<PAGE>



                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

                               FORM 10-Q

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                   SECURITIES EXCHANGE ACT OF 1934 


For the quarter ended March 31, 1997

Commission File Number:
     P-1: 0-17800   P-3: 0-18306   P-5: 0-18637   
     P-2: 0-17801   P-4: 0-18308   P-6: 0-18937   

  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
  -------------------------------------------------------------------
        (Exact name of Registrant as specified in its Articles)

                                             P-1: 73-1330245
                                             P-2: 73-1330625
         P-1 and P-2:                        P-3: 73-1336573
            Texas                            P-4: 73-1341929
       P-3 through P-6:                      P-5: 73-1353774
           Oklahoma                          P-6: 73-1357375       
--------------------------------        ----------------------------
(State or other jurisdiction      (I.R.S. Employer Identification No.)
    of incorporation or 
       organization)


            Two West Second Street, Tulsa, Oklahoma         74103   
            -----------------------------------------------------
            (Address of principal executive offices)   (Zip Code)


Registrant's telephone number, including area code: (918) 583-1791


Indicate  by check  mark  whether the  Registrant  (1) has  filed  all
reports required  to be filed by Section 13 or 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  the filing requirements for  the past 90
days.

                              Yes   X     No
                                   ----      ----
<PAGE>
<PAGE>
                    PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-1
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                          March 31,  December 31,
                                            1997         1996
                                         ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents              $  305,606   $  293,296
  Accounts receivable:
   Net Profits                              188,330      257,458
                                         ----------   ----------
       Total current assets              $  493,936   $  550,754

NET PROFITS INTERESTS, net, utilizing
  the successful efforts method           1,723,882    2,680,005
                                         ----------   ----------
                                         $2,217,818   $3,230,759
                                         ==========   ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                       ($   75,648) ($   62,666)
  Limited Partners, issued and
   outstanding, 108,074 units             2,239,466    3,293,425 
                                         ----------   ----------
       Total Partners' capital           $2,217,818   $3,230,759
                                         ----------   ----------
                                         $2,217,818   $3,230,759
                                         ==========   ==========

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -2-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-1
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                          --------      --------

REVENUES:
  Net Profits                             $279,897      $310,326
  Interest income                            2,262         1,805
  Gain on sale of Net Profits 
   Interests                                   -             631 
                                          --------      --------
                                          $282,159      $312,762

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                              $ 60,683      $ 95,330
  Impairment provision                     902,042           -
  General and administrative (Note 2)       34,764        35,101
                                          --------      --------
                                          $997,489      $130,431
                                          --------      --------

NET INCOME (LOSS)                        ($715,330)     $182,331 
                                          ========      ========  
GENERAL PARTNER - NET INCOME              $  2,629      $ 12,840
                                          ========      ========
LIMITED PARTNERS - NET INCOME (LOSS)     ($717,959)     $169,491 
                                          ========      ========  
NET INCOME (LOSS) per unit               ($   6.64)     $   1.57 
                                          ========      ========
UNITS OUTSTANDING                          108,074       108,074
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -3-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-1
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                         ----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                      ($715,330)     $182,331 
  Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:
   Depletion of Net Profits
     Interests                              60,683        95,330 
   Impairment provision                    902,042           -
   Gain on sale of Net Profits
     Interests                                 -       (     631)
   (Increase) decrease in accounts 
     receivable                             69,128     (  58,508)
                                          --------      --------
  Net cash provided by operating
   activities                             $316,523      $218,522

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                   ($  6,602)    ($  3,139)
  Proceeds from sale of Net Profits
   Interests                                   -             631
                                          --------      --------
  Net cash used by investing
   activities                            ($  6,602)    ($  2,508)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                     ($297,611)    ($236,146)
                                          --------      --------
  Net cash used by financing 
   activities                            ($297,611)    ($236,146)
                                          --------      --------

NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                        $ 12,310     ($ 20,132)

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      293,296       241,524
                                          --------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                           $305,606      $221,392
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -4-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-2
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                          March 31,  December 31,
                                            1997         1996
                                         ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents              $  249,455   $  222,506
  Accounts receivable:
   General Partner (Note 2)                     -          8,376
   Net Profits                              218,597      203,287
                                         ----------   ----------
       Total current assets              $  468,052   $  434,169

NET PROFITS INTERESTS, net, utilizing 
  the successful efforts method           1,426,862    2,201,380
                                         ----------   ----------
                                         $1,894,914   $2,635,549
                                         ==========   ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                       ($   64,789) ($   57,428)
  Limited Partners, issued and
   outstanding, 90,094 units              1,959,703    2,692,977
                                         ----------   ----------
       Total Partners' capital           $1,894,914   $2,635,549
                                         ----------   ----------
                                         $1,894,914   $2,635,549
                                         ==========   ==========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -5-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-2
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                          --------      -------- 

