SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 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
June 30, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 161,331 $ 182,282
Accounts receivable:
General Partner (Note 2) 40,126 -
Net Profits 169,013 124,712
---------- ----------
Total current assets $ 370,470 $ 306,994
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 754,504 783,748
---------- ----------
$1,124,974 $1,090,742
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,288) ($ 77,557)
Limited Partners, issued and
outstanding, 108,074 units 1,188,262 1,168,299
---------- ----------
Total Partners' capital $1,124,974 $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 JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $218,834 $430,320
Interest income 214 3,181
Gain (loss) on sale of Net Profits
Interests 37,624 ( 544)
-------- --------
$256,672 $432,957
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 25,679 $ 37,271
General and administrative
(Note 2) 33,908 29,970
-------- --------
$ 59,587 $ 67,241
-------- --------
NET INCOME $197,085 $365,716
======== ========
GENERAL PARTNER - NET INCOME $ 21,998 $ 39,608
======== ========
LIMITED PARTNERS - NET INCOME $175,087 $326,108
======== ========
NET INCOME per unit $ 1.62 $ 3.02
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $404,921 $859,598
Interest income 681 6,473
Gain (loss) on sale of Net
Profits Interests 37,624 ( 680)
-------- --------
$443,226 $865,391
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 56,219 $ 68,786
General and administrative
(Note 2) 79,280 75,709
-------- --------
$135,499 $144,495
-------- --------
NET INCOME $307,727 $720,896
======== ========
GENERAL PARTNER - NET INCOME $ 35,764 $ 77,633
======== ========
LIMITED PARTNERS - NET INCOME $271,963 $643,263
======== ========
NET INCOME per unit $ 2.52 $ 5.95
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $307,727 $720,896
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 56,219 68,786
(Gain) loss on sale of Net Profits
Interests ( 37,624) 680
(Increase) decrease in accounts
receivable - Net Profits ( 44,301) 65,125
-------- --------
Net cash provided by operating
activities $282,021 $855,487
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 29,698) ($ 16,852)
Proceeds from sale of Net Profits
Interests 221 -
-------- --------
Net cash used by investing
activities ($ 29,477) ($ 16,852)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($273,495) ($733,721)
-------- --------
Net cash used by financing
activities ($273,495) ($733,721)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 20,951) $104,914
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,282 284,937
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $161,331 $389,851
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2002 2001
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $127,891 $141,777
Accounts receivable:
General Partner (Note 2) 27,396 -
Net Profits 132,861 100,510
-------- --------
Total current assets $288,148 $242,287
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 647,274 676,999
-------- --------
$935,422 $919,286
======== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 45,114) ($ 55,787)
Limited Partners, issued and
outstanding, 90,094 units 980,536 975,073
-------- --------
Total Partners' capital $935,422 $919,286
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $171,233 $338,697
Interest income 159 2,405
Gain (loss) on sale of Net
Profits Interests 25,596 ( 570)
-------- --------
$196,988 $340,532
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 21,993 $ 30,308
General and administrative
(Note 2) 29,100 25,102
-------- --------
$ 51,093 $ 55,410
-------- --------
NET INCOME $145,895 $285,122
======== ========
GENERAL PARTNER - NET INCOME $ 16,553 $ 31,000
======== ========
LIMITED PARTNERS - NET INCOME $129,342 $254,122
======== ========
NET INCOME per unit $ 1.44 $ 2.82
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $311,801 $679,053
Interest income 510 4,935
(Gain) loss on sale of Net
Profits Interests 25,596 ( 663)
-------- --------
$337,907 $683,325
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 47,944 $ 55,818
General and administrative
(Note 2) 69,155 65,800
-------- --------
$117,099 $121,618
-------- --------
NET INCOME $220,808 $561,707
======== ========
GENERAL PARTNER - NET INCOME $ 26,345 $ 60,701
======== ========
LIMITED PARTNERS - NET INCOME $194,463 $501,006
======== ========
NET INCOME per unit $ 2.16 $ 5.56
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $220,808 $561,707
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 47,944 55,818
(Gain) loss on sale of Net Profits
Interests ( 25,596) 663
(Increase) decrease in accounts
receivable - Net Profits ( 32,351) 52,855
-------- --------
Net cash provided by operating
activities $210,805 $671,043
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 20,275) ($ 32,383)
Proceeds from the sale of Net
Profits Interests 256 -
-------- --------
Net cash used by investing
activities ($ 20,019) ($ 32,383)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($204,672) ($559,265)
-------- --------
Net cash used by financing
activities ($204,672) ($559,265)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 13,886) $ 79,395
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 141,777 223,864
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $127,891 $303,259
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 240,680 $ 266,929
Accounts receivable:
General Partner (Note 2) 50,553 -
Net Profits 249,725 188,979
---------- ----------
Total current assets $ 540,958 $ 455,908
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,207,605 1,263,248
