-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U3ns5rXdboER7Ekesg+YMuUE4btMuFZPlcU03et63pFHrFbomiO0F/BzVUaaQeey jjh5Txu7BWWrJgWkXSA3Eg== 0000833320-98-000019.txt : 19980701 0000833320-98-000019.hdr.sgml : 19980701 ACCESSION NUMBER: 0000833320-98-000019 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BURLINGTON RESOURCES INC CENTRAL INDEX KEY: 0000833320 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 911413284 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09971 FILM NUMBER: 98657587 BUSINESS ADDRESS: STREET 1: 5051 WESTHEIMER STREET 2: SUITE 1400 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136249500 MAIL ADDRESS: STREET 1: 5051 WESTHEIMER STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77056 11-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 11-K For Annual Reports of Employee Stock Purchase, Savings and Similar Plans Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Mark One) (X) Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1997 Or ( ) Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to __________ Commission file number_______________________________ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Burlington Resources Inc. Retirement Savings Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Burlington Resources Inc., 5051 Westheimer, Suite 1400, Houston, Texas 77056 BURLINGTON RESOURCES INC. RETIREMENT SAVINGS PLAN REPORT ON AUDITS OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES As of December 31, 1997 and 1996 and for the Year Ended December 31, 1997 Burlington Resources Inc. Retirement Savings Plan Table of Contents Page Financial Statements Statement of Net Assets Available for Benefits as of December 31, 1997 and 1996 2 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1997 3 Notes to Financial Statements 4 Report of Independent Accountants 13 Supplemental Schedules Schedule I - Line 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1997 14 Schedule II - Line 27d - Schedule of Reportable Transactions for the year ended December 31, 1997 17 Exhibit 23 Consent of Independent Accountants 20
Burlington Resources Inc. Retirement Savings Plan Statement of Net Assets Available for Benefits December 31, ---------------------------- 1997 1996 ------------- ------------ ASSETS Investments At fair value Common Stock Company Stock Fund, cost $26,379,613 and $18,606,817, respectively .............................. $ 28,439,626 $ 24,803,693 Common and Collective Trusts S&P 500 Index Fund, cost $22,743,286 and $18,816,914, respectively .............................. 37,639,517 26,937,750 Registered Investment Companies International Equity Fund, cost $10,447,880 and $8,555,510, respectively ............................... 11,338,731 9,991,977 Over-the-Counter Equity Fund, cost $15,706,796 and $12,577,265, respectively .......................... 17,193,094 14,498,026 Balanced Index Fund, cost $6,615,279 and $5,002,704, respectively ........................... 7,533,848 5,248,521 Participants' notes receivable ............................ 5,406,660 5,873,596 Cash and cash equivalents ................................. 2,540,974 3,411,147 At contract value Unallocated Investment Contracts Income Fund, investment contracts with insurance companies 46,687,638 58,022,984 Income Fund, investment contract with bank ............... 8,379,167 8,307,122 ------------ ------------ Total investments ............................ 165,159,255 157,094,816 Dividends and interest receivable ................................ 322,796 77,774 ------------ ------------ Total assets ............................ 165,482,051 157,172,590 ------------ ------------ LIABILITIES Administrative expense payable ................................... 47,922 65,955 ------------ ------------ Net assets available for benefits ....... $165,434,129 $157,106,635 ============ ============
The accompanying notes are an integral part of these financial statements. 2
Burlington Resources Inc. Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits Year Ended December 31, 1997 -------------------- Interest income $ 4,555,269 Dividend income 710,939 Net appreciation in the fair value of investments 9,197,562 -------------------- Net investment income 14,463,770 -------------------- Contributions Employer 6,653,503 Participants' 8,784,621 -------------------- Total contributions 15,438,124 -------------------- Total additions 29,901,894 -------------------- Participants' withdrawals and distributions 21,381,284 Administrative expense 193,116 -------------------- Total deductions 21,574,400 -------------------- Net increase 8,327,494 Net assets available for benefits Beginning of year 157,106,635 -------------------- End of year $ 165,434,129 ====================
