10-Q 1 mep09-10q_063012.htm QUARTERLY REPORT mep09-10q_063012.htm


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___________________ to ___________________


Commission File No. 000-53959
 
MEWBOURNE ENERGY PARTNERS 09-A, L.P.
 
Delaware
 
26-4280211
(State or jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
     
3901 South Broadway, Tyler, Texas      75701
(Address of principal executive offices)
  (Zip code)
     
 
Registrant's Telephone Number, including area code:
(903) 561-2900
 
 
 
 Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
  
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
¨
 
Accelerated filer
¨
           
 
Non-accelerated filer
¨
 
Smaller reporting company
x
 
Do not check if smaller reporting company
     

Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

 
 

 

 
MEWBOURNE ENERGY PARTNERS 09-A, L.P.
         
INDEX
         
Part 1  -  Financial Information
Page No.
         
 
Item 1.  Financial Statements
 
         
     
     
June 30, 2012  (Unaudited) and December 31, 2011
3
         
     
     
For the three months ended June 30, 2012 and 2011
 
     
  and the six months months ended June 30, 2012 and 2011
4
         
     
     
For the six months ended June 30, 2012 and 2011
5
         
     
     
For the six months ended June 30, 2012
6
         
   
7
         
 
9
         
 
12
         
 
12
         
Part II  -  Other Information
 
         
 
13
         
 
13

 
2

 

MEWBOURNE ENERGY PARTNERS 09-A, L.P.
 
             
Part I - Financial Information
           
             
Item 1.  Financial Statements
           
CONDENSED BALANCE SHEETS
 
             
   
June 30, 2012
   
December 31, 2011
 
   
(Unaudited)
       
ASSETS
           
             
Cash and cash equivalents
  $ 85,985     $ 111,036  
Accounts receivable, affiliate
    2,106,841       3,081,175  
Prepaid state taxes
    8,859       79,151  
 Total current assets
    2,201,685       3,271,362  
                 
Oil and gas properties at cost, full-cost method
    63,561,217       63,146,647  
Less accumulated depreciation, depletion,
               
and amortization
    (16,187,722 )     (13,887,728 )
      47,373,495       49,258,919  
                 
Total assets
  $ 49,575,180     $ 52,530,281  
                 
                 
LIABILITIES AND PARTNERS' CAPITAL
               
                 
Accounts payable, affiliate
  $ 332,843     $ 372,650  
Total current liabilities
    332,843       372,650  
                 
Asset retirement obligation
    1,011,315       995,271  
                 
Partners' capital
    48,231,022       51,162,360  
                 
Total liabilities and partners' capital
  $ 49,575,180     $ 52,530,281  


The accompanying notes are an integral part of the financial statements.
 
 
3

 
 
MEWBOURNE ENERGY PARTNERS 09-A, L.P.
 
                         
CONDENSED STATEMENTS OF OPERATIONS
 
(Unaudited)
 
                         
   
For the
   
For the
 
   
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
   
2012
   
2011
   
2012
   
2011
 
Revenues and other income:
                       
Oil sales
  $ 2,124,027     $ 5,130,560     $ 5,554,337     $ 10,699,909  
Gas sales
    936,385       2,797,366       2,167,396       5,663,066  
Interest income
    9       347       420       1,180  
Total revenues and other income
    3,060,421       7,928,273       7,722,153       16,364,155  
                                 
Expenses:
                               
Lease operating expense
    349,692       345,567       765,732       805,585  
Production taxes
    152,511       415,461       418,910       924,434  
Administrative and general expense
    177,627       241,074       350,091       636,132  
Depreciation, depletion, and amortization
    1,060,293       1,913,150       2,299,994       4,088,224  
Asset retirement obligation accretion
    9,927       9,900       19,854       20,117  
Total expenses
    1,750,050       2,925,152       3,854,581       6,474,492  
                                 
Net income
  $ 1,310,371     $ 5,003,121     $ 3,867,572     $ 9,889,663  
Allocation of net income:
                               
General partners
  $ -     $ 4,695,574     $ -     $ 9,281,735  
                                 
Limited partners
  $ 1,310,371     $ 307,547     $ 3,867,572     $ 607,928  
                                 
Basic and diluted net income per
                               
partner interest
                               
(13,242 interests outstanding)
  $ 98.96     $ 377.82     $ 292.07     $ 746.84  

The accompanying notes are an integral part of the financial statements.
 
 
4

 

MEWBOURNE ENERGY PARTNERS 09-A, L.P.
 
