increase) decrease in accounts
receivable - Net Profits 249,610 ( 221,719)
---------- ----------
Net cash provided by operating
activities $2,307,837 $1,349,742
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 14,742) ($ 42,291)
Proceeds from sale of Net Profits
Interests 37,720 21,094
---------- ----------
Net cash provided (used) by investing
activities $ 22,978 ($ 21,197)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,506,552) ($1,067,980)
---------- ----------
Net cash used by financing
activities ($2,506,552) ($1,067,980)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 175,737) $ 260,565
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 691,186 339,386
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 515,449 $ 599,951
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 2001, combined statements
of operations for the three and nine months ended September 30, 2001 and
2000, and combined statements of cash flows for the nine months ended
September 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 September 30, 2001, the combined results of operations for the three
and nine months ended September 30, 2001 and 2000, and the combined cash
flows for the nine months ended September 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 September 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 September 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 $2,402 $28,440
P-2 2,181 23,709
P-3 3,220 44,640
P-4 2,582 33,240
P-5 2,471 31,170
P-6 2,780 37,641
During the nine months ended September 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 $21,231 $ 85,320
P-2 20,563 71,127
P-3 23,536 133,920
P-4 21,920 99,720
P-5 21,660 93,510
P-6 22,636 112,923
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
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 September 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 was
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. In the last several months, however, spot gas prices have
substantially declined. A weakening economy and recent terrorist
activities may result in additional downward pricing pressure. It is not
possible to accurately predict future pricing direction.
P-1 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $249,054 $312,575
Barrels produced 6,208 4,127
Mcf produced 66,886 73,707
Average price/Bbl $ 23.61 $ 28.42
Average price/Mcf $ 2.87 $ 3.41
As shown in the table above, total Net Profits decreased $63,521 (20.3%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30,
-31-
2000. Of this decrease, approximately (i) $30,000 and $37,000,
respectively, were related to decreases in the average prices of oil and
gas sold, (ii) $33,000 was related to an increase in production expenses,
and (iii) $23,000 was related to a decrease in volumes of gas sold. These
decreases were partially offset by an increase of approximately $59,000
related to an increase in volumes of oil sold. Volumes of oil sold
increased 2,081 barrels, while volumes of gas sold decreased 6,821 Mcf for
the three months ended September 30, 2001 as compared to the three months
ended September 30, 2000. The increase in volumes of oil sold was
primarily due to an increase in production on one significant well due to
the successful workover of that well during early 2001. The increase in
production expenses was primarily due to workover expenses incurred on
several wells during the three months ended September 30, 2001. Average
oil and gas prices decreased to $23.61 per barrel and $2.87 per Mcf,
respectively, for the three months ended September 30, 2001 from $28.42
per barrel and $3.41 per Mcf, respectively, for the three months ended
September 30, 2000.
Depletion of Net Profits Interests increased $811 (2.5%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. This increase was primarily due to the increase in
volumes of oil sold. This increase was significantly 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 increased to 13.2%
for the three months ended September 30, 2001 from 10.3% for the three
months ended September 30, 2000. This percentage increase was primarily
due to the decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $454 (1.5%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
increased to 12.4% for the three months ended September 30, 2001 from
10.0% for the three months ended September 30, 2000. This percentage
increase was primarily due to the decrease in Net Profits.
-32-
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
---------- --------
Net Profits $1,108,652 $896,241
Barrels produced 17,342 14,610
Mcf produced 217,302 237,938
Average price/Bbl $ 26.18 $ 27.92
Average price/Mcf $ 4.17 $ 2.85
As shown in the table above, total Net Profits increased $212,411 (23.7%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately (i)
$287,000 was related to an increase in the average price of gas sold and
(ii) $76,000 was related to an increase in volumes of oil sold. These
increases were partially offset by decreases of approximately (i) $62,000
related to an increase in production expenses, (ii) $59,000 related to a
decrease in volumes of gas sold, and (iii) $30,000 related to a decrease
in the average price of oil sold. Volumes of oil sold increased 2,732
barrels, while volumes of gas sold decreased 20,636 Mcf for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. The increase in volumes of oil sold was primarily due
to an increase in production on one significant well due to the successful
workover of that well during early 2001. The increase in production
expenses was primarily due to (i) workover expenses incurred on several
wells during the nine months ended September 30, 2001 and (ii) an increase
in production taxes associated with the increase in Net Profits. Average
oil prices decreased to $26.18 per barrel for the nine months ended
September 30, 2001 from $27.92 per barrel for the nine months ended
September 30, 2000. Average gas prices increased to $4.17 per Mcf for the
nine months ended September 30, 2001 from $2.85 per Mcf for the nine
months ended September 30, 2000.