REVENUES:
  Net Profits                             $291,114      $239,673
  Interest income                            1,708         1,243
  Gain on sale of Net Profits
   Interests                                   -             448 
                                          --------      --------
                                          $292,822      $241,364

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                              $ 50,988      $ 86,373
  Impairment provision                     727,893           -
  General and administrative (Note 2)       28,893        29,286
                                          --------      --------
                                          $807,774      $115,659
                                          --------      --------

NET INCOME (LOSS)                        ($514,952)     $125,705 
                                          ========      ========  
GENERAL PARTNER - NET INCOME              $  5,322      $  9,678
                                          ========      ========
LIMITED PARTNERS - NET INCOME (LOSS)     ($520,274)     $116,027 
                                          ========      ========  
NET INCOME (LOSS) per unit               ($   5.77)     $   1.29 
                                          ========      ========
UNITS OUTSTANDING                           90,094        90,094
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -6-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                      GEODYNE NPI PARTNERSHIP P-2
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                         ----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                      ($514,952)     $125,705 
  Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:
   Depletion of Net Profits
     Interests                              50,988        86,373
   Impairment provision                    727,893           -
   Gain on sale of Net Profits
     Interests                                 -       (     448)
   Decrease in accounts receivable -
     General Partner                         8,376           -
   Increase in accounts receivable - 
     oil and gas sales                   (  15,310)    (  49,497)
                                          --------      --------
  Net cash provided by operating
   activities                             $256,995      $162,133

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                   ($  4,363)    ($    645)
  Proceeds from sale of Net Profits
   Interests                                   -             448
                                          --------      --------
  Net cash used by investing 
   activities                            ($  4,363)    ($    197)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                     ($225,683)    ($164,350)
                                          --------      --------
  Net cash used by financing 
   activities                            ($225,683)    ($164,350)
                                          --------      --------
NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                        $ 26,949     ($  2,414)

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      222,506       167,791
                                          --------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                           $249,455      $165,377
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -7-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                      GEODYNE NPI PARTNERSHIP P-3
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                          March 31,  December 31,
                                            1997         1996
                                         ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents              $  467,329   $  415,354
  Accounts receivable:
   General Partner (Note 2)                     -         16,473
   Net Profits                              404,305      379,725
                                         ----------   ----------
       Total current assets              $  871,634   $  811,552

NET PROFITS INTERESTS, net, utilizing
  the successful efforts method           2,656,262    4,156,531
                                         ----------   ----------
                                         $3,527,896   $4,968,083
                                         ==========   ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                       ($  121,613) ($  107,085)
  Limited Partners, issued and
   outstanding, 169,637 units             3,649,509    5,075,168
                                         ----------   ----------
       Total Partners' capital           $3,527,896   $4,968,083
                                         ----------   ----------
                                         $3,527,896   $4,968,083
                                         ==========   ==========

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -8-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                      GEODYNE NPI PARTNERSHIP P-3
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                           1997           1996
                                        ----------      -------- 

REVENUES:
  Net Profits                           $  537,870      $447,556
  Interest income                            3,246         2,156
  Gain on sale of Net Profits
   Interests                                   -             833
                                        ----------      --------
                                        $  541,116      $450,545

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                            $   94,382      $162,341
  Impairment provision                   1,413,917           -
  General and administrative (Note 2)       54,385        55,126
                                        ----------      --------
                                        $1,562,684      $217,467
                                        ----------      --------

NET INCOME (LOSS)                      ($1,021,568)     $233,078 
                                        ==========      ========  
GENERAL PARTNER - NET INCOME            $    9,091      $ 18,040
                                        ==========      ========
LIMITED PARTNERS - NET INCOME (LOSS)   ($1,030,659)     $215,038 
                                        ==========      ========  
NET INCOME (LOSS) per unit             ($     6.08)     $   1.27 
                                        ==========      ========
UNITS OUTSTANDING                          169,637       169,637
                                        ==========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                  -9-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                      GEODYNE NPI PARTNERSHIP P-3
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                           1997           1996
                                        -----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                    ($1,021,568)     $233,078 
  Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:
   Depletion of Net Profits
     Interests                              94,382       162,341
   Impairment provision                  1,413,917           -
   Gain on sale of Net Profits
     Interests                                 -       (     833)
   Decrease in accounts receivable -
     General Partner                        16,473           -
   Increase in accounts receivable -
     oil and gas sales                 (    24,580)    (  93,834)
                                        ----------      --------
  Net cash provided by operating
   activities                           $  478,624      $300,752