             
CONDENSED STATEMENTS OF CASH FLOWS
 
(Unaudited)
 
   
For the
 
   
Six Months Ended
 
   
June 30,
 
   
2012
   
2011
 
Cash flows from operating activities:
           
Net income
  $ 3,867,572     $ 9,889,663  
Adjustments to reconcile net income to net cash
               
  provided by operating activities:
               
Depreciation, depletion, and amortization
    2,299,994       4,088,224  
Asset retirement obligation accretion
    19,854       20,117  
Changes in operating assets and liabilities:
               
Accounts receivable, affiliate
    974,334       1,900,339  
Prepaid state taxes
    70,292       (2,085 )
Accounts payable, affiliate
    (39,807 )     (706,637 )
Net cash provided by operating activities
    7,192,239       15,189,621  
                 
Cash flows from investing activities:
               
Purchase and development of oil and gas properties
    (418,380 )     (2,141,508 )
Net cash used in investing activities
    (418,380 )     (2,141,508 )
                 
Cash flows from financing activities:
               
Cash distributions to partners
    (6,798,910 )     (14,535,000 )
Net cash used in financing activities
    (6,798,910 )     (14,535,000 )
                 
Net decrease in cash
    (25,051 )     (1,486,887 )
Cash and cash equivalents, beginning of period
    111,036       2,733,763  
                 
Cash and cash equivalents, end of period
  $ 85,985     $ 1,246,876  
                 
Supplemental Cash Flow Information:
               
Non-cash changes to net oil & gas properties related to
               
asset retirement obligation liabilities
  $ (3,810 )   $ 28,262  

The accompanying notes are an integral part of the financial statements.
 
 
5

 

 
MEWBOURNE ENERGY PARTNERS 09-A, L.P.
 
       
CONDENSED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
 
For the six months ended June 30, 2012
 
(Unaudited)
 
       
       
       
   
Total
 
       
Balance at December 31, 2011
  $ 51,162,360  
         
Cash distributions
    (6,798,910 )
         
Net income
    3,867,572  
         
Balance at June 30, 2012
  $ 48,231,022  
         

The accompanying notes are an integral part of the financial statements.
 
 
6

 

MEWBOURNE ENERGY PARTNERS 09-A, L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1.           Description of Business

Mewbourne Energy Partners 09-A, L.P., (the “Registrant” or the “Partnership”), a Delaware limited partnership engaged primarily in oil and gas development and production in Texas, Oklahoma, and New Mexico, was organized on February 26, 2009. The offering of limited and general partner interests began May 1, 2009 as a part of a private placement pursuant to Section 4(2) of the Securities Act of 1933 and Regulation D promulgated thereunder, and concluded August 28, 2009, with total investor contributions of $66,210,000 originally being sold to accredited investors of which $62,140,000 were sold to accredited investors as general partner interests and $4,070,000 were sold to accredited investors as limited partner interests. During 2011, all general partner equity interests were converted to limited partner equity interests. In accordance with the laws of the State of Delaware, Mewbourne Development Corporation (“MD”), a Delaware Corporation, has been appointed as the Partnership’s managing general partner. MD has no significant equity interest in the Partnership.

2.           Summary of Significant Accounting Policies

Reference is hereby made to the Registrant’s Annual Report on Form 10-K for 2011, which contains a summary of significant accounting policies followed by the Partnership in the preparation of its financial statements.  These policies are also followed in preparing the quarterly report included herein.

In the opinion of management, the accompanying unaudited financial statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position, results of operations, cash flows and partners’ capital for the periods presented.  The results of operations for the interim periods are not necessarily indicative of the final results expected for the full year.

3.           Accounting for Oil and Gas Producing Activities

The Partnership follows the full-cost method of accounting for its oil and gas activities.  Under the full-cost method, all productive and non-productive costs incurred in the acquisition, exploration and development of oil and gas properties are capitalized.  Depreciation, depletion and amortization of oil and gas properties subject to amortization is computed on the units-of-production method based on the proved reserves underlying the oil and gas properties. At June 30, 2012 and 2011, all capitalized costs were subject to amortization. Proceeds from the sale or other disposition of properties are credited to the full cost pool.  Gains and losses on the sale or other disposition of properties are not recognized unless such adjustments would significantly alter the relationship between capitalized costs and the proved oil and gas reserves.  Capitalized costs are subject to a quarterly ceiling test that limits such costs to the aggregate of the present value of future net cash flows of proved reserves and the lower of cost or fair value of unproved properties. There were no cost ceiling write-downs for the six months ended June 30, 2012 or 2011.
 
