1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- 1996 FORM 10-K/A AMENDMENT NO. 1 --------------------- (MARK ONE) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-13108 VASTAR RESOURCES, INC. (Exact name of registrant as specified in its charter) --------------------- DELAWARE 95-4446177 (State or other jurisdiction of incorporation (I.R.S. Employer Identification No.) or organization) 15375 MEMORIAL DRIVE HOUSTON, TEXAS 77079 (Address of principal executive offices) (Zip Code) (281) 584-6000 (Registrant's telephone number, including area code) --------------------- Securities registered pursuant to Section 12(b) of the Act: TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED ------------------- ----------------------------------------- Common Stock, Par Value $.01 Per Share New York Stock Exchange Securities registered pursuant to Section 12 (g) of the Act: NONE 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 ____ INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM 405 OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE BEST OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION STATEMENTS INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY AMENDMENT TO THIS FORM 10-K. ____ The aggregate market value of the Registrant's voting stock held by non-affiliates on March 3, 1997, based on the closing price on the New York Stock Exchange composite tape on that date of $29, was $500,555,950. As of March 3, 1997, there were 97,260,551 shares of Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive proxy statement for the 1997 Annual Meeting of Stockholders to be held on May 21, 1997, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 1996, are incorporated by reference into Part III. ================================================================================ 2 This Amendment No. 1 on Form 10-K/A (this "Amendment") amends Part IV of the Annual Report on Form 10-K of Vastar Resources, Inc. (the "Company") for the fiscal year ended December 31, 1996 (the "Form 10-K"), to correct certain inadvertent typographical errors and omissions contained therein and to revise the Company's Financial Data Schedule (Exhibit 27) to correct an inadvertent error relating to the "Common" and "Other-SE" tags. In accordance with Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, this Amendment sets forth the complete text to Part IV of the Form 10-K and Exhibit 27, as amended. 3 PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K. (a) The following documents are filed as part of this report: 1 and 2 -- Financial Statements and Financial Statement Schedules: These documents are listed in the Index to Consolidated Financial Statements in Item 8 hereof. 3. Exhibits: 3.1 -- Second Restated Certificate of Incorporation of Vastar Resources, Inc. ("Vastar") filed with the State of Delaware on May 17, 1996 (filed with the Securities and Exchange Commission (the "Commission") on August 7, 1996 as Exhibit 3 to Vastar's report on Form 10-Q for the quarterly period ended June 30, 1996 (Commission File No. 1-13108) and incorporated herein by reference) 3.2 -- By-Laws of Vastar (filed with the Commission as Exhibit 3.2 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference) 4.1 -- Form of certificate evidencing Common Stock (filed with the Commission on June 23, 1994 as Exhibit 4 to Amendment No. 4 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 4.2(a) -- Indenture dated as of January 1, 1995 between Vastar and NationsBank of Texas, N.A. (filed with the Commission as Exhibit 4.2 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference) 4.2(b) -- Supplemental Indenture, dated May 18, 1995, by and among Vastar, NationsBank of Texas, N.A., Harris Trust and Savings Bank and Bank of Montreal Trust Company, effective May 25, 1995 (filed with the Commission on June 9, 1995 as Exhibit 4 to Vastar's Current Report on Form 8-K dated May 5, 1995 (Commission File No. 1-13108) and incorporated herein by reference) 10.1(a) -- Amendment No. 1 to Credit Agreement, dated as of March 29, 1996, among Vastar, the Banks Parties thereto, the Co-Agents listed therein and Morgan Guaranty Trust Company of New York, as Agent (filed with the Commission on May 2, 1996 as Exhibit 10 to Vastar's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1996 (Commission File No. 1-13108) and incorporated herein by reference) 10.1(b) -- $800,000,000 Credit Agreement, dated as of May 5, 1995, among Vastar, the Banks Parties thereto, the Co-Agents listed therein and Morgan Guaranty Trust Company of New York, as Agent (filed with the Commission on June 9, 1995 as Exhibit 10.3 to Vastar's Current Report on Form 8-K dated May 