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                 ($    8,030)    ($  1,184)
  Proceeds from sale of Net Profits
   Interests                                   -             833
                                        ----------      --------
  Net cash used by investing
   activities                          ($    8,030)    ($    351)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                   ($  418,619)    ($316,413)
                                        ----------      --------
  Net cash used by financing 
   activities                          ($  418,619)    ($316,413)
                                        ----------      --------

NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                      $   51,975     ($ 16,012)

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      415,354       296,629
                                        ----------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                         $  467,329      $280,617
                                        ==========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -10-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                      GEODYNE NPI PARTNERSHIP P-4
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                          March 31,  December 31,
                                            1997         1996
                                         ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents              $  452,705   $  345,876
  Accounts receivable:
   General Partner (Note 2)                  56,788
   Net Profits                              291,983      369,940
                                         ----------   ----------
       Total current assets              $  801,476   $  715,816

NET PROFITS INTERESTS, net, utilizing
  the successful efforts method           1,630,886    2,567,661
                                         ----------   ----------
                                         $2,432,362   $3,283,477
                                         ==========   ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                       ($   94,377) ($   81,373)
  Limited Partners, issued and
   outstanding, 126,306 units             2,526,739    3,364,850
                                         ----------   ----------
       Total Partners' capital           $2,432,362   $3,283,477
                                         ----------   ----------
                                         $2,432,362   $3,283,477
                                         ==========   ==========

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -11-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                      GEODYNE NPI PARTNERSHIP P-4
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                         ----------     -------- 

REVENUES:
  Net Profits                             $407,373      $345,698
  Interest and other income                  2,720         2,388
  Gain (loss) on sale of Net Profits
   Interests                             (  10,254)           70 
                                          --------      --------  
                                          $399,839      $348,156

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                              $117,028      $171,569
  Impairment provision                     752,388           -
  General and administrative (Note 2)       38,287        41,027
                                          --------      --------
                                          $907,703      $212,596
                                          --------      --------

NET INCOME (LOSS)                        ($507,864)     $135,560 
                                          ========      ========  
GENERAL PARTNER - NET INCOME              $  9,247      $ 13,521
                                          ========      ========
LIMITED PARTNERS - NET INCOME (LOSS)     ($517,111)     $122,039 
                                          ========      ========  
NET INCOME (LOSS) per unit               ($   4.09)     $    .97 
                                          ========      ========
UNITS OUTSTANDING                          126,306       126,306
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -12-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                      GEODYNE NPI PARTNERSHIP P-4
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                         ----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                      ($507,864)     $135,560 
  Adjustments to reconcile net income
   (loss) net cash provided by
   operating activities:
   Depletion of Net Profits Interests      117,028       171,569
   Impairment provision                    752,388           -
   (Gain) loss on sale of Net Profits
     Interests                              10,254     (      70)
   Increase in accounts receivable -
     General Partner                     (  56,788)          -
   Decrease in accounts receivable -
     oil and gas sales                      77,957        26,792 
                                          --------      --------
  Net cash provided by operating
   activities                             $392,975      $333,851

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from sale of Net Profits
   Interests                              $ 57,105      $    976
                                          --------      --------
  Net cash provided by investing
   activities                             $ 57,105      $    976 

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                     ($343,251)    ($293,193)
                                          --------      --------
  Net cash used by financing 
   activities                            ($343,251)    ($293,193)
                                          --------      --------

NET INCREASE IN CASH AND CASH
  EQUIVALENTS                             $106,829      $ 41,634 

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      345,876       288,117
                                          --------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                           $452,705      $329,751
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -13-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                      GEODYNE NPI PARTNERSHIP P-5
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                         March 31,   December 31,
                                           1997          1996
                                        -----------  -----------

CURRENT ASSETS:
  Cash and cash equivalents             $  351,565    $  247,540
  Accounts receivable:
   General Partner (Note 2)                  1,955           -
   Net Profits                             155,598       209,058
                                        ----------    ----------
       Total current assets             $  509,118    $  456,598

NET PROFITS INTERESTS, net, utilizing 
  the successful efforts method          1,430,426     2,536,590
                                        ----------    ----------
                                        $1,939,544    $2,993,188
                                        ==========    ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                      ($   73,783)  ($   60,088)
  Limited Partners, issued and
   outstanding, 118,449 units            2,013,327     3,053,276
                                        ----------    ----------
       Total Partners' capital          $1,939,544    $2,993,188
                                        ----------    ----------
                                        $1,939,544    $2,993,188
                                        ==========    ==========

