Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-A, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-A, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 $ 332,031 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- Total current assets.............................. 327,684 450,645 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 Accumulated depletion....................................... (3,285,467) (3,079,227) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- $ 1,884,917 $ 2,212,937 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 $ 37,835 Partners' capital: Managing general partner.................................. 18,638 21,564 Limited partners (11,222 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- $ 1,884,917 $ 2,212,937 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8883-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8883-A, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8883-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8883-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8883-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 83-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 94,700 $ 332,031 173,276 Accounts receivable -- oil receivable: Oil and gas sales.................. 49,455 118,614 ----------- ----------- ...................................... 101,658 141,577 Other.................................................. -- 268,137 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 196,358 582,990 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 16,884,175 16,869,232 Accumulated depletion....................................... (3,285,46715,388,824) (3,079,22714,437,106) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 1,495,351 2,432,126 ------------ ------------ $ 1,884,917 1,691,709 $ 2,212,937 3,015,116 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 6,661 23,407 $ 37,835 38,648 Partners' capital: Managing general partner.................................. 18,638 21,564 General partners.......................................... 164,245 336,024 Limited partners (11,222 19,505 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 1,504,057 2,640,444 ------------ ------------ 1,668,302 2,976,468 ------------ ------------ $ 1,884,917 1,691,709 $ 2,212,937 3,015,116 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. LTD (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $ 910,252 $25,435 1,402,306 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income1,768,325 Interest............................................... 4,246 420,323 424,569 ------- 17,186 11,539 18,988 Gain on disposition of assets.......................... 3,702 194,795 932 Litigation settlement.................................. -- -- 852,211 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 931,140 1,608,640 2,640,456 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 731,005 848,492 784,014 General and administrative............................. 33,000 52,167 61,613 Impairment of oil and gas properties................... 430,351 1,194,023 -- Depletion.............................................. 521,367 325,600 311,568 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 1,715,723 2,420,282 1,157,195 ---------- ---------- ---------- Net income (loss)........................................ $ (784,583) $ (811,642) $18,638 1,483,261 ========== ========== ========== Allocation of net income (loss): General partners....................................... $ (52,520) $ (1,662) $ 389,185 ========== ========== ========== Limited partners....................................... $ (732,063) $ (809,980) $1,859,618 $1,878,256 1,094,076 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (37.53) $ (41.53) $ 56.09 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8883-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 PARTNERS' CAPITAL GENERAL LIMITED PARTNERS PARTNERS TOTAL --------- ----------- ----------- Partners' capital at January 1, 1996................... $ 498,847 $ 4,252,851 $ 4,751,698 Distributions........................................ (395,865) (1,418,629) (1,814,494) Net income........................................... 389,185 1,094,076 1,483,261 --------- --------- Cash flows from operating activities: ----------- ----------- Partners' capital at December 31, 1996................. 492,167 3,928,298 4,420,465 Distributions........................................ (154,481) (477,874) (632,355) Net income loss............................................. (loss)....................................... $ 1,662) (13,621809,980) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896811,642) --------- --------- --------- ----------- ----------- Partners' capital at December 31, 1997................. 336,024 2,640,444 2,976,468 Distributions........................................ (119,259) (404,324) (523,583) Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... loss............................................. (1,18152,520) -- (7,758732,063) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758784,583) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... December 31, 1998................. $ 278,229 164,245 $ 332,031 1,504,057 $ 430,500 1,668,302 ========= =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- ---------- ----------- Cash flows from operating activities: Net income (loss)..................................... $(784,583) $ (811,642) $ 1,483,261 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties............... 430,351 1,194,023 -- Depletion.......................................... 521,367 325,600 311,568 Gain on disposition of assets...................... (3,702) (194,795) (932) Changes in assets and liabilities: Accounts receivable................................ 39,919 (138,714) (107,980) Accounts payable................................... (15,241) (159) (75,160) --------- ---------- ----------- Net cash provided by operating activities..... 188,111 374,313 1,610,757 --------- ---------- ----------- Cash flows from investing activities: Additions to oil and gas properties................... (14,943) (8,483) (3,311) Proceeds from asset dispositions...................... 271,839 268,137 932 --------- ---------- ----------- Net cash provided by (used in) investing activities.................................. 256,896 259,654 (2,379) --------- ---------- ----------- Cash flows from financing activities: Cash distributions to partners........................ (523,583) (632,355) (1,814,494) --------- ---------- ----------- Net increase (decrease) in cash......................... (78,576) 1,612 (206,116) Cash at beginning of year............................... 173,276 171,664 377,780 --------- ---------- ----------- Cash at end of year..................................... $ 94,700 $ 173,276 $ 171,664 ========= ========== =========== The accompanying notes are an integral part of these financial statements. 15 151 PARK▇▇ & ▇ARSLEY 83-A LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1983 under the laws of the State of DelawareTexas. As of On August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership, joining the existing general partner, P&P Employees 83-A, Ltd. ("EMPL"), a Texas limited partnership whose general partner is Pioneer USA, and 19,505 limited partnership interests as of March 8, 1999. Prior to August 8, 1997, the Partnership's managing general partner and the general partner of EMPL was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership and the general partner of EMPL as PPDLPPioneer USA's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8891-A, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8891-A, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8891-A, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8891-A, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8891-A, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8891-A, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8891-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 158,378 $ 332,031 181,103 Accounts receivable -- oil and gas sales.................. 49,455 118,614 111,524 165,842 ----------- ----------- Total current assets.............................. 327,684 450,645 269,902 346,945 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 9,678,161 9,668,484 Accumulated depletion....................................... (3,285,4677,280,260) (3,079,2276,612,883) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 2,397,901 3,055,601 ----------- ----------- $ 1,884,917 2,667,803 $ 2,212,937 3,402,546 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 14,062 $ 37,835 36,621 Partners' capital: Managing general partner.................................. 18,638 21,564 26,581 33,702 Limited partners (11,222 11,620 interests)....................... 1,859,618 2,153,538 2,627,160 3,332,223 ----------- ----------- 1,878,256 2,175,102 2,653,741 3,365,925 ----------- ----------- $ 1,884,917 2,667,803 $ 2,212,937 3,402,546 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 955,645 $1,411,247 $1,629,975 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 11,026 14,541 11,172 Gain on disposition of assets.......................... -- -- 150 ---------- ---------- ---------- 966,671 1,425,788 1,641,297 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 535,948 570,417 577,650 General and administrative................................ 13,305 23,377 28,916 ............................. 43,977 49,938 56,036 Impairment of oil and gas properties...................... -- 6,231 ................... 306,043 485,158 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- .............................................. 361,334 327,304 353,557 ---------- ---------- ---------- 1,247,302 1,432,817 987,243 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621280,631) $255,412 $424,569 $ (7,029) $ 654,054 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1362,806) $ 2,554 (70) $ 4,246 6,540 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485277,825) $252,858 $420,323 $ (6,959) $ 647,514 ========== ========== ========== Net income (loss) per limited partnership partners' interest.......... ......... $ (1.2023.91) $ 22.53 (.60) $ 37.46 55.72 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 91-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 44,378 $2,553,220 4,389,079 $2,578,655 4,433,457 Distributions............................................ (5,4018,330) (505,968824,664) (511,369832,994) Net income............................................... 4,246 420,323 424,569 6,540 647,514 654,054 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 42,588 4,211,929 4,254,517 Distributions............................................ (5,2708,816) (566,895872,747) (572,165881,563) Net income............................................... 2,554 252,858 255,412 loss................................................. (70) (6,959) (7,029) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 33,702 3,332,223 3,365,925 Distributions............................................ (2,7904,315) (280,435427,238) (283,225431,553) Net loss................................................. (1362,806) (13,485277,825) (13,621280,631) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 26,581 $1,859,618 2,627,160 $1,878,256 2,653,741 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-B, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 87-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 221,422 $ 332,031 268,802 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 116,033 180,715 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 337,455 449,517 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 13,370,742 13,347,744 Accumulated depletion....................................... (3,285,46710,723,851) (3,079,22710,031,260) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 2,646,891 3,316,484 ------------ ------------ $ 1,884,917 2,984,346 $ 2,212,937 3,766,001 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 21,253 $ 37,835 40,103 Partners' capital: Managing general partner.................................. 18,638 21,564 29,559 37,187 Limited partners (11,222 20,089 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 2,933,534 3,688,711 ------------ ------------ 2,963,093 3,725,898 ------------ ------------ $ 1,884,917 2,984,346 $ 2,212,937 3,766,001 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $ 965,599 $25,435 1,412,905 $2,553,220 $2,578,655 Distributions............................................ 1,725,580 Interest............................................... 14,851 15,470 20,199 Gain (5,401loss) on disposition of assets................... 13,965 4,459 (505,96838,332) (511,369) Net income............................................... 4,246 420,323 424,569 ------- Litigation settlement.................................. -- -- 590,715 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 994,415 1,432,834 2,298,162 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 600,702 640,526 688,228 General and administrative............................. 28,968 44,463 54,124 Impairment of oil and gas properties................... 199,037 768,208 -- Depletion.............................................. 493,554 318,966 350,436 Abandoned property..................................... 3,943 8,021 6,221 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 1,326,204 1,780,184 1,099,009 ---------- ---------- ---------- Net income (loss)........................................ $ (331,789) $ (347,350) $18,638 1,199,153 ========== ========== ========== Allocation of net income (loss): Managing general partner............................... $ (3,318) $ (3,473) $ 11,992 ========== ========== ========== Limited partners....................................... $ (328,471) $ (343,877) $1,859,618 $1,878,256 1,187,161 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (16.35) $ (17.12) $ 59.10 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8887-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ----------- ----------- Partners' capital at January 1, 1996.................... $ 53,646 $ 5,317,608 $ 5,371,254 Distributions......................................... (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22517,701) (572,1651,752,452) (511,3691,770,153) --------- --------- --------- Net decrease in cash...................................... income............................................ 11,992 1,187,161 1,199,153 -------- ----------- ----------- Partners' capital at December 31, 1996.................. 47,937 4,752,317 4,800,254 Distributions......................................... (53,8027,277) (98,469719,729) (13,566727,006) Cash Net loss.............................................. (3,473) (343,877) (347,350) -------- ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997.................. 37,187 3,688,711 3,725,898 Distributions......................................... (4,310) (426,706) (431,016) Net loss.............................................. (3,318) (328,471) (331,789) -------- ----------- ----------- Partners' capital at end of year....................................... December 31, 1998.................. $ 278,229 29,559 $ 332,031 2,933,534 $ 430,500 =2,963,093 ======== =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8887-A, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing ▇ars▇▇▇ ▇▇▇ducing Properties 8887-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker Park▇▇ & Parsley Producing ▇ars▇▇▇ ▇▇▇ducing Properties 8887-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker Park▇▇ & Parsley ▇arsley Producing Properties 8887-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing ▇ars▇▇▇ ▇▇▇ducing Properties 8887-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY ▇ARSLEY PRODUCING PROPERTIES 8887-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 183,223 $ 332,031 219,515 Accounts receivable -- oil and gas sales.................. 