---------- ----------
$1,748,563 $1,719,156
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 54,329) ($ 74,177)
Limited Partners, issued and
outstanding, 169,637 units 1,802,892 1,793,333
---------- ----------
Total Partners' capital $1,748,563 $1,719,156
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $319,056 $630,221
Interest income 354 4,611
Gain (loss) on sale of Net
Profits Interests 47,198 ( 1,132)
-------- --------
$366,608 $633,700
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 40,908 $ 55,999
General and administrative
(Note 2) 50,380 46,613
-------- --------
$ 91,288 $102,612
-------- --------
NET INCOME $275,320 $531,088
======== ========
GENERAL PARTNER - NET INCOME $ 31,178 $ 57,687
======== ========
LIMITED PARTNERS - NET INCOME $244,142 $473,401
======== ========
NET INCOME per unit $ 1.44 $ 2.79
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ------------
REVENUES:
Net Profits $579,836 $1,264,163
Interest income 1,059 9,350
Gain (loss) on sale of Net
Profits Interests 47,198 ( 1,304)
-------- ----------
$628,093 $1,272,209
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 89,213 $ 103,290
General and administrative
(Note 2) 113,900 109,596
-------- ----------
$203,113 $ 212,886
-------- ----------
NET INCOME $424,980 $1,059,323
======== ==========
GENERAL PARTNER - NET INCOME $ 50,421 $ 114,293
======== ==========
LIMITED PARTNERS - NET INCOME $374,559 $ 945,030
======== ==========
NET INCOME per unit $ 2.21 $ 5.57
======== ==========
UNITS OUTSTANDING 169,637 169,637
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $424,980 $1,059,323
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 89,213 103,290
(Gain) loss on sale of Net Profits
Interests ( 47,198) 1,304
Decrease in accounts receivable -
General Partner - 512
(Increase) decrease in accounts
receivable - Net Profits ( 60,746) 100,055
-------- ----------
Net cash provided by operating
activities $406,249 $1,264,484
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 37,411) ($ 62,349)
Proceeds from the sale of Net
Profits Interests 486 -
-------- ----------
Net cash used by investing
activities ($ 36,925) ($ 62,349)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($395,573) ($1,053,793)
-------- ----------
Net cash used by financing
activities ($395,573) ($1,053,793)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 26,249) $ 148,342
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 266,929 416,457
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $240,680 $ 564,799
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 340,837 $ 420,602
Accounts receivable:
Net Profits 381,102 332,362
---------- ----------
Total current assets $ 721,939 $ 752,964
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 607,911 649,016
---------- ----------
$1,329,850 $1,401,980
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 52,801) ($ 71,619)
Limited Partners, issued and
outstanding, 126,306 units 1,382,651 1,473,599
---------- ----------
Total Partners' capital $1,329,850 $1,401,980
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $389,236 $453,352
Interest income 608 4,902
Loss on sale of Net Profits
Interests - ( 813)
-------- --------
$389,844 $457,441
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 34,176 $ 32,502
General and administrative
(Note 2) 37,647 34,943
-------- --------
$ 71,823 $ 67,445
-------- --------
NET INCOME $318,021 $389,996
======== ========
GENERAL PARTNER - NET INCOME $ 34,818 $ 41,434
======== ========
LIMITED PARTNERS - NET INCOME $283,203 $348,562
======== ========
NET INCOME per unit $ 2.24 $ 2.76
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ------------
REVENUES:
Net Profits $725,326 $1,164,589
Interest income 1,719 10,444
Loss on sale of Net Profits
Interests - ( 813)
-------- ----------
$727,045 $1,174,220
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 82,868 $ 66,363
General and administrative
(Note 2) 87,134 85,818
-------- ----------
$170,002 $ 152,181
-------- ----------
NET INCOME $557,043 $1,022,039
======== ==========
GENERAL PARTNER - NET INCOME $ 62,991 $ 107,132
======== ==========
LIMITED PARTNERS - NET INCOME $494,052 $ 914,907
======== ==========
NET INCOME per unit $ 3.91 $ 7.24
======== ==========
UNITS OUTSTANDING 126,306 126,306
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $557,043 $1,022,039
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 82,868 66,363
Loss on sale of Net Profits
Interests - 813
(Increase) decrease in accounts
receivable - Net Profits ( 48,740) 71,796
-------- ----------
Net cash provided by operating
activities $591,171 $1,161,011
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 41,763) ($ 18,533)
Proceeds from sale of Net Profits
Interests - 44
-------- ----------
Net cash used by investing activities ($ 41,763) ($ 18,489)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($629,173) ($1,124,462)
-------- ----------
Net cash used by financing
activities ($629,173) ($1,124,462)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 79,765) $ 18,060
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 420,602 439,461
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $340,837 $ 457,521
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2002 2001
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $226,245 $171,708
Accounts receivable:
Net Profits 90,604 50,592
-------- --------
Total current assets $316,849 $222,300
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 592,919 641,204
-------- --------
$909,768 $863,504
======== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 69,680) ($ 74,788)
Limited Partners, issued and
