-----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, N/8aW9aR6RyVy0K4NBPm0PCjs6tqLOA9v3s7k4m+SoEYUv+/1DQuTOoN6YuxSd6j xiIjz6xtF9xCJR+X/Y3P6w== 0000950129-98-002784.txt : 19980630 0000950129-98-002784.hdr.sgml : 19980630 ACCESSION NUMBER: 0000950129-98-002784 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COOPER CAMERON CORP CENTRAL INDEX KEY: 0000941548 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 760451843 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-13884 FILM NUMBER: 98657092 BUSINESS ADDRESS: STREET 1: 515 POST OAK BLVD STREET 2: STE 1200 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7135133322 MAIL ADDRESS: STREET 1: 515 POST OAK BOULEVARD CITY: HOUSTON STATE: TX ZIP: 77027 11-K 1 COOPER CAMERON CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT [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 Commission file number 1-13884 A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below: INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION MISSOURI CITY, TEXAS FACILITY B. Name of issuer of the securities held pursuant to the Plan and the address of the principal executive office: COOPER CAMERON CORPORATION 515 Post Oak Boulevard, Suite 1200 Houston, Texas 77027 2 INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION MISSOURI CITY, TEXAS FACILITY Page Report of Independent Public Accountants 1 Audited Financial Statements Statements of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Signature 26 Consent of Independent Public Accountants 27 3 FINANCIAL STATEMENTS COOPER CAMERON CORPORATION SELECTED INDIVIDUAL ACCOUNT RETIREMENT PLANS DECEMBER 31, 1997 AND 1996 4 Cooper Cameron Corporation Selected Individual Account Retirement Plans Financial Statements December 31, 1997 and 1996 CONTENTS Report of Independent Auditors...........................................................................1 Audited Financial Statements Statements of Net Assets Available for Benefits..........................................................2 Statement of Changes in Net Assets Available for Benefits................................................4 Notes to Financial Statements............................................................................5
5 Report of Independent Auditors Participants and Administrator Cooper Cameron Corporation Selected Individual Account Retirement Plans We have audited the accompanying statements of net assets available for benefits of the Cooper Cameron Corporation Selected Individual Account Retirement Plans, listed on pages 2 and 3, at December 31, 1997 and 1996, and the related statement of changes in net assets available for benefits for the year ended December 31, 1997. These financial statements are the responsibility of the Plans' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements of the Cooper Cameron Corporation Selected Individual Account Retirement Plans referred to above present fairly, in all material respects, the net assets available for benefits of the Plans at December 31, 1997 and 1996, and changes in their net assets available for benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. June 29, 1998 1 6 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits December 31, 1997
PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST FOR EMPLOYER EMPLOYEE DEFINED NET ASSETS PLAN CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTION PLANS AVAILABLE FOR NO. PLAN NAME RECEIVABLE RECEIVABLE (Notes 1 and 2) BENEFITS ---- --------- ---------- ---------- --------------- ------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 32,948 $ 45,779 $ 6,466,160 $ 6,544,887 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 51,473 49,655 15,612,125 15,713,253 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 36,442 34,298 7,344,404 7,415,144 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 112,736 104,669 16,971,920 17,189,325 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 9,863 21,204 2,839,927 2,870,994
See accompanying notes. 2 7 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits (continued) December 31, 1996
PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST FOR DEFINED CONTRIBUTION PLANS EMPLOYER EMPLOYEE FIXED INCOME NET ASSETS PLAN CONTRIBUTIONS CONTRIBUTIONS FUND AVAILABLE FOR NO. PLAN NAME RECEIVABLE RECEIVABLE (Notes 1 and 2) BENEFITS ---- --------- ---------- ---------- --------------- ------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 31,738 $ 29,987 $ 4,873,726 $ 4,935,451 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 42,508 38,737 15,266,907 15,348,152 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 32,337 21,982 6,817,077 6,871,396 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 103,310 77,441 13,162,704 13,343,455 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 18,537 10,442 2,402,981 2,431,960
See accompanying notes. 3 8 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Changes in Net Assets Available for Benefits Year ended December 31, 1997