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -14-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                      GEODYNE NPI PARTNERSHIP P-5
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                           1997           1996
                                        ----------      -------- 

REVENUES:
  Net Profits                           $  341,315      $280,150
  Interest and other income                  1,999         1,300
                                        ----------      --------
                                        $  343,314      $281,450

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                            $   85,514      $140,478
  Impairment provision                   1,018,067           -
  General and administrative (Note 2)       38,581        38,502
                                        ----------      --------
                                        $1,142,162      $178,980
                                        ----------      --------

NET INCOME (LOSS)                      ($  798,848)     $102,470 
                                        ==========      ========  
GENERAL PARTNER - NET INCOME            $    4,101      $ 10,678
                                        ==========      ========
LIMITED PARTNERS - NET INCOME (LOSS)   ($  802,949)     $ 91,792 
                                        ==========      ========  
NET INCOME (LOSS) per unit             ($     6.78)     $    .77 
                                        ==========      ========
UNITS OUTSTANDING                          118,449       118,449
                                        ==========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -15-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                      GEODYNE NPI PARTNERSHIP P-5
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                           1997           1996
                                        -----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                    ($  798,848)     $102,470 
  Adjustments to reconcile net income
   (loss) net cash provided by
   operating activities:
   Depletion of Net Profits
     Interests                              85,514       140,478
   Impairment provision                  1,018,067           -
   Increase in accounts receivable -
     General Partner                   (     1,955)          -
   (Increase) decrease in accounts 
     receivable - oil and gas sales         53,460     (  17,810)
                                        ----------      --------
  Net cash provided by operating 
   activities                           $  356,238      $225,138

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from sale of Net Profits
   Interests                            $    2,583      $    867
                                        ----------      --------
  Net cash provided by investing
   activities                           $    2,583      $    867 

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                   ($  254,796)    ($187,819)
                                        ----------      --------
  Net cash used by financing 
   activities                          ($  254,796)    ($187,819)
                                        ----------      --------
NET INCREASE IN CASH AND CASH
  EQUIVALENTS                           $  104,025      $ 38,186

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      247,540       167,076
                                        ----------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                         $  351,565      $205,262 
                                        ==========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -16-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                      GEODYNE NPI PARTNERSHIP P-6
                        COMBINED BALANCE SHEETS
                              (Unaudited)

                                ASSETS

                                          March 31,  December 31,
                                            1997         1996
                                         ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents              $  667,533   $  319,699
  Accounts receivable:
   General Partner (Note 2)                     669          -
   Net Profits                              243,364      428,072
                                         ----------   ----------
       Total current assets              $  911,566   $  747,771

NET PROFITS INTERESTS, net, utilizing 
  the successful efforts method           2,922,786    3,966,906
                                         ----------   ----------
                                         $3,834,352   $4,714,677
                                         ==========   ==========

                      PARTNERS' CAPITAL (DEFICIT)

PARTNERS' CAPITAL (DEFICIT):
  General Partner                       ($   78,805) ($   59,021)
  Limited Partners, issued and
   outstanding, 143,041 units             3,913,157    4,773,698
                                         ----------   ----------
       Total Partners' capital           $3,834,352   $4,714,677
                                         ----------   ----------
                                         $3,834,352   $4,714,677
                                         ==========   ==========

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -17-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                      GEODYNE NPI PARTNERSHIP P-6
                   COMBINED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                           1997           1996
                                        -----------     -------- 

REVENUES:
  Net Profits                           $  544,640      $502,096 
  Interest and other income                  3,179         2,118
  Gain on sale of Net Profits
   Interests                                 4,020           -  
                                        ----------      --------
                                        $  551,839      $504,214

COSTS AND EXPENSES:
  Depletion of Net Profits
   Interests                            $  152,608      $220,281
  Impairment provision                     898,584           -
  General and administrative (Note 2)       47,649        46,544
                                        ----------      --------
                                        $1,098,841      $266,825
                                        ----------      --------

NET INCOME (LOSS)                      ($  547,002)     $237,389 
                                        ==========      ========  
GENERAL PARTNER - NET INCOME            $   14,539      $ 20,575
                                        ==========      ========
LIMITED PARTNERS - NET INCOME (LOSS)   ($  561,541)     $216,814 
                                        ==========      ========  
NET INCOME (LOSS) per unit             ($     3.93)     $   1.52 
                                        ==========      ========
UNITS OUTSTANDING                          143,041       143,041
                                        ==========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -18-
<PAGE>
<PAGE>
  GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                      GEODYNE NPI PARTNERSHIP P-6
                   COMBINED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (Unaudited)

