UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
May 5, 2003
Date of Report (Date of earliest event reported)
ENERGY PARTNERS, LTD.
(Exact name of registrant as specified in its charter)
Delaware 001-16179 72-1409562
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
201 St. Charles Avenue, Suite 3400
New Orleans, Louisiana 70170
(Address of principal executive offices)
(504) 569-1875
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release issued by Energy Partners, Ltd. dated May 5, 2003.
Item 9. Regulation FD Disclosure
The following information is furnished under Item 12 of Form 8-K (Results of
Operations and Financial Condition) in accordance with Securities and Exchange
Commission Release No. 33-8216.
On May 5, 2003, we issued a press release with respect to our 2003 first
quarter earnings. The press release is furnished as Exhibit 99.1 to this Current
Report and incorporated by reference herein. The press release contains certain
measures (discussed below), which may be deemed "non-GAAP financial measures" as
defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as
amended.
The information furnished pursuant to this Item 9, including Exhibit 99.1, shall
not be deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and will not be incorporated by reference into
any registration statement filed under the Securities Act of 1933, as amended,
unless specifically identified therein as being incorporated therein by
reference.
Management discloses discretionary cash flow. This non-GAAP financial measure
and reconciliation to the most comparable GAAP financial measure for the first
quarter of 2003 are included in Exhibit 99.1 to this Current Report, furnished
to the Securities and Exchange Commission.
Discretionary cash flow is defined as cash flow from operations before
changes in working capital and exploration expenditures. Discretionary cash flow
is widely accepted as a financial indicator of an oil and natural gas company's
ability to generate cash, which is used to internally fund exploration and
development activities, pay dividends and service debt. Discretionary cash flow
is presented based on management's belief that this non-GAAP measure is useful
information to investors because it is widely used by professional research
analysts in the valuation, comparison, rating and investment recommendations of
companies within the oil and natural gas exploration and production industry.
The Company does not use this non-GAAP measure for any other purpose. Many
investors use the published research of these analysts in making their
investment decisions. Discretionary cash flow is not a measure of financial
performance under GAAP and should not be considered as an alternative to cash
flows from operating activities, as defined by GAAP, or as a measure of
liquidity, or an alternative to net income.
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release, dated May 5, 2003 announcing earnings for the
quarter ended March 31, 2003.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: May 5, 2003
ENERGY PARTNERS, LTD.
By: /s/ Suzanne V. Baer
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Suzanne V. Baer
Executive Vice President and Chief
Financial Officer
(Authorized Officer and Principal
Financial Officer)
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