49,455 118,614 115,182 210,508 ----------- ----------- Total current assets.............................. 327,684 450,645 298,405 430,023 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 .............................. 5,871,539 6,060,618 Accumulated depletion....................................... ..................................... (3,285,4674,899,498) (3,079,2274,619,483) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 972,041 1,441,135 ----------- ----------- $ 1,884,917 1,270,446 $ 2,212,937 1,871,158 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 33,013 $ 37,835 46,559 Partners' capital: Managing general partner.................................. 18,638 21,564 13,615 19,487 Limited partners (11,222 24,426 interests)....................... 1,859,618 2,153,538 1,223,818 1,805,112 ----------- ----------- 1,878,256 2,175,102 1,237,433 1,824,599 ----------- ----------- $ 1,884,917 1,270,446 $ 2,212,937 1,871,158 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 8887-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $ 807,421 $25,435 1,244,727 $2,553,220 $2,578,655 Distributions............................................ 1,772,612 Interest............................................... 13,353 19,187 19,789 Litigation settlement.................................. -- -- 19,935 Gain (5,401loss) on disposition of assets................... 24,040 (505,96873,308) (511,369) Net income............................................... 4,246 420,323 424,569 ------- 406,876 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 844,814 1,190,606 2,219,212 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 682,634 886,475 900,861 General and administrative............................. 24,223 42,687 58,525 Impairment of oil and gas properties................... 37,388 420,264 39,087 Depletion.............................................. 383,398 194,175 182,706 Abandoned property..................................... 74,653 44,302 53,156 ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ---------- 1,202,296 1,587,903 1,234,335 ---------- ---------- ---------- Net income (loss)........................................ $ (357,482) $ (397,297) $ 984,877 ========== ========== ========== Allocation of net income (loss): Managing general partner............................... $ (3,575) $ (3,973) $ 9,849 ========== ========== ========== Limited partners....................................... $ (353,907) $ (393,324) $ 975,028 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (14.49) $ (16.10) $ 39.92 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8887-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $28,454 $2,692,822 $2,721,276 Distributions............................................ (8,886) (879,684) (888,570) Net income............................................... 9,849 975,028 984,877 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 29,417 2,788,166 2,817,583 Distributions............................................ (5,957) (589,730) (595,687) Net loss................................................. (3,973) (393,324) (397,297) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 19,487 1,805,112 1,824,599 Distributions............................................ (2,297) (227,387) (229,684) Net loss................................................. (3,575) (353,907) (357,482) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $13,615 $1,223,818 $1,237,433 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ $(13,621357,482) $(397,297) $ 255,412 $ 424,569 984,877 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- 37,388 420,264 39,087 Depletion............................................ 206,240 141,915 156,980 383,398 194,175 182,706 (Gain) loss on disposition of assets................. (24,040) 73,308 (406,876) Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 95,326 155,826 (35,09294,936) Accounts payable..................................... (31,17413,546) 18,216 (40,89622,108) (144,265) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 121,044 424,168 560,593 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,18111,491) (1,574) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- disposition of assets..................... 83,839 65,165 521,840 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) ....... 72,348 63,591 521,840 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225229,684) (572,165595,687) (511,369888,570) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80236,292) (98,469107,928) (13,566) 193,863 Cash at beginning of year................................. 332,031 430,500 444,066 219,515 327,443 133,580 --------- --------- --------- Cash at end of year....................................... $ 278,229 183,223 $ 332,031 219,515 $ 430,500 327,443 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 15 151 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING ARSLEY PRODUCING PROPERTIES 8887-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing ars▇▇▇ ▇▇▇ducing Properties 8887-A, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1987 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8887-A, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8887-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8887-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 87-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 282,299 $ 332,031 383,854 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 162,293 290,867 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 444,592 674,721 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 .............................. 20,141,411 20,138,832 Accumulated depletion....................................... ..................................... (3,285,46717,119,544) (3,079,22716,020,451) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 3,021,867 4,118,381 ------------ ------------ $ 1,884,917 3,466,459 $ 2,212,937 4,793,102 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 34,972 $ 37,835 56,856 Partners' capital: Managing general partner.................................. 18,638 21,564 34,289 47,336 Limited partners (11,222 28,811 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 3,397,198 4,688,910 ------------ ------------ 3,431,487 4,736,246 ------------ ------------ $ 1,884,917 3,466,459 $ 2,212,937 4,793,102 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $25,435 1,453,492 $2,553,220 2,232,898 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income2,627,636 Interest............................................... 4,246 420,323 424,569 ------- 19,970 25,770 33,179 Gain on disposition of assets.......................... 765 16 377,310 Litigation settlement.................................. -- -- 848,304 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 1,474,227 2,258,684 3,886,429 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 1,068,450 1,019,461 1,114,916 General and administrative............................. 42,787 71,283 82,400 Impairment of oil and gas properties................... 477,501 732,890 348,546 Depletion.............................................. 621,592 484,578 510,550 Abandoned property..................................... -- -- 26,123 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 2,210,330 2,308,212 2,082,535 ---------- ---------- ---------- Net income (loss)........................................ $ (736,103) $ (49,528) $18,638 1,803,894 ========== ========== ========== Allocation of net income (loss): Managing general partner............................... $ (7,361) $ (495) $ 18,039 ========== ========== ========== Limited partners....................................... $ (728,742) $ (49,033) $1,859,618 $1,878,256 1,785,855 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (25.29) $ (1.70) $ 61.99 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8887-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ----------- ----------- Partners' capital at January 1, 1996.................... $ 68,348 $ 6,766,910 $ 6,835,258 Distributions......................................... (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22526,158) (572,1652,589,747) (511,3692,615,905) --------- --------- --------- Net decrease in cash...................................... income............................................ 18,039 1,785,855 1,803,894 -------- ----------- ----------- Partners' capital at December 31, 1996.................. 60,229 5,963,018 6,023,247 Distributions......................................... (53,80212,398) (98,4691,225,075) (13,5661,237,473) Cash Net loss.............................................. (495) (49,033) (49,528) -------- ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997.................. 47,336 4,688,910 4,736,246 Distributions......................................... (5,686) (562,970) (568,656) Net loss.............................................. (7,361) (728,742) (736,103) -------- ----------- ----------- Partners' capital at end of year....................................... December 31, 1998.................. $ 278,229 34,289 $ 332,031 3,397,198 $ 430,500 =3,431,487 ======== =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- ----------- ----------- Cash flows from operating activities: Net income (loss).................................... $(736,103) $ (49,528) $ 1,803,894 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties.............. 477,501 732,890 348,546 Depletion......................................... 621,592 484,578 510,550 Gain on disposition of assets..................... (765) (16) (377,310) Changes in assets and liabilities: Accounts receivable............................... 128,574 91,163 (120,875) Accounts payable.................................. (21,884) (91,728) 14,379 --------- ----------- ----------- Net cash provided by operating activities.... 468,915 1,167,359 2,179,184 --------- ----------- ----------- Cash flows from investing activities: Additions to oil and gas properties.................. (17,466) (27,705) -- Proceeds from disposition of assets.................. 15,652 16 565,359 --------- ----------- ----------- Net cash provided by (used in) investing activities................................. (1,814) (27,689) 565,359 --------- ----------- ----------- Cash flows from financing activities: Cash distributions to partners....................... (568,656) (1,237,473) (2,615,905) --------- ----------- ----------- Net increase (decrease) in cash........................ (101,555) (97,803) 128,638 Cash at beginning of year.............................. 383,854 481,657 353,019 --------- ----------- ----------- Cash at end of year.................................... $ 282,299 $ 383,854 $ 481,657 ========= =========== =========== The accompanying notes are an integral part of these financial statements. 15 151 PARK▇DUCING PROPERTIES 88▇ & ▇ARSLEY 87-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1987 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in the Spra▇▇▇▇▇ ▇▇▇nd area of West Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8885-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8885-A, L.P. Ltd. as of December 31, 1998, and the related statements of operationsincome, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8885-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8885-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8885-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8885-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8885-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 41,498 $ 332,031 70,438 Accounts receivable -- oil and gas sales.................. 49,455 118,614 42,116 66,815 ----------- ----------- Total current assets.............................. 327,684 450,645 83,614 137,253 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 7,388,678 7,376,390 Accumulated depletion....................................... (3,285,4676,788,159) (3,079,2276,454,149) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 600,519 922,241 ----------- ----------- $ 1,884,917 684,133 $ 2,212,937 1,059,494 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 10,323 $ 37,835 17,547 Partners' capital: Managing general partner.................................. 18,638 21,564 6,750 10,430 Limited partners (11,222 9,613 interests)....................... 1,859,618 2,153,538 ........................ 667,060 1,031,517 ----------- ----------- 1,878,256 2,175,102 673,810 1,041,947 ----------- ----------- $ 1,884,917 684,133 $ 2,212,937 1,059,494 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- --------- --------- -------- Revenues: Oil and gas............................................... .............................................. $ 371,098 $ 548,786 $443,496 $753,775 $938,418 631,838 Interest.................................................. 14,767 20,009 20,172 ................................................. 3,609 4,907 3,957 Litigation settlement, net............................... -- -- 32,694 --------- --------- -------- -------- -------- 458,263 773,784 958,590 -------- -------- 374,707 553,693 668,489 --------- --------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................... 304,333 304,651 320,643 General and administrative................................ 13,305 23,377 28,916 ............................... 11,133 17,403 18,955 Impairment of oil and gas properties...................... -- 6,231 ..................... 22,031 270,187 -- Depletion................................................. 206,240 141,915 156,980 ................................................ 311,979 120,256 105,185 Loss on disposition of assets............................ -- -- 1,852 --------- --------- -------- -------- -------- 471,884 518,372 534,021 -------- -------- 649,476 712,497 446,635 --------- --------- -------- Net income (loss)........................................... .......................................... $(13,621274,769) $255,412 (158,804) $424,569 221,854 ========= ========= ======== Allocation of net income (loss): Managing general partner.................................. ................................. $ (1362,747) $ 2,554 (1,588) $ 4,246 2,219 ========= ========= ======== Limited partners.......................................... ......................................... $(13,485272,022) $252,858 (157,216) $420,323 219,635 ========= ========= ======== Net income (loss) per limited partnership interest.......... ......... $ (1.2028.30) $ 22.53 (16.35) $ 37.46 22.85 ========= ========= ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 85-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 14,831 $2,553,220 1,467,142 $2,578,655 1,481,973 Distributions............................................ (5,4012,578) (505,968255,194) (511,369257,772) Net income............................................... 4,246 420,323 424,569 2,219 219,635 221,854 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 14,472 1,431,583 1,446,055 Distributions............................................ (5,2702,454) (566,895242,850) (572,165245,304) Net income............................................... 2,554 252,858 255,412 loss................................................. (1,588) (157,216) (158,804) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 10,430 1,031,517 1,041,947 Distributions............................................ (2,790933) (280,43592,435) (283,22593,368) Net loss................................................. (1362,747) (13,485272,022) (13,621274,769) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 $ 6,750 $ 667,060 $ 673,810 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- -------- Cash flows from operating activities: Net income (loss)....................................... $ ........................................ $(13,621274,769) $ 255,412 $ 424,569 $(158,804) $221,854 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Loss on disposition of assets......................... -- -- 1,852 Impairment of oil and gas properties................. -- 6,231 .................. 22,031 270,187 -- Depletion............................................ 206,240 141,915 156,980 ............................................. 311,979 120,256 105,185 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 ................................... 24,699 33,332 (35,09233,195) Accounts payable..................................... ...................................... (31,1747,224) 18,216 3,194 (40,89626,418) --------- --------- --------- -------- Net cash provided by operating activities....... 230,604 472,872 505,561 ........ 76,716 268,165 269,278 --------- --------- --------- -------- Cash flows from investing activities: Additions to oil and gas equipmentproperties...................... (1,18112,611) (2,702) -- (7,758) Proceeds from asset dispositions........................ ......................... 323 -- 824 -- 1,818 --------- --------- --------- -------- Net cash provided by (used in) investing activities.................................... ..................................... (1,18112,288) 824 (7,7582,702) 1,818 --------- --------- --------- -------- Cash flows from financing activities: Cash distributions to partners.......................... ........................... (283,22593,368) (572,165245,304) (511,369257,772) --------- --------- --------- -------- Net decrease increase (decrease) in cash...................................... ............................ (53,80228,940) (98,469) (13,566) 20,159 13,324 Cash at beginning of year................................. 332,031 430,500 444,066 .................................. 70,438 50,279 36,955 --------- --------- --------- -------- Cash at end of year....................................... ........................................ $ 278,229 41,498 $ 332,031 70,438 $ 430,500 50,279 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 85-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1985 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-AC, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8886-AC, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8886-AC, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-AC, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8886-AC, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-C, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 86-AC, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 126,623 $ 332,031 163,568 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 112,233 203,783 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 238,856 367,351 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 14,568,090 14,548,946 Accumulated depletion....................................... (3,285,46712,735,835) (3,079,22712,095,660) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 1,832,255 2,453,286 ------------ ------------ $ 1,884,917 2,071,111 $ 2,212,937 2,820,637 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 18,095 $ 37,835 47,106 Partners' capital: Managing general partner.................................. 18,638 21,564 19,222 26,428 Limited partners (11,222 19,317 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 2,033,794 2,747,103 ------------ ------------ 2,053,016 2,773,531 ------------ ------------ $ 1,884,917 2,071,111 $ 2,212,937 2,820,637 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-C, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $ 973,632 $25,435 1,484,170 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income1,750,717 Interest............................................... 4,246 420,323 424,569 ------- 9,397 12,346 9,265 Gain on disposition of assets.......................... -- 20,511 58,479 Litigation settlement.................................. -- -- 704,864 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 983,029 1,517,027 2,523,325 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 737,587 767,140 815,378 General and administrative............................. 29,209 46,992 52,521 Impairment of oil and gas properties................... 277,277 895,701 132,778 Depletion.............................................. 362,898 371,531 352,216 Abandoned property..................................... -- 12,734 27,923 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 1,406,971 2,094,098 1,380,816 ---------- ---------- ---------- Net income (loss)........................................ $ (423,942) $ (577,071) $18,638 1,142,509 ========== ========== ========== Allocation of net income (loss): Managing general partner............................... $ (4,240) $ (5,770) $ 11,425 ========== ========== ========== Limited partners....................................... $ (419,702) $ (571,301) $1,859,618 $1,878,256 1,131,084 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (21.73) $ (29.58) $ 58.55 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8886-AC, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ----------- ----------- Partners' capital at January 1, 1996.................... $ 41,697 $ 4,258,769 $ 4,300,466 Distributions......................................... (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22513,541) (572,1651,340,522) (511,3691,354,063) --------- --------- --------- Net decrease in cash...................................... income............................................ 11,425 1,131,084 1,142,509 -------- ----------- ----------- Partners' capital at December 31, 1996.................. 39,581 4,049,331 4,088,912 Distributions......................................... (53,8027,383) (98,469730,927) (13,566738,310) Cash Net loss.............................................. (5,770) (571,301) (577,071) -------- ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997.................. 26,428 2,747,103 2,773,531 Distributions......................................... (2,966) (293,607) (296,573) Net loss.............................................. (4,240) (419,702) (423,942) -------- ----------- ----------- Partners' capital at end of year....................................... December 31, 1998.................. $ 278,229 19,222 $ 332,031 2,033,794 $ 430,500 =2,053,016 ======== =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-C, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- ----------- Cash flows from operating activities: Net income (loss)...................................... $(423,942) $(577,071) $ 1,142,509 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................ 277,277 895,701 132,778 Depletion........................................... 362,898 371,531 352,216 Gain on disposition of assets....................... -- (20,511) (58,479) Changes in assets and liabilities: Accounts receivable................................. 91,550 61,472 (114,204) Accounts payable.................................... (29,011) (56,014) (10,548) --------- --------- ----------- Net cash provided by operating activities...... 278,772 675,108 1,444,272 --------- --------- ----------- Cash flows from investing activities: Additions to oil and gas properties.................... (19,770) -- (19,161) Proceeds from asset dispositions....................... 626 21,563 60,363 --------- --------- ----------- Net cash provided by (used in) investing activities................................... (19,144) 21,563 41,202 --------- --------- ----------- Cash flows from financing activities: Cash distributions to partners......................... (296,573) (738,310) (1,354,063) --------- --------- ----------- Net increase (decrease) in cash.......................... (36,945) (41,639) 131,411 Cash at beginning of year................................ 163,568 205,207 73,796 --------- --------- ----------- Cash at end of year...................................... $ 126,623 $ 163,568 $ 205,207 ========= ========= =========== The accompanying notes are an integral part of these financial statements. 15 151 PARK▇▇ & ▇ARSLEY 86-C, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-C, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1986 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-A, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-A, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-A, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 157,782 $ 332,031 206,923 Accounts receivable -- oil and gas sales.................. 49,455 118,614 75,374 153,707 ----------- ----------- Total current assets.............................. 327,684 450,645 233,156 360,630 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 10,090,461 10,083,265 Accumulated depletion....................................... (3,285,4678,264,115) (3,079,2277,490,277) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 ................................ 1,826,346 2,592,988 ----------- ----------- $ 1,884,917 2,059,502 $ 2,212,937 2,953,618 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 17,656 $ 37,835 32,381 Partners' capital: Managing general partner.................................. 18,638 21,564 20,660 29,454 Limited partners (11,222 12,935 interests)....................... 1,859,618 2,153,538 2,021,186 2,891,783 ----------- ----------- 1,878,256 2,175,102 2,041,846 2,921,237 ----------- ----------- $ 1,884,917 2,059,502 $ 2,212,937 2,953,618 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 774,533 $1,157,862 $1,411,568 Interest............................................... $443,496 $753,775 $938,418 Interest10,531 12,432 13,054 Gain on disposition of assets.......................... 6,393 -- -- Other.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 99 -- -- ---------- ---------- ---------- 791,556 1,170,294 1,424,622 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 508,919 513,147 531,610 General and administrative................................ 13,305 23,377 28,916 ............................. 23,611 35,452 42,275 Impairment of oil and gas properties...................... -- 6,231 ................... 405,308 699,976 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- .............................................. 368,530 252,890 250,103 ---------- ---------- ---------- 1,306,368 1,501,465 823,988 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621514,812) $255,412 $424,569 $ (331,171) $ 600,634 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1365,148) $ 2,554 (3,312) $ 4,246 6,006 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485509,664) $252,858 $420,323 $ (327,859) $ 594,628 ========== ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2039.40) $ 22.53 (25.35) $ 37.46 45.97 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 40,845 $2,553,220 4,019,470 $2,578,655 4,060,315 Distributions............................................ (5,4017,463) (505,968738,855) (511,369746,318) Net income............................................... 4,246 420,323 424,569 6,006 594,628 600,634 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 39,388 3,875,243 3,914,631 Distributions............................................ (5,2706,622) (566,895655,601) (572,165662,223) Net income............................................... 2,554 252,858 255,412 loss................................................. (3,312) (327,859) (331,171) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 29,454 2,891,783 2,921,237 Distributions............................................ (2,7903,646) (280,435360,933) (283,225364,579) Net loss................................................. (1365,148) (13,485509,664) (13,621514,812) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 20,660 $1,859,618 2,021,186 $1,878,256 2,041,846 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ $(13,621514,812) $(331,171) $ 255,412 $ 424,569 600,634 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 405,308 699,976 -- Depletion............................................ 206,240 141,915 156,980 368,530 252,890 250,103 Gain on disposition of assets........................ (6,393) -- -- Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 78,333 74,637 (35,09291,920) Accounts payable..................................... (31,17414,725) 18,216 6,796 (40,89635,822) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 316,241 703,128 722,995 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... properties..................... (1,18117,362) -- (7,75813,184) (10,521) Proceeds from asset dispositions........................ 16,559 -- 824 -- --------- --------- --------- Net cash provided by (used in) in investing activities.................................... ........... (1,181803) 824 (7,75813,184) (10,521) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225364,579) (572,165662,223) (511,369746,318) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80249,141) 27,721 (98,469) (13,56633,844) Cash at beginning of year................................. 332,031 430,500 444,066 206,923 179,202 213,046 --------- --------- --------- Cash at end of year....................................... $ 278,229 157,782 $ 332,031 206,923 $ 430,500 179,202 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. ("Mesa") received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8885-AB, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8885-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 47,370 $ 332,031 89,812 Accounts receivable -- oil and gas sales.................. 49,455 118,614 38,501 85,315 ----------- ----------- Total current assets.............................. 327,684 450,645 85,871 175,127 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 5,312,024 5,304,077 Accumulated depletion....................................... (3,285,4674,275,826) (3,079,2274,092,446) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,036,198 1,211,631 ----------- ----------- $ 1,884,917 1,122,069 $ 2,212,937 1,386,758 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 10,661 $ 37,835 18,571 Partners' capital: Managing general partner.................................. 18,638 21,564 11,465 14,031 Limited partners (11,222 7,988 interests)....................... 1,859,618 2,153,538 ........................ 1,099,943 1,354,156 ----------- ----------- 1,878,256 2,175,102 1,111,408 1,368,187 ----------- ----------- $ 1,884,917 1,122,069 $ 2,212,937 1,386,758 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- --------- --------- -------- Revenues: Oil and gas............................................... .............................................. $ 341,048 $ 538,813 $443,496 $753,775 $938,418 616,863 Interest.................................................. 14,767 20,009 20,172 ................................................. 4,399 5,601 4,780 Gain on disposition of assets............................ -- 16 6,287 Litigation settlement.................................... -- -- 62,948 --------- --------- -------- -------- -------- 458,263 773,784 958,590 -------- -------- 345,447 544,430 690,878 --------- --------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................... 