Notes to Financial Statements. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 $ 282,299 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ Total current assets.............................. 544,235 444,592 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 Accumulated depletion....................................... (17,288,051) (17,119,544) ------------ ------------ Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ $ 3,411,876 $ 3,466,459 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 $ 34,972 Partners' capital: Managing general partner.................................. 33,454 34,289 Limited partners (28,811 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ $ 3,411,876 $ 3,466,459 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 $366,885 $671,386 $789,531 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 General and administrative....................... 11,018 10,996 20,141 23,676 Depletion........................................ 53,650 106,567 168,507 205,708 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 $(59,016) $ 34,024 $(24,753) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 $ (590) $ 340 $ (248) ======== ======== ======== ======== Limited partners................................. $ 71,462 $(58,426) $ 33,684 $(24,505) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 $ (2.03) $ 1.17 $ (.85) ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 $ 4.19 $ 4.02 $ 13.05 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 $3,397,198 $3,431,487 Distributions............................................ (1,175) (115,865) (117,040) Net income............................................... 340 33,684 34,024 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 $3,315,017 $3,348,471 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8790-AC CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 78,398 $ 282,299 66,221 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 61,696 41,400 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 140,094 107,621 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 5,773,448 5,765,217 Accumulated depletion....................................... (17,288,0514,918,294) (17,119,5444,861,804) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 855,154 903,413 ----------- ----------- $ 3,411,876 995,248 $ 3,466,459 =1,011,034 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 22,933 $ 34,972 13,398 Partners' capital: Managing general partner.................................. 33,454 34,289 9,693 9,946 Limited partners (28,811 7,531 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 962,622 987,690 ----------- ----------- 972,315 997,636 ----------- ----------- $ 3,411,876 995,248 $ 3,466,459 =1,011,034 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8790-AC CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 107,431 $366,885 108,532 $671,386 198,577 $789,531 228,491 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 784 1,150 1,482 2,434 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 108,215 109,682 200,059 230,925 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 85,308 88,012 154,559 168,981 General and administrative....................... 11,018 10,996 20,141 23,676 3,635 3,608 7,085 7,593 Depletion........................................ 53,650 106,567 168,507 205,708 16,722 26,902 56,490 54,799 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 105,665 118,522 218,134 231,373 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 2,550 $ (8,840) $(59,01618,075) $ 34,024 $(24,753448) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 25 $ (59088) $ 340 (181) $ (2484) ======== ======== ======== ======== Limited partners................................. $ 71,462 2,525 $ (8,752) $(58,42617,894) $ 33,684 $(24,505444) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 .33 $ (2.031.16) $ 1.17 (2.38) $ (.85.06) ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 -- $ 4.19 3.59 $ 4.02 .95 $ 13.05 11.27 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8790-AC CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- -------- -------- Balance at January 1, 1999................................. .................................. $34,289 9,946 $3,397,198 987,690 $3,431,487 997,636 Distributions............................................ ............................................. (1,17572) (115,8657,174) (117,0407,246) Net income............................................... 340 33,684 34,024 ------- ---------- ---------- loss.................................................. (181) (17,894) (18,075) ------ -------- -------- Balance at June 30, 1999................................... .................................... $33,454 9,693 $3,315,017 962,622 $3,348,471 =972,315 ====== ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8790-AC CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- ------------------- 1999 1998 --------- -------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 .................................................. $(24,75318,075) $ (448) Adjustments to reconcile net income (loss) loss to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) 56,490 54,799 Changes in assets and liabilities: Accounts receivable.................................... (83,07720,296) 98,608 24,039 Accounts payable....................................... 28,433 11,307 --------- 9,535 2,322 -------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- 27,654 80,712 -------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,4888,231) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in6,919) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,0407,246) (379,75685,723) --------- -------- -------- Net increase (decrease) in cash............................. 16,566 12,177 (80,16011,930) Cash at beginning of period................................. 282,299 383,854 --------- 66,221 87,423 -------- -------- Cash at end of period....................................... $ 298,865 $303,694 =78,398 $ 75,493 ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 8790-AC CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 8790-AC Conv., Ltd. L.P. (the "Partnership") is was organized as a limited general partnership organized in 1987 1990 under the laws of the State of TexasTexas and was converted to a Delaware limited partnership on August 1, 1991. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS 6.EXHIBITS AND REPORTS ON FORM 8-K.................... ..................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 87-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 250,978 $ 282,299 221,422 Accounts receivable -- oil and gas sales.................. 245,370 162,293 160,987 116,033 ------------ ------------ Total current assets.............................. 544,235 444,592 411,965 337,455 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 13,378,453 13,370,742 Accumulated depletion....................................... (17,288,05110,850,497) (17,119,54410,723,851) ------------ ------------ Net oil and gas properties........................ 2,867,641 3,021,867 2,527,956 2,646,891 ------------ ------------ $ 3,411,876 2,939,921 $ 3,466,459 ============ ============ 2,984,346 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 39,835 $ 34,972 21,253 Partners' capital: Managing general partner.................................. 33,454 34,289 28,929 29,559 Limited partners (28,811 20,089 interests)....................... 3,315,017 3,397,198 2,871,157 2,933,534 ------------ ------------ 3,348,471 3,431,487 2,900,086 2,963,093 ------------ ------------ $ 3,411,876 2,939,921 $ 3,466,459 2,984,346 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 87-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 267,074 $366,885 235,929 $671,386 458,623 $789,531 511,361 Interest......................................... 