NET ASSETS AVAILABLE FOR PLAN BENEFITS AT EMPLOYER EMPLOYEE BENEFIT NO. PLAN NAME JANUARY 1, 1997 CONTRIBUTIONS CONTRIBUTIONS PAYMENTS - ---- --------- --------------- ------------- ------------- -------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 4,935,451 $ 411,986 $ 545,344 $ (139,454) 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 15,348,152 569,217 530,251 (1,755,935) 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 6,871,396 433,457 353,358 (649,913) 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 13,343,455 1,413,737 1,269,785 (550,371) 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 2,431,960 230,420 147,527 (77,422) NET INVESTMENT GAIN FROM COOPER CAMERON CORPORATION MASTER TRUST FOR DEFINED OTHER NET ASSETS CONTRIBUTION PLANS CHANGES IN AVAILABLE FOR PLAN (NET OF EXPENSES) NET ASSETS BENEFITS AT NO. PLAN NAME (Notes 1 and 2) (Note 5) December 31, 1997 - ---- --------- ------------------ ---------- ----------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 792,803 $ (1,243) $ 6,544,887 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 1,076,388 (54,820) 15,713,253 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 451,638 (44,792) 7,415,144 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 1,910,462 (197,743) 17,189,325 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 168,771 (30,262) 2,870,994
See accompanying notes. 4 9 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements December 31, 1997 1. SIGNIFICANT ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The accompanying financial statements of the Cooper Cameron Corporation (the "Company") Selected Individual Account Retirement Plans (the "Plans") have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Benefit payments to participants are recorded upon distribution. INVESTMENTS At December 31, 1996, investments of the Plans consisted of beneficial interests in the Company's Fixed Income Fund, which is a separate investment account of the Cooper Cameron Corporation Master Trust for Defined Contribution Plans (the "Master Trust"), as described in Note 2. Effective January 1, 1997 for Plans 005 and 008, July 1, 1997 for Plans 006 and 007 and December 30 for Plan 010, the following investment options were added: (1) Fidelity Growth Company Fund, (2) Money Market Fund, (3) Stock Market Fund, (4) Vanguard Balanced Index Fund, and (5) an option for employees to invest in the Company's common stock ("Company Stock Fund"). Prior to the above dates the only fund option available for participants was the Fixed Income Fund. At December 31, 1997, investments of the Plans consisted of beneficial interests in the following separate investment accounts of the Master Trust: Company Stock Fund, Fidelity Growth Company Fund, Fixed Income Fund, Money Market Fund, Stock Market Fund, and Vanguard Balanced Index Fund (collectively, the "Funds"), as described in Note 2. The Plans' beneficial interest percentages in each investment account at December 31, 1997 and 1996 are disclosed in Note 8. 5 10 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) The Funds' security transactions are accounted for on the date the securities are purchased or sold. Investment income is recorded as earned. The Funds' investments in securities traded on the exchanges are valued at the last reported sale price on the valuation date. Securities not listed on exchanges and securities for which no sale was reported on that day are valued at the last quoted bid price or at fair value as determined by the trustee. Investments in The Chase Manhattan Bank, N.A. Pooled Investment Trust for Employee Benefit Plans II - Cash Investment Fund ("Chase Cash Investment Fund") are stated at cost, which approximates fair value. The Chase Manhattan Bank, N.A. S&P 500 Index Fund ("Chase S&P 500 Index Fund") is stated at fair market value as determined by the trustee based upon the quoted market values of the underlying assets. Investment contracts within the Fixed Income Fund, with varying contract rates and maturity dates, are stated at contract value. Contract value represents cost plus accrued income reduced for any reductions in the estimated value of the investment contract. Although it is management's intention to hold the investment contracts in the Fixed Income Fund until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity. FUNDING POLICY The Company contributes to each participant's account monthly based on hours actively worked and specific contribution rates. This contribution is also paid for each hour of overtime, vacation, or holiday, but excludes sick time for which the employee may be paid. Company contributions are made to the fund option that the employee elected. Vesting in employer contributions is on a graduated scale with 100% at five years. Amounts which are forfeited due to a participant's termination of employment prior to vesting in employer contributions made on the participant's behalf are used to reduce the required Company contribution in subsequent periods. 6 11 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) All Plans allow for employee contributions based on hours actively worked and elected contribution rates. Electing to contribute is completely voluntary, and these contributions are immediately 100% vested. Participants may elect to have their contributions allocated in 1% increments to one or more of the following funds within the Master Trust: Stock Market Fund, Money Market Fund, Fixed Income Fund, Fidelity Growth Company Fund, Vanguard Balanced Index Fund, or the Company Stock Fund ("allocable funds"). Allocations among the funds may be changed at the participant's discretion on a daily basis. 