The accompanying notes are an integral part of these financial statements. 3 Burlington Resources Inc. Retirement Savings Plan Notes to Financial Statements 1. Plan Description General The following description of the Burlington Resources Inc. ("BR") Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the Summary Plan Description or the Plan Document for a more complete description of the Plan's provisions. The Plan is a trusteed, defined contribution plan, administered by a committee of BR executives ("Management"), for eligible employees of the participating employer companies which include BR and Burlington Resources Oil & Gas Company (formerly known as Meridian Oil Inc.), which is a wholly-owned subsidiary of BR. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Investment Funds A participant can direct the investment of account balances and contributions to any one or more of the following investment funds. Company Stock Fund - Invested in common stock of BR. S&P 500 Index Fund - Invested in a diversified portfolio of common stock and other equity securities. This fund is managed by Northern Trust Company to achieve results similar to those of the overall stock market as measured by the Standard & Poor's 500 Index. International Equity Fund - Invested primarily in the equity securities of companies based outside the United States. This registered investment fund is a publicly traded mutual fund known as the Vanguard World Fund - International Growth Portfolio and is managed by Schroeder Capital Management International. Over-the-Counter ("OTC") Equity Fund - Invested primarily in securities traded in the OTC securities market. This registered investment fund is a publicly traded mutual fund known as the Fidelity OTC Portfolio Fund and is managed by Fidelity Management and Research. Balanced Index Fund - Invested approximately 60 percent in equity securities, which attempt to mirror the Willshire 5000 Equity Index and 40 percent in high-quality bonds, which attempt to mirror the Lehman Brothers Aggregate Bond Index. This registered investment fund is a publicly traded mutual fund known as Vanguard Balanced Index Fund and is managed by The Vanguard Group. 4 Income Fund - Invested primarily in a diversified portfolio of investment contracts offered by major insurance companies and financial institutions. This fund is managed by PRIMCO Capital Management, Inc. The following number of employees were participating in the various funds at December 31, 1997 and 1996, respectively. 1997 1996 ---- ---- Company Stock Fund 1,056 1,038 S&P 500 Index Fund 1,163 1,118 Income Fund 1,072 1,189 OTC Equity Fund 875 852 International Equity Fund 692 680 Balanced Index Fund 223 180 Participants' Notes Receivable The Plan may make loans to actively employed participants of not less than $1,000 nor more than 50% of the first $100,000 of the balance in the participant's account (excluding any Individual Retirement Account balance). The 50% limit is reduced by the participant's highest outstanding loan balance during the prior one-year period. A participant may not obtain more than one loan during any 12-month period and may not have more than two loans outstanding. The interest rate on loans is 1% above the prime rate, which is determined at the first of the month preceding the quarter in which the loan is taken. The interest rate is fixed for the term of the loan. The repayment period may be from one to five years. Repayments are made through payroll deductions and are reinvested in Plan funds at the borrowing participant's directions. Participants' notes receivable are included in the Loan Fund in Notes 7 and 8. Contributions A participant may elect to make regular semi-monthly basic contributions (either before-tax or after-tax) from 2% to 8% of his or her total eligible compensation. The employer matches, by cash payment, up to 6% of total eligible compensation of a participant with less than 10 years of service and up to 8% of total eligible compensation for a participant with 10 or more years of service. In addition, if a participant has elected the maximum basic contribution eligible for a matching employer contribution, he or she may make supplemental contributions (after-tax) to the Plan of 1% to 5% of his or her total eligible compensation. A participant may also elect to have all or a portion of the allocation available under the BR FlexPlan transferred to the Plan as flex contributions. (The BR FlexPlan is an employee benefit for eligible participants to receive discretionary amounts from participating employers). In addition, a participant may make an approved rollover contribution of a distribution received from another qualified employee benefit plan. All employer and participant contributions are paid to the Plan's trustee semi-monthly. 