outstanding, 118,449 units 979,448 938,292
-------- --------
Total Partners' capital $909,768 $863,504
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $256,752 $452,545
Interest income 428 5,650
Gain (loss) on sale of Net Profits
Interests 9,113 ( 246)
-------- --------
$266,293 $457,949
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 24,488 $ 23,364
General and administrative
(Note 2) 35,543 32,845
-------- --------
$ 60,031 $ 56,209
-------- --------
NET INCOME $206,262 $401,740
======== ========
GENERAL PARTNER - NET INCOME $ 11,272 $ 20,739
======== ========
LIMITED PARTNERS - NET INCOME $194,990 $381,001
======== ========
NET INCOME per unit $ 1.65 $ 3.22
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $420,760 $1,333,899
Interest income 981 11,309
Gain (loss) on sale of Net Profits
Interests 9,113 ( 246)
-------- ----------
$430,854 $1,344,962
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 48,102 $ 52,891
General and administrative
(Note 2) 82,719 81,529
-------- ----------
$130,821 $ 134,420
-------- ----------
NET INCOME $300,033 $1,210,542
======== ==========
GENERAL PARTNER - NET INCOME $ 16,877 $ 62,077
======== ==========
LIMITED PARTNERS - NET INCOME $283,156 $1,148,465
======== ==========
NET INCOME per unit $ 2.39 $ 9.70
======== ==========
UNITS OUTSTANDING 118,449 118,449
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $300,033 $1,210,542
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 48,102 52,891
(Gain) loss on sale of Net Profits
Interests ( 9,113) 246
(Increase) decrease in accounts
receivable - Net Profits ( 40,012) 93,164
-------- ----------
Net cash provided by operating
activities $299,010 $1,356,843
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 416) ($ 16,546)
Proceeds from the sale of Net
Profits Interests 9,712 -
-------- ----------
Net cash provided (used) by investing
activities $ 9,296 ($ 16,546)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($253,769) ($1,248,408)
-------- ----------
Net cash used by financing
activities ($253,769) ($1,248,408)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 54,537 $ 91,889
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 171,708 440,454
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $226,245 $ 532,343
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 364,658 $ 187,301
Accounts receivable:
Net Profits 162,032 62,543
---------- ----------
Total current assets $ 526,690 $ 249,844
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,198,376 1,303,109
---------- ----------
$1,725,066 $1,552,953
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 62,309) ($ 87,910)
Limited Partners, issued and
outstanding, 143,041 units 1,787,375 1,640,863
---------- ----------
Total Partners' capital $1,725,066 $1,552,953
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-22-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $468,383 $659,542
Interest income 602 7,623
Gain (loss) on sale of Net
Profits Interests 10,265 ( 90)
-------- --------
$479,250 $667,075
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 49,905 $ 45,521
General and administrative
(Note 2) 42,122 39,521
-------- --------
$ 92,027 $ 85,042
-------- --------
NET INCOME $387,223 $582,033
======== ========
GENERAL PARTNER - NET INCOME $ 43,153 $ 30,541
======== ========
LIMITED PARTNERS - NET INCOME $344,070 $551,492
======== ========
NET INCOME per unit $ 2.40 $ 3.86
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $792,289 $1,768,736
Interest income 1,214 15,849
Gain (loss) on sale of Net
Profits Interests 10,265 ( 90)
-------- ----------
$803,768 $1,784,495
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $105,162 $ 97,909
General and administrative
(Note 2) 96,545 95,138
-------- ----------
$201,707 $ 193,047
-------- ----------
NET INCOME $602,061 $1,591,448
======== ==========
GENERAL PARTNER - NET INCOME $ 69,549 $ 82,696
======== ==========
LIMITED PARTNERS - NET INCOME $532,512 $1,508,752
======== ==========
NET INCOME per unit $ 3.72 $ 10.55
======== ==========
UNITS OUTSTANDING 143,041 143,041
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Unaudited)
2002 2001
--------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $602,061 $1,591,448
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 105,162 97,909
(Gain) loss on sale of Net Profits
Interests ( 10,265) 90
(Increase) decrease in accounts
receivable - Net Profits ( 99,489) 105,938
-------- ----------
Net cash provided by operating
activities $597,469 $1,795,385
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,031) ($ 8,789)
Proceeds from sale of Net Profits
Interests 10,867 -
-------- ----------
Net cash provided (used) by investing
activities $ 9,836 ($ 8,789)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($429,948) ($1,741,142)
-------- ----------
Net cash used by financing
activities ($429,948) ($1,741,142)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $177,357 $ 45,454
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 187,301 691,186
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $364,658 $ 736,640
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 2002
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 2002, combined statements of
operations for the three and six months ended June 30, 2002 and 2001, and
combined statements of cash flows for the six months ended June 30, 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 June 30, 2002, the combined results of operations for the three and six
months ended June 30, 2002 and 2001, and the combined cash flows for the
six months ended June 30, 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 June 30, 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.