Depletion of Net Profits Interests decreased $4,599 (4.3%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, this expense decreased
to 9.2% for the nine months ended September 30, 2001 from 11.9% for the
nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
-33-
General and administrative expenses increased $6,603 (6.6%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 9.6% for the nine months ended September 30, 2001 from 11.2%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $13,839,558 or 128.06% of the Limited Partners' capital
contributions.
P-2 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $188,436 $249,058
Barrels produced 4,322 2,913
Mcf produced 55,133 60,875
Average price/Bbl $ 23.63 $ 28.45
Average price/Mcf $ 2.87 $ 3.51
As shown in the table above, total Net Profits decreased $60,622 (24.3%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. Of this decrease, approximately (i)
$21,000 and $35,000, respectively, were related to decreases in the
average prices of oil and gas sold, (ii) $25,000 was related to an
increase in production expenses, and (iii) $20,000 was related to a
decrease in volumes of gas sold. These decreases were partially offset by
an increase of approximately $40,000 related to an increase in volumes of
oil sold. Volumes of oil sold increased 1,409 barrels, while volumes of
gas sold decreased 5,742 Mcf for the three months ended September 30, 2001
as compared to the three months ended September 30, 2000. The increase in
volumes of oil sold was primarily due to an increase in production on one
significant well due to the successful workover of that well during early
2001. The increase in production expenses was primarily due to workover
expenses incurred on several wells during the three months ended September
30, 2001. Average oil and gas prices decreased to $23.63 per barrel and
$2.87 per Mcf, respectively, for the three months ended September 30, 2001
from $28.45 per barrel and $3.51 per Mcf, respectively, for the three
months ended September 30, 2000.
-34-
Depletion of Net Profits Interests decreased $415 (1.5%) for the three
months ended September 30, 2001 as compared to the three months ended
September 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 significantly offset by the increase in volumes of oil sold.
As a percentage of Net Profits, this expense increased to 14.1% for the
three months ended September 30, 2001 from 10.9% for the three months
ended September 30, 2000. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $329 (1.3%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
increased to 13.7% for the three months ended September 30, 2001 from
10.5% for the three months ended September 30, 2000. This percentage
increase was primarily due to the decrease in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
-------- --------
Net Profits $867,489 $687,453
Barrels produced 12,159 10,274
Mcf produced 178,115 192,221
Average price/Bbl $ 26.19 $ 27.92
Average price/Mcf $ 4.24 $ 2.91
As shown in the table above, total Net Profits increased $180,036 (26.2%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately (i)
$238,000 was related to an increase in the average price of gas sold and
(ii) $53,000 was related to an increase in volumes of oil sold. These
increases were partially offset by decreases of approximately (i) $49,000
related to an increase in production expenses, (ii) $41,000 related to a
decrease in volumes of gas sold, and (iii) $21,000 related to a decrease
in the average price of oil sold. Volumes of oil sold increased 1,885
barrels, while volumes of gas sold decreased 14,106 Mcf for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. The increase in volumes of oil sold was primarily due
to an increase in production on one significant well due to the successful
workover of that well during early 2001. The increase in production
expenses was primarily due to (i) workover expenses incurred on several
wells during the nine months ended September 30, 2001 and (ii) an increase
in
-35-
production taxes associated with the increase in Net Profits. Average oil
prices decreased to $26.19 per barrel for the nine months ended September
30, 2001 from $27.92 per barrel for the nine months ended September 30,
2000. Average gas prices increased to $4.24 per Mcf for the nine months
ended September 30, 2001 from $2.91 per Mcf for the nine months ended
September 30, 2000.