3,341 5,034 6,290 10,568 2,625 3,673 4,899 7,433 Gain on disposition of assets.................... -- 235 -- -- 765 13,728 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 269,699 239,837 463,522 532,522 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 158,350 154,727 302,253 315,652 General and administrative....................... 11,018 10,996 20,141 23,676 8,012 7,078 13,759 15,341 Depletion........................................ 53,650 106,567 168,507 205,708 49,069 81,439 126,646 159,264 Abandoned property............................... -- 95 -- 3,943 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 215,431 243,339 442,658 494,200 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 $54,268 $ (59,0163,502) $ 34,024 $(24,753) 20,864 $ 38,322 ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 543 $ (59035) $ 340 209 $ (248) 383 ======== ======== ======== ======== Limited partners................................. $ 71,462 $53,725 $ (58,4263,467) $ 33,684 $(24,505) 20,655 $ 37,939 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 2.68 $ (2.03.17) $ 1.17 1.03 $ (.85) 1.89 ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 2.28 $ 4.19 4.64 $ 4.02 4.13 $ 13.05 12.44 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 87-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 29,559 $3,397,198 2,933,534 $3,431,487 2,963,093 Distributions............................................ (1,175839) (115,86583,032) (117,04083,871) Net income............................................... 340 33,684 34,024 209 20,655 20,864 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 28,929 $3,315,017 2,871,157 $3,348,471 2,900,086 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 87-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8785-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 43,539 $ 282,299 47,370 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 59,173 38,501 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 102,712 85,871 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 5,314,799 5,312,024 Accumulated depletion....................................... (17,288,0514,333,333) (17,119,5444,275,826) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 981,466 1,036,198 ----------- ----------- $ 3,411,876 1,084,178 $ 3,466,459 =1,122,069 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 15,414 $ 34,972 10,661 Partners' capital: Managing general partner.................................. 33,454 34,289 11,039 11,465 Limited partners (28,811 7,988 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 1,057,725 1,099,943 ----------- ----------- 1,068,764 1,111,408 ----------- ----------- $ 3,411,876 1,084,178 $ 3,466,459 =1,122,069 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8785-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 85,896 $366,885 86,581 $671,386 144,877 $789,531 186,404 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 708 1,162 1,230 2,578 ------- ------- -------- -------- -------- -------- 370,728 371,919 677,676 800,864 -------- -------- 86,604 87,743 146,107 188,982 ------- ------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 51,665 65,171 101,350 124,962 General and administrative....................... 11,018 10,996 20,141 23,676 2,578 2,597 4,347 5,592 Depletion........................................ 53,650 106,567 168,507 205,708 17,864 29,229 57,507 55,567 ------- ------- -------- -------- -------- -------- 298,544 430,935 643,652 825,617 -------- -------- 72,107 96,997 163,204 186,121 ------- ------- -------- -------- Net income (loss).................................. $ 72,184 $14,497 $(59,0169,254) $(17,097) $ 34,024 $(24,753) =2,861 ======= ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 145 $ (59093) $ 340 (171) $ (248) =28 ======= ======== ======== ======== Limited partners................................. $ 71,462 $14,352 $(58,4269,161) $(16,926) $ 33,684 $(24,505) =2,833 ======= ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 1.80 $ (2.031.15) $ 1.17 (2.12) $ (.85) =.35 ======= ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 3.17 $ 4.19 5.10 $ 4.02 3.17 $ 13.05 =14.90 ======= ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8785-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 11,465 $3,397,198 1,099,943 $3,431,487 1,111,408 Distributions............................................ (1,175255) (115,86525,292) (117,04025,547) Net income............................................... 340 33,684 34,024 loss................................................. (171) (16,926) (17,097) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 11,039 $3,315,017 1,057,725 $3,348,471 1,068,764 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8785-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8789-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 133,578 $ 282,299 117,381 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 96,213 65,380 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 229,791 182,761 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 .............................. 6,546,663 6,540,053 Accumulated depletion....................................... ..................................... (17,288,0515,406,303) (17,119,5445,330,375) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,140,360 1,209,678 ----------- ----------- $ 3,411,876 1,370,151 $ 3,466,459 =1,392,439 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 63,405 27,656 $ 34,972 4,246 Partners' capital: Managing general partner.................................. 33,454 34,289 13,618 14,075 Limited partners (28,811 8,317 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 1,328,877 1,374,118 ----------- ----------- 1,342,495 1,388,193 ----------- ----------- $ 3,411,876 1,370,151 $ 3,466,459 =1,392,439 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8789-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 144,764 $366,885 156,809 $671,386 265,684 $789,531 321,759 Interest......................................... 3,341 5,034 6,290 10,568 1,463 1,909 2,688 4,175 Gain on disposition of assets.................... 1,166 -- -- -- 765 4,410 1,926 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 147,393 158,718 272,782 327,860 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 88,188 84,248 187,238 180,873 General and administrative....................... 11,018 10,996 20,141 23,676 4,882 5,191 9,680 10,825 Depletion........................................ 53,650 106,567 168,507 205,708 20,943 45,311 75,928 87,380 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 114,013 134,750 272,846 279,078 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 $33,380 $ 23,968 $ (59,01664) $ 34,024 $(24,753) 48,782 ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 333 $ 240 $ (5901) $ 340 $ (248) 488 ======== ======== ======== ======== Limited partners................................. $ 71,462 $33,047 $ 23,728 $ (58,42663) $ 33,684 $(24,505) 48,294 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 3.97 $ 2.86 $ (2.03.01) $ 1.17 $ (.85) 5.81 ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 2.77 $ 4.19 6.62 $ 4.02 5.43 $ 13.05 20.56 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8789-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 14,075 $3,397,198 1,374,118 $3,431,487 1,388,193 Distributions............................................ (1,175456) (115,86545,178) (117,04045,634) Net income............................................... 