-26-
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting fees,
and similar costs directly related to the acquisitions, plus an allocated
portion, of the General Partner's property screening costs. The
acquisition cost to the NPI Partnership of Net Profits Interests acquired
by the General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition, for
the period of time the properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of Net Profits Interests is
recognized based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs, net of estimated salvage value.
The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended June 30, 2002, 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 $5,468 $28,440
P-2 5,391 23,709
P-3 5,740 44,640
P-4 4,407 33,240
P-5 4,373 31,170
P-6 4,481 37,641
During the six months ended June 30, 2002, the following payments were
made to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-1 $22,400 $56,880
P-2 21,737 47,418
P-3 24,620 89,280
P-4 20,654 66,480
P-5 20,379 62,340
P-6 21,263 75,282
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
ACCOUNTS RECEIVABLE - GENERAL PARTNER
The Accounts Receivable - General Partner at June 30, 2002 for the P-1,
P-2, and P-3 Partnerships represents accrued proceeds from a related party
for the sale of certain oil and gas properties during the six months ended
June 30, 2002. Such amount was received in July 2002.
-28-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring Net Profits
Interests in producing oil and gas properties located in the continental
United States. In general, a Partnership acquired passive interests in
producing properties and does not directly engage in development drilling
or enhanced recovery projects. Therefore, the economic life of each
limited partnership, and its related NPI Partnership, is limited to the
period of time required to fully produce its acquired oil and gas
reserves. A Net Profits Interest entitles the Partnerships to a portion of
the oil and gas sales less operating and production expenses and
development costs generated by the owner of the
-29-
underlying Working Interests. The net proceeds from the oil and gas
operations are distributed to the Limited Partners and the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests less necessary
operating capital are distributed to the Limited Partners on a quarterly
basis. Revenues and net proceeds of a Partnership are largely dependent
upon the volumes of oil and gas sold and the prices received for such oil
and gas. While the General Partner cannot predict future pricing trends,
it believes the working capital available as of June 30, 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
six months ended June 30, 2002, capital expenditures affecting the P-1,
P-2, and P-3 Partnerships' Net Profits Interests totaled $29,698, $20,275,
and $37,411, 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.
-30-
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' financial 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 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
-31-
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 JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $218,834 $430,320
Barrels produced 4,778 6,142
Mcf produced 64,706 80,847
Average price/Bbl $ 23.62 $ 26.60
Average price/Mcf $ 2.58 $ 4.26
As shown in the table above, total Net Profits decreased $211,486 (49.1%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately (i) $109,000 was
related to a decrease in the average price of gas sold and (ii) $36,000
and $69,000, respectively, were related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 1,364 barrels and 16,141
Mcf, respectively, for the three months ended June 30, 2002 as compared to
the three months ended June 30, 2001. The decrease in volumes of oil sold
was primarily due to a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
2001. The decrease in volumes of gas sold was primarily due to (i) the
shutting-in of several wells due to production difficulties during the
three months ended June 30, 2002, (ii) a positive prior period gas
balancing adjustment on one significant well during the three months ended
June 30, 2001, and (iii) a positive prior period volume adjustment made by
the purchaser on another significant well during the three months ended
June 30, 2001. Average oil and gas prices decreased to $23.62 per barrel
and $2.58 per Mcf, respectively, for the three months ended June 30, 2002
from
-32-
$26.60 per barrel and $4.26 per Mcf, respectively, for the three months
ended June 30, 2001.
The P-1 Partnership sold certain oil and gas properties during the three
months ended June 30, 2002 and recognized a $37,624 gain on such sales. No
such material sales occurred during the three months ended June 30, 2001.
Depletion of Net Profits Interests decreased $11,592 (31.1%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. This decrease was primarily due to (i) the decreases in volumes of
oil and gas sold and (ii) upward revisions in the estimates of remaining
gas reserves. As a percentage of Net Profits, this expense increased to
11.7% for the three months ended June 30, 2002 from 8.7% for the three
months ended June 30, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $3,938 (13.1%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. This increase was primarily due to (i) a change in allocation of
audit fees among the P-1 Partnership and other affiliated partnerships and
(ii) an increase in professional fees. As a percentage of Net Profits,
these expenses increased to 15.5% for the three months ended June 30, 2002
from 7.0% for the three months ended June 30, 2001. This percentage
increase was primarily due to the decrease in Net Profits.
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- --------
Net Profits $404,921 $859,598
Barrels produced 10,827 11,134
Mcf produced 139,468 150,416
Average price/Bbl $ 21.10 $ 27.61
Average price/Mcf $ 2.37 $ 4.75
As shown in the table above, total Net Profits decreased $454,677 (52.9%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately (i) $71,000 and $332,000,
respectively, were related to decreases in the average prices of oil and
gas sold and (ii) $52,000 was related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 307 barrels and 10,948 Mcf,
respectively, for the six months ended June 30, 2002 as compared to the
six months ended June 30, 2001. Average oil and gas prices decreased to
$21.10 per barrel and $2.37 per Mcf,
-33-
respectively, for the six months ended June 30, 2002 from $27.61 per
barrel and $4.75 per Mcf, respectively, for the six months ended June 30,
2001.