 


 
7

 

4.           Asset Retirement Obligations

The Partnership has recognized an estimated liability for future plugging and abandonment costs. A liability for the estimated fair value of the future plugging and abandonment costs is recorded with a corresponding increase in the full cost pool at the time a new well is drilled.  Depreciation expense associated with estimated plugging and abandonment costs is recognized in accordance with the full cost methodology.

The Partnership estimates a liability for plugging and abandonment costs based on historical experience and estimated well life.  The liability is discounted using the credit-adjusted risk-free rate.  Revisions to the liability could occur due to changes in well plugging and abandonment costs or well useful lives, or if federal or state regulators enact new well restoration requirements.  The Partnership recognizes accretion expense in connection with the discounted liability over the remaining life of the well.

A reconciliation of the Partnership’s liability for well plugging and abandonment costs for the six months ended June 30, 2012 and the year ended December 31, 2011 is as follows:

   
June 30,
   
December 31,
 
   
2012
   
2011
 
Balance, beginning of period
  $ 995,271     $ 939,821  
Liabilities incurred
    -       28,262  
Liabilities reduced due to revisions
    (3,810 )     (12,064 )
Accretion expense
    19,854       39,252  
Balance, end of period
  $ 1,011,315     $ 995,271  
 
5.Related Party Transactions

In accordance with the laws of the State of Delaware, Mewbourne Development Corporation (“MD”), a Delaware Corporation, has been appointed as the Partnership’s managing general partner. MD has no significant equity interest in the Partnership. Mewbourne Oil Company (“MOC”) is operator of oil and gas properties owned by the Partnership.  Mewbourne Holdings, Inc. is the parent of both MD and MOC.  Substantially all transactions are with MD and MOC.

In the ordinary course of business, MOC will incur certain costs that will be passed on to owners of the well for which the costs were incurred.  The Partnership will receive their portion of these costs based upon their ownership in each well incurring the costs.  These costs are referred to as operator charges and are standard and customary in the oil and gas industry. Operator charges include recovery of gas marketing costs, fixed rate overhead, supervision, pumping, and equipment furnished by the operator, some of which will be included in the full cost pool pursuant to Rule 4-10(c)(2) of Regulation S-X. Services and operator charges are billed in accordance with the program and partnership agreements.

In consideration for services rendered by MD in managing the business of the Partnership, the Partnership during each of the initial three years of the Partnership will pay to MD a management fee in the amount equal to .75% of the subscriptions by the investor partners to the Partnership.  The Partnership will include the management fee as part of the full cost pool pursuant to 4-10(c)(2) of Regulation S-X.

In accordance with the Partnership agreement, during any particular calendar year the total amount of administrative expenses allocated to the Partnership by MOC shall not exceed the greater of (a) 3.5% of the Partnership’s gross revenue from the sale of oil and natural gas production during each year (calculated without any deduction for operating costs or other costs and expenses) or (b) the sum of $50,000 plus .25% of the capital contributions of limited and general partners.

 
8

 

The Partnership participates in oil and gas activities through the Program. The Partnership and MD are the parties to the Program, and the costs and revenues are allocated between them as follows:

   
Partnership
   
MD
 
Revenues:
           
Proceeds from disposition of depreciable and depletable properties
    75 %     25 %
All other revenues
    75 %     25 %
Costs and expenses:
               
Organization and offering costs (1)
    0 %     100 %
Lease acquisition costs (1)
    0 %     100 %
Tangible and intangible drilling costs (1)
    100 %     0 %
Operating costs, reporting and legal expenses, general and
               
administrative expenses and all other costs
    75 %     25 %

(1)  
Pursuant to the Program, MD must contribute 100% of organization and offering costs and lease acquisition costs which should approximate 15% of total capital costs. To the extent that organization and offering costs and lease acquisition costs are less than 15% of total capital costs, MD is responsible for tangible drilling costs until its share of the Program’s total capital costs reaches approximately 15%. The Partnership’s financial statements reflect its respective proportionate interest in the Program.


Item 2.           Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Mewbourne Energy Partners 09-A, L.P. (“the Partnership”) was formed February 26, 2009. The offering of limited and general partnership interests began May 1, 2009 and concluded August 28, 2009, with total investor contributions of $66,210,000. During 2011, all general partner equity interests were converted to limited partner equity interests.