340 33,684 34,024 loss................................................. (1) (63) (64) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 13,618 $3,315,017 1,328,877 $3,348,471 1,342,495 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8789-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 87PRODUCING PROPERTIES 88-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 291,041 $ 282,299 278,229 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 61,784 49,455 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 352,825 327,684 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 .............................. 4,842,700 4,842,700 Accumulated depletion....................................... ..................................... (17,288,0513,335,476) (17,119,5443,285,467) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,507,224 1,557,233 ----------- ----------- $ 3,411,876 1,860,049 $ 3,466,459 =1,884,917 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 63,405 19,304 $ 34,972 6,661 Partners' capital: Managing general partner.................................. 33,454 34,289 18,329 18,638 Limited partners (28,811 11,222 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ 1,822,416 1,859,618 ----------- ----------- 1,840,745 1,878,256 ----------- ----------- $ 3,411,876 1,860,049 $ 3,466,459 =1,884,917 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 87PRODUCING PROPERTIES 88-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... .................................... $367,387 111,050 $366,885 117,387 $671,386 194,872 $789,531 246,176 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 ....................................... 2,763 3,791 5,175 7,419 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 113,813 121,178 200,047 253,595 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 ......................... 62,301 61,343 122,130 130,525 General and administrative....................... 11,018 10,996 20,141 23,676 ..................... 3,331 3,521 5,846 7,385 Depletion........................................ 53,650 106,567 168,507 205,708 ...................................... 20,466 31,162 50,009 63,909 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 86,098 96,026 177,985 201,819 -------- -------- -------- -------- Net income (loss).................................. income....................................... $ 72,184 $(59,016) 27,715 $ 34,024 $(24,753) 25,152 $ 22,062 $ 51,776 ======== ======== ======== ======== Allocation of net income (loss): income: Managing general partner......................... ....................... $ 722 278 $ (590) 251 $ 340 221 $ (248) 517 ======== ======== ======== ======== Limited partners................................. ............................... $ 71,462 $(58,426) 27,437 $ 33,684 $(24,505) 24,901 $ 21,841 $ 51,259 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ...... $ 2.48 2.45 $ (2.03) 2.22 $ 1.17 1.95 $ (.85) 4.57 ======== ======== ======== ======== Distributions per limited partnership interest..... ... $ 2.19 2.01 $ 4.19 7.73 $ 4.02 5.26 $ 13.05 16.72 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 87PRODUCING PROPERTIES 88-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 18,638 $3,397,198 1,859,618 $3,431,487 1,878,256 Distributions............................................ (1,175530) (115,86559,043) (117,04059,573) Net income............................................... 340 33,684 34,024 221 21,841 22,062 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 18,329 $3,315,017 1,822,416 $3,348,471 1,840,745 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 87PRODUCING PROPERTIES 88-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8782-AI, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 45,923 $ 282,299 44,427 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 53,781 36,699 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 99,704 81,126 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 9,884,775 9,885,470 Accumulated depletion....................................... (17,288,0519,573,517) (17,119,5449,492,068) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 311,258 393,402 ----------- ----------- $ 3,411,876 410,962 $ 3,466,459 =474,528 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 17,968 $ 34,972 12,288 Partners' capital: Managing general partner.................................. 33,454 34,289 General partners.......................................... 145,939 150,932 Limited partners (28,811 4,891 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 247,055 311,308 ----------- ----------- 392,994 462,240 ----------- ----------- $ 3,411,876 410,962 $ 3,466,459 =474,528 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8782-AI, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 101,099 $ 86,663 $366,885 186,502 $671,386 $789,531 205,570 Interest......................................... 3,341 5,034 6,290 10,568 529 1,202 1,037 2,519 Gain on disposition of assets.................... -- 199 -- -- 765 199 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 101,628 88,064 187,539 208,288 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 75,833 100,496 150,511 175,267 General and administrative....................... 11,018 10,996 20,141 23,676 3,538 2,240 6,851 6,722 Depletion........................................ 53,650 106,567 168,507 205,708 7,995 29,095 81,449 55,636 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 87,366 131,831 238,811 237,625 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 14,262 $(59,01643,767) $ 34,024 $(24,75351,272) $(29,337) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... General partners................................. $ 722 4,765 $ (5906,611) $ 340 (601) $ (248) 981 ======== ======== ======== ======== Limited partners................................. $ 71,462 9,497 $(58,42637,156) $ 33,684 $(24,50550,671) $(30,318) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ...................................... $ 2.48 1.94 $ (2.037.60) $ 1.17 (10.36) $ (.856.20) ======== ======== ======== ======== Distributions per limited partnership interest..... ... $ 2.19 1.28 $ 4.19 3.38 $ 4.02 2.78 $ 13.05 13.20 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8782-AI, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS PARTNERS TOTAL -------- ---------- ---------- -------- -------- Balance at January 1, 1999................................. $34,289 150,932 $3,397,198 311,308 $3,431,487 462,240 Distributions............................................ (1,1754,392) (115,86513,582) (117,04017,974) Net income............................................... 340 33,684 34,024 ------- ---------- ---------- loss................................................. (601) (50,671) (51,272) -------- -------- -------- Balance at June 30, 1999................................... $33,454 145,939 $3,315,017 247,055 $3,348,471 ======= ==392,994 ======== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 5 128 PARKER & PARSLEY 8782-AI, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 OF CASH FLOWS (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS 6.EXHIBITS AND REPORTS ON FORM 8-K.................... ..................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8786-AC, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 138,310 $ 282,299 126,623 Accounts receivable -- oil and gas sales.................. 245,370 162,293 142,220 112,233 ------------ ------------ Total current assets.............................. 544,235 444,592 280,530 238,856 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 14,568,207 14,568,090 Accumulated depletion....................................... (17,288,05112,861,662) (17,119,54412,735,835) ------------ ------------ Net oil and gas properties........................ 