5 Vesting A participant's account is 100% vested and nonforfeitable at all times. Participants' Withdrawals and Distributions The Plan provides for several different types of withdrawals by participants. Early withdrawals from the participant's basic employer match and rollover accounts are limited to financial hardship and may be subject to income taxes and penalties. Upon the separation from service, a participant's account balance may be distributed in a lump sum. A participant whose account balance exceeds $3,500 may elect a deferred distribution or installment payments over a period ending not later than April 1 of the year following the calendar year in which the participant attains age 70-1/2. Termination of the Plan While the Board of Directors of BR has not expressed any intention to do so, they may at any time terminate the Plan. Upon termination, the Plan's assets will be distributed to the participants on the basis of their asset account balances existing at the date of termination. Income Taxes On June 1, 1995, the Internal Revenue Service advised, via determination letter, that the Plan constitutes a qualified plan under Section 401(a) of the Internal Revenue Code. The Plan is therefore exempt from Federal income taxes. 2. Accounting Policies Principles of Reporting The accounting records of the Plan are maintained on the accrual basis except for benefit claims as discussed in Note 4, in accordance with generally accepted accounting principles ("GAAP"). The preparation of the Plan's financial statements in conformity with GAAP requires certain estimates and assumptions. Actual results could differ from estimates. Investments The Plan's investments, except for its investment contracts, are stated at fair value. Investment contracts, which are fully benefit responsive, are carried at contract value. Fair value for investments other than participants' notes receivable is determined by quoted market prices. Participants' notes receivable are carried at original loan principal balance, less principal repayments which approximates fair value. 6 Purchases and Sales of Securities Purchases and sales of securities are reflected on a settlement-date basis. The basis of securities sold is determined by average cost. Dividend and Interest Income Dividend and interest income from investments are recorded as earned and allocated to participants based upon their proportionate share of assets in each investment fund. Administrative Expense Certain administrative expenses and professional fees incurred by the Plan, for active participants, are paid by BR. Deferred participants (retired and severed employees) are charged an annual administrative fee to maintain their accounts. Net Appreciation (Depreciation) in the Fair Value of Investments Net appreciation (depreciation) in the fair value of the Plan investments, which consists of net realized and unrealized appreciation (depreciation), are presented in the Statement of Changes in Net Assets Available for Benefits. This appreciation (depreciation) is allocated to participants based upon their proportionate share of assets in each investment fund. 3. Net Appreciation in the Fair Value of Investments Following is a summary of the components of the net appreciation in the fair value of investments.
Year Ended December 31, 1997 ----------- Market values determined by quoted market prices BR common stock ................................. $(2,643,479) Registered investment companies ................. 2,641,912 Estimated market values Common and Collective Trusts .................... 9,199,129 ----------- Total net appreciation .............. $ 9,197,562 ===========
7 4. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits as presented in the Statement of Net Assets Available for Benefits on page 2 of these financial statements to Form 5500.
December 31, ------------------------------- 1997 1996 ------------- ------------- Net assets available for benefits per the financial statements ..................................... $ 165,434,129 $ 157,106,635 Amounts allocated to withdrawing participants ...... -- (275,873) ------------- ------------- Net assets available for benefits per Form 5500 .... $ 165,434,129 $ 156,830,762 ============= =============
The following is a reconciliation of benefits paid to participants as presented in the Statement of Changes in Net Assets Available for Benefits on page 3 of these financial statements to Form 5500.
Year Ended December 31, 1997 ------------ Participants' withdrawals and distributions per the financial statements ....................................... $ 21,381,284 Amounts allocated to withdrawing participants at December 31, 1996 .......................................... (275,873) ------------ Participants' withdrawals and distributions per Form 5500 ...... $ 21,105,411 ============
Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 1996 not paid as of that date. 8 5. Investments Investments that comprised 5% or more of the net assets available for benefits follow.