Future capital requirements and operations will be conducted with available funds generated from oil and gas activities.  No bank borrowing is anticipated.  The Partnership had net working capital of $1,868,842 at June 30, 2012.

During the six months ended June 30, 2012, the Partnership made cash distributions to the investor partners in the amount of $6,798,910 as compared to $14,535,000 for the six months ended June 30, 2011.  The Partnership expects that cash distributions will continue during 2012 as additional oil and gas revenues are sufficient to produce cash flows from operations.

The sale of crude oil and natural gas produced by the Partnership will be affected by a number of factors that are beyond the Partnership’s control.  These factors include the price of crude oil and natural gas, the fluctuating supply of and demand for these products, competitive fuels, refining, transportation, extensive federal and state regulations governing the production and sale of crude oil and natural gas, and other competitive conditions.  It is impossible to predict with any certainty the future effect of these factors on the Partnership.

 
9

 

Results of Operations

For the three months ended June 30, 2012 as compared to the three months ended June 30, 2011:

   
Three Months Ended June 30,
 
   
2012
   
2011
 
Oil sales
  $ 2,124,027     $ 5,130,560  
Barrels produced
    24,643       52,511  
Average price/bbl
  $ 86.19     $ 97.70  
                 
Gas sales
  $ 936,385     $ 2,797,366  
Mcf produced
    235,034       413,389  
Average price/mcf
  $ 3.98     $ 6.77  

Oil and gas revenues.  As shown in the above table, total oil and gas sales decreased by $4,867,514, a 61.4% decline, for the three months ended June 30, 2012 as compared to the three months ended June 30, 2011.

Of this decline, revenues decreased by $2,401,996 and $710,574 from the decreases in the volumes of oil and gas sold, respectively. Volumes fell by 27,868 barrels (bbls) and 178,355 thousand cubic feet (mcf) for the three months ended June 30, 2012 as compared to the three months ending June 30, 2011. The decreases in the volumes sold were primarily due to normal declines in production, which in some wells were substantial.

Lease operations.  Lease operating expense during the three month period ended June 30, 2012 increased to $349,692 from $345,567 for the three month period ended June 30, 2011 due to more well repairs and workovers.

In addition, $604,537 and $1,150,407 were due to decreases in the average prices of oil and gas sold, respectively. The average prices fell to $86.19 from $97.70 per bbl and to $3.98 from $6.77 per mcf for the three months ending June 30, 2012 as compared to the three months ending June 30, 2011.

Production taxes.  Production taxes during the three month period ended June 30, 2012 decreased to $152,511 from $415,461 for the three month period ended June 30, 2011 due to lower overall oil and gas revenue.

Administrative and general expense.  Administrative and general expense for the three month period ended June 30, 2012 decreased to $177,627 from $241,074 for the three month period ended June 30, 2011 due to decreased administrative expenses allocable to the Partnership and lower general expense for reporting and legal costs.

Depreciation, depletion and amortization.  Depreciation, depletion and amortization for the three month period ended June 30, 2012 decreased to $1,060,293 from $1,913,150 for the three month period ended June 30, 2011 due to the decreased production volumes for the three month period ended June 30, 2012.

 
10

 

Results of Operations

For the six months ended June 30, 2012 as compared to the six months ended June 30, 2011:

   
Six Months Months Ended June 30,
 
   
2012
   
2011
 
Oil sales
  $ 5,554,337     $ 10,699,909  
Barrels produced
    59,456       114,550  
Average price/bbl
  $ 93.42     $ 93.41  
                 
Gas sales
  $ 2,167,396     $ 5,663,066  
Mcf produced
    486,167       874,583  
Average price/mcf
  $ 4.46     $ 6.48  

Oil and gas revenues.  As shown in the above table, total oil and gas sales decreased by $8,641,242, a 52.8% decline, for the six months ended June 30, 2012 as compared to the six months ended June 30, 2011.

Of this decline, $5,146,842 and $1,731,609 were due to decreases in the volumes of oil and gas sold, respectively. The volumes sold decreased by 55,094 barrels (bbls) and 388,416 thousand cubic feet (mcf) for the six months ended June 30, 2012 as compared to the six months ended June 30, 2011. The decreases in volumes of oil and gas sold were primarily due to normal declines in production, which in some wells were substantial.
 
Also contributing to the decrease in revenue was $1,764,061 due to a decrease in the average price of gas sold. The average price fell to $4.46 from $6.48 per mcf for the six months ended June 30, 2012 as compared to the six months ended June 30, 2011.