The P-1 Partnership sold certain oil and gas properties during the six
months ended June 30, 2002 and recognized a $37,624 gain on such sales. No
such material sales occurred during the six months ended June 30, 2001.
Depletion of Net Profits Interests decreased $12,567 (18.3%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. This decrease was primarily due to (i) upward revisions in the
estimates of remaining gas reserves and (ii) the decreases in volumes of
oil and gas sold. As a percentage of Net Profits, this expense increased
to 13.9% for the six months ended June 30, 2002 from 8.0% for the six
months ended June 30, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $3,571 (4.7%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 19.6%
for the six months ended June 30, 2002 from 8.8% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $14,309,558 or 132.41% of the Limited Partners' capital
contributions.
P-2 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $171,233 $338,697
Barrels produced 3,350 4,347
Mcf produced 52,407 66,228
Average price/Bbl $ 23.49 $ 26.61
Average price/Mcf $ 2.69 $ 4.35
As shown in the table above, total Net Profits decreased $167,464 (49.4%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately (i) $87,000 was
related to a decrease in the average price of gas sold and (ii) $27,000
and $60,000, respectively, were related to decreases in volumes of oil and
gas sold. These decreases were partially
-34-
offset by an increase of approximately $17,000 related to a decrease in
production expenses. Volumes of oil and gas sold decreased 997 barrels and
13,821 Mcf, respectively, for the three months ended June 30, 2002 as
compared to the three months ended June 30, 2001. The decrease in volumes
of oil sold was primarily due to a positive prior period volume adjustment
made by the purchaser on one significant well during the three months
ended June 30, 2001. The decrease in volumes of gas sold was primarily due
to (i) the shutting-in of several wells due to production difficulties
during the three months ended June 30, 2002, (ii) a positive prior period
gas balancing adjustment on one significant well during the three months
ended June 30, 2001, and (iii) a positive prior period volume adjustment
made by the purchaser on another significant well during the three months
ended June 30, 2001. Average oil and gas prices decreased to $23.49 per
barrel and $2.69 per Mcf, respectively, for the three months ended June
30, 2002 from $26.61 per barrel and $4.35 per Mcf, respectively, for the
three months ended June 30, 2001.
The P-2 Partnership sold certain oil and gas properties during the three
months ended June 30, 2002 and recognized a $25,596 gain on such sales. No
such material sales occurred during the three months ended June 30, 2001.
Depletion of Net Profits Interests decreased $8,315 (27.4%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. This decrease was primarily due to (i) the decreases in volumes of
oil and gas sold and (ii) upward revisions in the estimates of remaining
gas reserves. As a percentage of Net Profits, this expense increased to
12.8% for the three months ended June 30, 2002 from 8.9% for the three
months ended June 30, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $3,998 (15.9%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. This increase was primarily due to (i) a change in allocation of
audit fees among the P-2 Partnership and other affiliated partnerships and
(ii) an increase in professional fees. As a percentage of Net Profits,
these expenses increased to 17.0% for the three months ended June 30, 2002
from 7.4% for the three months ended June 30, 2001. This percentage
increase was primarily due to the decrease in Net Profits.
-35-
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- --------
Net Profits $311,801 $679,053
Barrels produced 7,548 7,837
Mcf produced 112,770 122,982
Average price/Bbl $ 21.04 $ 27.60
Average price/Mcf $ 2.44 $ 4.86
As shown in the table above, total Net Profits decreased $367,252 (54.1%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately (i) $50,000 and $273,000,
respectively, were related to decreases in the average prices of oil and
gas sold and (ii) $50,000 was related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 289 barrels and 10,212 Mcf,
respectively, for the six months ended June 30, 2002 as compared to the
six months ended June 30, 2001. Average oil and gas prices decreased to
$21.04 per barrel and $2.44 per Mcf, respectively, for the six months
ended June 30, 2002 from $27.60 per barrel and $4.86 per Mcf,
respectively, for the six months ended June 30, 2001.
The P-2 Partnership sold certain oil and gas properties during the six
months ended June 30, 2002 and recognized a $25,596 gain on such sales. No
such material sales occurred during the six months ended June 30, 2001.