Depletion of Net Profits Interests decreased $5,149 (5.9%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, this expense decreased
to 9.5% for the nine months ended September 30, 2001 from 12.7% for the
nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
General and administrative expenses increased $8,122 (9.7%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 10.6% for the nine months ended September 30, 2001 from 12.2%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $10,550,561 or 117.11% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $352,647 $464,186
Barrels produced 7,987 5,385
Mcf produced 103,271 113,848
Average price/Bbl $ 23.62 $ 28.44
Average price/Mcf $ 2.88 $ 3.51
As shown in the table above, total Net Profits decreased $111,539 (24.0%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. Of this decrease, approximately (i)
$39,000 and $65,000, respectively, were related to decreases in the
average prices of oil and gas sold, (ii) $45,000 was related to an
increase in production expenses, and (iii) $37,000 was related to a
decrease in volumes of gas sold. These decreases were partially offset by
an increase of approximately $74,000 related to an increase in volumes of
-36-
oil sold. Volumes of oil sold increased 2,602 barrels, while volumes of
gas sold decreased 10,577 Mcf for the three months ended September 30,
2001 as compared to the three months ended September 30, 2000. The
increase in volumes of oil sold was primarily due to an increase in
production on one significant well due to the successful workover of that
well during early 2001. The increase in production expenses was primarily
due to workover expenses incurred on several wells during the three months
ended September 30, 2001. Average oil and gas prices decreased to $23.62
per barrel and $2.88 per Mcf, respectively, for the three months ended
September 30, 2001 from $28.44 per barrel and $3.51 per Mcf, respectively,
for the three months ended September 30, 2000.
Depletion of Net Profits Interests decreased $791 (1.6%) for the three
months ended September 30, 2001 as compared to the three months ended
September 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 significantly offset by the increase in volumes of oil sold.
As a percentage of Net Profits, this expense increased to 14.0% for the
three months ended September 30, 2001 from 10.8% for the three months
ended September 30, 2000. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $654 (1.3%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
increased to 13.6% for the three months ended September 30, 2001 from
10.5% for the three months ended September 30, 2000. This percentage
increase was primarily due to the decrease in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
---------- ----------
Net Profits $1,616,810 $1,276,693
Barrels produced 22,474 18,997
Mcf produced 332,544 359,055
Average price/Bbl $ 26.19 $ 27.92
Average price/Mcf $ 4.25 $ 2.90
As shown in the table above, total Net Profits increased $340,117 (26.6%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately (i)
$449,000 was related to an increase in the average price of gas sold and
(ii) $97,000 was related to an increase in volumes of oil sold. These
increases were partially offset by decreases of
-37-
approximately (i) $90,000 related to an increase in production expenses,
(ii) $77,000 related to a decrease in volumes of gas sold, and (iii)
$39,000 related to a decrease in the average price of oil sold. Volumes of
oil sold increased 3,477 barrels, while volumes of gas sold decreased
26,511 Mcf for the nine months ended September 30, 2001 as compared to the
nine months ended September 30, 2000. The increase in volumes of oil sold
was primarily due to an increase in production on one significant well due
to the successful workover of that well during early 2001. The increase in
production expenses was primarily due to (i) workover expenses incurred on
several wells during the nine months ended September 30, 2001 and (ii) an
increase in production taxes associated with the increase in Net Profits.
Average oil prices decreased to $26.19 per barrel for the nine months
ended September 30, 2001 from $27.92 per barrel for the nine months ended
September 30, 2000. Average gas prices increased to $4.25 per Mcf for the
nine months ended September 30, 2001 from $2.90 per Mcf for the nine
months ended September 30, 2000.
Depletion of Net Profits Interests decreased $9,730 (6.0%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, this expense decreased
to 9.4% for the nine months ended September 30, 2001 from 12.7% for the
nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
General and administrative expenses increased $1,699 (1.1%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 9.7% for the nine months ended September 30, 2001 from 12.2%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $19,202,401 or 113.20% of the Limited Partners' capital
contributions.
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P-4 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $642,677 $426,208
Barrels produced 16,847 6,218
Mcf produced 101,765 87,791
Average price/Bbl $ 25.47 $ 29.33
Average price/Mcf $ 3.04 $ 4.13
As shown in the table above, total Net Profits increased $216,469 (50.8%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. Of this increase, approximately $312,000
and $58,000, respectively, were related to increases in volumes of oil and
gas sold, and approximately $23,000 was related to a decrease in
production expenses. These increases were partially offset by decreases of
approximately $65,000 and $112,000, respectively, related to decreases in
the average prices of oil and gas sold. Volumes of oil and gas sold
increased 10,629 barrels and 13,974 Mcf, respectively, for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. The increase in volumes of oil sold was primarily due
to increased production on several wells due to the successful
recompletion of those wells during 2001. The increase in volumes of gas
sold was primarily due to (i) the successful completion of a new well
during mid 2000 and (ii) increased production on another significant well
due to the successful recompletion of that well during 2001. These
increases were partially offset by normal declines in production. The
decrease in production expenses was primarily due to workover expenses
incurred on two significant wells during the three months ended September
30, 2000. This decrease was partially offset by (i) an increase in lease
operating expenses associated with the increases in volumes of oil and gas
sold and (ii) an increase in production taxes associated with the increase
in Net Profits. Average oil and gas prices decreased to $25.47 per barrel
and $3.04 per Mcf, respectively, for the three months ended September 30,
2001 from $29.33 per barrel and $4.13 per Mcf, respectively, for the three
months ended September 30, 2000.