2,867,641 3,021,867 1,706,545 1,832,255 ------------ ------------ $ 3,411,876 1,987,075 $ 3,466,459 2,071,111 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 41,234 $ 34,972 18,095 Partners' capital: Managing general partner.................................. 33,454 34,289 18,151 19,222 Limited partners (28,811 19,317 interests)....................... 3,315,017 3,397,198 1,927,690 2,033,794 ------------ ------------ 3,348,471 3,431,487 1,945,841 2,053,016 ------------ ------------ $ 3,411,876 1,987,075 $ 3,466,459 2,071,111 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8786-AC, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... .................................... $367,387 244,884 $366,885 262,816 $671,386 435,922 $789,531 532,019 Interest......................................... 3,341 5,034 6,290 10,568 ....................................... 1,645 2,249 3,075 5,044 Gain on disposition of assets.................... .................. -- 285 -- -- 765 356 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 246,529 265,350 438,997 537,419 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 ......................... 162,895 195,142 344,743 383,272 General and administrative....................... 11,018 10,996 20,141 23,676 ..................... 7,347 7,885 13,078 15,961 Depletion........................................ 53,650 106,567 168,507 205,708 ...................................... 35,027 66,558 125,827 128,628 Abandoned property............................. -- 115 -- 650 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 205,269 269,700 483,648 528,511 -------- -------- -------- -------- Net income (loss).................................. ................................ $ 72,184 41,260 $ (4,350) $(59,01644,651) $ 34,024 $(24,753) 8,908 ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... ....................... $ 722 413 $ (59044) $ 340 (446) $ (248) 89 ======== ======== ======== ======== Limited partners................................. ............................... $ 71,462 40,847 $ (4,306) $(58,42644,205) $ 33,684 $(24,505) 8,819 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ....................................... $ 2.48 2.11 $ (2.03.22) $ 1.17 (2.29) $ (.85) .46 ======== ======== ======== ======== Distributions per limited partnership interest..... ... $ 2.19 2.38 $ 4.19 3.45 $ 4.02 3.20 $ 13.05 11.53 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8786-AC, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 19,222 $3,397,198 2,033,794 $3,431,487 2,053,016 Distributions............................................ (1,175625) (115,86561,899) (117,04062,524) Net income............................................... 340 33,684 34,024 loss................................................. (446) (44,205) (44,651) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 18,151 $3,315,017 1,927,690 $3,348,471 1,945,841 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8786-AC, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8790-AC, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 117,575 $ 282,299 99,482 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 98,852 66,369 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 216,427 165,851 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 9,281,520 9,268,288 Accumulated depletion....................................... (17,288,0517,907,802) (17,119,5447,817,025) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,373,718 1,451,263 ----------- ----------- $ 3,411,876 1,590,145 $ 3,466,459 =1,617,114 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 36,928 $ 34,972 23,084 Partners' capital: Managing general partner.................................. 33,454 34,289 15,482 15,890 Limited partners (28,811 12,107 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ 1,537,735 1,578,140 ----------- ----------- 1,553,217 1,594,030 ----------- ----------- $ 3,411,876 1,590,145 $ 3,466,459 =1,617,114 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8790-AC, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- -------------------- -------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas................................... $172,712 $174,479 $319,242 $367,337 Interest...................................... $367,387 $366,885 $671,386 $789,531 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 1,178 1,756 2,241 3,744 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 173,890 176,235 321,483 371,081 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 ........................ 137,477 141,492 248,624 271,671 General and administrative....................... 11,018 10,996 20,141 23,676 .................... 5,701 5,738 11,247 12,145 Depletion........................................ 53,650 106,567 168,507 205,708 ..................................... 26,863 43,222 90,777 88,083 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 170,041 190,452 350,648 371,899 -------- -------- -------- -------- Net income (loss).................................. ............................. $ 72,184 3,849 $(59,01614,217) $(29,165) $ 34,024 $(24,753818) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... ...................... $ 722 38 $ (590142) $ 340 (292) $ (248) 8) ======== ======== ======== ======== Limited partners................................. .............................. $ 71,462 3,811 $(58,42614,075) $(28,873) $ 33,684 $(24,505810) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ................................... $ 2.48 .32 $ (2.031.17) $ 1.17 (2.38) $ (.85.07) ======== ======== ======== ======== Distributions per limited partnership interest..... ................................... $ 2.19 -- $ 4.19 3.59 $ 4.02 .95 $ 13.05 11.27 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8790-AC, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 15,890 $3,397,198 1,578,140 $3,431,487 1,594,030 Distributions............................................ (1,175116) (115,86511,532) (117,04011,648) Net income............................................... 340 33,684 34,024 loss................................................. (292) (28,873) (29,165) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 15,482 $3,315,017 1,537,735 $3,348,471 1,553,217 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8790-AC, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 -------- --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 .................................................. $(24,75329,165) $ (818) Adjustments to reconcile net income (loss) loss to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) 90,777 88,083 Changes in assets and liabilities: Accounts receivable.................................... (83,07732,483) 98,608 38,650 Accounts payable....................................... 28,433 11,307 13,844 3,733 -------- --------- -------- Net cash provided by operating activities......... 147,887 290,105 42,973 129,648 -------- --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,48813,232) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in11,124) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,04011,648) (379,756137,809) -------- --------- -------- Net increase (decrease) in cash............................. 16,566 18,093 (80,16019,285) Cash at beginning of period................................. 282,299 383,854 99,482 133,831 -------- --------- -------- Cash at end of period....................................... $117,575 $ 298,865 $303,694 =114,546 ======== ========= The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 8790-AC, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 8790-AC, Ltd. L.P. (the "Partnership") is a limited partnership organized in 1987 1990 under the laws of the State of TexasDelaware. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8791-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 194,248 $ 282,299 158,378 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 144,590 111,524 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 338,838 269,902 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 .............................. 9,683,627 9,678,161 Accumulated depletion....................................... ..................................... (17,288,0517,414,165) (17,119,5447,280,260) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 2,269,462 2,397,901 ----------- ----------- $ 3,411,876 2,608,300 $ 3,466,459 =2,667,803 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 43,523 $ 34,972 14,062 Partners' capital: Managing general partner.................................. 33,454 34,289 25,691 26,581 Limited partners (28,811 11,620 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ 2,539,086 2,627,160 ----------- ----------- 2,564,777 2,653,741 ----------- ----------- $ 3,411,876 2,608,300 $ 3,466,459 =2,667,803 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8791-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 252,835 $366,885 257,804 $671,386 435,655 $789,531 525,141 Interest......................................... 3,341 5,034 6,290 10,568 2,128 2,841 3,882 5,713 Gain on disposition of assets.................... 1,096 -- 1,096 -- -- 765 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 256,059 260,645 440,633 530,854 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 123,097 141,346 245,642 270,636 General and administrative....................... 11,018 10,996 20,141 23,676 21,337 8,794 28,880 17,857 Depletion........................................ 53,650 106,567 168,507 205,708 45,404 72,826 133,905 138,813 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 189,838 222,966 408,427 427,306 -------- -------- -------- -------- Net income (loss).................................. income......................................... $ 72,184 66,221 $ 37,679 $ 32,206 $(59,016) $ 34,024 $(24,753) 103,548 ======== ======== ======== ======== Allocation of net income (loss): income: Managing general partner......................... $ 722 662 $ (590) 376 $ 340 322 $ (248) 1,035 ======== ======== ======== ======== Limited partners................................. $ 71,462 65,559 $ 37,303 $ 31,884 $(58,426) $ 33,684 $(24,505) 102,513 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ........ $ 2.48 5.64 $ (2.03) 3.21 $ 1.17 2.74 $ (.85) 8.82 ======== ======== ======== ======== Distributions Distribution per limited partnership interest..... ...... $ 2.19 6.33 $ 4.19 10.82 $ 4.02 10.32 $ 13.05 25.51 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8791-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 26,581 $3,397,198 2,627,160 $3,431,487 2,653,741 Distributions............................................ (1,1751,212) (115,865119,958) (117,040121,170) Net income............................................... 340 33,684 34,024 322 31,884 32,206 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 25,691 $3,315,017 2,539,086 $3,348,471 2,564,777 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8791-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8788-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 132,191 $ 282,299 110,641 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 105,172 71,128 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 237,363 181,769 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 .............................. 7,123,321 7,131,466 Accumulated depletion....................................... ..................................... (17,288,0516,045,396) (17,119,5445,978,933) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,077,925 1,152,533 ----------- ----------- $ 3,411,876 1,315,288 $ 3,466,459 =1,334,302 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 63,405 25,004 $ 34,972 17,477 Partners' capital: Managing general partner.................................. 33,454 34,289 12,871 13,137 Limited partners (28,811 8,954 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 1,277,413 1,303,688 ----------- ----------- 1,290,284 1,316,825 ----------- ----------- $ 3,411,876 1,315,288 $ 3,466,459 =1,334,302 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8788-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 $366,885 $671,386 $789,531 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 General and administrative....................... 11,018 10,996 20,141 23,676 Depletion........................................ 53,650 106,567 168,507 205,708 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 $(59,016) $ 34,024 $(24,753) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 $ (590) $ 340 $ (248) ======== ======== ======== ======== Limited partners................................. $ 71,462 $(58,426) $ 33,684 $(24,505) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 $ (2.03) $ 1.17 $ (.85) ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 $ 4.19 $ 4.02 $ 13.05 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 $3,397,198 $3,431,487 Distributions............................................ (1,175) (115,865) (117,040) Net income............................................... 340 33,684 34,024 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 $3,315,017 $3,348,471 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8790-AB CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 96,775 $ 282,299 76,330 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 125,793 83,807 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 222,568 160,137 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 9,606,297 9,600,469 Accumulated depletion....................................... (17,288,0517,794,127) (17,119,5447,703,198) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,812,170 1,897,271 ----------- ----------- $ 3,411,876 2,034,738 $ 3,466,459 =2,057,408 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 35,235 $ 34,972 22,740 Partners' capital: Managing general partner.................................. 33,454 34,289 19,995 20,346 Limited partners (28,811 11,897 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ 1,979,508 2,014,322 ----------- ----------- 1,999,503 2,034,668 ----------- ----------- $ 3,411,876 2,034,738 $ 3,466,459 =2,057,408 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8790-AB CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 196,244 $366,885 203,398 $671,386 349,651 $789,531 410,441 Interest......................................... 3,341 5,034 6,290 10,568 960 1,558 1,899 3,475 Gain on disposition of assets.................... -- -- -- 765 123 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 197,204 204,956 351,550 414,039 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 115,052 134,541 236,655 274,144 General and administrative....................... 11,018 10,996 20,141 23,676 6,427 6,706 12,245 13,701 Depletion........................................ 53,650 106,567 168,507 205,708 29,386 61,424 90,929 114,204 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 150,865 202,671 339,829 402,049 -------- -------- -------- -------- Net income (loss).................................. income......................................... $ 72,184 $(59,016) 46,339 $ 34,024 $(24,753) 2,285 $ 11,721 $ 11,990 ======== ======== ======== ======== Allocation of net income (loss): income: Managing general partner......................... $ 722 463 $ (590) 23 $ 340 117 $ (248) 120 ======== ======== ======== ======== Limited partners................................. $ 71,462 $(58,426) 45,876 $ 33,684 $(24,505) 2,262 $ 11,604 $ 11,870 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ........ $ 2.48 3.86 $ (2.03) .19 $ 1.17 .98 $ (.85) 1.00 ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 1.80 $ 4.19 4.76 $ 4.02 3.90 $ 13.05 14.69 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8790-AB CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 20,346 $3,397,198 2,014,322 $3,431,487 2,034,668 Distributions............................................ (1,175468) (115,86546,418) (117,04046,886) Net income............................................... 340 33,684 34,024 117 11,604 11,721 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 19,995 $3,315,017 1,979,508 $3,348,471 1,999,503 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8790-AB CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- ------------------- 1999 1998 --------- -------- -------- Cash flows from operating activities: Net income (loss)......................................... income................................................ $ 34,024 $(24,753) 11,721 $ 11,990 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 90,929 114,204 Gain on disposition of assets.......................... -- (765123) Changes in assets and liabilities: Accounts receivable.................................... (83,07741,986) 98,608 31,700 Accounts payable....................................... 28,433 11,307 --------- 12,495 6,802 -------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- 73,159 164,573 -------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,4885,828) -- (7,888) Proceeds from asset dispositions.......................... 207 9,491 --------- -- 123 -------- -------- Net cash provided by (used in) in investing activities...................................... ............. (14,2815,828) 9,491 --------- (7,765) -------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,04046,886) (379,756176,476) --------- -------- -------- Net increase (decrease) in cash............................. 16,566 cash equivalents................. 20,445 (80,16019,668) Cash at beginning of period................................. 282,299 383,854 --------- 76,330 118,712 -------- -------- Cash at end of period....................................... $ 298,865 $303,694 =96,775 $ 99,044 ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 8790-AB CONV., LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 8790-AB Conv., Ltd. L.P. (the "Partnership") is was organized as a limited general partnership organized in 1987 1990 under the laws of the State of TexasTexas and was converted to a Delaware limited partnership on August 1, 1991. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Reporting Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8790-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 108,664 $ 282,299 92,210 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 67,453 50,121 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 176,117 142,331 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 5,070,780 5,076,345 Accumulated depletion....................................... (17,288,0513,898,611) (17,119,5443,832,899) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,172,169 1,243,446 ----------- ----------- $ 3,411,876 1,348,286 $ 3,466,459 =1,385,777 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 17,726 $ 34,972 13,101 Partners' capital: Managing general partner.................................. 33,454 34,289 13,387 13,808 Limited partners (28,811 6,811 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ ........................ 1,317,173 1,358,868 ----------- ----------- 1,330,560 1,372,676 ----------- ----------- $ 3,411,876 1,348,286 $ 3,466,459 =1,385,777 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8790-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 111,127 $366,885 113,383 $671,386 195,089 $789,531 240,589 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 1,063 1,500 1,956 3,199 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 112,190 114,883 197,045 243,788 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 71,921 75,490 132,744 148,593 General and administrative....................... 11,018 10,996 20,141 23,676 3,806 7,201 7,264 11,447 Depletion........................................ 53,650 106,567 168,507 205,708 21,066 34,815 65,712 67,710 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 96,793 117,506 205,720 227,750 -------- -------- -------- -------- Net income (loss).................................. $ 72,184 $15,397 $ (59,0162,623) $ 34,024 $(24,7538,675) $ 16,038 ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... $ 722 154 $ (59026) $ 340 (87) $ (248) 160 ======== ======== ======== ======== Limited partners................................. $ 71,462 $15,243 $ (58,4262,597) $ 33,684 $(24,5058,588) $ 15,878 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... $ 2.48 2.24 $ (2.03.38) $ 1.17 (1.26) $ (.85) 2.33 ======== ======== ======== ======== Distributions per limited partnership interest..... $ 2.19 1.68 $ 4.19 6.05 $ 4.02 4.86 $ 13.05 18.98 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8790-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 13,808 $3,397,198 1,358,868 $3,431,487 1,372,676 Distributions............................................ (1,175334) (115,86533,107) (117,04033,441) Net income............................................... 340 33,684 34,024 loss................................................. (87) (8,588) (8,675) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 13,387 $3,315,017 1,317,173 $3,348,471 1,330,560 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8790-A, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. .................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS 6.EXHIBITS AND REPORTS ON FORM 8-K.................... ..................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8786-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 177,370 $ 282,299 185,320 Accounts receivable -- oil and gas sales.................. 245,370 162,293 145,950 120,424 ------------ ------------ ----------- Total current assets.............................. 544,235 444,592 323,320 305,744 ------------ ------------ ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 12,039,945 12,038,382 Accumulated depletion....................................... (17,288,05110,090,266) (17,119,5449,980,171) ------------ ------------ ----------- Net oil and gas properties........................ 2,867,641 3,021,867 1,949,679 2,058,211 ------------ ------------ ----------- $ 3,411,876 2,272,999 $ 3,466,459 2,363,955 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 38,442 $ 34,972 11,216 Partners' capital: Managing general partner.................................. 33,454 34,289 21,070 22,251 Limited partners (28,811 17,208 interests)....................... 3,315,017 3,397,198 2,213,487 2,330,488 ------------ ----------- 2,234,557 2,352,739 ------------ 3,348,471 3,431,487 ------------ ------------ ----------- $ 3,411,876 2,272,999 $ 3,466,459 2,363,955 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8786-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... .................................... $367,387 231,875 $366,885 239,503 $671,386 407,249 $789,531 497,072 Interest......................................... 3,341 5,034 6,290 10,568 ....................................... 2,338 3,206 4,305 6,774 Gain on disposition of assets.................... .................. -- 4,779 -- -- 765 5,435 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 234,213 247,488 411,554 509,281 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 ......................... 