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST The purpose of the Funds is the collective investment of the assets of participating employee benefit plans of the Company. The Funds' assets are allocated among participating plans by assigning to each plan those transactions (primarily contributions and benefit payments) which can be specifically identified and allocating among all plans, in proportion to the fair value of the assets assigned to each plan, the income and expenses resulting from the collective investment of the assets of the Funds. Certain funds include assets of other employee benefit plans in addition to those included in these financial statements. 7 12 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the separate investment accounts of the Master Trust:
FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX December 31, 1997 FUND FUND FUND FUND FUND FUND ------------ ----------- ----------- ----------- ----------- ----------- Assets: Accrued investment income $ 9,336 $ -- $ 47,042 $ 71,465 $ 90,190 $ -- Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 1,786,660 -- 12,699,017 14,766,289 1,057,597 -- Chase S&P 500 Index Fund -- -- -- -- 59,303,072 -- Cooper Cameron Corporation common stock 107,599,486 -- -- -- -- -- Fidelity Growth Company Fund -- 16,795,005 -- -- -- -- Vanguard Balanced Index Fund -- -- -- -- -- 18,723,573 Investments at estimated fair value or contract value: Investment contracts -- -- 63,089,937 -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- Total investments 109,386,146 16,795,005 75,788,954 14,766,289 60,360,669 18,723,573 ------------ ----------- ----------- ----------- ----------- ----------- Net assets available to participating plans $109,395,482 $16,795,005 $75,835,996 $14,837,754 $60,450,859 $18,723,573 ============ =========== =========== =========== =========== ===========
8 13 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the Fixed Income Fund: December 31, 1996 Assets: Accrued investment income $ 61,903 Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 14,139,245 Investments at contract value: Investment contracts 80,410,842 ----------- Total investments 94,550,087 ----------- Net assets available to participating plans $94,611,990 ===========
9 14 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) Investment income and net appreciation in fair value of investments for the separate investment accounts of the Master Trust are as follows:
FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX YEAR ENDED DECEMBER 31, 1997 FUND FUND FUND FUND FUND FUND ----------- ---------- ---------- ----------- ----------- ---------- Net appreciation in fair value of investments as Determined by quoted market prices: Chase S&P 500 Index Fund $ -- $ -- $ -- $ -- $14,819,576 $ -- Cooper Cameron Corporation common stock 31,529,639 -- -- -- -- -- Fidelity Growth Company Fund -- 937,023 -- -- -- -- Vanguard Balanced Index Fund -- -- -- -- -- 2,243,989 ----------- ---------- ---------- ----------- ----------- ---------- 31,529,639 937,023 -- -- 14,819,576 2,243,989 Interest and dividends 57,675 1,606,702 5,703,343 776,912 1,116,508 688,408 ----------- ---------- ---------- ----------- ----------- ---------- $31,587,314 $2,543,725 $5,703,343 $ 776,912 $15,936,084 $2,932,397 =========== ========== ========== =========== =========== ==========
Investment income related to the Fixed Income Fund for the year ended December 31, 1996 totaled $5,994,492. 10 15 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The Fixed Income Fund invests in actively managed structured bank and insurance company investment contracts ("SIC contracts") and in guaranteed investment contracts ("GIC contracts"). The GIC contracts are promises by insurance companies or a bank to repay the principal plus accrued income at contract maturity. SIC contracts differ from GIC contracts in that the assets supporting the SIC contract are owned by the Master Trust. The bank or insurance company issues a wrapper contract that allows participant directed transactions to be made at contract value. Wrapper contracts are valued as the difference between the fair value of the supporting assets and the contract value. The assets supporting the SIC contracts owned by the Master Trust are comprised of corporate bonds and common trust funds with a fair value of $27,501,143 and $24,064,407 at December 31, 1997 and 1996, respectively. The value of the wrapper contract at December 31, 1997 and 1996 is $(432,081) and $(118,463), respectively. Interest crediting rates on the contracts in the Fixed Income Fund are generally determined at the time of purchase. At December 31, 1997 the interest crediting rates for all contracts ranged from 5.5% to 9.5%. At December 31, 1996 the interest crediting rates for all contracts ranged from 4.5% to 9.5%. The following table summarizes investment contracts held by the Fixed Income Fund that exceeded 5% of net assets of the fund at December 31.