December 31, ------------------------- 1997 1996 ----------- ----------- BR common stock $28,439,626 $24,803,693 Northern Trust Collective Daily Stock Index Fund $37,639,517 $26,937,750 Vanguard World Fund - International Growth Portfolio $11,338,731 $ 9,991,977 Fidelity Securities Fund OTC Portfolio $17,193,094 $14,498,026 Bankers Trust (Delaware) guaranteed investment contract #92-493 $ 8,379,167 $ 8,307,122 Provident Life & Accident Insurance Company guaranteed investment contract #630-05573 -- $ 8,363,163 Continental Assurance Company guaranteed investment contract #630-05573 $ 8,850,646 -- John Hancock Mutual Life Insurance Company guaranteed investment contract #7474 $10,582,423 --
6. Investment Contracts The fair value of investment contracts as of December 31, 1997 and 1996 was approximately $55,950,000 and $66,700,000, respectively. Fair value was determined using a discounted cash flow analysis assuming market rates for similar contracts. The average yield for these investment contracts during 1997 and 1996 was 6.77% and 6.51%, respectively. The crediting interest rates ranged from 4.50% to 9.75% at December 31, 1997 and 4.50% to 9.25% at December 31, 1996. 9 7. Fund Information Allocation of net assets available for benefits to investment funds
December 31, 1997 ------------------------------------------------------ Company S&P 500 International OTC Equity Stock Fund Index Fund Equity Fund Fund ------------ ----------- ----------- ----------- Investments At fair value BR common stock ..................... $28,439,626 Mutual funds ........................ $37,639,517 $11,338,731 $17,193,094 Participants' notes receivable ...... Cash and cash equivalents ........... 1,390,287 217 82 117 At contract value Investment contracts with insurance companies ............. Investment contract with bank ....... Dividends and interest receivable ........... 90,710 ----------- ----------- ----------- ----------- Total Assets .............. 29,920,623 37,639,734 11,338,813 17,193,211 ----------- ----------- ----------- ----------- Administrative expense payable .............. 3,124 7,532 1,563 1,919 ----------- ----------- ----------- ----------- Net assets available for benefits $29,917,499 $37,632,202 $11,337,250 $17,191,292 =========== =========== =========== =========== December 31, 1997 ----------------------------------------------------- Balanced Income Loan Index Fund Fund Fund Total ------------ ----------- ----------- ------------ Investments At fair value BR common stock ..................... $28,439,626 Mutual funds ........................ $ 7,533,848 73,705,190 Participants' notes receivable ...... $ 5,406,660 5,406,660 Cash and cash equivalents ........... 25,802 $ 1,124,469 2,540,974 At contract value Investment contracts with insurance companies ............. 46,687,638 46,687,638 Investment contract with bank ....... 8,379,167 8,379,167 Dividends and interest receivable ........... 137,219 94,867 322,796 ----------- ----------- ---------- ------------ Total Assets .............. 7,696,869 56,286,141 5,406,660 165,482,051 ----------- ----------- ---------- ------------ Administrative expense payable .............. 1,221 32,563 47,922 ----------- ----------- ---------- ------------ Net assets available for benefits $ 7,695,648 $56,253,578 $5,406,660 $165,434,129 =========== =========== ========== ============
10 7. Fund Information (continued) Allocation of net assets available for benefits to investment funds
