SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 2002
Commission File Number:
P-1: 0-17800 P-3: 0-18306 P-5: 0-18637
P-2: 0-17801 P-4: 0-18308 P-6: 0-18937
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
---------------------------------------------------------------------
(Exact Name of Registrant as specified in its Articles)
P-1 73-1330245
P-2 73-1330625
P-1 and P-2: P-3 73-1336573
Texas P-4 73-1341929
P-3 through P-6: P-5 73-1353774
Oklahoma P-6 73-1357375
---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 116,733 $ 182,282
Accounts receivable:
Net Profits 131,220 124,712
---------- ----------
Total current assets $ 247,953 $ 306,994
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 769,220 783,748
---------- ----------
$1,017,173 $1,090,742
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 71,002) ($ 77,557)
Limited Partners, issued and
outstanding, 108,074 units 1,088,175 1,168,299
---------- ----------
Total Partners' capital $1,017,173 $1,090,742
========== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-2-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $186,087 $429,278
Interest income 467 3,292
Loss on sale of Net Profits
Interests - ( 136)
-------- --------
$186,554 $432,434
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 30,540 $ 31,515
General and administrative
(Note 2) 45,372 45,739
-------- --------
$ 75,912 $ 77,254
-------- --------
NET INCOME $110,642 $355,180
======== ========
GENERAL PARTNER - NET INCOME $ 13,766 $ 38,025
======== ========
LIMITED PARTNERS - NET INCOME $ 96,876 $317,155
======== ========
NET INCOME per unit $ .90 $ 2.93
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $110,642 $355,180
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 30,540 31,515
Loss on sale of Net Profits
Interests - 136
(Increase) decrease in accounts
receivable - Net Profits ( 6,508) 33,821
-------- --------
Net cash provided by operating
activities $134,674 $420,652
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,012) ($ 11,662)
-------- --------
Net cash used by investing
activities ($ 16,012) ($ 11,662)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($184,211) ($322,649)
-------- --------
Net cash used by financing
activities ($184,211) ($322,649)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 65,549) $ 86,341
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,282 284,937
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $116,733 $371,278
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 88,697 $141,777
Accounts receivable:
Net Profits 101,495 100,510
-------- --------
Total current assets $190,192 $242,287
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 661,912 676,999
-------- --------
$852,104 $919,286
======== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 51,090) ($ 55,787)
Limited Partners, issued and
outstanding, 90,094 units 903,194 975,073
-------- --------
Total Partners' capital $852,104 $919,286
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $140,568 $340,356
Interest income 351 2,530
Loss on sale of Net Profits
Interests - ( 93)
-------- --------
$140,919 $342,793
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 25,951 $ 25,510
General and administrative
(Note 2) 40,055 40,698
-------- --------
$ 66,006 $ 66,208
-------- --------
NET INCOME $ 74,913 $276,585
======== ========
GENERAL PARTNER - NET INCOME $ 9,792 $ 29,701
======== ========
LIMITED PARTNERS - NET INCOME $ 65,121 $246,884
======== ========
NET INCOME per unit $ .72 $ 2.74
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-6-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 74,913 $276,585
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 25,951 25,510
Loss on sale of Net Profits
Interests - 93
(Increase) decrease in accounts
receivable - Net Profits ( 985) 28,331
-------- --------
Net cash provided by operating
activities $ 99,879 $330,519
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 10,864) ($ 24,822)
-------- --------
Net cash used by investing
activities ($ 10,864) ($ 24,822)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($142,095) ($252,576)
-------- --------
Net cash used by financing
activities ($142,095) ($252,576)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 53,080) $ 53,121
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 141,777 223,864
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 88,697 $276,985
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 174,972 $ 266,929
Accounts receivable:
Net Profits 190,294 188,979
---------- ----------
Total current assets $ 365,266 $ 455,908
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,234,978 1,263,248
---------- ----------
$1,600,244 $1,719,156
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 65,506) ($ 74,177)
Limited Partners, issued and
outstanding, 169,637 units 1,665,750 1,793,333
---------- ----------
Total Partners' capital $1,600,244 $1,719,156
========== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $260,780 $633,942
Interest income 705 4,739
Loss on sale of Net Profits
Interests - ( 172)
-------- --------
$261,485 $638,509
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 48,305 $ 47,291
General and administrative
(Note 2) 63,520 62,983
-------- --------
$111,825 $110,274
-------- --------
NET INCOME $149,660 $528,235
======== ========
GENERAL PARTNER - NET INCOME $ 19,243 $ 56,606
======== ========
LIMITED PARTNERS - NET INCOME $130,417 $471,629
======== ========
NET INCOME per unit $ .77 $ 2.78