Depletion of Net Profits Interests decreased $7,874 (14.1%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. This decrease was primarily due to (i) upward revisions in the
estimates of remaining gas reserves and (ii) the decreases in volumes of
oil and gas sold. As a percentage of Net Profits, this expense increased
to 15.4% for the six months ended June 30, 2002 from 8.2% for the six
months ended June 30, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $3,355 (5.1%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 22.2%
for the six months ended June 30, 2002 from 9.7% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
-36-
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $10,913,561 or 121.14% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $319,056 $630,221
Barrels produced 6,181 8,040
Mcf produced 97,779 123,187
Average price/Bbl $ 23.51 $ 26.61
Average price/Mcf $ 2.70 $ 4.37
As shown in the table above, total Net Profits decreased $311,165 (49.4%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately (i) $163,000 was
related to a decrease in the average price of gas sold and (ii) $49,000
and $111,000, respectively, were related to decreases in volumes of oil
and gas sold. These decreases were partially offset by an increase of
approximately $31,000 related to a decrease in production expenses.
Volumes of oil and gas sold decreased 1,859 barrels and 25,408 Mcf,
respectively, for the three months ended June 30, 2002 as compared to the
three months ended June 30, 2001. The decrease in volumes of oil sold was
primarily due to a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
2001. The decrease in volumes of gas sold was primarily due to (i) the
shutting-in of several wells due to production difficulties during the
three months ended June 30, 2002, (ii) a positive prior period gas
balancing adjustment on one significant well during the three months ended
June 30, 2001, and (iii) a positive prior period volume adjustment made by
the purchaser on another significant well during the three months ended
June 30, 2001. Average oil and gas prices decreased to $23.51 per barrel
and $2.70 per Mcf, respectively, for the three months ended June 30, 2002
from $26.61 per barrel and $4.37 per Mcf, respectively, for the three
months ended June 30, 2001.
The P-3 Partnership sold certain oil and gas properties during the three
months ended June 30, 2002 and recognized a $47,198 gain on such sales. No
such material sales occurred during the three months ended June 30, 2001.
-37-
Depletion of Net Profits Interests decreased $15,091 (26.9%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. This decrease was primarily due to (i) the decreases in volumes of
oil and gas sold and (ii) upward revisions in the estimates of remaining
gas reserves. As a percentage of Net Profits, this expense increased to
12.8% for the three months ended June 30, 2002 from 8.9% for the three
months ended June 30, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $3,767 (8.1%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 15.8%
for the three months ended June 30, 2002 from 7.4% for the three months
ended June 30, 2001. This percentage increase was primarily due to the
decrease in Net Profits.
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- ----------
Net Profits $579,836 $1,264,163
Barrels produced 13,937 14,487
Mcf produced 210,486 229,273
Average price/Bbl $ 21.05 $ 27.61
Average price/Mcf $ 2.44 $ 4.87
As shown in the table above, total Net Profits decreased $684,327 (54.1%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately (i) $91,000 and $512,000,
respectively, were related to decreases in the average prices of oil and
gas sold and (ii) $92,000 was related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 550 barrels and 18,787 Mcf,
respectively, for the six months ended June 30, 2002 as compared to the
six months ended June 30, 2001. Average oil and gas prices decreased to
$21.05 per barrel and $2.44 per Mcf, respectively, for the six months
ended June 30, 2002 from $27.61 per barrel and $4.87 per Mcf,
respectively, for the six months ended June 30, 2001.
The P-3 Partnership sold certain oil and gas properties during the six
months ended June 30, 2002 and recognized a $47,198 gain on such sales. No
such material sales occurred during the six months ended June 30, 2001.
-38-
Depletion of Net Profits Interests decreased $14,077 (13.6%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. This decrease was primarily due to (i) the decreases in volumes of
oil and gas sold and (ii) upward revisions in the estimates of remaining
gas reserves. As a percentage of Net Profits, this expense increased to
15.4% for the six months ended June 30, 2002 from 8.2% for the six months
ended June 30, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $4,304 (3.9%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 19.6%
for the six months ended June 30, 2002 from 8.7% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $19,917,401 or 117.41% of the Limited Partners' capital
contributions.
P-4 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $389,236 $453,352
Barrels produced 4,513 5,704
Mcf produced 109,626 86,155
Average price/Bbl $ 24.73 $ 26.34
Average price/Mcf $ 3.51 $ 5.04
As shown in the table above, total Net Profits decreased $64,116 (14.1%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately (i) $7,000 and
$169,000, respectively, were related to decreases in the average prices of
oil and gas sold and (ii) $31,000 was related to a decrease in volumes of
oil sold. These decreases were partially offset by increases of
approximately (i) $118,000 related to an increase in volumes of gas sold
and (ii) $25,000 related to a decrease in production expenses. Volumes of
oil sold decreased 1,191 barrels, while volumes of gas sold increased
23,471 Mcf for the three months ended June 30, 2002 as compared to the
three months ended June 30, 2001. The decrease in volumes of oil sold was
primarily due to production difficulties on one significant well during
-39-
the three months ended June 30, 2002. This decrease was partially offset
by 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) an increase in production on one
significant well due to the successful workover of that well during mid
2001 and (ii) the successful completion of a new well during mid 2001.
These increases were partially offset by normal declines in production.