December 31, 1996 ----------------------------------------------------- Company S& P 500 International OTC Equity Stock Fund Index Fund Equity Fund Fund ----------- ------------ ------------- ----------- Investments At fair value BR common stock ............... $24,803,693 Mutual funds .................. $26,937,750 $ 9,991,977 $14,498,026 Participants' notes receivable Cash and cash equivalents ..... 1,084,862 355,067 77,548 130,231 At contract value Investment contracts with insurance companies ...... Investment contract with bank . Dividends and interest receivable 70,825 218 82 117 ----------- ----------- ----------- ----------- Total assets ............. 25,959,380 27,293,035 10,069,607 14,628,374 ----------- ----------- ----------- ----------- Administrative expense payable .. 3,284 7,181 1,437 1,718 ----------- ----------- ----------- ----------- Net assets available for benefits $25,956,096 $27,285,854 $10,068,170 $14,626,656 =========== =========== =========== =========== December 31, 1996 ---------------------------------------------------- Balanced Income Loan Index Fund Fund Fund Total ---------- ------------ ----------- ------------ Investments At fair value BR common stock ............... $24,803,693 Mutual funds .................. $ 5,248,521 56,676,274 Participants' notes receivable $5,873,596 5,873,596 Cash and cash equivalents ..... 37,050 $ 1,726,389 3,411,147 At contract value Investment contracts with insurance companies ...... 58,022,984 58,022,984 Investment contract with bank . 8,307,122 8,307,122 Dividends and interest receivable 42 6,490 77,774 ----------- ----------- ----------- ------------ Total assets ............. 5,285,613 68,062,985 5,873,596 157,172,590 ----------- ----------- ----------- ------------ Administrative expense payable .. 1,067 36,268 15,000 65,955 ----------- ----------- ----------- ------------ Net assets available for benefits $ 5,284,546 $68,026,717 5,858,596 $157,106,635 =========== =========== =========== ============
11 8. Fund Information Allocation of changes in net assets available for benefits to investment funds
Year Ended December 31, 1997 -------------------------------------------------------------- Company S&P 500 International OTC Equity Stock Fund Index Fund Equity Fund Fund ------------ ------------- ------------ ------------ Interest income ...................... $ 57,454 $ 3 Dividend income ...................... 303,022 $ 139,898 Net appreciation (depreciation) in the fair value of investments .......... (2,643,479) 9,199,129 252,870 $ 1,368,706 ------------- ------------ ------------ ------------ Net investment income (loss) . (2,283,003) 9,199,132 392,768 1,368,706 Contributions Employer ......................... 1,240,715 1,561,702 643,778 994,784 Participants' .................... 1,593,559 2,208,770 857,197 1,369,565 Interfund transfers .................. 6,058,797 1,422,072 311,529 272,514 Withdrawals, distributions and other . (2,648,665) (4,045,328) (936,192) (1,440,933) ------------- ------------ ------------ ------------ Net increase (decrease) ...... 3,961,403 10,346,348 1,269,080 2,564,636 Net assets available for benefits Beginning of year ................ 25,956,096 27,285,854 10,068,170 14,626,656 ------------ ------------ ------------ ------------ End of year ...................... $ 29,917,499 $ 37,632,202 $ 11,337,250 $ 17,191,292 ============= ============ ============ ============ Year Ended December 31, 1997 --------------------------------------------------------- Balanced Income Loan Index Fund Fund Fund Total ----------- ----------- ------------ ------------- Interest income ...................... $ 4,012,361 $ 485,451 $ 4,555,269 Dividend income ...................... $ 268,019 710,939 Net appreciation (depreciation) in the fair value of investments .......... 1,020,316 20 9,197,562 ----------- ------------ ----------- ------------- Net investment income (loss) . 1,288,335 4,012,381 485,451 14,463,770 Contributions Employer ......................... 144,101 2,068,423 6,653,503 Participants' .................... 214,783 2,540,747 8,784,621 Interfund transfers .................. 1,331,372 (8,916,302) (479,982) Withdrawals, distributions and other . (567,489) (11,478,388) (457,405) (21,574,400) ----------- ------------ ----------- ------------- Net increase (decrease) ...... 2,411,102 (11,773,139) (451,936) 8,327,494 Net assets available for benefits Beginning of year ................ 5,284,546 68,026,717 5,858,596 157,106,635 ----------- ------------ ----------- ------------- End of year ...................... $ 7,695,648 $ 56,253,578 $ 5,406,660 $ 165,434,129 =========== ============ =========== =============