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-9-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $149,660 $528,235
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 48,305 47,291
Loss on sale of Net Profits
Interests - 172
Decrease in accounts receivable -
General Partner - 512
(Increase) decrease in accounts
receivable - Net Profits ( 1,315) 53,451
-------- --------
Net cash provided by operating
activities $196,650 $629,661
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 20,035) ($ 47,851)
-------- --------
Net cash used by investing
activities ($ 20,035) ($ 47,851)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($268,572) ($472,010)
-------- --------
Net cash used by financing
activities ($268,572) ($472,010)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 91,957) $109,800
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 266,929 416,457
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $174,972 $526,257
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-10-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 284,429 $ 420,602
Accounts receivable:
Net Profits 306,041 332,362
---------- ----------
Total current assets $ 590,470 $ 752,964
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 635,265 649,016
---------- ----------
$1,225,735 $1,401,980
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 54,713) ($ 71,619)
Limited Partners, issued and
outstanding, 126,306 units 1,280,448 1,473,599
---------- ----------
Total Partners' capital $1,225,735 $1,401,980
========== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $336,090 $711,237
Interest income 1,111 5,542
-------- --------
$337,201 $716,779
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 48,692 $ 33,861
General and administrative
(Note 2) 49,487 50,875
-------- --------
$ 98,179 $ 84,736
-------- --------
NET INCOME $239,022 $632,043
======== ========
GENERAL PARTNER - NET INCOME $ 28,173 $ 65,698
======== ========
LIMITED PARTNERS - NET INCOME $210,849 $566,345
======== ========
NET INCOME per unit $ 1.67 $ 4.48
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $239,022 $632,043
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 48,692 33,861
(Increase) decrease in accounts
receivable - Net Profits 26,321 ( 14,734)
-------- --------
Net cash provided by operating
activities $314,035 $651,170
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 37,824) $ -
Proceeds from sale of Net Profits
Interests 2,883 323
-------- --------
Net cash provided (used) by
investing activities ($ 34,941) $ 323
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($415,267) ($487,579)
-------- --------
Net cash used by financing
activities ($415,267) ($487,579)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($136,173) $163,914
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 420,602 439,461
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $284,429 $603,375
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $175,680 $171,708
Accounts receivable:
Net Profits 20,893 50,592
-------- --------
Total current assets $196,573 $222,300
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 618,491 641,204
-------- --------
$815,064 $863,504
======== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 74,394) ($ 74,788)
Limited Partners, issued and
outstanding, 118,449 units 889,458 938,292
-------- --------
Total Partners' capital $815,064 $863,504
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $164,008 $881,354
Interest income 553 5,659
-------- --------
$164,561 $887,013
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 23,614 $ 29,527
General and administrative
(Note 2) 47,176 48,684
-------- --------
$ 70,790 $ 78,211
-------- --------
NET INCOME $ 93,771 $808,802
======== ========
GENERAL PARTNER - NET INCOME $ 5,605 $ 41,338
======== ========
LIMITED PARTNERS - NET INCOME $ 88,166 $767,464
======== ========
NET INCOME per unit $ .74 $ 6.48
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 93,771 $808,802
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 23,614 29,527
(Increase) decrease in accounts
receivable - Net Profits 29,699 ( 27,901)
-------- --------
Net cash provided by operating
activities $147,084 $810,428
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 901) ($ 16,309)
-------- --------
Net cash used by investing
activities ($ 901) ($ 16,309)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($142,211) ($467,375)
-------- --------
Net cash used by financing
activities ($142,211) ($467,375)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 3,972 $326,744
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 171,708 440,454
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $175,680 $767,198
======== ========
The accompanying condensed notes are an integral
part of these combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 291,260 $ 187,301
Accounts receivable:
Net Profits 41,130 62,543
---------- ----------
Total current assets $ 332,390 $ 249,844
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,248,996 1,303,109
---------- ----------
$1,581,386 $1,552,953
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 71,919) ($ 87,910)
Limited Partners, issued and
outstanding, 143,041 units 1,653,305 1,640,863
---------- ----------
Total Partners' capital $1,581,386 $1,552,953
========== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $323,906 $1,109,194
Interest income 612 8,226
-------- ----------
$324,518 $1,117,420