1997 1996 ----------- ----------- Commonwealth Life $ 3,660,136 $ 4,397,055 Hartford Life $ 5,989,059 $ 6,381,733 New York Life $ 9,731,106 $ 9,680,080 National Westminister $16,129,705 $16,115,169 Peoples Security $10,939,359 $ 7,830,775 Protective Life $ 5,137,497 $ 6,688,754 Transamerica Occidental $ 4,256,439 $ 5,157,193 Canada Life $ -- $ 4,729,254 Confederation Life $ -- $ 5,309,335 Life of Georgia $ -- $ 4,563,184
11 16 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) For 1997 and 1996, the average annual yield for the investment contracts in the Fixed Income Fund was 6.6% and 6.1%, respectively. At December 31, 1997 and 1996, fair value of the investment contracts in the Fund was estimated to be approximately 101% of contract value. Fair value was estimated by discounting the weighted average of the Fund's cash flows at the then-current interest crediting rate for a comparable maturity investment contract. 3. DESCRIPTION OF THE PLANS Each of the Plans is a profit sharing plan which provides payments to eligible employees of the respective plans at termination, retirement, death, or disability. Should the Plans terminate, the assets will be distributed according to the total amount in each participant's account, including earnings thereon less related benefits and expenses. Distributions shall be made as soon as practicable to members or their beneficiaries by payments in lump sum. Information about the Plans, the funding, vesting, and benefit provisions is contained in each Plan's Summary Plan Description. Copies of these pamphlets are available at the Company's corporate office. Effective October 1, 1997 all Plans were amended to allow for rollover contributions. 4. INCOME TAX STATUS The Plans have been designed to meet the requirements of the Internal Revenue Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to tax under present income tax laws. Once qualified, the Plans are required to operate in conformity with the IRC to maintain their qualifications. A favorable determination has been obtained for each of the Plans in which the Internal Revenue Service stated that each Plan, as then designed, was in compliance with the applicable requirements of the IRC. All Plans have been amended since receiving their determination letters. However, the Company believes that the Plans are currently designed and being operated in compliance with the applicable requirements of the IRC. 12 17 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 5. OTHER CHANGES IN NET ASSETS For the year ended December 31, 1997, net asset admissions/withdrawals represent the following:
NET TRANSFERS OF PARTICIPANTS' ACCOUNT BALANCES TO THE COOPER CAMERON PLAN NO. CORPORATION RETIREMENT SAVINGS PLAN OTHER TOTAL -------- ----------------------------------- ---------- ------------ 005 $ (29,616) $ 28,373 $ (1,243) 006 $ (54,629) $ (191) $ (54,820) 007 $ (44,792) $ - $ (44,792) 008 $ (143,825) $ (53,918) $ (197,743) 010 $ (30,262) $ - $ (30,262)
6. YEAR 2000 ISSUE (UNAUDITED) The Company developed a plan to modify its internal information technology to be ready for the year 2000 and has begun converting critical data processing systems. The project also includes determining whether third-party service providers have reasonable plans in place to become year 2000 compliant. The Company currently expects the project to be substantially complete by early 1999. The Company does not expect this project to have a significant effect on the Plans' operations. 13 18 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits and benefits paid to participants per the financial statements to the Form 5500 at December 31, 1997:
NET ASSETS AVAILABLE FOR AMOUNTS NET ASSETS BENEFITS PER THE ALLOCATED TO AVAILABLE FOR FINANCIAL WITHDRAWING BENEFITS PER PLAN NO. PLAN NAME STATEMENTS PARTICIPANTS FORM 5500 -------- --------- --------------- ------------ --------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,544,887 $ - $ 6,544,887 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 15,713,253 $ (36,319) $ 15,676,934 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 7,415,144 $ (780) $ 7,414,364 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 17,189,325 $ - $ 17,189,325 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 2,870,994 $ (242) $ 2,870,752 LESS AMOUNTS BENEFITS