5, 1995 (Commission File No. 1-13108) and incorporated herein by reference) 10.2 -- General Conveyance and Assumption Agreement, dated October 8, 1993, modified as of December 13, 1993 and December 22, 1993, between Vastar and Atlantic Richfield Company ("ARCO") (filed with the Commission on January 28, 1994 as Exhibit 10.2 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 50 4 10.3 -- Cross-Indemnification Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.4(a) -- Tax Sharing Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.4 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.4(b) -- First Amendment to Tax Sharing Agreement, dated as of June 1, 1995, between Vastar, F&H Pipeline Company, Grant Gathering Company, Wilburton Hub, Inc., Vastar Gas Marketing, Inc. and ARCO (filed with the Commission as Exhibit 10 to Vastar's report on Form 10-Q for the quarterly period ended June 30, 1995 (Commission File No. 1-13108) and incorporated herein by reference) 10.5 -- Corporate Services Agreement, dated as of February 22, 1994, between Vastar and ARCO (filed with the Commission on March 23, 1994 as Exhibit 10.5 to Amendment No. 1 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.6 -- ARCO Exploration and Production Technology Technical Services Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.7 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.7 -- Insurance Services Agreement, dated as of March 24, 1994, between Vastar and ARCO (filed with the Commission on May 26, 1994 as Exhibit 10.8 to Amendment No. 2 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.8 -- Agreement for the Purchase and Sale of Natural Gas Liquids, dated December 21, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.9 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.9 -- Technology Assignment Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.11 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.10 -- Technology Undivided Interest Assignment Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.12 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.11 -- Information Technology License Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.13 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 51 5 10.12 -- Intellectual Property License Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.14 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.13 -- Third Party Technology Assignment Agreement, dated as of October 1, 1993, between Vastar and ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.15 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.14 -- Share Purchase Option and Business Opportunities Agreement, dated as of May 19, 1994, between Vastar and ARCO (filed with the Commission on June 7, 1994 as Exhibit 10.16 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.15 -- Form of Company's Indemnity Agreement with officers and directors (filed with the Commission on January 28, 1994 as Exhibit 10.17 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.16 -- Gas Sales and Purchase Agreement, dated December 15, 1993, between Vastar Gas Marketing, Inc. and ARCO Permian, a Unit of ARCO (filed with the Commission on January 28, 1994 as Exhibit 10.18 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.17 -- Annual Incentive Plan, as adopted by the Board of Directors of ARCO on November 26, 1984, and effective on that date, as amended through February 28, 1994 (filed with the Commission as Exhibit 10.6 to ARCO's report on Form 10-K for the year ended December 31, 1994 (File No. 1-1196) and incorporated herein by reference) 10.18 -- Amendment No. 1 to the ARCO Executive Supplementary Savings Plan II, as amended and effective on January 1, 1989 (filed with the Commission as Exhibit 10.6(b) to ARCO's report on Form 10-K for the year ended December 31, 1989 (File No. 1-1196) and incorporated herein by reference) 10.19 -- ARCO Executive Supplementary Savings Plan II, as amended, restated and effective on July 1, 1988 (filed with the Commission as Exhibit 10.6 to ARCO's report on Form 10-K for the year ended December 31, 1988 (File No. 1-1196) and incorporated herein by reference) 10.20 -- ARCO's 1985 Executive Long-Term Incentive Plan, as adopted by the Board of Directors of ARCO on May 28, 1985, and as effective on that date, as amended through February 28, 1994 (filed with the Commission as Exhibit 10.7 to ARCO's report on Form 10-K for the year ended December 31, 1994 (File No. 1-1196) and incorporated herein by reference) 10.21 -- ARCO Supplementary Executive Retirement Plan, as adopted by the Board of Directors of ARCO on March 26, 1990 and effective on October 1, 1990 (filed with the Commission as Exhibit 