269,093 251,942 252,095 General and administrative................................ 13,305 23,377 28,916 ............................... 10,231 16,928 18,506 Impairment of oil and gas properties...................... -- 6,231 ..................... 52,922 324,374 -- Depletion................................................. 206,240 141,915 156,980 ................................................ 130,458 128,277 124,093 Abandoned property....................................... -- -- 9,610 --------- --------- -------- -------- -------- 471,884 518,372 534,021 -------- -------- 462,704 721,521 404,304 --------- --------- -------- Net income (loss)........................................... .......................................... $(13,621117,257) $255,412 (177,091) $424,569 286,574 ========= ========= ======== Allocation of net income (loss): Managing general partner.................................. ................................. $ (1361,172) $ 2,554 (1,771) $ 4,246 2,866 ========= ========= ======== Limited partners.......................................... ......................................... $(13,485116,085) $252,858 (175,320) $420,323 283,708 ========= ========= ======== Net income (loss) per limited partnership interest.......... ......... $ (1.2014.53) $ 22.53 (21.95) $ 37.46 35.52 ========= ========= ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 85-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 19,118 $2,553,220 1,857,790 $2,578,655 1,876,908 Distributions............................................ (5,4013,462) (505,968342,697) (511,369346,159) Net income............................................... 4,246 420,323 424,569 2,866 283,708 286,574 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 18,522 1,798,801 1,817,323 Distributions............................................ (5,2702,720) (566,895269,325) (572,165272,045) Net income............................................... 2,554 252,858 255,412 loss................................................. (1,771) (175,320) (177,091) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 14,031 1,354,156 1,368,187 Distributions............................................ (2,7901,394) (280,435138,128) (283,225139,522) Net loss................................................. (1361,172) (13,485116,085) (13,621117,257) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 11,465 $1,859,618 1,099,943 $1,878,256 1,111,408 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ $(13,621117,257) $(177,091) $ 255,412 $ 424,569 286,574 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 52,922 324,374 -- Depletion............................................ 206,240 141,915 156,980 130,458 128,277 124,093 Gain on disposition of assets........................ -- (16) (6,287) Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 46,814 9,179 (35,09242,320) Accounts payable..................................... (31,1747,910) 18,216 4,397 (40,89622,409) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 105,027 289,120 339,651 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,1817,947) -- (7,7584,469) (74) Proceeds from asset dispositions........................ disposition of assets..................... -- 824 -- 16 6,287 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,1817,947) 824 (7,7584,453) 6,213 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225139,522) (572,165272,045) (511,369346,159) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80242,442) 12,622 (98,469) (13,566295) Cash at beginning of year................................. 332,031 430,500 444,066 89,812 77,190 77,485 --------- --------- --------- Cash at end of year....................................... $ 278,229 47,370 $ 332,031 89,812 $ 430,500 77,190 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 85-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-B, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1985 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8886-AB, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8886-AB, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8886-AB, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-B, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 86-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 185,320 $ 332,031 259,795 Accounts receivable -- oil and gas sales.................. 49,455 118,614 120,424 168,175 ----------- ----------- Total current assets.............................. 327,684 450,645 305,744 427,970 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 12,038,382 12,263,266 Accumulated depletion....................................... (3,285,4679,980,171) (3,079,2279,171,064) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 2,058,211 3,092,202 ----------- ----------- $ 1,884,917 2,363,955 $ 2,212,937 3,520,172 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 11,216 $ 37,835 35,336 Partners' capital: Managing general partner.................................. 18,638 21,564 22,251 33,572 Limited partners (11,222 17,208 interests)....................... 1,859,618 2,153,538 2,330,488 3,451,264 ----------- ----------- 1,878,256 2,175,102 2,352,739 3,484,836 ----------- ----------- $ 1,884,917 2,363,955 $ 2,212,937 3,520,172 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 928,899 $1,369,807 $1,700,251 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 12,967 16,347 17,149 Gain on disposition of assets.......................... 6,371 -- 68,568 Litigation settlement.................................. -- -- 565,756 ---------- ---------- ---------- 948,237 1,386,154 2,351,724 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 662,691 628,784 730,032 General and administrative................................ 13,305 23,377 28,916 ............................. 27,867 43,678 51,008 Impairment of oil and gas properties...................... ................... 509,585 561,432 4,960 Depletion.............................................. 534,746 311,056 327,745 Abandoned property..................................... 20,389 -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- 8,340 ---------- ---------- ---------- 1,755,278 1,544,950 1,122,085 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621807,041) $ (158,796) $255,412 $424,569 1,229,639 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1368,070) $ 2,554 (1,587) $ 4,246 12,296 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485798,971) $ (157,209) $252,858 $420,323 1,217,343 ========== ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2046.43) $ 22.53 (9.14) $ 37.46 70.74 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8886-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ----------- ----------- Partners' capital at January 1, 1996.................... $ 46,026 $ 4,684,266 $ 4,730,292 Distributions......................................... (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22515,033) (572,1651,488,332) (511,3691,503,365) --------- --------- --------- Net decrease in cash...................................... income............................................ 12,296 1,217,343 1,229,639 -------- ----------- ----------- Partners' capital at December 31, 1996.................. 43,289 4,413,277 4,456,566 Distributions......................................... (53,8028,130) (98,469804,804) (13,566812,934) Cash Net loss.............................................. (1,587) (157,209) (158,796) -------- ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997.................. 33,572 3,451,264 3,484,836 Distributions......................................... (3,251) (321,805) (325,056) Net loss.............................................. (8,070) (798,971) (807,041) -------- ----------- ----------- Partners' capital at end of year....................................... December 31, 1998.................. $ 278,229 22,251 $ 332,031 2,330,488 $ 430,500 =2,352,739 ======== =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- ----------- Cash flows from operating activities: Net income (loss)...................................... $(807,041) $(158,796) $ 1,229,639 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................ 509,585 561,432 4,960 Depletion........................................... 534,746 311,056 327,745 Gain on disposition of assets....................... (6,371) -- (68,568) Changes in assets and liabilities: Accounts receivable................................. 47,751 101,746 (91,546) Accounts payable.................................... (24,120) (56,436) 7,825 --------- --------- ----------- Net cash provided by operating activities...... 254,550 759,002 1,410,055 --------- --------- ----------- Cash flows from investing activities: Additions to oil and gas properties.................... (19,495) -- -- Proceeds from disposition of assets.................... 15,526 18,756 236,518 --------- --------- ----------- Net cash provided by (used in) investing activities................................... (3,969) 18,756 236,518 --------- --------- ----------- Cash flows from financing activities: Cash distributions to partners......................... (325,056) (812,934) (1,503,365) --------- --------- ----------- Net increase (decrease) in cash.......................... (74,475) (35,176) 143,208 Cash at beginning of year................................ 259,795 294,971 151,763 --------- --------- ----------- Cash at end of year...................................... $ 185,320 $ 259,795 $ 294,971 ========= ========= =========== The accompanying notes are an integral part of these financial statements. 15 151 PARK▇▇ & ▇ARSLEY 86-B, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-B, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1986 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-A, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8890-A, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-A, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-A, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8890-A, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-A, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8890-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 92,210 $ 332,031 116,510 Accounts receivable -- oil and gas sales.................. 49,455 118,614 50,121 87,628 ----------- ----------- Total current assets.............................. 327,684 450,645 142,331 204,138 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 5,076,345 5,067,298 Accumulated depletion....................................... (3,285,4673,832,899) (3,079,2273,637,375) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,243,446 1,429,923 ----------- ----------- $ 1,884,917 1,385,777 $ 2,212,937 1,634,061 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 13,101 $ 37,835 21,290 Partners' capital: Managing general partner.................................. 18,638 21,564 13,808 16,209 Limited partners (11,222 6,811 interests)....................... 1,859,618 2,153,538 ........................ 1,358,868 1,596,562 ----------- ----------- 1,878,256 2,175,102 1,372,676 1,612,771 ----------- ----------- $ 1,884,917 1,385,777 $ 2,212,937 1,634,061 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- --------- -------- Revenues: Oil and gas............................................... $443,496 441,480 $ 643,882 $753,775 $938,418 777,677 Interest.................................................. 14,767 20,009 20,172 6,177 7,410 7,095 -------- --------- -------- 447,657 651,292 784,772 -------- 458,263 773,784 958,590 -------- -------- --------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 282,430 305,774 298,749 General and administrative................................ 13,305 23,377 28,916 14,124 23,842 26,252 Impairment of oil and gas properties...................... -- 6,231 34,145 321,019 -- Depletion................................................. 206,240 141,915 156,980 161,379 150,605 169,844 Loss on disposition of assets............................. -- -- 28,717 -------- --------- -------- 492,078 801,240 523,562 -------- 471,884 518,372 534,021 -------- -------- --------- -------- Net income (loss)........................................... $(13,62144,421) $255,412 (149,948) $424,569 261,210 ======== ========= ======== Allocation of net income (loss): Managing general partner.................................. $ (136444) $ 2,554 (1,499) $ 4,246 2,612 ======== ========= ======== Limited partners.......................................... $(13,48543,977) $252,858 (148,449) $420,323 258,598 ======== ========= ======== Net income (loss) per limited partnership interest.......... $ (1.206.46) $ 22.53 (21.80) $ 37.46 37.97 ======== ========= ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 90-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 22,444 $2,553,220 2,213,917 $2,578,655 2,236,361 Distributions............................................ (5,4013,698) (505,968366,110) (511,369369,808) Net income............................................... 4,246 420,323 424,569 2,612 258,598 261,210 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 21,358 2,106,405 2,127,763 Distributions............................................ (5,2703,650) (566,895361,394) (572,165365,044) Net income............................................... 2,554 252,858 255,412 loss................................................. (1,499) (148,449) (149,948) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 16,209 1,596,562 1,612,771 Distributions............................................ (2,7901,957) (280,435193,717) (283,225195,674) Net loss................................................. (136444) (13,48543,977) (13,62144,421) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 13,808 $1,859,618 1,358,868 $1,878,256 1,372,676 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,62144,421) $(149,948) $ 255,412 $ 424,569 261,210 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 34,145 321,019 -- Depletion............................................ 206,240 141,915 156,980 161,379 150,605 169,844 Loss on disposition of assets........................ -- -- 28,717 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 37,507 44,000 (35,09263,996) Accounts payable..................................... (31,1748,189) 18,216 2,555 (40,89622,583) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 180,421 368,231 373,192 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... properties..................... (1,1819,047) -- (7,75814,202) (1,425) Proceeds from asset dispositions........................ -- 824 -- 6,815 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,1819,047) 824 (7,75814,202) 5,390 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225195,674) (572,165365,044) (511,369369,808) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80224,300) (98,46911,015) (13,566) 8,774 Cash at beginning of year................................. 332,031 430,500 444,066 116,510 127,525 118,751 --------- --------- --------- Cash at end of year....................................... $ 278,229 92,210 $ 332,031 116,510 $ 430,500 127,525 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 90-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. (the "Partnership") is a limited partnership organized in 1988 1990 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in the Spra▇▇▇▇▇ ▇▇▇nd area of West Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AB Conv., L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8890-AB Conv., L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AB Conv., L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AB Conv., L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8890-AB Conv., L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AB Conv., L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 8890-AB CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 76,330 $ 332,031 118,712 Accounts receivable -- oil and gas sales.................. 