The decrease in production expenses was primarily due to (i) negative
prior period production tax adjustments on several wells during the three
months ended June 30, 2002 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales. Average oil and gas
prices decreased to $24.73 per barrel and $3.51 per Mcf, respectively, for
the three months ended June 30, 2002 from $26.34 per barrel and $5.04 per
Mcf, respectively, for the three months ended June 30, 2001.
Depletion of Net Profits Interests increased $1,674 (5.2%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, this expense increased to 8.8% for
the three months ended June 30, 2002 from 7.2% for the three months ended
June 30, 2001. This percentage increase was primarily due to the decreases
in the average prices of oil and gas sold.
General and administrative expenses increased $2,704 (7.7%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 9.7% for
the three months ended June 30, 2002 from 7.7% for the three months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- ----------
Net Profits $725,326 $1,164,589
Barrels produced 13,352 11,566
Mcf produced 251,358 176,394
Average price/Bbl $ 21.65 $ 27.48
Average price/Mcf $ 2.67 $ 6.14
As shown in the table above, total Net Profits decreased $439,263 (37.7%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately $78,000 and $872,000,
respectively, were related to decreases in the average prices of oil and
gas sold. These decreases were partially offset by increases of
approximately $49,000 and $460,000,
-40-
respectively, related to increases in volumes of oil and gas sold. Volumes
of oil and gas sold increased 1,786 barrels and 74,964 Mcf, respectively,
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 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. This increase was partially offset by (i)
production difficulties on one significant well during the six months
ended June 30, 2002 and (ii) normal declines in production. The increase
in volumes of gas sold was primarily due to (i) an increase in production
on one significant well due to the successful workover of that well during
mid 2001, (ii) a positive prior period gas balancing adjustment on another
significant well during the six months ended June 30, 2002, and (iii) the
successful completion of a new well during mid 2001. Average oil and gas
prices decreased to $21.65 per barrel and $2.67 per Mcf, respectively, for
the six months ended June 30, 2002 from $27.48 per barrel and $6.14 per
Mcf, respectively, for the six months ended June 30, 2001.
Depletion of Net Profits Interests increased $16,505 (24.9%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. This increase was primarily due to the increases in volumes of oil
and gas sold. This increase was partially offset by upward revisions in
the estimates of remaining oil reserves. As a percentage of Net Profits,
this expense increased to 11.4% for the six months ended June 30, 2002
from 5.7% for the six months ended June 30, 2001. This percentage increase
was primarily due to the decreases in the average prices of oil and gas
sold.
General and administrative expenses increased $1,316 (1.5%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 12.0%
for the six months ended June 30, 2002 from 7.4% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $15,911,945 or 125.98% of the Limited Partners' capital
contributions.
-41-
P-5 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $256,752 $452,545
Barrels produced 1,045 1,068
Mcf produced 105,888 110,410
Average price/Bbl $ 25.07 $ 26.07
Average price/Mcf $ 2.82 $ 4.44
As shown in the table above, total Net Profits decreased $195,793 (43.3%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately (i) $171,000 was
related to a decrease in the average price of gas sold and (ii) $20,000
was related to a decrease in volumes of gas sold. Volumes of oil and gas
sold decreased 23 barrels and 4,522 Mcf, respectively, for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. Average oil and gas prices decreased to $25.07 per barrel and $2.82
per Mcf, respectively, for the three months ended June 30, 2002 from
$26.07 per barrel and $4.44 per Mcf, respectively, for the three months
ended June 30, 2001.
Depletion of Net Profits Interests increased $1,124 (4.8%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, this expense increased to 9.5% for
the three months ended June 30, 2002 from 5.2% for the three months ended
June 30, 2001. This percentage increase was primarily due to the decreases
in the average prices of oil and gas sold.
General and administrative expenses increased $2,698 (8.2%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 13.8%
for the three months ended June 30, 2002 from 7.3% for the three months
ended June 30, 2001. This percentage increase was primarily due to the
decrease in Net Profits.
-42-
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- ----------
Net Profits $420,760 $1,333,899
Barrels produced 2,504 2,219
Mcf produced 205,288 251,140
Average price/Bbl $ 21.48 $ 27.66
Average price/Mcf $ 2.62 $ 5.89
As shown in the table above, total Net Profits decreased $913,139 (68.5%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately (i) $669,000 was related to
a decrease in the average price of gas sold and (ii) $270,000 was related
to a decrease in volumes of gas sold. Volumes of oil sold increased 285
barrels, while volumes of gas sold decreased 45,852 Mcf for the six months
ended June 30, 2002 as compared to the six months ended June 30, 2001. The
increase in volumes of oil sold was primarily due to positive prior period
volume adjustments on two significant wells during the six months ended
June 30, 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 six months ended June 30, 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 $21.48 per barrel and $2.62 per Mcf, respectively, for
the six months ended June 30, 2002 from $27.66 per barrel and $5.89 per
Mcf, respectively, for the six months ended June 30, 2001.