PAID TO ALLOCATED TO PARTICIPANTS PER WITHDRAWING THE FINANCIAL PARTICIPANTS AT PLAN NO. PLAN NAME STATEMENTS DECEMBER 31, 1996 -------- --------- ------------- ----------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 139,454 $ - 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 1,755,935 $ (22,267) 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 649,913 $ - 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 550,371 $ (34,087) 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 77,422 $ - PLUS AMOUNTS ALLOCATED TO WITHDRAWING BENEFITS PAID TO PARTICIPANTS AT PARTICIPANTS PER PLAN NO. PLAN NAME DECEMBER 31, 1997 FORM 5500 -------- --------- ----------------- ---------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ - $ 139,454 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 36,319 $ 1,769,987 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 780 $ 650,693 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ - $ 516,284 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 242 $ 77,664
14 19 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED) The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 1996:
NET ASSETS AVAILABLE FOR AMOUNTS NET ASSETS BENEFITS PER ALLOCATED TO AVAILABLE FOR THE FINANCIAL WITHDRAWING BENEFITS PER PLAN NO. PLAN NAME STATEMENTS PARTICIPANTS FORM 5500 -------- --------- ------------- ------------ ------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 4,935,451 $ - $ 4,935,451 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 15,348,152 $ (22,267) $ 15,325,885 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 6,871,396 $ - $ 6,871,396 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 13,343,455 $ (34,087) $ 13,309,368 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 2,431,960 $ - $ 2,431,960
15 20 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005) Statements of Net Assets Available for Benefits 8. FUND INFORMATION Fund information for each of the plans is as follows:
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER CORPORATION MASTER TRUST FOR DEFINED TRUST FOR DEFINED CONTRIBUTION PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31, 1996 (NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2) ----------------- ---- ---- ------------------- ASSETS Contributions receivable: Employer $ 32,948 $ 31,738 Employee 45,779 29,987 -------------- -------------- Total contributions receivable 78,727 61,725 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 0.955% 1,045,144 - - Fidelity Growth Company Fund 2.716% 456,114 - - Fixed Income Fund 2.105% 1,595,979 4,873,726 4.939% Money Market Fund 2.622% 388,982 - - Stock Market Fund 2.186% 1,321,261 - - Vanguard Balanced Index Fund 8.859% 1,658,680 - - -------------- -------------- Total Plan interest in Master Trust 6,466,160 4,873,726 -------------- -------------- Net assets available for benefits $ 6,544,887 $ 4,935,451 ============== ==============
See accompanying notes. 16 21 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (Plan No. 006) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996 (NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2) ------------------------ -------------- -------------- ------------------ ASSETS Contributions receivable: Employer $ 51,473 $ 42,508 Employee 49,655 38,737 -------------- -------------- Total contributions receivable 101,128 81,245 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 1.216% 1,329,771 - - Fidelity Growth Company Fund 5.904% 991,647 - - Fixed Income Fund 12.662% 9,602,347 15,266,907 16.349% Money Market Fund 1.460% 216,684 - - Stock Market Fund 2.306% 1,393,916 - - Vanguard Balanced Index Fund 11.097% 2,077,760 - - -------------- -------------- Total Plan interest in Master Trust 15,612,125 15,266,907 -------------- -------------- Net assets available for benefits $ 15,713,253 $ 15,348,152 ============== ==============