Depletion of Net Profits Interests increased $5,563 (11.3%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. This increase was primarily due to the increase in
volumes of oil and gas sold. This increase was partially offset by upward
-39-
revisions in the estimates of remaining oil and gas reserves at December
31, 2000. As a percentage of Net Profits, this expense decreased to 8.5%
for the three months ended September 30, 2001 from 11.5% for the three
months ended September 30, 2000. This percentage decrease was primarily
due to the upward revisions in the estimates of remaining oil and gas
reserves at December 31, 2000.
General and administrative expenses decreased $481 (1.3%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 5.6% for the three months ended September 30, 2001 from 8.5%
for the three months ended September 30, 2000. This percentage decrease
was primarily due to the increase in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
---------- --------
Net Profits $1,807,266 $968,966
Barrels produced 28,413 17,186
Mcf produced 278,159 251,091
Average price/Bbl $ 26.29 $ 28.62
Average price/Mcf $ 5.00 $ 3.27
As shown in the table above, total Net Profits increased $838,300 (86.5%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately $482,000
was related to an increase in the average price of gas sold and
approximately $321,000 and $89,000, respectively, were related to
increases in volumes of oil and gas sold. Volumes of oil and gas sold
increased 11,227 barrels and 27,068 Mcf, respectively, for the nine months
ended September 30, 2001 as compared to the nine months ended September
30, 2000. The increase in volumes of oil sold was primarily due to
increased production on several wells due to the successful recompletion
of those wells during 2001. The increase in volumes of gas sold was
primarily due to (i) the successful completion of a new well during mid
2000 and (ii) increased production on another significant well due to the
successful recompletion of that well during 2001. These increases were
partially offset by normal declines in production. The decrease in
production expenses was primarily due to workover expenses incurred on
several wells during the nine months ended September 30, 2000. This
decrease was partially offset by (i) an increase in lease operating
expenses associated with the increases in volumes of oil and gas sold and
(ii) an increase in production taxes associated with the increase in Net
Profits. Average oil
-40-
prices decreased to $26.29 per barrel for the nine months ended September
30, 2001 from $28.62 per barrel for the nine months ended September 30,
2000. Average gas prices increased to $5.00 per Mcf for the nine months
ended September 30, 2001 from $3.27 per Mcf for the nine months ended
September 30, 2000.
Depletion of Net Profits Interests decreased $18,191 (13.1%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 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 6.7% for
the nine months ended September 30, 2001 from 14.4% for the nine months
ended September 30, 2000. This percentage decrease was primarily due to
the upward revisions in the estimates of remaining oil and gas reserves at
December 31, 2000 and the increase in the average price of gas sold.
General and administrative expenses increased $5,276 (4.5%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 6.7% for the nine months ended September 30, 2001 from 12.0%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $14,919,945 or 118.13% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $236,933 $404,290
Barrels produced 1,595 1,143
Mcf produced 102,939 124,702
Average price/Bbl $ 25.63 $ 31.93
Average price/Mcf $ 2.52 $ 3.84
As shown in the table above, total Net Profits decreased $167,357 (41.4%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. Of this decrease, approximately $136,000
was related to a decrease in the average price of gas sold and
approximately $84,000 was related to a decrease in volumes
-41-
of gas sold. These decreases were partially offset by an increase of
approximately $48,000 related to a decrease in production expenses.