12 Report of Independent Accountants To the Plan Administrator Burlington Resources Inc. Retirement Savings Plan We have audited the financial statements of the Burlington Resources Inc. Retirement Savings Plan (the "Plan") as listed in the accompanying table of contents on Page 1. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1997 and 1996, and the changes in net assets available for benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the accompanying table of contents on Page 1 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. /s/ Coopers & Lybrand L.L.P. Houston, Texas June 25, 1998 13 SUPPLEMENTAL SCHEDULES Schedule I Burlington Resources Inc. Retirement Savings Plan Line 27a - Schedule of Assets Held for Investment Purposes December 31, 1997 EIN: 91-1413284 Plan: 002 1997 Form 5500
(e) Current (d) Value/ (a) (b)(c) Cost Fair Value ---------- ---------- Temporary Investments * Northern Trust Collective Short-term Fund .$ 2,540,974 $ 2,540,974 ---------- ---------- INCOME FUND Investment Contracts John Hancock Mutual Life Insurance Company #7216, 5.24%, matures 9/24/99 .......... $ 1,544,899 $ 1,544,899 #7354, 5.81%, matures 4/30/99 .......... 1,130,989 1,130,989 #7354-1, 6.14%, matures 8/1/02 ......... 822 822 #7474, 7.27%, matures 5/1/04 ........... 10,582,423 10,582,423 #7474-2, 4.50%, matures 7/1/99 ......... 294,688 294,688 MBL Life Assurance Co. ................... #9-5294-1, 5.10%, matures 12/31/99 ..... 101,677 101,677 #9-5294-2, 5.10%, matures 12/31/99 ..... 148,229 148,229 #9-5294-3, 5.10%, matures 12/31/99 ..... 119,442 119,442 #6-5294-1, 9.75%, matures 12/31/03 ..... 779,563 779,563 #6-5294-2, 9.75%, matures 12/31/03 ..... 1,136,474 1,136,474 #6-5294-3, 9.75%, matures 12/31/03 ..... 915,766 915,766 Prudential Insurance Company #7479-15, 5.94%, matures 2/15/99 ....... 299,337 299,337 Commonwealth #00129TR, 7.89%, matures 4/27/00 ....... 4,289,999 4,289,999 Jackson National Life Insurance Company #1094, 6.53%, matures 12/30/00 ......... 4,369,185 4,369,185
14 Schedule I Burlington Resources Inc. Retirement Savings Plan Line 27a - Schedule of Assets Held for Investment Purposes December 31, 1997 EIN: 91-1413284 Plan: 002 1997 Form 5500
(e) Current (d) Value/ (a) (b)(c) Cost Fair Value ----------- ----------- INCOME FUND, continued Continental Assurance Company #630-05573, 5.95%, matures 9/1/03 ............... $ 8,850,646 $ 8,850,646 Massachusetts Mutual #10516, 6.10%, matures 10/5/15 .................. 1,931,327 1,931,327 New York Life Insurance #20030-18C, 5.83%, matures 3/2/98 ............... 157,698 157,698 #06753-002, 5.62%, matures 5/14/98 .............. 1,000,000 1,000,000 #06753, 5.33%, matures 11/28/97 ................. 500,000 500,000 Metropolitan Life #13025, 6.15%, matures 1/2/01 ................... 2,614,184 2,614,184 Allstate Life Insurance Company #5689, 8.13%, matures 11/1/99 ................... 2,486,605 2,486,605 Transamerica Life #76573, 6.34%, matures 11/15/04 ................. 3,433,685 3,433,685 ----------- ----------- Total insurance company investment contracts $46,687,638 $46,687,638 ----------- ----------- Bank investment contract at contract value Bankers Trust (Delaware) #92-493, 6.376%, matures 9/30/00 ................ $ 8,379,167 $ 8,379,167 ----------- ----------- Total investments - Income Fund ............. $57,607,779 $57,607,779 ----------- -----------
15 Schedule I Burlington Resources Inc. Retirement Savings Plan Line 27a - Schedule of Assets Held for Investment Purposes December 31, 1997 EIN: 91-1413284 Plan: 002 1997 Form 5500