See accompanying notes. 17 22 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED TRUST FOR DEFINED CONTRIBUTION PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996 (NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2) ------------------------ -------------- -------------- ------------------ ASSETS Contributions receivable: Employer $ 36,442 $ 32,337 Employee 34,298 21,982 -------------- -------------- Total contributions receivable 70,740 54,319 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 1.363% 1,490,548 - - Fidelity Growth Company Fund 0.880% 147,829 - - Fixed Income Fund 6.544% 4,962,349 6,817,077 7.205% Money Market Fund 0.764% 113,309 - - Stock Market Fund 0.478% 288,840 - - Vanguard Balanced Index Fund 1.824% 341,529 - - -------------- -------------- Total Plan interest in Master Trust 7,344,404 6,817,077 -------------- -------------- Net assets available for benefits $ 7,415,144 $ 6,871,396 ============== ==============
See accompanying notes. 18 23 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED TRUST FOR DEFINED CONTRIBUTION PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996 (NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2) ------------------------ -------------- -------------- --------------- ASSETS Contributions receivable: Employer $ 112,736 $ 103,310 Employee 104,669 77,441 -------------- -------------- Total contributions receivable 217,405 180,751 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 2.195% 2,401,523 - - Fidelity Growth Company Fund 8.690% 1,459,547 - - Fixed Income Fund 9.833% 7,456,623 13,162,704 13.912% Money Market Fund 9.004% 1,336,050 - - Stock Market Fund 3.169% 1,915,658 - - Vanguard Balanced Index Fund 12.832% 2,402,519 - - -------------- -------------- Total Plan interest in Master Trust 16,971,920 13,162,704 -------------- -------------- Net assets available for benefits $ 17,189,325 $ 13,343,455 ============== ==============
See accompanying notes. 19 24 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (Plan No. 010) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996 (NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2) ------------------------ -------------- -------------- ------------------ ASSETS Contributions receivable: Employer $ 9,863 $ 18,537 Employee 21,204 10,442 -------------- -------------- Total contributions receivable 31,067 28,979 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 0.033% 36,512 - - Fixed Income Fund 3.674% 2,786,425 2,402,981 2.540% Vanguard Balanced Index Fund 0.091% 16,990 - - -------------- -------------- Total Plan interest in Master Trust 2,839,927 2,402,981 -------------- -------------- Net assets available for benefits $ 2,870,994 $ 2,431,960 ============== ==============
See accompanying notes. 20 25 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1997
PARTICIPANT-DIRECTED ------------------------------------------------------------------------- FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL FUND FUND FUND FUND FUND FUND PLAN ---------- -------- ----------- -------- ---------- ---------- ----------- Additions: Contributions: Employer $ 29,064 $ 33,524 $ 40,526 $188,533 $ 61,854 $ 58,485 $ 411,986 Employee 46,363 56,260 55,532 185,587 108,484 93,118 545,344 ---------- -------- ----------- -------- ---------- ---------- ----------- Total contributions 75,427 89,784 96,058 374,120 170,338 151,603 957,330 Net investment gain from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 145,024 64,879 152,509 11,873 209,351 209,167 792,803 ---------- -------- ----------- -------- ---------- ---------- ----------- Total additions 220,451 154,663 248,567 385,993 379,689 360,770 1,750,133 Deductions: Benefits paid to participants -- -- 139,454 -- -- -- 139,454 Other changes in net assets: Interfund transfers 835,902 308,197 (3,438,314) 20,980 959,747 1,313,488 -- Net asset withdrawals (Note 5) -- -- (1,243) -- -- -- (1,243) ---------- -------- ----------- -------- ---------- ---------- ----------- Total other changes 835,902 308,197 (3,439,557) 20,980 959,747 1,313,488 (1,243) ---------- -------- ----------- -------- ---------- ---------- ----------- Net increase (decrease) 1,056,353 462,860 (3,330,444) 406,973 1,339,436 1,674,258 1,609,436 Net assets available for benefits at beginning of year -- -- 4,935,451 -- -- -- 4,935,451 ---------- -------- ----------- -------- ---------- ---------- ----------- Net assets available for benefits at end of year* $1,056,353 $462,860 $ 1,605,007 $406,973 $1,339,436 $1,674,258 $ 6,544,887 ========== ======== =========== ======== ========== ========== ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 21 26 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (Plan No. 006) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1997