144,074 172,207 293,691 339,770 General and administrative....................... 11,018 10,996 20,141 23,676 ..................... 6,956 7,185 12,217 14,912 Depletion........................................ 53,650 106,567 168,507 205,708 ...................................... 36,312 79,516 110,095 147,760 Abandoned property............................. -- 10,743 -- 20,389 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 187,342 269,651 416,003 522,831 -------- -------- -------- -------- Net income (loss).................................. ................................ $ 72,184 46,871 $(59,01622,163) $ 34,024 (4,449) $(24,75313,550) ======== ======== ======== ======== Allocation of net income (loss): Managing general partner......................... ....................... $ 722 469 $ (590222) $ 340 (44) $ (248136) ======== ======== ======== ======== Limited partners................................. ............................... $ 71,462 46,402 $(58,42621,941) $ 33,684 (4,405) $(24,50513,414) ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ....................................... $ 2.48 2.69 $ (2.031.28) $ 1.17 (.26) $ (.85.78) ======== ======== ======== ======== Distributions per limited partnership interest..... ... $ 2.19 5.01 $ 4.19 3.82 $ 4.02 6.54 $ 13.05 12.26 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8786-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 22,251 $3,397,198 2,330,488 $3,431,487 2,352,739 Distributions............................................ (1,1751,137) (115,865112,596) (117,040113,733) Net income............................................... 340 33,684 34,024 loss................................................. (44) (4,405) (4,449) ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 21,070 $3,315,017 2,213,487 $3,348,471 2,234,557 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8786-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- --------------------- 1999 1998 --------- -------- --------- Cash flows from operating activities: Net income loss.................................................. $ (loss)......................................... 4,449) $ 34,024 $(24,75313,550) Adjustments to reconcile net income (loss) loss to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 110,095 147,760 Gain on disposition of assets.......................... -- (7655,435) Changes in assets and liabilities: Accounts receivable.................................... (83,07725,526) 98,608 40,163 Accounts payable....................................... 28,433 11,307 27,226 (5,429) --------- -------- --------- Net cash provided by operating activities......... 147,887 290,105 107,346 163,509 --------- -------- --------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,4882,172) -- (3,555) Proceeds from asset dispositions.......................... 207 9,491 609 5,435 --------- -------- --------- Net cash provided by (used in) investing activities...................................... (14,2811,563) 9,491 1,880 --------- -------- --------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040113,733) (379,756213,020) --------- -------- --------- Net increase (decrease) decrease in cash............................. 16,566 ........................................ (80,1607,950) (47,631) Cash at beginning of period................................. 282,299 383,854 185,320 259,795 --------- -------- --------- Cash at end of period....................................... $ 298,865 $303,694 177,370 $ 212,164 ========= ========= The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 8786-AB, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 8786-AB, Ltd. (the "Partnership") is a limited partnership organized in 1987 1986 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8790-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 267,265 $ 282,299 211,469 Accounts receivable -- oil and gas sales.................. 245,370 162,293 341,362 227,293 ------------ ------------ Total current assets.............................. 544,235 444,592 608,627 438,762 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 .............................. 26,051,746 26,035,940 Accumulated depletion....................................... ..................................... (17,288,05121,136,203) (17,119,54420,889,657) ------------ ------------ Net oil and gas properties........................ 2,867,641 3,021,867 4,915,543 5,146,283 ------------ ------------ $ 3,411,876 5,524,170 $ 3,466,459 5,585,045 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilitiesLiabilities: Accounts payable -- affiliate............................. $ 63,405 95,730 $ 34,972 61,975 Partners' capital: Managing general partner.................................. 33,454 34,289 54,288 55,234 Limited partners (28,811 32,264 interests)....................... 3,315,017 3,397,198 5,374,152 5,467,836 ------------ ------------ 3,348,471 3,431,487 5,428,440 5,523,070 ------------ ------------ $ 3,411,876 5,524,170 $ 3,466,459 5,585,045 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8790-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- --------------------- 1999 1998 1999 1998 -------- -------- -------- -------- ---------- Revenues: Oil and gas...................................... .................................... $367,387 532,235 $366,885 551,596 $671,386 948,264 $789,531 1,113,100 Interest......................................... 3,341 5,034 6,290 10,568 ....................................... 2,647 4,282 5,232 9,531 Gain on disposition of assets.................... .................. -- -- -- 765 333 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 ---------- 534,882 555,878 953,496 1,122,964 -------- -------- -------- -------- ---------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 ......................... 311,851 364,847 641,619 743,438 General and administrative....................... 11,018 10,996 20,141 23,676 ..................... 17,030 18,185 32,807 36,846 Depletion........................................ 53,650 106,567 168,507 205,708 ...................................... 79,706 166,765 246,546 309,796 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 ---------- 408,587 549,797 920,972 1,090,080 -------- -------- -------- -------- ---------- Net income (loss).................................. income....................................... $126,295 $ 72,184 $(59,016) 6,081 $ 34,024 $(24,753) 32,524 $ 32,884 ======== ======== ======== ========== Allocation of net income (loss): income: Managing general partner......................... ....................... $ 722 1,263 $ (590) 61 $ 340 325 $ (248) 329 ======== ======== ======== ========== Limited partners................................. ............................... $125,032 $ 71,462 $(58,426) 6,020 $ 33,684 $(24,505) 32,199 $ 32,555 ======== ======== ======== ========== Net income (loss) per limited partnership interest......................................... ...... $ 2.48 3.88 $ (2.03) .19 $ 1.17 1.00 $ (.85) 1.01 ======== ======== ======== ========== Distributions per limited partnership interest..... .................................... $ 2.19 1.80 $ 4.19 4.76 $ 4.02 3.90 $ 13.05 14.69 ======== ======== ======== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8790-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. $34,289 55,234 $3,397,198 5,467,836 $3,431,487 5,523,070 Distributions............................................ (1,1751,271) (115,865125,883) (117,040127,154) Net income............................................... 