10.2 to ARCO's report on Form 10-K for the year ended December 31, 1990 (File No. 1-1196) and incorporated herein by reference) 10.22 -- Amendment No. 1 to the ARCO Supplementary Executive Retirement Plan, as effective March 22, 1993 (filed with the Commission as Exhibit 10 to ARCO's report on Form 10-Q for the quarterly period ended June 30, 1993 (File No. 1-1196) and incorporated herein by reference) 52 6 10.23 -- ARCO Executive Deferral Plan, as adopted by the Board of Directors of ARCO on March 26, 1990 and effective on October 1, 1990 (filed with the Commission as Exhibit 10.3 to ARCO's report on Form 10-K for the year ended December 31, 1990 (File No. 1-1196) and incorporated herein by reference) 10.24 -- Amendment No. 1 to the ARCO Executive Deferral Plan, as effective July 27, 1992 (filed with the Commission as Exhibit 10.2(b) to ARCO's report on Form 10-K for the year ended December 31, 1992 (File No. 1-1196) and incorporated herein by reference) 10.25 -- ARCO Executive Life Insurance Plan -- Summary Plan Description, as in effect January 1, 1994 (filed with the Commission as Exhibit 10.8 to ARCO's report on Form 10-K for the year ended December 31, 1993 (File No. 1-1196) and incorporated herein by reference) 10.26 -- ARCO Executive Long-Term Disability Plan -- Summary Plan Description, as in effect January 1, 1994 (filed with the Commission as Exhibit 10.9 to ARCO's report on Form 10-K for the year ended December 31, 1993 (File No. 1-1196) and incorporated herein by reference) 10.27 -- Form of Indemnity Agreement adopted by the Board of Directors of ARCO on January 26, 1987 and executed in February 1987 by ARCO and each of its directors and officers, included in Exhibit A to ARCO's 1987 Proxy Statement (filed with the Commission under File No. 1-1196) and incorporated herein by reference) 10.28 -- ARCO Executive Medical Insurance Plan -- Summary Plan Description, as in effect January 1, 1994 (filed with the Commission as Exhibit 10.3 to ARCO's report on Form 10-K for the year ended December 31, 1993 (File No. 1-1196) and incorporated herein by reference) 10.29 -- Vastar Policy on Financial Counseling and Individual Income Tax Service, effective January 1, 1994 (filed with the Commission as Exhibit 10.29 to Vastar's report on Form 10-K for the year ended December 31, 1995 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.30 -- ARCO Policy on Financial Counseling and Individual Income Tax Service, as revised and effective January 1, 1994 (filed with the Commission as Exhibit 10.5 to ARCO's report on Form 10-K for the year ended December 31, 1994 (File No. 1-1196) and incorporated herein by reference) 10.31 -- Vastar Supplementary Executive Retirement Plan (filed with the Commission as Exhibit 10.34 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.32 -- Vastar Annual Incentive Plan (filed with the Commission as Exhibit 10.35 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.33 -- Vastar Executive Long-Term Incentive Plan (filed with the Commission as Exhibit 10.36 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.34 -- Vastar Executive Deferral Plan (filed with the Commission as Exhibit 10.37 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.35 -- Vastar Stock Option Plan for Outside Directors (filed with the Commission as Exhibit 10.38 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 53 7 10.36 -- Vastar Deferral Plan for Outside Directors (filed with the Commission as Exhibit 10.39 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.37 -- Vastar Executive Life Insurance Plan (filed with the Commission as Exhibit 10.40 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.38 -- Vastar Executive Long-Term Disability Plan (filed with the Commission as Exhibit 10.41 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.39 -- Vastar Executive Supplementary Savings Plan (filed with the Commission as Exhibit 10.42 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.39(a) -- Amendment No. 1 to Vastar Executive Supplementary Savings Plan, effective as of August 5, 1996(1)(2) 10.40 -- Conversion Agreement, dated as of May 23, 1994, between Vastar and Michael E. Wiley (filed with the Commission on June 7, 1994 as Exhibit 10.43 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.41 -- Conversion Agreement, dated as of May 23, 1994, between Vastar and Steven J. Shapiro (filed with the Commission on June 7, 1994 as Exhibit 10.44 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.42 -- Conversion Agreement, dated as of May 23, 1994, between Vastar and Charles D. Davidson (filed with the Commission on June 7, 1994 as Exhibit 10.45 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.43 -- Conversion Agreement, dated as of May 23, 1994, between Vastar and Albert D. Hoppe (filed with the Commission on June 7, 1994 as Exhibit 10.47 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.44 -- Conversion Agreement, dated as of May 23, 1994, between Vastar and Joseph P. McCoy (filed with the Commission as Exhibit 10.48 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.45 -- Registration Rights Agreement, dated as of May 25, 1994, between ARCO and Vastar (filed with the Commission on June 7, 1994 as Exhibit 10.49 to Amendment No. 3 to Vastar's Registration Statement on Form S-1 (Registration No. 33-74536) (Commission File No. 1-13108) and incorporated herein by reference) 10.46 -- Vastar Retirement Plan for Outside Directors (filed with the Commission as Exhibit 10.50 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.47 -- Vastar Executive Medical Insurance Plan Summary Plan Description, effective January 1, 1994 (filed with the Commission as Exhibit 10.51 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 54 8 10.48 -- Vastar Comprehensive Management Medical Plan Summary Plan Description, effective January 1, 1994 (filed with the Commission as Exhibit 10.52 to Vastar's report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-13108) and incorporated herein by reference)(2) 10.49 -- Vastar Comprehensive Management Medical Plan, Summary of Material Modifications, effective January 1, 1995 (filed with the Commission as Exhibit 10 to Vastar's report on Form 10-Q for the quarterly period ended June 30, 1996 (Commission File No. 1-13108) and incorporated herein by reference)(2) 12 -- Computation of Ratio of Earnings to Fixed Charges(1) 21 -- List of Subsidiaries of Vastar (filed with the Commission as Exhibit 21 to Vastar's report on Form 10-K for the year ended December 31, 1995 (Commission File No. 1-13108) and incorporated herein by reference) 23.1 -- Consent of Coopers & Lybrand L.L.P.(1) 23.2 -- Consent of Ryder Scott Company Petroleum Engineers(1) 27 -- Financial Data Schedule(1) 99.1 -- Review Letter of Ryder Scott Company Petroleum Engineers(1) - --------------- (1) Filed herewith. (2) Management contract or compensatory plan or arrangement required to be filed as an exhibit to this form pursuant to Item 14(c) of Form 10-K. Copies of exhibits will be furnished upon prepayment of 25 cents per page. Requests should be addressed to the Corporate Secretary. (b) Reports on Form 8-K. DATE OF REPORT ITEM NO. FINANCIAL STATEMENTS -------------- -------- -------------------- February 18, 1997 Items 5 and 7 None 55 9 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. VASTAR RESOURCES, INC. (Registrant) By: /s/ MICHAEL E. WILEY ---------------------------------- Michael E. Wiley Chairman of the Board, President and Chief Executive Officer Date: March 6, 1997 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant in the capacities and on the dates indicated. SIGNATURE TITLE DATE --------- ----- ---- /s/ JIMMIE D. CALLISON Director March 6, 1997 - ----------------------------------------------------- Jimmie D. Callison /s/ TERRY G. DALLAS Director March 6, 1997 - ----------------------------------------------------- Terry G. Dallas /s/ CHARLES D. DAVIDSON Senior Vice President and March 6, 1997 - ----------------------------------------------------- Director Charles D. Davidson /s/ LINDA G. HAVARD Director March 6, 1997 - ----------------------------------------------------- Linda G. Havard /s/ MARIE L. KNOWLES Director March 6, 1997 - ----------------------------------------------------- Marie L. Knowles /s/ ROBERT C. LEVINE Director March 6, 1997 - ----------------------------------------------------- Robert C. LeVine /s/ JOSEPH P. MCCOY Vice President and Controller March 6, 1997 - ----------------------------------------------------- Joseph P. McCoy (principal accounting officer) /s/ WILLIAM D. SCHULTE Director March 6, 1997 - ----------------------------------------------------- William D. Schulte /s/ STEVEN J. SHAPIRO Senior Vice President, Chief March 6, 1997 - ----------------------------------------------------- Financial Officer and Steven J. Shapiro Director (principal financial officer) /s/ MICHAEL E. WILEY Chairman of the Board, March 6, 1997 - ----------------------------------------------------- President and Chief Executive Michael E. Wiley Officer (principal executive officer) 56 10 FORM 10-K/A SIGNATURE Pursuant to the requirements of Section 13 or 15(d) 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. VASTAR RESOURCES, INC. (Registrant) By: /s/ JOSEPH P. MCCOY ---------------------------------- Joseph P. McCoy Vice President and Controller Date: March 13, 1997