PARTICIPANT-DIRECTED ------------------------------------------------------------------------- FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL FUND FUND FUND FUND FUND FUND PLAN ---------- -------- ----------- -------- ---------- ---------- ---------- Additions: Contributions: Employer $ 17,379 $ 18,153 $ 443,054 $ 39,142 $ 19,700 $ 31,789 $ 569,217 Employee 20,659 23,623 242,931 177,812 23,070 42,156 530,251 ---------- -------- ------------ -------- ---------- ---------- ------------ Total contributions 38,038 41,776 685,985 216,954 42,770 73,945 1,099,468 Net investment gain from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 51,357 11,359 838,461 3,323 70,049 101,839 1,076,388 ---------- -------- ------------ -------- ---------- ---------- ------------ Total additions 89,395 53,135 1,524,446 220,277 112,819 175,784 2,175,856 Deductions: Benefits paid to participants -- -- 1,732,435 1,410 22,090 -- 1,755,935 Other changes in net assets: Interfund transfers 1,247,847 945,566 (5,477,258) 58,248 1,310,901 1,914,696 -- Net asset withdrawals (Note 5) -- -- (54,820) -- -- -- (54,820) ---------- -------- ------------ -------- ---------- ---------- ------------ Total other changes 1,247,847 945,566 (5,532,078) 58,248 1,310,901 1,914,696 (54,820) ---------- -------- ------------ -------- ---------- ---------- ------------ Net increase (decrease) 1,337,242 998,701 (5,740,067) 277,115 1,401,630 2,090,480 365,101 Net assets available for benefits at beginning of year -- -- 15,348,152 -- -- -- 15,348,152 ---------- -------- ------------ -------- ---------- ---------- ------------ Net assets available for benefits at end of year* $1,337,242 $998,701 $ 9,608,085 $277,115 $1,401,630 $2,090,480 $ 15,713,253 ========== ======== ============ ======== ========== ========== ============
* Ending fund balances include allocated contribution receivables. See accompanying notes. 22 27 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1997
PARTICIPANT-DIRECTED -------------------------------------------------------------------------- FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL FUND FUND FUND FUND FUND FUND PLAN ----------- --------- ----------- --------- --------- -------- ----------- Additions: Contributions: Employer $ 16,605 $ 3,598 $ 351,496 $ 50,367 $ 5,211 $ 6,180 $ 433,457 Employee 27,024 8,500 170,856 124,800 10,144 12,034 353,358 ----------- --------- ----------- --------- --------- -------- ----------- Total contributions 43,629 12,098 522,352 175,167 15,355 18,214 786,815 Net investment gain from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 18,211 2,576 387,738 1,592 19,109 22,412 451,638 ----------- --------- ----------- --------- --------- -------- ----------- Total additions 61,840 14,674 910,090 176,759 34,464 40,626 1,238,453 Deductions: Benefits paid to participants -- -- 649,475 438 -- -- 649,913 Other changes in net assets: Interfund transfers 1,442,934 135,750 (2,133,707) (15,876) 267,142 303,757 -- Net asset withdrawals (Note 5) (7,147) (492) (26,992) -- (10,161) -- (44,792) ----------- --------- ----------- --------- --------- -------- ----------- Total other changes 1,435,787 135,258 (2,160,699) (15,876) 256,981 303,757 (44,792) ----------- --------- ----------- --------- --------- -------- ----------- Net increase (decrease) 1,497,627 149,932 (1,900,084) 160,445 291,445 344,383 543,748 Net assets available for benefits at beginning of year -- -- 6,871,396 -- -- -- 6,871,396 ----------- --------- ----------- --------- --------- -------- ----------- Net assets available for benefits at end of year* $ 1,497,627 $ 149,932 $ 4,971,312 $ 160,445 $ 291,445 $344,383 $ 7,415,144 =========== ========= =========== ========= ========= ======== ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 23 28 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1997