49,455 118,614 83,807 126,770 ----------- ----------- Total current assets.............................. 327,684 450,645 160,137 245,482 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 9,600,469 9,582,125 Accumulated depletion....................................... (3,285,4677,703,198) (3,079,2277,100,097) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,897,271 2,482,028 ----------- ----------- $ 1,884,917 2,057,408 $ 2,212,937 2,727,510 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 22,740 $ 37,835 34,538 Partners' capital: Managing general partner.................................. 18,638 21,564 20,346 26,929 Limited partners (11,222 11,897 interests)....................... 1,859,618 2,153,538 2,014,322 2,666,043 ----------- ----------- 1,878,256 2,175,102 2,034,668 2,692,972 ----------- ----------- $ 1,884,917 2,057,408 $ 2,212,937 2,727,510 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-B CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 764,787 $1,118,628 $1,382,265 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 6,937 8,651 7,865 Gain on disposition of assets.......................... 1,669 -- 2,401 ---------- ---------- ---------- 773,393 1,127,279 1,392,531 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 517,526 534,097 523,763 General and administrative................................ 13,305 23,377 28,916 ............................. 26,722 37,876 41,920 Impairment of oil and gas properties...................... -- 6,231 -- ................... 275,430 328,594 22,474 Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- .............................................. 327,671 281,903 259,455 ---------- ---------- ---------- 1,147,349 1,182,470 847,612 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621373,956) $255,412 $424,569 $ (55,191) $ 544,919 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1363,740) $ 2,554 (552) $ 4,246 5,449 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485370,216) $252,858 $420,323 $ (54,639) $ 539,470 ========== ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2031.12) $ 22.53 (4.59) $ 37.46 45.35 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8890-AB CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $35,082 $3,473,154 $3,508,236 Distributions............................................ (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,2256,755) (572,165668,764) (511,369675,519) --------- --------- --------- Net decrease in cash...................................... income............................................... 5,449 539,470 544,919 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 33,776 3,343,860 3,377,636 Distributions............................................ (53,8026,295) (98,469623,178) (13,566629,473) Cash Net loss................................................. (552) (54,639) (55,191) ------- ---------- ---------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997..................... 26,929 2,666,043 2,692,972 Distributions............................................ (2,843) (281,505) (284,348) Net loss................................................. (3,740) (370,216) (373,956) ------- ---------- ---------- Partners' capital at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ==December 31, 1998..................... $20,346 $2,014,322 $2,034,668 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8887-AB, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing ▇ars▇▇▇ ▇▇▇ducing Properties 8887-AB, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY ▇ARSLEY PRODUCING PROPERTIES 8887-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 9,859 $ 332,031 74,883 Accounts receivable -- oil and gas sales.................. 49,455 118,614 89,569 157,903 Accounts receivable -- affiliate.......................... 3,287 -- ----------- ----------- Total current assets.............................. 327,684 450,645 102,715 232,786 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 4,835,768 4,827,151 Accumulated depletion....................................... (3,285,4674,060,082) (3,079,2273,818,776) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 775,686 1,008,375 ----------- ----------- $ 1,884,917 878,401 $ 2,212,937 1,241,161 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 -- $ 37,835 42,242 Partners' capital: Managing general partner.................................. 18,638 21,564 8,983 11,934 Limited partners (11,222 12,191 interests)....................... 1,859,618 2,153,538 869,418 1,186,985 ----------- ----------- 1,878,256 2,175,102 878,401 1,198,919 ----------- ----------- $ 1,884,917 878,401 $ 2,212,937 1,241,161 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 8887-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- ---------- -------- Revenues: Oil and gas.............................................. $ 532,606 $ 846,163 $980,232 Interest................................................. 4,078 6,017 4,409 Gain (loss) on disposition of assets..................... 4,248 13,626 (1,162) --------- ---------- -------- 540,932 865,806 983,479 --------- ---------- -------- Costs and expenses: Oil and gas production................................... 385,648 407,313 457,850 General and administrative............................... 15,978 27,969 31,991 Impairment of oil and gas properties..................... 35,017 317,255 42,277 Depletion................................................ 206,289 230,739 146,246 Abandoned property....................................... 16,738 24,969 1,735 --------- ---------- -------- 659,670 1,008,245 680,099 --------- ---------- -------- Net income (loss).......................................... $(118,738) $ (142,439) $303,380 ========= ========== ======== Allocation of net income (loss): Managing general partner................................. $ (1,187) $ (1,424) $ 3,034 ========= ========== ======== Limited partners......................................... $(117,551) $ (141,015) $300,346 ========= ========== ======== Net income (loss) per limited partnership interest......... $ (9.64) $ (11.57) $ 24.64 ========= ========== ======== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 87-B, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 19,125 $2,553,220 1,939,382 $2,578,655 1,958,507 Distributions............................................ (5,4014,448) (505,968433,825) (511,369438,273) Net income............................................... 4,246 420,323 424,569 3,034 300,346 303,380 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 17,711 1,805,903 1,823,614 Distributions............................................ (5,2704,353) (566,895477,903) (572,165482,256) Net income............................................... 2,554 252,858 255,412 loss................................................. (1,424) (141,015) (142,439) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 11,934 1,186,985 1,198,919 Distributions............................................ (2,7901,764) (280,435200,016) (283,225201,780) Net loss................................................. (1361,187) (13,485117,551) (13,621118,738) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 $ 8,983 $ 869,418 $ 878,401 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 8887-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8882-AII, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8882-AII, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-II, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-II, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker Park▇▇ & Parsley Producing Properties 88▇arsley 82-AII, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-II, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 82-AII, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 64,274 $ 332,031 151,079 Accounts receivable -- oil receivable: Oil and gas sales.................. 49,455 118,614 ...................................... 36,762 60,072 Other.................................................. -- 152,402 ----------- ----------- Total current assets.............................. 327,684 450,645 101,036 363,553 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 8,434,066 8,420,466 Accumulated depletion....................................... (3,285,4677,563,712) (3,079,2277,327,693) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 870,354 1,092,773 ----------- ----------- $ 1,884,917 971,390 $ 2,212,937 1,456,326 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 9,153 $ 37,835 16,723 Partners' capital: Managing general partner.................................. 18,638 21,564 General partners.......................................... 110,889 167,998 Limited partners (11,222 6,126 interests)....................... 1,859,618 2,153,538 ........................ 851,348 1,271,605 ----------- ----------- 1,878,256 2,175,102 962,237 1,439,603 ----------- ----------- $ 1,884,917 971,390 $ 2,212,937 1,456,326 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-II, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- --------- --------- -------- Revenues: Oil and gas............................................... .............................................. $ 379,887 $ 598,339 $443,496 $753,775 $938,418 732,599 Interest.................................................. 14,767 20,009 20,172 ................................................. 11,238 9,058 9,677 Gain (loss) on disposition of assets..................... 1,281 88,515 (18,634) Litigation settlement.................................... -- -- 45,027 --------- --------- -------- -------- -------- 458,263 773,784 958,590 -------- -------- 392,406 695,912 768,669 --------- --------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................... 274,382 323,544 308,885 General and administrative................................ 13,305 23,377 28,916 ............................... 13,493 22,634 25,834 Impairment of oil and gas properties...................... -- 6,231 ..................... 65,229 310,732 -- Depletion................................................. 206,240 141,915 156,980 ................................................ 170,790 131,697 110,453 Abandoned property....................................... -- 691 579 --------- --------- -------- -------- -------- 471,884 518,372 534,021 -------- -------- 523,894 789,298 445,751 --------- --------- -------- Net income (loss)........................................... .......................................... $(13,621131,488) $ (93,386) $255,412 $424,569 322,918 ========= ========= ======== Allocation of net income (loss): Managing general partner.................................. General partners......................................... $ (136) 2,863 $ 2,554 30,221 $ 4,246 98,377 ========= ========= ======== Limited partners.......................................... ......................................... $(13,485134,351) $252,858 (123,607) $420,323 224,541 ========= ========= ======== Net income (loss) per limited partnership interest.......... ......... $ (1.2021.93) $ 22.53 (20.18) $ 37.46 36.65 ========= ========= ======== The accompanying notes are an integral part of these financial statements. 12 148 13 149 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 82-AII, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... ...................... $25,435 214,194 $2,553,220 1,736,603 $2,578,655 1,950,797 Distributions............................................ ........................................... (5,40195,005) (505,968302,515) (511,369397,520) Net income............................................... 4,246 420,323 424,569 ------- .............................................. 98,377 224,541 322,918 -------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 .................... 217,566 1,658,629 1,876,195 Distributions............................................ ........................................... (5,27079,789) (566,895263,417) (572,165343,206) Net income............................................... 2,554 252,858 255,412 ------- income (loss)....................................... 30,221 (123,607) (93,386) -------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 .................... 167,998 1,271,605 1,439,603 Distributions............................................ ........................................... (2,79059,972) (280,435285,906) (283,225345,878) Net income (loss................................................. )....................................... 2,863 (136134,351) (13,485131,488) (13,621) ------- -------- ---------- ---------- Partners' capital at December 31, 1998..................... .................... $18,638 $1,859,618 $1,878,256 110,889 $ 851,348 $ 962,237 ======== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-II, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8884-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8884-A, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8884-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8884-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8884-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8884-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 8884-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 124,005 $ 332,031 159,695 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 139,623 225,232 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 263,628 384,927 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 18,233,825 18,223,253 Accumulated depletion....................................... (3,285,46716,106,643) (3,079,22714,950,537) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 2,127,182 3,272,716 ------------ ------------ $ 1,884,917 2,390,810 $ 2,212,937 3,657,643 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 32,951 $ 37,835 41,183 Partners' capital: Managing general partner.................................. 18,638 21,564 General partners.......................................... 252,487 395,245 Limited partners (11,222 19,435 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 2,105,372 3,221,215 ------------ ------------ 2,357,859 3,616,460 ------------ ------------ $ 1,884,917 2,390,810 $ 2,212,937 3,657,643 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $25,435 1,124,134 $2,553,220 1,668,018 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income1,984,346 Interest............................................... 4,246 420,323 424,569 ------- 10,158 12,752 10,391 Gain on disposition of assets.......................... 2,100 3,072 -- Litigation settlement.................................. -- -- 1,055,353 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 1,136,392 1,683,842 3,050,090 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 865,247 869,909 876,376 General and administrative............................. 38,385 57,698 67,319 Impairment of oil and gas properties................... 425,668 370,361 -- Depletion.............................................. 730,438 315,750 323,910 Abandoned property..................................... -- -- 347 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 2,059,738 1,613,718 1,267,952 ---------- ---------- ---------- Net income (loss)........................................ $ (923,346) $ 70,124 $18,638 1,782,138 ========== ========== ========== Allocation of net income (loss): General partners....................................... $ (56,570) $ 121,907 $ 462,041 ========== ========== ========== Limited partners....................................... $ (866,776) $ (51,783) $1,859,618 $1,878,256 1,320,097 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (44.60) $ (2.66) $ 67.92 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8884-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.PARTNERS' CAPITAL