These declines were partially offset by $1,270 due to an increase in the average price of oil sold. The average price rose to $93.42 from $93.41 per bbl for the six months ended June 30, 2012 as compared to the six months ended June 30, 2011.

Lease operations.  Lease operating expense during the six month period ended June 30, 2012 decreased to $765,732 from $805,585 for the six months ended June 30, 2011 due to fewer well repairs and workovers.

Production taxes.  Production taxes during the six month period ended June 30, 2012 decreased to $418,910 from $924,434 for the six month period ended June 30, 2011 due to lower overall oil and gas revenue.

Administrative and general expense.  Administrative and general expense for the six month period ended June 30, 2012 decreased to $350,091 from $636,132 for the six month period ended June 30, 2011 due to decreased administrative expenses allocable to the Partnership and lower general expense for reporting and legal costs.

Depreciation, depletion and amortization.  Depreciation, depletion and amortization for the six month period ended June 30, 2012 decreased to $2,299,994 from $4,088,224 for the six month period ended June 30, 2011 due to the decreased production volumes for the six month period ended June 30, 2012.

 
11

 

Item 3.          Quantitative and Qualitative Disclosures about Market Risk

1.    Interest Rate Risk
 
The Partnership Agreement allows borrowings from banks or other financial sources of up to 20% of the total capital contributions to the Partnership without investor approval. Should the Partnership elect to borrow monies for additional development activity on Partnership properties, it will be subject to the interest rate risk inherent in borrowing activities. Changes in interest rates could significantly affect the Partnership’s results of operations and the amount of net cash flow available for partner distributions. Also, to the extent that changes in interest rates affect general economic conditions, the Partnership will be affected by such changes.

2.    Commodity Price Risk
 
The Partnership does not expect to engage in commodity futures trading or hedging activities or enter into derivative financial instrument transactions for trading or other speculative purposes.  The Partnership currently expects to sell a significant amount of its production from successful oil and gas wells on a month-to-month basis at market prices. Accordingly, the Partnership is at risk for the volatility in commodity prices inherent in the oil and gas industry, and the level of commodity prices will have a significant impact on the Partnership’s results of operations. For the six months ended June 30, 2012, a 10% change in the price received for oil and gas production would have had an approximate $772,000 impact on revenue.

 3.    Exchange Rate Risk
 
The Partnership currently has no income from foreign sources or operations in foreign countries that would subject it to currency exchange rate risk. The Partnership does not currently expect to purchase any prospects located outside of either the United States or United States coastal waters in the Gulf of Mexico.


Item 4.           Disclosure Controls and Procedures

MD maintains a system of controls and procedures designed to provide reasonable assurance as to the reliability of the financial statements and other disclosures included in this report, as well as to safeguard assets from unauthorized use or disposition.  MD’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of its disclosure controls and procedures with the assistance and participation of other members of management.  Based upon that evaluation, MD’s Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures are effective for gathering, analyzing and disclosing the information the Partnership is required to disclose in the reports it files under the Securities Exchange Act of 1934 within the time periods specified in the SEC’s rules and forms. Since MD’s December 31, 2011 annual report on internal control over financial reporting, and for the quarter ended June 30, 2012, there have been no changes in MD’s internal controls or in other factors which have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

 
12

 

Part II –         Other Information


Item 1.           Legal Proceedings

From time to time, the Registrant may be a party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, the Partnership does not expect these matters to have a material effect on its financial position or results of operations.
 
 
 
Item 6. Exhibits and Reports on Form 8-K
         
         
    (a) Exhibits filed herewith
         
 
 
  31.1 Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
         
 
 
  31.2
         
 
 
  32.1
         
 
 
  32.2
         
 
 
  101
The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Cash Flows, (iv) the Condensed Statement of Changes in Partners’ Capital and (v) related notes.
         
         
    (b) Reports on Form 8-K
        None.
         
 
 
13

 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Partnership has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.


   
Mewbourne Energy Partners 09-A, L.P.
     
   
By:
Mewbourne Development Corporation
   
 
Managing General Partner
   
 
 


Date: August 14, 2012  
By:
/s/Alan Clark
   
 
Alan Clark, Treasurer and Controller

 
14

 

INDEX TO EXHIBITS


 
EXHIBIT
NUMBER
DESCRIPTION
     
 
31.1
Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
     
 
31.2
Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
     
 
32.1
Certification of CEO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
     
 
32.2
Certification of CFO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
     
 
101
The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Cash Flows, (iv) the Condensed Statement of Changes in Partners’ Capital and (v) related notes.