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 55,257 $ 52,388
General and administrative
(Note 2) 54,423 55,617
-------- ----------
$109,680 $ 108,005
-------- ----------
NET INCOME $214,838 $1,009,415
======== ==========
GENERAL PARTNER - NET INCOME $ 26,396 $ 52,155
======== ==========
LIMITED PARTNERS - NET INCOME $188,442 $ 957,260
======== ==========
NET INCOME per unit $ 1.32 $ 6.69
======== ==========
UNITS OUTSTANDING 143,041 143,041
======== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $214,838 $1,009,415
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 55,257 52,388
(Increase) decrease in accounts
receivable - Net Profits 21,413 ( 35,471)
-------- ----------
Net cash provided by operating
activities $291,508 $1,026,332
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,144) ($ 8,703)
-------- ----------
Net cash used by investing
activities ($ 1,144) ($ 8,703)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($186,405) ($ 736,065)
-------- ----------
Net cash used by financing
activities ($186,405) ($ 736,065)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $103,959 $ 281,564
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 187,301 691,186
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $291,260 $ 972,750
======== ==========
The accompanying condensed notes are an integral
part of these combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2002
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2002, combined statements of
operations for the three months ended March 31, 2002 and 2001, and
combined statements of cash flows for the three months ended March 31,
2002 and 2001 have been prepared by Geodyne Resources, Inc., the General
Partner of the Geodyne Institutional/Pension Energy Income Limited
Partnerships, without audit. Each limited partnership is a general partner
in the related Geodyne NPI Partnership (the "NPI Partnerships") in which
Geodyne Resources, Inc. serves as the managing partner. For the purposes
of these financial statements, the general partner and managing partner
are collectively referred to as the "General Partner" and the limited
partnerships and NPI Partnerships are collectively referred to as the
"Partnerships". In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting of normal
recurring adjustments, to present fairly the combined financial position
at March 31, 2002, the combined results of operations for the three months
ended March 31, 2002 and 2001, and the combined cash flows for the three
months ended March 31, 2002 and 2001.
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, 2001. The
results of operations for the period ended March 31, 2002 are not
necessarily indicative of the results to be expected for the full year.
As used in these financial statements, the Partnerships' net profits and
royalty interests in oil and gas sales are referred to as "Net Profits"
and the Partnerships' net profits and royalty interests in oil and gas
properties are referred to as "Net Profits Interests". The working
interests from which the Partnerships' Net Profits Interests are carved
are referred to as "Working Interests".
The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.
-20-
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting fees,
and similar costs directly related to the acquisitions, plus an allocated
portion, of the General Partner's property screening costs. The
acquisition cost to the NPI Partnership of Net Profits Interests acquired
by the General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition, for
the period of time the properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of Net Profits Interests is
recognized based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs, net of estimated salvage value.
The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 2002, the following payments were made to the General
Partner or its affiliates by the Partnerships:
-21-
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $16,932 $28,440
P-2 16,346 23,709
P-3 18,880 44,640
P-4 16,247 33,240
P-5 16,006 31,170
P-6 16,782 37,641
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
-22-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring Net Profits
Interests in producing oil and gas properties located in the continental
United States. In general, a Partnership acquired passive interests in
producing properties and does not directly engage in development drilling
or enhanced recovery projects. Therefore, the economic life of each
limited partnership, and its related NPI Partnership, is limited to the
period of time required to fully produce its acquired oil and gas
reserves. A Net Profits Interest entitles the Partnerships to a portion of
the oil and gas sales less operating and production expenses and
development costs generated by the owner of the
-23-
underlying Working Interests. The net proceeds from the oil and gas
operations are distributed to the Limited Partners and the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests less necessary
operating capital are distributed to the Limited Partners on a quarterly
basis. Revenues and net proceeds of a Partnership are largely dependent
upon the volumes of oil and gas sold and the prices received for such oil
and gas. While the General Partner cannot predict future pricing trends,
it believes the working capital available as of March 31, 2002 and the net
revenue generated from future operations will provide sufficient working
capital to meet current and future obligations.