Volumes of oil sold increased 452 barrels, while volumes of gas sold
decreased 21,763 Mcf for the three months ended September 30, 2001 as
compared to the three months ended September 30, 2000. The increase in
volumes of oil sold was primarily due to (i) positive prior period volume
adjustments on two significant wells during the three months ended
September 30, 2001 and (ii) the timing of oil deliveries in 2001 on two
other significant wells. The decrease in volumes of gas sold was primarily
due to (i) normal declines in production and (ii) positive prior period
volume adjustments made by the purchaser on two significant wells during
the three months ended September 30, 2001. The decrease in production
expenses was primarily due to (i) a decrease in production taxes
associated with the decrease in Net Profits, (ii) workover expenses
incurred on one significant well during the three months ended September
30, 2000, and (iii) negative prior period lease operating expense
adjustments made by the operator on two significant wells during the three
months ended September 30, 2001. Average oil and gas prices decreased to
$25.63 per barrel and $2.52 per Mcf, respectively, for the three months
ended September 30, 2001 from $31.93 per barrel and $3.84 per Mcf,
respectively, for the three months ended September 30, 2000.
Depletion of Net Profits Interests decreased $17,404 (43.6%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. This decrease was primarily due to (i) upward
revisions in the estimates of remaining gas reserves at December 31, 2000
and (ii) the decrease in volumes of gas sold. As a percentage of Net
Profits, this expense decreased to 9.5% for the three months ended
September 30, 2001 from 9.9% for the three months ended September 30,
2000.
General and administrative expenses decreased $460 (1.3%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
increased to 14.2% for the three months ended September 30, 2001 from 8.4%
for the three months ended September 30, 2000. This percentage increase
was primarily due to the decrease in Net Profits.
-42-
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
---------- --------
Net Profits $1,570,832 $941,069
Barrels produced 3,814 4,361
Mcf produced 354,079 345,062
Average price/Bbl $ 26.81 $ 28.89
Average price/Mcf $ 4.91 $ 3.15
As shown in the table above, total Net Profits increased $629,763 (66.9%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately $622,000
was related to an increase in the average price of gas sold. Volumes of
oil sold decreased 547 barrels, while volumes of gas sold increased 9,017
Mcf for the nine months ended September 30, 2001 as compared to the nine
months ended September 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 and (ii) an increase in production on another significant well due to
the successful workover of that well during 2000. This increase was
substantially offset by normal declines in production. The decrease in
production expenses was primarily due to (i) workover expenses incurred on
one significant well during the nine months ended September 30, 2000, (ii)
negative prior period lease operating expense adjustments made by the
operator on two other significant wells during the nine months ended
September 30, 2001, and (iii) positive prior period lease operating
expense adjustments made by the operator on several wells during the nine
months ended September 30, 2000. These decreases were significantly offset
by an increase in production taxes associated with the increase in Net
Profits. Average oil prices decreased to $26.81 per barrel for the nine
months ended September 30, 2001 from $28.89 per barrel for the nine months
ended September 30, 2000. Average gas prices increased to $4.91 per Mcf
for the nine months ended September 30, 2001 from $3.15 per Mcf for the
nine months ended September 30, 2000.
Depletion of Net Profits Interests decreased $37,213 (33.0%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. This decrease was primarily due to upward revisions in
the estimates of remaining gas reserves at December 31, 2000. As a
percentage of Net Profits, this expense decreased to 4.8% for the nine
months ended September 30, 2001 from 12.0% for
-43-
the nine months ended September 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 $5,909 (5.4%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 7.3% for the nine months ended September 30, 2001 from 11.6%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $10,582,759 or 89.34% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000.
Three Months Ended September 30,
--------------------------------
2001 2000
-------- --------
Net Profits $404,161 $722,132
Barrels produced 4,029 2,971
Mcf produced 165,062 220,785
Average price/Bbl $ 25.52 $ 27.52
Average price/Mcf $ 2.39 $ 3.79
As shown in the table above, total Net Profits decreased $317,971 (44.0%)
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. Of this decrease, approximately $232,000
was related to a decrease in the average price of gas sold and
approximately $211,000 was related to a decrease in volumes of gas sold.
These decreases were partially offset by an increase of approximately
$104,000 related to a decrease in production expenses. Volumes of oil sold
increased 1,058 barrels, while volumes of gas sold decreased 55,723 Mcf
for the three months ended September 30, 2001 as compared to the three
months ended September 30, 2000. The increase in volumes of oil sold was
primarily due to the timing of oil deliveries in 2001 on several wells in
one field. The decrease in volumes of gas sold was primarily due to (i)
the P-6 Partnership receiving a reduced percentage of sales on one
significant well during the three months ended September 30, 2001 due to
gas balancing, (ii) positive prior period volume adjustments made by the
purchasers on several wells during the three months ended September 30,
2000, and (iii) normal declines in production. As of the date of this
Quarterly Report, management expects the gas balancing adjustment to
-44-
continue for the foreseeable future, thereby continuing to contribute to a
decrease in volumes of gas produced for the P-6 Partnership. The decrease
in production expenses was primarily due to (i) a decrease in production
taxes associated with the decrease in Net Profits, (ii) a decrease in
lease operating expenses associated with the decrease in volumes of gas
sold, and (iii) negative prior period lease operating expense adjustments
on two significant wells during the three months ended September 30, 2001.