Depletion of Net Profits Interests decreased $4,789 (9.1%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, this expense increased to 11.4% for
the six months ended June 30, 2002 from 4.0% for the six months ended June
30, 2001. This percentage increase was primarily due to the decreases in
the average prices of oil and gas sold.
General and administrative expenses increased $1,190 (1.5%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 19.7%
for the six months ended June 30, 2002 from 6.1% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
-43-
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $11,120,759 or 93.89% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 2001.
Three Months Ended June 30,
---------------------------
2002 2001
-------- --------
Net Profits $468,383 $659,542
Barrels produced 3,351 2,372
Mcf produced 169,403 170,320
Average price/Bbl $ 22.12 $ 30.38
Average price/Mcf $ 3.13 $ 4.35
As shown in the table above, total Net Profits decreased $191,159 (29.0%)
for the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001. Of this decrease, approximately $28,000 and $206,000,
respectively, were related to decreases in the average prices of oil and
gas sold. These decreases were partially offset by an increase of
approximately $30,000 related to an increase in volumes of oil sold.
Volumes of oil sold increased 979 barrels, while volumes of gas sold
decreased 917 Mcf for the three months ended June 30, 2002 as compared to
the three months ended June 30, 2001. The increase in volumes of oil sold
was primarily due to (i) an increase in production on one significant well
due to the successful workover of that well during late 2001 and (ii) a
negative prior period volume adjustment made by the purchaser on one
significant well during the three months ended June 30, 2001. The decrease
in volumes of gas sold was primarily due to normal declines in production.
This decrease was substantially offset by the P-6 Partnership's receipt of
a reduced percentage of sales on one significant well during the three
months ended June 30, 2001 due to gas balancing. Average oil and gas
prices decreased to $22.12 per barrel and $3.13 per Mcf, respectively, for
the three months ended June 30, 2002 from $30.38 per barrel and $4.35 per
Mcf, respectively, for the three months ended June 30, 2001.
Depletion of Net Profits Interests increased $4,384 (9.6%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, this expense increased to 10.7% for
the three months ended June 30, 2002 from 6.9% for the three months ended
June 30, 2001. This percentage increase was primarily due to the decreases
in the average prices of oil and gas sold.
-44-
General and administrative expenses increased $2,601 (6.6%) for the three
months ended June 30, 2002 as compared to the three months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 9.0% for
the three months ended June 30, 2002 from 6.0% for the three months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
2001.
Six Months Ended June 30,
-------------------------
2002 2001
-------- ----------
Net Profits $792,289 $1,768,736
Barrels produced 7,005 5,844
Mcf produced 357,316 359,203
Average price/Bbl $ 20.47 $ 27.45
Average price/Mcf $ 2.71 $ 5.50
As shown in the table above, total Net Profits decreased $976,447 (55.2%)
for the six months ended June 30, 2002 as compared to the six months ended
June 30, 2001. Of this decrease, approximately $997,000 was related to a
decrease in the average price of gas sold. Volumes of oil sold increased
1,161 barrels, while volumes of gas sold decreased 1,887 Mcf for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. 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 late 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 six months ended June 30, 2002. These decreases were substantially
offset by (i) a positive prior period volume adjustment made by the
purchaser on one significant well during the six months ended June 30,
2002 and (ii) the P-6 Partnership's receipt of a reduced percentage of
sales on the same well during the six months ended June 30, 2001 due to
gas 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 $20.47 per barrel and $2.71 per Mcf, respectively, for
the six months ended June 30, 2002 from $27.45 per barrel and $5.50 per
Mcf, respectively, for the six months ended June 30, 2001.
-45-
Depletion of Net Profits Interests increased $7,253 (7.4%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage ofl Net Profits, this expense increased to 13.3% for
the six months ended June 30, 2002 from 5.5% for the six months ended June
30, 2001. This percentage increase was primarily due to the decreases in
the average prices of oil and gas sold.
General and administrative expenses increased $1,407 (1.5%) for the six
months ended June 30, 2002 as compared to the six months ended June 30,
2001. As a percentage of Net Profits, these expenses increased to 12.2%
for the six months ended June 30, 2002 from 5.4% for the six months ended
June 30, 2001. This percentage increase was primarily due to the decrease
in Net Profits.
Cumulative cash distributions to the Limited Partners through June 30,
2002 were $15,669,248 or 109.54% of the Limited Partners' capital
contributions.
-46-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-47-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
99.1 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-1 Partnership.
99.2 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-2 Partnership.
99.3 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-3 Partnership.
99.4 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-4 Partnership.
99.5 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-5 Partnership.
99.6 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-6 Partnership.
(b) Reports on Form 8-K.
None.
-48-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-6
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: August 13, 2002 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: August 13, 2002 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-49-
INDEX TO EXHIBITS
-----------------
Exh.
No. Exhibit
- ---- -------
99.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income P-1 Limited Partnership.
99.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income P-2 Limited Partnership.
99.3 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-3.
99.4 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-4.
99.5 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-5.
99.6 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-6.
-50-