340 33,684 34,024 325 32,199 32,524 ------- ---------- ---------- Balance at June 30, 1999................................... $33,454 54,288 $3,315,017 5,374,152 $3,348,471 5,428,440 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8790-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- --------------------- 1999 1998 --------- -------- --------- Cash flows from operating activities: Net income (loss)......................................... income................................................ $ 34,024 $(24,753) 32,524 $ 32,884 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 246,546 309,796 Gain on disposition of assets.......................... -- (765333) Changes in assets and liabilities: Accounts receivable.................................... (83,077114,069) 98,608 85,944 Accounts payable....................................... 28,433 11,307 33,755 18,314 --------- -------- --------- Net cash provided by operating activities......... 147,887 290,105 198,756 446,605 --------- -------- --------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,48815,806) -- (21,390) Proceeds from asset dispositions.......................... 207 9,491 -- 333 --------- -------- --------- Net cash provided by (used in) in investing activities...................................... ............. (14,28115,806) 9,491 (21,057) --------- -------- --------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040127,154) (379,756478,621) --------- -------- --------- Net increase (decrease) in cash............................. 16,566 55,796 (80,16053,073) Cash at beginning of period................................. 282,299 383,854 211,469 326,401 --------- -------- --------- Cash at end of period....................................... $ 298,865 $303,694 267,265 $ 273,328 ========= ========= The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 8790-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 8790-AB, Ltd. L.P. (the "Partnership") is a limited partnership organized in 1987 1990 under the laws of the State of TexasDelaware. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 8791-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 164,394 $ 282,299 165,231 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ 168,967 97,159 ----------- ----------- Total current assets.............................. 544,235 444,592 ------------ ------------ 333,361 262,390 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 9,739,820 9,728,987 Accumulated depletion....................................... (17,288,0518,267,369) (17,119,5448,171,041) ------------ ------------ ----------- ----------- Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ 1,472,451 1,557,946 ----------- ----------- $ 3,411,876 1,805,812 $ 3,466,459 =1,820,336 =========== ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 35,581 $ 34,972 18,255 Partners' capital: Managing general partner.................................. 33,454 34,289 14,669 14,988 Limited partners (28,811 11,249 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ 1,755,562 1,787,093 ----------- ----------- 1,770,231 1,802,081 ----------- ----------- $ 3,411,876 1,805,812 $ 3,466,459 =1,820,336 =========== ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 8791-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 257,398 $366,885 217,358 $671,386 432,995 $789,531 472,291 Interest......................................... 3,341 5,034 6,290 10,568 2,096 2,796 3,859 5,661 Gain on disposition of assets.................... assets -- -- -- 765 197 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 259,494 220,154 436,854 478,149 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,372 455,004 596,233 107,455 116,127 220,490 236,766 General and administrative....................... 11,018 10,996 20,141 23,676 20,376 6,826 26,994 15,831 Depletion........................................ 53,650 106,567 168,507 205,708 30,011 51,338 96,328 104,926 -------- -------- -------- -------- 298,544 430,935 643,652 825,617 157,842 174,291 343,812 357,523 -------- -------- -------- -------- Net income (loss).................................. income......................................... $101,652 $ 72,184 45,863 $ 93,042 $(59,016) $ 34,024 $(24,753) 120,626 ======== ======== ======== ======== Allocation of net income (loss): income: Managing general partner......................... $ 722 1,016 $ (590) 458 $ 340 930 $ (248) 1,206 ======== ======== ======== ======== Limited partners................................. $100,636 $ 71,462 45,405 $ 92,112 $(58,426) $ 33,684 $(24,505) 119,420 ======== ======== ======== ======== Net income (loss) per limited partnership interest......................................... ........ $ 2.48 8.95 $ (2.03) 4.04 $ 1.17 8.19 $ (.85) 10.62 ======== ======== ======== ======== Distributions Net distribution per limited partnership interest..... ......................................... $ 2.19 7.04 $ 4.19 9.83 $ 4.02 10.99 $ 13.05 24.77 ======== ======== ======== ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 4 127 PARKER & PARSLEY 8791-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) MANAGING GENERAL LIMITED PARTNER PARTNERS TOTAL -------- ---------- ---------- Balance at January 1, 1999................................. ............................... $34,289 14,988 $3,397,198 1,787,093 $3,431,487 1,802,081 Distributions............................................ .......................................... (1,1751,249) (115,865123,643) (117,040124,892) Net income............................................... 340 33,684 34,024 ............................................. 930 92,112 93,042 ------- ---------- ---------- Balance at June 30, 1999................................... ................................. $33,454 14,669 $3,315,017 1,755,562 $3,348,471 1,770,231 ======= ========== ========== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 5 128 PARKER & PARSLEY 8791-AB, LTD. L.P. (A TEXAS DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, -------------------- 1999 1998 --------- -------- Cash flows from operating activities: Net income (loss)......................................... $ 34,024 $(24,753) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion.............................................. 168,507 205,708 Gain on disposition of assets.......................... -- (765) Changes in assets and liabilities: Accounts receivable.................................... (83,077) 98,608 Accounts payable....................................... 28,433 11,307 --------- -------- Net cash provided by operating activities......... 147,887 290,105 --------- -------- Cash flows from investing activities: Additions to oil and gas properties....................... (14,488) -- Proceeds from asset dispositions.......................... 207 9,491 --------- -------- Net cash provided by (used in) investing activities...................................... (14,281) 9,491 --------- -------- Cash flows used in financing activities: Cash distributions to partners............................ (117,040) (379,756) --------- -------- Net increase (decrease) in cash............................. 16,566 (80,160) Cash at beginning of period................................. 282,299 383,854 --------- -------- Cash at end of period....................................... $ 298,865 $303,694 ========= ======== The financial information included herein has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 6 129 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS Parker & Parsley 87-A, Ltd. (the "Partnership") is a limited partnership organized in 1987 under the laws of the State of Texas. The Partnership engages primarily in oil and gas development and production in the Spraberry Trend 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)