PARTICIPANT-DIRECTED ------------------------------------------------------------------------------ FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL FUND FUND FUND FUND FUND FUND PLAN ----------- ----------- ------------ ----------- ----------- ----------- ------------ Additions: Contributions: Employer $ 51,210 $ 100,097 $ 112,421 $ 903,223 $ 110,716 $ 136,070 $ 1,413,737 Employee 55,400 107,400 147,682 647,755 137,675 173,873 1,269,785 ----------- ----------- ------------ ----------- ----------- ----------- ------------ Total contributions 106,610 207,497 260,103 1,550,978 248,391 309,943 2,683,522 Net investment gain from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 437,815 166,035 516,701 39,693 364,110 386,108 1,910,462 ----------- ----------- ------------ ----------- ----------- ----------- ------------ Total additions 544,425 373,532 776,804 1,590,671 612,501 696,051 4,593,984 Deductions: Benefits paid to participants 61,629 226 468,104 8,431 2,281 9,700 550,371 Other changes in net assets: Interfund transfers 1,939,092 1,114,980 (6,020,230) (122,691) 1,335,368 1,753,481 -- Net asset withdrawals (Note 5) (7,737) (11,319) (149,778) (10,964) (8,306) (9,639) (197,743) ----------- ----------- ------------ ----------- ----------- ----------- ------------ Total other changes 1,931,355 1,103,661 (6,170,008) (133,655) 1,327,062 1,743,842 (197,743) ----------- ----------- ------------ ----------- ----------- ----------- ------------ Net increase (decrease) 2,414,151 1,476,967 (5,861,308) 1,448,585 1,937,282 2,430,193 3,845,870 Net assets available for benefits at beginning of year -- -- 13,343,455 -- -- -- 13,343,455 ----------- ----------- ------------ ----------- ----------- ----------- ------------ Net assets available for benefits at end of year* $ 2,414,151 $ 1,476,967 $ 7,482,147 $ 1,448,585 $ 1,937,282 $ 2,430,193 $ 17,189,325 =========== =========== ============ =========== =========== =========== ============
* Ending fund balances include allocated contribution receivables. See accompanying notes. 24 29 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (Plan No. 010) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1997
PARTICIPANT-DIRECTED -------------------------------------------------------------- FIDELITY VANGUARD COMPANY GROWTH FIXED MONEY STOCK BALANCED STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL FUND FUND FUND FUND FUND FUND PLAN ------- ---- ----------- ------- ---- -------- ----------- Additions: Contributions: Employer $ -- $ 59 $ 220,650 $ 9,552 $ 56 $ 104 $ 230,421 Employee -- 60 126,665 20,405 62 334 147,526 ------- ---- ----------- ------- ---- ------- ----------- Total contributions -- 119 347,315 29,957 118 438 377,947 Net investment gain from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 963 -- 167,772 -- -- 36 168,771 ------- ---- ----------- ------- ---- ------- ----------- Total additions 963 119 515,087 29,957 118 474 546,718 Deductions: Benefits paid to participants -- -- 77,422 -- -- -- 77,422 Other changes in net assets: Interfund transfers 35,549 -- (52,503) -- -- 16,954 -- Net asset withdrawals (Note 5) -- -- (30,262) -- -- -- (30,262) ------- ---- ----------- ------- ---- ------- ----------- Total other changes 35,549 -- (82,765) -- -- 16,954 (30,262) ------- ---- ----------- ------- ---- ------- ----------- Net increase 36,512 119 354,900 29,957 118 17,428 439,034 Net assets available for benefits at beginning of year -- -- 2,431,960 -- -- -- 2,431,960 ------- ---- ----------- ------- ---- ------- ----------- Net assets available for benefits at end of year* $36,512 $119 $ 2,786,860 $29,957 $118 $17,428 $ 2,870,994 ======= ==== =========== ======= ==== ======= ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 25 30 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Plan Administration Committee have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION MISSOURI CITY, TEXAS FACILITY /s/ Thomas R. Hix - ----------------------------------------- By: Thomas R. Hix Member of the Plan Administration Committee Date: June 29, 1998 26 31 INDEX TO EXHIBITS EXHIBIT NUMBER ------ 23 Consent of Ernst & Young LLP EX-23 2 CONSENT OF ERNST & YOUNG LLP 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement on Form S-8 filed on June 29, 1998, pertaining to the Individual Account Retirement Plan For Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility of our report dated June 29, 1998 with respect to the financial statements of the Individual Account Retirement Plan For Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility included in this Annual Report (Form 11-K) for the year ended December 31, 1997. Ernst & Young LLP June 29, 1998 Houston, Texas 27 -----END PRIVACY-ENHANCED MESSAGE-----