Average oil and gas prices decreased to $25.52 per barrel and $2.39 per
Mcf, respectively, for the three months ended September 30, 2001 from
$27.52 per barrel and $3.79 per Mcf, respectively, for the three months
ended September 30, 2000.
Depletion of Net Profits Interests decreased $32,146 (40.6%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. This decrease was primarily due to (i) the decrease in
volumes of gas sold and (ii) upward revisions in the estimates of
remaining oil and gas reserves at December 31, 2000. As a percentage of
Net Profits, this expense increased to 11.6% for the three months ended
September 30, 2001 from 11.0% for the three months ended September 30,
2000.
General and administrative expenses decreased $617 (1.5%) for the three
months ended September 30, 2001 as compared to the three months ended
September 30, 2000. As a percentage of Net Profits, these expenses
increased to 10.0% for the three months ended September 30, 2001 from 5.7%
for the three months ended September 30, 2000. This percentage increase
was primarily due to the decrease in Net Profits.
-45-
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2000.
Nine Months Ended September 30,
-------------------------------
2001 2000
---------- ----------
Net Profits $2,172,897 $1,689,429
Barrels produced 9,873 10,647
Mcf produced 524,265 609,532
Average price/Bbl $ 26.66 $ 27.74
Average price/Mcf $ 4.52 $ 3.16
As shown in the table above, total Net Profits increased $483,468 (28.6%)
for the nine months ended September 30, 2001 as compared to the nine
months ended September 30, 2000. Of this increase, approximately $711,000
was related to an increase in the average price of gas sold and
approximately $74,000 was related to a decrease in production expenses.
These increases were partially offset by a decrease of approximately
$270,000 related to a decrease in volumes of gas sold. Volumes of oil and
gas sold decreased 774 barrels and 85,267 Mcf, respectively, for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. The decrease in volumes of gas sold was primarily due
to (i) the P-6 Partnership receiving a reduced percentage of sales on one
significant well during the nine months ended September 30, 2001 due to
gas balancing and (ii) normal declines in production. As of the date of
this Quarterly Report, management expects the gas balancing adjustment to
continue for the foreseeable future, thereby continuing to contribute to a
decrease in volumes of gas produced for the P-6 Partnership. Average oil
prices decreased to $26.66 per barrel for the nine months ended September
30, 2001 from $27.74 per barrel for the nine months ended September 30,
2000. Average gas prices increased to $4.52 per Mcf for the nine months
ended September 30, 2001 from $3.16 per Mcf for the nine months ended
September 30, 2000.
Depletion of Net Profits Interests decreased $78,446 (35.1%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 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 6.7% for the nine
months ended September 30, 2001 from 13.2% for the nine months ended
September 30, 2000. This percentage decrease was primarily due to the
dollar decrease in Depletion of Net Profits Interests and the increase in
the average price of gas sold.
-46-
General and administrative expenses increased $3,959 (3.0%) for the nine
months ended September 30, 2001 as compared to the nine months ended
September 30, 2000. As a percentage of Net Profits, these expenses
decreased to 6.2% for the nine months ended September 30, 2001 from 7.8%
for the nine months ended September 30, 2000. This percentage decrease was
primarily due to the increase in Net Profits.
The P-6 Partnership achieved payout during the nine months ended September
30, 2001. After payout, operations and revenues for the P-6 Partnership
have been and will be allocated using after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the P-6 Partnership's Annual Report on Form 10-K
for the year ended December 31, 2000 for a further discussion of pre and
post payout allocations of income and expense.
Cumulative cash distributions to the Limited Partners through September
30, 2001 were $14,773,248 or 103.28% of the Limited Partners' capital
contributions.
-47-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-48-
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
On November 1, 2001 Craig D. Loseke was named Chief Accounting Officer
of Geodyne.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K.
None.
-49-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1
LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2
LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-6
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: November 14, 2001 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: November 14, 2001 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-50-