Occasional expenditures by the owners of the Working Interests for new
wells or well recompletions or workovers, however, may reduce or eliminate
cash available for a particular quarterly cash distribution. During the
three months ended March 31, 2002, capital expenditures affecting the P-1,
P-2, P-3, and P-4 Partnerships' Net Profits Interests totaled $16,012,
$10,864, $20,035, and $37,824, respectively. The costs for the P-1, P-2,
and P-3 Partnerships were indirectly incurred as a result of drilling and
recompletion activities on one property, the CHB Weir in Lea County, New
Mexico. The costs for the P-4
-24-
Partnership were indirectly incurred as a result of drilling and
recompletion activities on another property, the Donald #1 SWD in
Jefferson Davis County, Louisiana.
NEW ACCOUNTING PRONOUNCEMENTS
Below is a brief description of Financial Accounting Standards ("FAS")
recently issued by the Financial Accounting Standards Board ("FASB") which
may have an impact on the Partnerships' future results of operations and
financial position.
In July 2001, the FASB issued FAS No. 143, "Accounting for Asset
Retirement Obligations", which is effective for fiscal years beginning
after June 15, 2002 (January 1, 2003 for the Partnerships). FAS No. 143
will require the recording of the fair value of liabilities associated
with the retirement of long-lived assets (mainly plugging and abandonment
costs for the Partnerships' depleted wells), in the period in which the
liabilities are incurred (at the time the wells are drilled). Management
has not yet determined the effect of adopting this statement on the
Partnerships' financial condition or results of operations.
In August 2001, the FASB issued FAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets", which is effective for
fiscal years beginning after December 15, 2001 (January 1, 2002 for the
Partnerships). This statement supersedes FAS No. 121 "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of". The provisions of FAS No. 144, as they relate to the Partnerships,
are essentially the same as FAS No. 121 and thus are not expected to have
a significant effect on the Partnerships fiscal condition or results of
operations.
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.
Historically, oil and gas prices have been volatile and are likely to
continue to be volatile. As a result, 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
-25-
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 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. However,
prices for both oil and gas soon declined and were relatively lower in
late 2001 and early 2002 as a result of the declining economy and
relatively mild winter weather. Recently, prices of oil and gas have
improved, to some extent due to unrest in the Middle East. It is not
possible to accurately predict future trends.
P-1 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Net Profits $186,087 $429,278
Barrels produced 6,049 4,992
Mcf produced 74,762 69,569
Average price/Bbl $ 19.10 $ 28.85
Average price/Mcf $ 2.20 $ 5.33
As shown in the table above, total Net Profits decreased $243,191 (56.7%)
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. Of this decrease, approximately $59,000 and
$234,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by increases of
approximately $30,000 and $28,000, respectively, related to increases in
volumes of oil and gas sold. Volumes of oil and gas sold increased 1,057
barrels and 5,193 Mcf, respectively, for the three months ended March 31,
2002 as compared to the three months ended March 31, 2001. The increase in
volumes of oil sold was primarily due to (i) a positive prior period
volume adjustment on one significant well during the three months ended
March 31, 2002 and (ii) an increase in production on another significant
well due to the successful workover of that well during early 2001. These
increases were partially offset by a positive prior period volume
adjustment made by the operator on another significant well during the
three months ended March 31, 2001. Average oil and gas prices decreased
-26-
to $19.10 per barrel and $2.20 per Mcf, respectively, for the three months
ended March 31, 2002 from $28.85 per barrel and $5.33 per Mcf,
respectively, for the three months ended March 31, 2001.
Depletion of Net Profits Interests decreased $975 (3.1%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. This decrease was primarily due to upward revisions in the
estimates of remaining gas reserves at December 31, 2001. This decrease
was substantially offset by the increases in volumes of oil and gas sold.
As a percentage of Net Profits, this expense increased to 16.4% for the
three months ended March 31, 2002 from 7.3% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2002 and 2001. As a percentage of Net
Profits, these expenses increased to 24.4% for the three months ended
March 31, 2002 from 10.7% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $14,234,558 or 131.71% of the Limited Partners' capital
contributions.