(e) Current (d) Value/ (a) (b)(c) Cost Fair Value ------------ ------------ LOAN FUND Loan fund, 7% to 10% ................................ $ -- $ 5,406,660 ------------ ------------ COMPANY STOCK FUND * BR common stock ..................................... $ 26,379,613 $ 28,439,626 ------------ ------------ INTERNATIONAL EQUITY FUND Vanguard World Fund - International Growth Portfolio $ 10,447,880 $ 11,338,731 ------------ ------------ OTC EQUITY FUND Fidelity Securities Fund OTC Portfolio ............. $ 15,706,796 $ 17,193,094 ------------ ------------ BALANCED INDEX FUND Vanguard Balanced Index Fund ....................... $ 6,615,279 $ 7,533,848 ------------ ------------ S&P 500 INDEX FUND * Northern Trust Daily Stock Index Fund .............. $ 22,743,286 $ 37,639,517 ------------ ------------ Total investments .......................... $139,500,633 $165,159,255 ============ ============
16 Schedule II Burlington Resources Inc. Retirement Savings Plan Line 27d - Schedule of Reportable Transactions Year Ended December 31, 1997
EIN: 91-1413284 Plan: 002 1997 Form 5500 (b) (c) (d) (f) (g) (h) (i) Expenses Current Value Purchase Selling Incurred with Cost of of Asset on Net Description of Securities Price Price Transaction Asset Transaction date Gain/Loss - -------------------------------- ----------- ---------- ------------ ---------- --------------- ---------- Single Transactions - ------------------- Provident Life & Accident ....... $8,722,825 $8,722,825 $8,722,825 -- #630-05573, 5.85%, matures 9/1/03 Continental Assurance ........... $8,722,825 8,722,825 -- #630-05573, 5.95%, matures 9/1/03
17 Schedule II Burlington Resources Inc. Retirement Savings Plan Line 27d - Schedule of Reportable Transactions Year Ended December 31, 1997
EIN: 91-1413284 Plan: 002 1997 Form 5500 (b) (c) (d) (f) (g) (h) (i) Current Value Expense of Asset on Purchase Selling Incurred with Cost of Transaction Net Description of Asset Price Price Transaction Asset Date Gain/Loss - ------------------------------------- ----------- ------------ ---------- --------- ------------ ----------- Series of Transactions - ---------------------- BR common stock bought in 51 transactions ........ $14,426,560 $14,426,560 sold in 23 transactions .......... $6,814,331 $5,477,210 6,814,331 $1,337,121 Northern Trust Daily Stock Index Fund bought in 122 transactions ....... 8,011,807 8,011,807 sold in 95 transactions .......... 6,509,170 4,085,436 6,509,170 2,423,734 Allstate Investment contract #5689 bought in 19 transactions ........ 5,673,721 5,673,721 sold in 7 transactions ........... 5,500,000 5,500,000 5,500,000 Fidelity OTC Portfolio bought in 114 transactions ....... 6,585,882 6,585,882 sold in 89 transactions .......... 4,050,396 3,456,351 4,050,396 594,045
18 Schedule II Burlington Resources Inc. Retirement Savings Plan Line 27d - Schedule of Reportable Transactions Year Ended December 31, 1997
EIN: 91-1413284 Plan: 002 1997 Form 5500 (b) (c) (d) (f) (g) (h) (i) Current Value Expense of Asset on Purchase Selling Incurred with Cost of Transaction Net Description of Asset Price Price Transaction Asset Date Gain/Loss - ------------------------------------ ----------- ----------- ------------- --------- ------------ ---------- Series of Transactions Continental Assurance #630-05573, 5.95%, matures 9/1/03 $8,850,646 $ 8,850,646 bought in 4 transactions Provident Life #630-05573, 5.85%, matures 9/1/03 bought in 11 transactions ....... 359,663 $ 359,663 359,663 sold in 1 transaction ........... $ 8,722,825 8,722,825 8,722,825
19 EX-23 2 CONSENTS OF EXPERTS AND COUNSEL Exhibit 23 Consent of Independent Accountants We consent to the incorporation by reference in the Registration Statements of the Burlington Resources Inc. Retirement Savings Plan (the "Plan") on Form S-8 (File No. 33-26024, as amended by Amendment No. 1 to the Registration Statement, File No. 2-97533, and File No. 333-02029), of our report dated June 25, 1998, on our audits of the financial statements and supplemental schedules of the Plan as of December 31, 1997 and 1996, and for the year ended December 31, 1997, which report is included in this Annual Report on Form 11-K. /s/ Coopers & Lybrand L.L.P. Houston, Texas June 25, 1998 20 -----END PRIVACY-ENHANCED MESSAGE-----