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-AB, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 88-AB, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-AB, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 88-AB, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 88-AB, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 88-AB, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 88-AB, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 110,641 $ 332,031 149,266 Accounts receivable -- oil and gas sales.................. 49,455 118,614 71,128 97,539 ----------- ----------- Total current assets.............................. 327,684 450,645 181,769 246,805 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 7,131,466 7,116,399 Accumulated depletion....................................... (3,285,4675,978,933) (3,079,2275,311,920) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,152,533 1,804,479 ----------- ----------- $ 1,884,917 1,334,302 $ 2,212,937 2,051,284 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 6,661 17,477 $ 37,835 28,599 Partners' capital: Managing general partner.................................. 18,638 21,564 13,137 20,196 Limited partners (11,222 8,954 interests)....................... 1,859,618 2,153,538 ........................ 1,303,688 2,002,489 ----------- ----------- 1,878,256 2,175,102 1,316,825 2,022,685 ----------- ----------- $ 1,884,917 1,334,302 $ 2,212,937 2,051,284 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-B, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AB, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8890-AB, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AB, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AB, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8890-AB, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AB, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 8890-AB, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 211,469 $ 332,031 326,401 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 227,293 343,809 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 438,762 670,210 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ......................................... 26,035,940 25,986,193 Accumulated depletion....................................... (3,285,46720,889,657) (3,079,22719,256,739) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 5,146,283 6,729,454 ------------ ------------ $ 1,884,917 5,585,045 $ 2,212,937 7,399,664 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 61,975 $ 37,835 93,972 Partners' capital: Managing general partner.................................. 18,638 21,564 55,234 73,061 Limited partners (11,222 32,264 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 5,467,836 7,232,631 ------------ ------------ 5,523,070 7,305,692 ------------ ------------ $ 1,884,917 5,585,045 $ 2,212,937 7,399,664 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ----------- ---------- ---------- Partners' capital at January 1, 1996....................... Revenues: Oil and gas........................................... $ 2,074,056 $25,435 3,033,675 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- 3,748,608 Interest.............................................. 18,654 23,727 21,527 Gain on disposition of assets......................... 4,527 -- 6,512 ----------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- 2,097,237 3,057,402 3,776,647 ----------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- Costs and expenses: Oil and gas production................................ 1,403,494 1,448,425 1,420,416 General and administrative............................ 72,284 103,014 112,892 Impairment of oil and gas properties.................. 744,642 891,257 61,080 Depletion............................................. 888,276 764,088 703,207 ----------- ---------- ---------- Partners' capital at December 31, 1998..................... 3,108,696 3,206,784 2,297,595 ----------- ---------- ---------- Net income (loss)....................................... $18,638 (1,011,459) $ (149,382) $1,859,618 1,479,052 =========== ========== ========== Allocation of net income (loss): Managing general partner.............................. $ (10,115) $ (1,494) $ 14,790 =========== ========== ========== Limited partners...................................... $1,878,256 (1,001,344) $ (147,888) $1,464,262 =========== ========== ========== Net income (loss) per limited partnership interest...... $ (31.04) $ (4.58) $ 45.38 =========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8890-AB, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ----------- ----------- Partners' capital at January 1, 1996.................... $ 95,156 $ 9,421,164 $ 9,516,320 Distributions......................................... (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22518,320) (572,1651,814,872) (511,3691,833,192) --------- --------- --------- Net decrease in cash...................................... income............................................ 14,790 1,464,262 1,479,052 -------- ----------- ----------- Partners' capital at December 31, 1996.................. 91,626 9,070,554 9,162,180 Distributions......................................... (53,80217,071) (98,4691,690,035) (13,5661,707,106) Cash Net loss.............................................. (1,494) (147,888) (149,382) -------- ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash December 31, 1997.................. 73,061 7,232,631 7,305,692 Distributions......................................... (7,712) (763,451) (771,163) Net loss.............................................. (10,115) (1,001,344) (1,011,459) -------- ----------- ----------- Partners' capital at end of year....................................... December 31, 1998.................. $ 278,229 55,234 $ 332,031 5,467,836 $ 430,500 =5,523,070 ======== =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8889-A, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8889-A, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8889-A, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8889-A, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8889-A, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8889-A, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 8889-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 117,381 $ 332,031 167,674 Accounts receivable -- oil and gas sales.................. 49,455 118,614 65,380 83,558 ----------- ----------- Total current assets.............................. 327,684 450,645 182,761 251,232 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 6,540,053 6,523,134 Accumulated depletion....................................... (3,285,4675,330,375) (3,079,2274,675,235) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,209,678 1,847,899 ----------- ----------- $ 1,884,917 1,392,439 $ 2,212,937 2,099,131 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 4,246 $ 37,835 26,178 Partners' capital: Managing general partner.................................. 18,638 21,564 14,075 20,922 Limited partners (11,222 8,317 interests)....................... 1,859,618 2,153,538 ........................ 1,374,118 2,052,031 ----------- ----------- 1,878,256 2,175,102 1,388,193 2,072,953 ----------- ----------- $ 1,884,917 1,392,439 $ 2,212,937 2,099,131 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 583,396 $ 856,926 $1,132,944 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 8,112 10,299 9,787 Gain on disposition of assets.......................... 1,926 22,957 -- ---------- ---------- ---------- 593,434 890,182 1,142,731 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 362,377 405,273 423,914 General and administrative................................ 13,305 23,377 28,916 ............................. 20,635 29,451 36,092 Impairment of oil and gas properties...................... -- 6,231 ................... 306,826 531,929 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- .............................................. 348,314 182,263 194,706 Abandonments........................................... -- 10,629 -- ---------- ---------- ---------- 1,038,152 1,159,545 654,712 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621444,718) $255,412 $424,569 $ (269,363) $ 488,019 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1364,447) $ 2,554 (2,693) $ 4,246 4,880 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485440,271) $252,858 $420,323 $ (266,670) $ 483,139 ========== ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2052.94) $ 22.53 (32.06) $ 37.46 58.09 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8889-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $29,786 $2,929,323 $2,959,109 Distributions............................................ (5,793) (573,201) (578,994) Net income............................................... 4,880 483,139 488,019 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 28,873 2,839,261 2,868,134 Distributions............................................ (5,258) (520,560) (525,818) Net loss................................................. (2,693) (266,670) (269,363) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 20,922 2,052,031 2,072,953 Distributions............................................ (2,400) (237,642) (240,042) Net loss................................................. (4,447) (440,271) (444,718) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $14,075 $1,374,118 $1,388,193 ======= ========== ========== The accompanying notes are an integral part of these statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ $(13,621444,718) $(269,363) $ 255,412 $ 424,569 488,019 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 306,826 531,929 -- Depletion............................................ 206,240 141,915 156,980 348,314 182,263 194,706 Gain on disposition of assets........................ (1,926) (22,957) -- Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 18,178 86,746 (35,09274,358) Accounts payable..................................... (31,1749,135) 18,216 3,572 (40,89639,485) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 217,539 512,190 568,882 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... properties..................... (1,18129,716) (14,108) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- disposition of assets..................... 1,926 32,539 2,842 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,18127,790) 824 (7,758) 18,431 2,842 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225240,042) (572,165525,818) (511,369578,994) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80250,293) 4,803 (98,469) (13,5667,270) Cash at beginning of year................................. 332,031 430,500 444,066 167,674 162,871 170,141 --------- --------- --------- Cash at end of year....................................... $ 278,229 117,381 $ 332,031 167,674 $ 430,500 162,871 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 15 151 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 89-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. (the "Partnership") is a limited partnership organized in 1988 1989 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AC, L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8890-AC, L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AC, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AC, L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8890-AC, L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AC, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8890-AC, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 99,482 $ 332,031 133,831 Accounts receivable -- oil and gas sales.................. 49,455 118,614 66,369 112,358 ----------- ----------- Total current assets.............................. 327,684 450,645 165,851 246,189 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 9,268,288 9,246,832 Accumulated depletion....................................... (3,285,4677,817,025) (3,079,2277,231,332) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 1,451,263 2,015,500 ----------- ----------- $ 1,884,917 1,617,114 $ 2,212,937 2,261,689 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 23,084 $ 37,835 40,038 Partners' capital: Managing general partner.................................. 18,638 21,564 15,890 22,166 Limited partners (11,222 12,107 interests)....................... 1,859,618 2,153,538 1,578,140 2,199,485 ----------- ----------- 1,878,256 2,175,102 1,594,030 2,221,651 ----------- ----------- $ 1,884,917 1,617,114 $ 2,212,937 2,261,689 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-C, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- ---------- ---------- ---------- Revenues: Oil and gas............................................ $ 692,090 $1,063,396 $1,346,937 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 7,300 9,318 8,218 Gain (loss) on disposition of assets................... -- 1,287 (10,427) ---------- ---------- ---------- 699,390 1,074,001 1,344,728 ---------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 505,571 532,654 542,077 General and administrative................................ 13,305 23,377 28,916 ............................. 24,190 36,037 43,593 Impairment of oil and gas properties...................... -- 6,231 ................... 298,622 127,213 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- .............................................. 287,071 209,836 181,255 ---------- ---------- ---------- 1,115,454 905,740 766,925 ---------- ---------- ---------- Net income (loss)........................................... $........................................ $ (13,621416,064) $255,412 $424,569 $ 168,261 $ 577,803 ========== ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1364,161) $ 2,554 1,683 $ 4,246 5,778 ========== ========== ========== Limited partners.......................................... $....................................... $ (13,485411,903) $252,858 $420,323 $ 166,578 $ 572,025 ========== ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2034.02) $ 22.53 13.76 $ 37.46 47.25 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 90-AC, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 26,875 $2,553,220 2,665,663 $2,578,655 2,692,538 Distributions............................................ (5,4016,357) (505,968629,329) (511,369635,686) Net income............................................... 4,246 420,323 424,569 5,778 572,025 577,803 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 26,296 2,608,359 2,634,655 Distributions............................................ (5,2705,813) (566,895575,452) (572,165581,265) Net income............................................... 2,554 252,858 255,412 1,683 166,578 168,261 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 22,166 2,199,485 2,221,651 Distributions............................................ (2,7902,115) (280,435209,442) (283,225211,557) Net loss................................................. (1364,161) (13,485411,903) (13,621416,064) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 15,890 $1,859,618 1,578,140 $1,878,256 1,594,030 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-C, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AC Conv., L.P. (A Delaware Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8890-AC Conv., L.P. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AC Conv., L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8890-AC Conv., L.P. (A Delaware Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8890-AC Conv., L.P. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8890-AC Conv., L.P. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER & PARSLEY PRODUCING PROPERTIES 8890-AC CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 66,221 $ 332,031 87,423 Accounts receivable -- oil and gas sales.................. 49,455 118,614 41,400 69,891 ----------- ----------- Total current assets.............................. 327,684 450,645 107,621 157,314 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 5,765,217 5,751,870 Accumulated depletion....................................... (3,285,4674,861,804) (3,079,2274,497,380) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 ............................. 903,413 1,254,490 ----------- ----------- $ 1,884,917 1,011,034 $ 2,212,937 1,411,804 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 6,661 13,398 $ 37,835 23,946 Partners' capital: Managing general partner.................................. 18,638 21,564 9,946 13,848 Limited partners (11,222 7,531 interests)....................... 1,859,618 2,153,538 ........................ 987,690 1,374,010 ----------- ----------- 1,878,256 2,175,102 997,636 1,387,858 ----------- ----------- $ 1,884,917 1,011,034 $ 2,212,937 1,411,804 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-C CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- --------- -------- -------- Revenues: Oil and gas............................................... $ 430,499 $443,496 661,475 $753,775 $938,418 837,849 Interest.................................................. 14,767 20,009 20,172 4,747 5,942 5,274 Gain (loss) on disposition of assets...................... -- 800 (6,508) --------- -------- -------- -------- 458,263 773,784 958,590 -------- 435,246 668,217 836,615 --------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 314,363 331,332 337,193 General and administrative................................ 13,305 23,377 28,916 15,084 21,436 27,292 Impairment of oil and gas properties...................... -- 6,231 185,784 79,288 -- Depletion................................................. 206,240 141,915 156,980 178,640 130,421 112,781 --------- -------- -------- -------- 471,884 518,372 534,021 -------- 693,871 562,477 477,266 --------- -------- -------- Net income (loss)........................................... $(13,621258,625) $255,412 105,740 $424,569 359,349 ========= ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (1362,586) $ 2,554 1,057 $ 4,246 3,593 ========= ======== ======== Limited partners.......................................... $(13,485256,039) $252,858 104,683 $420,323 355,756 ========= ======== ======== Net income (loss) per limited partnership interest.......... $ (1.2034.00) $ 22.53 13.90 $ 37.46 47.24 ========= ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 90-AC CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 16,767 $2,553,220 1,662,989 $2,578,655 1,679,756 Distributions............................................ (5,4013,954) (505,968391,466) (511,369395,420) Net income............................................... 4,246 420,323 424,569 3,593 355,756 359,349 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 16,406 1,627,279 1,643,685 Distributions............................................ (5,2703,615) (566,895357,952) (572,165361,567) Net income............................................... 2,554 252,858 255,412 1,057 104,683 105,740 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 13,848 1,374,010 1,387,858 Distributions............................................ (2,7901,316) (280,435130,281) (283,225131,597) Net loss................................................. (1362,586) (13,485256,039) (13,621258,625) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 $ 9,946 $ 987,690 $ 997,636 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-C CONV., L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ (13,621) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... (1,181) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... $ 278,229 $ 332,031 $ 430,500 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-A, L.P. (the "Partnership") is a limited partnership organized in 1988 under the laws of the State of Delaware. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8886-A, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8886-A, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8886-A, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8886-A, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8886-A, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 8886-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 58,223 $ 332,031 118,873 Accounts receivable -- oil and gas sales.................. 49,455 118,614 47,579 79,774 ----------- ----------- Total current assets.............................. 327,684 450,645 105,802 198,647 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 7,118,212 7,095,382 Accumulated depletion....................................... (3,285,4676,577,790) (3,079,2276,293,605) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 540,422 801,777 ----------- ----------- $ 1,884,917 646,224 $ 2,212,937 1,000,424 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 6,661 11,837 $ 37,835 21,145 Partners' capital: Managing general partner.................................. 18,638 21,564 5,038 8,487 Limited partners (11,222 10,131 interests)....................... 1,859,618 2,153,538 629,349 970,792 ----------- ----------- 1,878,256 2,175,102 634,387 979,279 ----------- ----------- $ 1,884,917 646,224 $ 2,212,937 1,000,424 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- --------- ---------- ---------- Revenues: Oil and gas............................................ $ 415,842 $ 605,964 $ 843,204 Interest............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- 4,764 8,432 15,409 Litigation settlement.................................. -- -- 290,690 Gain on disposition of assets.......................... -- -- 175,662 --------- ---------- ---------- 420,606 614,396 1,324,965 --------- ---------- ---------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 ................................. 372,460 403,137 401,388 General and administrative................................ 13,305 23,377 28,916 ............................. 12,476 19,647 25,296 Depletion.............................................. 260,592 162,452 156,510 Impairment of oil and gas properties...................... ................... 23,593 496,887 -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- --------- ---------- ---------- 669,121 1,082,123 583,194 --------- ---------- ---------- Net income (loss)........................................... ........................................ $(13,621248,515) $255,412 $424,569 $ (467,727) $ 741,771 ========= ========== ========== Allocation of net income (loss): Managing general partner.................................. ............................... $ (1362,485) $ 2,554 (4,677) $ 4,246 7,417 ========= ========== ========== Limited partners.......................................... ....................................... $(13,485246,030) $252,858 $420,323 $ (463,050) $ 734,354 ========= ========== ========== Net income (loss) per limited partnership interest.......... ....... $ (1.2024.28) $ 22.53 (45.71) $ 37.46 72.49 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $25,435 $2,553,220 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income............................................... 4,246 420,323 424,569 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $18,638 $1,859,618 $1,878,256 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8886-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... $18,230 $1,935,262 $1,953,492 Distributions............................................ (9,675) (957,779) (967,454) Net income............................................... 7,417 734,354 741,771 ------- ---------- ---------- Partners' capital at December 31, 1996..................... 15,972 1,711,837 1,727,809 Distributions............................................ (2,808) (277,995) (280,803) Net loss................................................. (4,677) (463,050) (467,727) ------- ---------- ---------- Partners' capital at December 31, 1997..................... 8,487 970,792 979,279 Distributions............................................ (964) (95,413) (96,377) Net loss................................................. (2,485) (246,030) (248,515) ------- ---------- ---------- Partners' capital at December 31, 1998..................... $ 5,038 $ 629,349 $ 634,387 ======= ========== ========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARS▇▇▇ ▇▇-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $ $(13,621248,515) $(467,727) $ 255,412 $ 424,569 741,771 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 23,593 496,887 -- Depletion............................................ 206,240 141,915 156,980 260,592 162,452 156,510 Gain on disposition of assets........................ -- -- (175,662) Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 32,195 42,120 (35,09215,109) Accounts payable..................................... (31,1749,308) 18,216 (40,89656,226) 13,835 --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 58,557 177,506 721,345 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... properties..................... (1,18122,830) -- (7,7589,969) (2,820) Proceeds from asset dispositions........................ -- 824 -- 414,443 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,18122,830) 824 (7,7589,969) 411,623 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,22596,377) (572,165280,803) (511,369967,454) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80260,650) (98,469113,266) (13,566) 165,514 Cash at beginning of year................................. 332,031 430,500 444,066 118,873 232,139 66,625 --------- --------- --------- Cash at end of year....................................... $ 278,229 58,223 $ 332,031 118,873 $ 430,500 232,139 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 15 151 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 86-A, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 88-Aars▇▇▇ ▇▇-A, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1986 under the laws of the State of DelawareTexas. As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership. Prior to August 8, 1997, the Partnership's managing general partner was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment arsley Development L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum ars▇▇▇ ▇▇▇roleum Company ("Park▇▇ & ▇ars▇▇▇arsley"). On August 7, 1997, Park▇▇ & ▇arsley and ars▇▇▇ ▇▇▇ Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8882-AI, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-I, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- Current assets: Cash...................................................... $ 278,229 44,427 $ 332,031 83,286 Accounts receivable -- oil receivable: Oil and gas sales.................. 49,455 118,614 ...................................... 36,699 63,698 Other.................................................. -- 14,198 ----------- ----------- Total current assets.............................. 327,684 450,645 81,126 161,182 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 9,885,470 9,878,650 Accumulated depletion....................................... (3,285,4679,492,068) (3,079,2278,881,697) ----------- ----------- Net oil and gas properties........................ 1,557,233 1,762,292 393,402 996,953 ----------- ----------- $ 1,884,917 474,528 $ 2,212,937 1,158,135 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 6,661 12,288 $ 37,835 15,475 Partners' capital: Managing general partner.................................. 18,638 21,564 General partners.......................................... 150,932 221,119 Limited partners (11,222 4,891 interests)....................... 1,859,618 2,153,538 ........................ 311,308 921,541 ----------- ----------- 1,878,256 2,175,102 462,240 1,142,660 ----------- ----------- $ 1,884,917 474,528 $ 2,212,937 1,158,135 =========== =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER 12 148 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88▇ARSLEY 82-AI, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- --------- -------- -------- Revenues: Oil and gas............................................... $ 392,883 $443,496 608,207 $753,775 $938,418 710,173 Interest.................................................. 14,767 20,009 20,172 4,244 6,028 5,453 Gain on disposition of assets............................. 199 3,621 -- Litigation settlement..................................... -- -- 43,618 --------- -------- -------- -------- 458,263 773,784 958,590 -------- 397,326 617,856 759,244 --------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 336,406 339,942 316,410 General and administrative................................ 13,305 23,377 28,916 14,542 22,386 23,688 Impairment of oil and gas properties...................... -- 6,231 -- 294,610 165,201 2,277 Depletion................................................. 206,240 141,915 156,980 315,761 151,174 104,287 --------- -------- -------- -------- 471,884 518,372 534,021 -------- 961,319 678,703 446,662 --------- -------- -------- Net income (loss)........................................... $(13,621563,993) $255,412 (60,847) $424,569 312,582 ========= ======== ======== Allocation of net income (loss): Managing general partner.................................. General partners.......................................... $ (13649,472) $ 2,554 31,736 $ 4,246 92,811 ========= ======== ======== Limited partners.......................................... $(13,485514,521) $252,858 (92,583) $420,323 219,771 ========= ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20105.20) $ 22.53 (18.93) $ 37.46 44.93 ========= ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 13 149 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-I, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS PARTNERS TOTAL -------- ---------- ---------- Partners' capital at January 1, 1996....................... ...................... $25,435 258,529 $2,553,220 1,277,125 $2,578,655 1,535,654 Distributions............................................ ........................................... (5,40186,826) (505,968251,394) (511,369338,220) Net income............................................... 4,246 420,323 424,569 ------- .............................................. 92,811 219,771 312,582 -------- ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 .................... 264,514 1,245,502 1,510,016 Distributions............................................ ........................................... (5,27075,131) (566,895231,378) (572,165306,509) Net income............................................... 2,554 252,858 255,412 ------- income (loss)....................................... 31,736 (92,583) (60,847) -------- ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 .................... 221,119 921,541 1,142,660 Distributions............................................ ........................................... (2,79020,715) (280,43595,712) (283,225116,427) Net loss................................................. ................................................ (13649,472) (13,485514,521) (13,621563,993) ------- -------- ---------- ---------- Partners' capital at December 31, 1998..................... .................... $18,638 $1,859,618 $1,878,256 150,932 $ 311,308 $ 462,240 ======== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 14 150 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 8882-AI, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- --------- --------- Cash flows from operating activities: Net income (loss)....................................... $(563,993) $ (13,62160,847) $ 255,412 $ 424,569 312,582 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- 294,610 165,201 2,277 Depletion............................................ 206,240 141,915 156,980 315,761 151,174 104,287 Gain on disposition of assets........................ (199) (3,621) -- Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 26,999 28,652 (35,09243,962) Accounts payable..................................... (31,1743,187) 18,216 (40,8961,274) (34,164) --------- --------- --------- Net cash provided by operating activities....... 230,604 472,872 505,561 69,991 279,285 341,020 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... properties..................... (1,1816,820) (2,089) -- (7,758) Proceeds from asset dispositions........................ -- 824 -- 14,397 18,068 7,841 --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758) ....... 7,577 15,979 7,841 --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225116,427) (572,165306,509) (511,369338,220) --------- --------- --------- Net decrease increase (decrease) in cash...................................... ........................... (53,80238,859) (98,46911,245) (13,566) 10,641 Cash at beginning of year................................. 332,031 430,500 444,066 83,286 94,531 83,890 --------- --------- --------- Cash at end of year....................................... $ 278,229 44,427 $ 332,031 83,286 $ 430,500 94,531 ========= ========= ========= The accompanying notes are an integral part of these financial statements. 14 150 15 151 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-I, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 8882-AI, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1982 under the laws of the State of DelawareTexas. As of On August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership, joining the existing general partner, P&P Employees 82-I, Ltd. ("EMPL"), a Texas limited partnership whose general partner is Pioneer USA, and 4,891 limited partnership interests as of March 8, 1999. Prior to August 8, 1997, the Partnership's managing general partner and the general partner of EMPL was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership and the general partner of EMPL as PPDLP's successor by merger. The Partnership engages primarily in oil and gas exploration, development and production in Texas and New Mexico and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)
Notes to Financial Statements. 15 8 144 16 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8883-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley Producing Properties 8883-AB, L.P. Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker & Parsley Producing Properties 8883-AB, L.P. Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 10 146 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley Producing Properties 8883-AB, L.P. Ltd. (A Delaware Texas Limited Partnership): We have audited the financial statements of Parker Park▇▇ & Parsley Producing Properties 88-A▇ars▇▇▇ ▇▇-B, L.P. Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Parker Park▇▇ & Parsley Producing Properties 88▇arsley 83-AB, L.P. Ltd. as of December 31, 1997, and the results of its operations and its cash flows for the years ended December 31, 1997 and 1996, in conformity with generally accepted accounting principles. KPMG LLP Midland, Texas March 20, 1998 10 146 PARKER 11 147 PARK▇▇ & PARSLEY PRODUCING PROPERTIES 88-A▇ARS▇▇▇ ▇▇-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS DECEMBER 31 ASSETS 1998 1997 ----------- ----------- ------------ ------------ Current assets: Cash...................................................... $ 278,229 173,699 $ 332,031 232,778 Accounts receivable -- oil and gas sales.................. 49,455 118,614 ----------- ----------- 150,704 223,024 Other..................................................... -- 10,817 ------------ ------------ Total current assets.............................. 327,684 450,645 ----------- ----------- 324,403 466,619 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method...................... 4,842,700 4,841,519 ................................. 19,489,320 19,461,615 Accumulated depletion....................................... (3,285,46717,284,587) (3,079,22716,153,730) ----------- ----------- ------------ ------------ Net oil and gas properties........................ 1,557,233 1,762,292 ----------- ----------- 2,204,733 3,307,885 ------------ ------------ $ 1,884,917 2,529,136 $ 2,212,937 3,774,504 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 6,661 34,427 $ 37,835 48,060 Partners' capital: Managing general partner.................................. 18,638 21,564 General partners.......................................... 297,127 435,525 Limited partners (11,222 23,370 interests)....................... 1,859,618 2,153,538 ----------- ----------- 1,878,256 2,175,102 ----------- ----------- 2,197,582 3,290,919 ------------ ------------ 2,494,709 3,726,444 ------------ ------------ $ 1,884,917 2,529,136 $ 2,212,937 3,774,504 ============ =========== The accompanying notes are an integral part of these financial statements. 11 147 PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 -------- -------- -------- Revenues: Oil and gas............................................... $443,496 $753,775 $938,418 Interest.................................................. 14,767 20,009 20,172 -------- -------- -------- 458,263 773,784 958,590 -------- -------- -------- Costs and expenses: Oil and gas production.................................... 252,339 346,849 348,125 General and administrative................................ 13,305 23,377 28,916 Impairment of oil and gas properties...................... -- 6,231 -- Depletion................................................. 206,240 141,915 156,980 -------- -------- -------- 471,884 518,372 534,021 -------- -------- -------- Net income (loss)........................................... $(13,621) $255,412 $424,569 ======== ======== ======== Allocation of net income (loss): Managing general partner.................................. $ (136) $ 2,554 $ 4,246 ======== ======== ======== Limited partners.......................................... $(13,485) $252,858 $420,323 ======== ======== ======== Net income (loss) per limited partnership interest.......... $ (1.20) $ 22.53 $ 37.46 ======== ======== ======== The accompanying notes are an integral part of these financial statements. 12 148 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88ARSLEY 83-AB, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- OPERATIONS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 ---------- ---------- Partners' capital at January 1, 1996....................... ---------- Revenues: Oil and gas............................................ $25,435 1,267,241 $2,553,220 1,924,748 $2,578,655 Distributions............................................ (5,401) (505,968) (511,369) Net income2,291,605 Interest............................................... 4,246 420,323 424,569 ------- 13,218 17,043 15,676 Gain on disposition of assets.......................... 157 41,460 67,179 Litigation settlement.................................. -- -- 1,392,304 ---------- ---------- Partners' capital at December 31, 1996..................... 24,280 2,467,575 2,491,855 Distributions............................................ (5,270) (566,895) (572,165) Net income............................................... 2,554 252,858 255,412 ------- ---------- 1,280,616 1,983,251 3,766,764 ---------- ---------- Partners' capital at December 31, 1997..................... 21,564 2,153,538 2,175,102 Distributions............................................ (2,790) (280,435) (283,225) Net loss................................................. (136) (13,485) (13,621) ------- ---------- Costs and expenses: Oil and gas production................................. 978,080 1,011,554 984,640 General and administrative............................. 43,488 66,617 75,597 Impairment of oil and gas properties................... 362,325 1,171,409 -- Depletion.............................................. 768,532 485,291 365,203 Abandoned property..................................... -- 2,487 31,686 ---------- ---------- Partners' capital at December 31, 1998..................... ---------- 2,152,425 2,737,358 1,457,126 ---------- ---------- ---------- Net income (loss)........................................ $ (871,809) $ (754,107) $18,638 2,309,638 ========== ========== ========== Allocation of net income (loss): General partners....................................... $ (46,980) $ 56,351 $ 578,911 ========== ========== ========== Limited partners....................................... $ (824,829) $ (810,458) $1,859,618 $1,878,256 1,730,727 ========== ========== ========== Net income (loss) per limited partnership interest....... $ (35.29) $ (34.68) $ 74.06 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 13 149 PARK▇▇ & ▇ARSLEY PRODUCING PROPERTIES 88-AARS▇▇▇ ▇▇-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 PARTNERS' CAPITAL GENERAL LIMITED PARTNERS PARTNERS TOTAL --------- ----------- ----------- Partners' capital at January 1, 1996................... $ 627,985 $ 5,009,377 $ 5,637,362 Distributions........................................ (577,837) (1,879,611) (2,457,448) Net income........................................... 578,911 1,730,727 2,309,638 --------- --------- Cash flows from operating activities: ----------- ----------- Partners' capital at December 31, 1996................. 629,059 4,860,493 5,489,552 Distributions........................................ (249,885) (759,116) (1,009,001) Net income (loss)....................................... $ .................................... 56,351 (13,621810,458) $ 255,412 $ 424,569 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties................. -- 6,231 -- Depletion............................................ 206,240 141,915 156,980 Changes in assets and liabilities: Accounts receivable.................................. 69,159 51,098 (35,092) Accounts payable..................................... (31,174) 18,216 (40,896754,107) --------- --------- --------- ----------- ----------- Partners' capital at December 31, 1997................. 435,525 3,290,919 3,726,444 Distributions........................................ (91,418) (268,508) (359,926) Net cash provided by operating activities....... 230,604 472,872 505,561 --------- --------- --------- Cash flows from investing activities: Additions to oil and gas equipment...................... loss............................................. (1,18146,980) -- (7,758824,829) Proceeds from asset dispositions........................ -- 824 -- --------- --------- --------- Net cash provided by (used in) investing activities.................................... (1,181) 824 (7,758871,809) --------- --------- --------- Cash flows from financing activities: Cash distributions to partners.......................... (283,225) (572,165) (511,369) --------- --------- --------- Net decrease in cash...................................... (53,802) (98,469) (13,566) Cash ----------- ----------- Partners' capital at beginning of year................................. 332,031 430,500 444,066 --------- --------- --------- Cash at end of year....................................... December 31, 1998............... $ 278,229 297,127 $ 332,031 2,197,582 $ 430,500 2,494,709 ========= =========== =========== The accompanying notes are an integral part of these financial statements. 14 150 PARK▇▇ & ▇ARSLEY 83-B, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1998 1997 1996 --------- ----------- ----------- Cash flows from operating activities: Net income (loss).................................... $(871,809) $ (754,107) $ 2,309,638 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties.............. 362,325 1,171,409 -- Depletion......................................... 768,532 485,291 365,203 Gain on disposition of assets..................... (157) (41,460) (67,179) Changes in assets and liabilities: Accounts receivable............................... 72,320 115,174 (152,061) Accounts payable.................................. (13,633) (27) (77,943) --------- ----------- ----------- Net cash provided by operating activities.... 317,578 976,280 2,377,658 --------- ----------- ----------- Cash flows from investing activities: Additions to oil and gas properties.................. (27,705) (6,639) (2,559) Proceeds from disposition of assets.................. 10,974 43,201 67,179 --------- ----------- ----------- Net cash provided by (used in) investing activities................................. (16,731) 36,562 64,620 --------- ----------- ----------- Cash flows from financing activities: Cash distributions to partners....................... (359,926) (1,009,001) (2,457,448) --------- ----------- ----------- Net increase (decrease) in cash........................ (59,079) 3,841 (15,170) Cash at beginning of year.............................. 232,778 228,937 244,107 --------- ----------- ----------- Cash at end of year.................................... $ 173,699 $ 232,778 $ 228,937 ========= =========== =========== The accompanying notes are an integral part of these financial statements. 15 151 PARK▇▇ & ▇ARS▇▇▇ ▇▇▇DUCING PROPERTIES 88-A-B, L.P. LTD. (A DELAWARE TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998, 1997 AND 1996 NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Park▇▇ & ▇arsley Producing Properties 8883-AB, L.P. Ltd. (the "Partnership") is a limited partnership organized in 1988 1983 under the laws of the State of DelawareTexas. As of On August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became the managing general partner of the Partnership, joining the existing general partner, P&P Employees 83-B, Ltd. ("EMPL"), a Texas limited partnership whose general partner is Pioneer USA, and 23,370 limited partnership interests as of March 8, 1999. Prior to August 8, 1997, the Partnership's managing general partner and the general partner of EMPL was Park▇▇ & ▇ars▇▇▇ ▇▇▇elopment L.P. ("PPDLP"), a wholly-owned subsidiary of Park▇▇ & ▇arsley Petroleum Company ("Park▇▇ & ▇ars▇▇▇"). On August 7, 1997, Park▇▇ & ▇arsley and Mesa Inc. received shareholder approval to merge and create Pioneer Natural Resources Company ("Pioneer"). On August 8, 1997, PPDLP was merged with and into Pioneer USA, a wholly-owned subsidiary of Pioneer, resulting in Pioneer USA becoming the managing general partner of the Partnership and the general partner of EMPL as PPDLP's successor by merger. The Partnership engages primarily in oil and gas development and production in Texas and is not involved in any industry segment other than oil and gas.
Appears in 1 contract
Sources: Proxy Statement (Pioneer Natural Resources Usa Inc)