P-2 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Net Profits $140,568 $340,356
Barrels produced 4,198 3,490
Mcf produced 60,363 56,754
Average price/Bbl $ 19.09 $ 28.83
Average price/Mcf $ 2.22 $ 5.46
As shown in the table above, total Net Profits decreased $199,788 (58.7%)
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. Of this decrease, approximately $41,000 and
$196,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by increases of
approximately $21,000 and $20,000, respectively, related to increases in
volumes of oil and gas sold. Volumes of oil and gas sold increased 708
barrels and 3,609 Mcf, respectively, for the three months ended March 31,
2002 as compared to the three months ended March 31,
-27-
2001. The increase in volumes of oil sold was primarily due to (i) a
positive prior period volume adjustment on one significant well during the
three months ended March 31, 2002 and (ii) an increase in production on
another significant well due to the successful workover of that well
during early 2001. These increases were partially offset by a positive
prior period volume adjustment made by the operator on another significant
well during the three months ended March 31, 2001. Average oil and gas
prices decreased to $19.09 per barrel and $2.22 per Mcf, respectively, for
the three months ended March 31, 2002 from $28.83 per barrel and $5.46 per
Mcf, respectively, for the three months ended March 31, 2001.
Depletion of Net Profits Interests increased $441 (1.7%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. This increase was primarily due to the increases in volumes of
oil and gas sold. These increases were substantially offset by upward
revisions in the estimates of remaining gas reserves at December 31, 2001.
As a percentage of Net Profits, this expense increased to 18.5% for the
three months ended March 31, 2002 from 7.5% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $643 (1.6%) for the three
months ended March 31, 2002 and 2001. As a percentage of Net Profits,
these expenses increased to 28.5% for the three months ended March 31,
2002 from 12.0% for the three months ended March 31, 2001. This percentage
increase was primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $10,861,561 or 120.56% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Net Profits $260,780 $633,942
Barrels produced 7,756 6,447
Mcf produced 112,707 106,086
Average price/Bbl $ 19.09 $ 28.84
Average price/Mcf $ 2.22 $ 5.46
As shown in the table above, total Net Profits decreased $373,162 (58.9%)
for the three months ended March 31, 2002
-28-
as compared to the three months ended March 31, 2001. Of this decrease,
approximately $76,000 and $365,000, respectively, were related to
decreases in the average prices of oil and gas sold. These decreases were
partially offset by increases of approximately $38,000 and $36,000,
respectively, related to increases in volumes of oil and gas sold. Volumes
of oil and gas sold increased 1,309 barrels and 6,621 Mcf, respectively,
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. The increase in volumes of oil sold was primarily
due to (i) a positive prior period volume adjustment on one significant
well during the three months ended March 31, 2002 and (ii) an increase in
production on another significant well due to the successful workover of
that well during early 2001. These increases were partially offset by a
positive prior period volume adjustment made by the operator on another
significant well during the three months ended March 31, 2001. Average oil
and gas prices decreased to $19.09 per barrel and $2.22 per Mcf,
respectively, for the three months ended March 31, 2002 from $28.84 per
barrel and $5.46 per Mcf, respectively, for the three months ended March
31, 2001.
Depletion of Net Profits Interests increased $1,014 (2.1%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. This increase was primarily due to the increases in volumes of
oil and gas sold. These increases were substantially offset by upward
revisions in the estimates of remaining gas reserves at December 31, 2001.
As a percentage of Net Profits, this expense increased to 18.5% for the
three months ended March 31, 2002 from 7.5% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2002 and 2001. As a percentage of Net
Profits, these expenses increased to 24.4% for the three months ended
March 31, 2002 from 9.9% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $19,810,401 or 116.78% of the Limited Partners' capital
contributions.
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P-4 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Net Profits $336,090 $711,237
Barrels produced 8,839 5,862
Mcf produced 141,732 90,239
Average price/Bbl $ 20.07 $ 28.60
Average price/Mcf $ 2.03 $ 7.19
As shown in the table above, total Net Profits decreased $375,147 (52.7%)
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. Of this decrease, approximately $75,000 and
$731,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by increases of
approximately $85,000 and $370,000, respectively, related to increases in
volumes of oil and gas sold. Volumes of oil and gas sold increased 2,977
barrels and 51,493 Mcf, respectively, for the three months ended March 31,
2002 as compared to the three months ended March 31, 2001. 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 mid 2001.
The increase in volumes of gas sold was primarily due to (i) a positive
prior period gas balancing adjustment on one significant well during the
three months ended March 31, 2002, (ii) an increase in production on one
significant well due to the successful workover of that well during mid
2001, and (iii) increased production on several other wells due to the
successful recompletion of those wells during mid 2001. Average oil and
gas prices decreased to $20.07 per barrel and $2.03 per Mcf, respectively,
for the three months ended March 31, 2002 from $28.60 per barrel and $7.19
per Mcf, respectively, for the three months ended March 31, 2001.
Depletion of Net Profits Interests increased $14,831 (43.8%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. This increase was primarily due to the increases in volumes of
oil and gas sold. These increases were partially offset by upward
revisions in the estimates of remaining oil reserves at December 31, 2001.
As a percentage of Net Profits, this expense increased to 14.5% for the
three months ended March 31, 2002 from 4.8% for the three months ended
March 31, 2001. This percentage increase was primarily due the decreases
in the average prices of oil and gas sold.
-30-
General and administrative expenses decreased $1,388 (2.7%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of Net Profits, these expenses increased to
14.7% for the three months ended March 31, 2002 from 7.2% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $15,730,945 or 124.55% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Net Profits $164,008 $881,354
Barrels produced 1,459 1,151
Mcf produced 99,400 140,730
Average price/Bbl $ 18.92 $ 29.14
Average price/Mcf $ 2.42 $ 7.02
As shown in the table above, total Net Profits decreased $717,346 (81.4%)
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. Of this decrease, approximately (i) $458,000 was
related to a decrease in the average price of gas sold and (ii) $290,000
was related to a decrease in volumes of gas sold. Volumes of oil sold
increased 308 barrels, while volumes of gas sold decreased 41,330 Mcf for
the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. The increase in volumes of oil sold was primarily
due to positive prior period volume adjustments made by the operator on
two significant wells during the three months ended March 31, 2002. The
decrease in volumes of gas sold was primarily due to (i) the shutting-in
of one significant well due to production difficulties during the three
months ended March 31, 2002 and (ii) normal declines in production. As of
the date of this Quarterly Report, management does not expect the shut-in
well to return to production. Average oil and gas prices decreased to
$18.92 per barrel and $2.42 per Mcf, respectively, for the three months
ended March 31, 2002 from $29.14 per barrel and $7.02 per Mcf,
respectively, for the three months ended March 31, 2001.
-31-
Depletion of Net Profits Interests decreased $5,913 (20.0%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. This decrease was primarily due to the decrease in volumes of
gas sold. As a percentage of Net Profits, this expense increased to 14.4%
for the three months ended March 31, 2002 from 3.4% for the three months
ended March 31, 2001. This percentage increase was primarily due the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,508 (3.1%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of Net Profits, these expenses increased to
28.8% for the three months ended March 31, 2002 from 5.5% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $11,015,759 or 93.00% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- ----------
Net Profits $323,906 $1,109,194
Barrels produced 3,654 3,472
Mcf produced 187,913 188,883
Average price/Bbl $ 18.95 $ 25.44
Average price/Mcf $ 2.32 $ 6.53
As shown in the table above, total Net Profits decreased $785,288 (70.8%)
for the three months ended March 31, 2002 as compared to the three months
ended March 31, 2001. Of this decrease, approximately $791,000 was related
to a decrease in the average price of gas sold. Volumes of oil sold
increased 182 barrels, while volumes of gas sold decreased 970 Mcf for the
three months ended March 31, 2002 as compared to the three months ended
March 31, 2001. The decrease in volumes of gas sold was primarily due to
(i) normal declines in production and (ii) the shutting-in of one
significant well due to production difficulties during the three months
ended March 31, 2002. These decreases were substantially offset by (i) a
positive prior period volume adjustment made by the purchaser during the
three months ended March 31, 2002 and (ii) the P-6 Partnership's receipt
of a reduced percentage of sales on one significant well during the three
months ended March 31, 2001 due to gas
-32-
balancing. As of the date of this Quarterly Report, management does not
expect the shut-in well to return to production. Average oil and gas
prices decreased to $18.95 per barrel and $2.32 per Mcf, respectively, for
the three months ended March 31, 2002 from $25.44 per barrel and $6.53 per
Mcf, respectively, for the three months ended March 31, 2001.
Depletion of Net Profits Interests increased $2,869 (5.5%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of Net Profits, this expense increased to 17.1%
for the three months ended March 31, 2002 from 4.7% for the three months
ended March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,194 (2.1%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of Net Profits, these expenses increased to
16.8% for the three months ended March 31, 2002 from 5.0% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through March 31,
2002 were $15,459,248 or 108.08% of the Limited Partners' capital
contributions.
-33-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-34-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2002:
Date of Event: January 28, 2002
Date Filed with the SEC: January 28, 2002
Items Included: Item 5 - Other Events
Item 7 - Exhibits
-35-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-6
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 13, 2002 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 13, 2002 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-36-