                                            1997          1996
                                        -----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                      ($547,002)     $237,389 
  Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:
   Depletion of Net Profits
     Interests                             152,608       220,281
   Impairment provision                    898,584           -
   Gain on sale of Net Profits
     Interests                           (   4,020)          -    
   Increase in accounts receivable -
     General Partner                     (     669)          -
   (Increase) decrease in accounts 
     receivable - oil and gas sales        184,708     (  89,340)
                                          --------      --------
  Net cash provided by operating
   activities                             $684,209      $368,330

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                   ($  7,741)    ($ 35,387)
  Proceeds from sale of Net Profits
   Interests                                 4,689           -  
                                          --------      --------
  Net cash used by investing 
   activities                            ($  3,052)    ($ 35,387)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                     ($333,323)    ($261,954)
                                          --------      --------
  Net cash used by financing 
   activities                            ($333,323)    ($261,954)
                                          --------      --------

NET INCREASE IN CASH AND CASH
  EQUIVALENTS                             $347,834      $ 70,989

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                      319,699       254,180
                                          --------      --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                           $667,533      $325,169
                                          ========      ========      

       The accompanying condensed notes are an integral part of
                 these combined financial statements.

                                 -19-
<PAGE>
<PAGE>
   GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS 
         CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
                            MARCH 31, 1997
                              (Unaudited)

1.   ACCOUNTING POLICIES
     -------------------

     The  combined  balance sheets  as  of  March 31,  1997,  combined
     statements of operations  for the  three months  ended March  31,
     1997 and 1996 and combined statements of cash flows for the three
     months  ended March  31,  1997 and  1996  have been  prepared  by
     Geodyne  Resources,  Inc., the  general  partner  of the  Geodyne
     Institutional/Pension Energy Income Limited Partnerships, without
     audit.   Each  limited partnership  is a  general partner  in the
     related Geodyne NPI Partnership (the "NPI Partnerships") in which
     Geodyne  Resources, Inc. serves as the managing partner.  For the
     purposes of  these financial statements, the  general partner and
     managing  partner are  collectively referred  to as  the "General
     Partner" and  the limited  partnerships and NPI  Partnerships are
     collectively referred to  as the "Partnerships".  In  the opinion
     of management the financial  statements referred to above include
     all  necessary   adjustments,  consisting  of   normal  recurring
     adjustments, to present fairly the combined financial position at
     March  31, 1997, the combined results of operations for the three
     months ended March 31, 1997 and  1996 and the combined cash flows
     for the three months ended March 31, 1997 and 1996.

     Information  and   footnote  disclosures  normally   included  in
     financial  statements  prepared  in  accordance   with  generally
     accepted  accounting principles  have been condensed  or omitted.
     The accompanying  interim financial statements should  be read in
     conjunction  with the  Partnerships' Annual  Report on  Form 10-K
     filed for  the year  ended  December 31,  1996.   The results  of
     operations  for  the  period   ended  March  31,  1997  are   not
     necessarily indicative of the results to be expected for the full
     year.

     As  used in  these  financial statements,  the Partnerships'  net
     profits and royalty interests  in oil and gas sales  are referred
     to as "Net Profits" and the Partnerships' net profits and royalty
     interests  in  oil and  gas properties  are  referred to  as "Net
     Profits  Interests".    The  working  interests  from  which  the
     Partnerships' Net Profits Interests are carved are referred to as
     "Working Interests".

     The Limited Partners' net income or  loss per unit is based  upon
     each $100 initial capital contribution.

     NET PROFITS INTERESTS
     ---------------------

     The  Partnerships  follow   the  successful  efforts  method   of
     accounting for their Net Profits Interests.  Under the successful
     efforts  method, the NPI  Partnerships capitalize all acquisition
     costs.  Property acquisition costs include costs incurred  by the
     Partnerships  or   the  General  Partner   to  acquire  producing
     properties,  including related  title  insurance  or  examination
     costs, commissions, engineering,  legal and accounting  fees, and
     similar  costs  directly related  to  the  acquisitions, plus  an
     allocated  portion of  the General  Partner's  property screening

                                 -20-
<PAGE>
<PAGE>
     costs.   The  acquisition  cost to  the  NPI Partnership  of  Net
     Profits Interests acquired by the General Partner is  adjusted to
     reflect the  net cash  results of operations,  including interest
     incurred to finance the  acquisition, for the period of  time the
     oil and gas properties  are held by the General Partner  prior to
     their  transfer to the  Partnerships.  Impairment  of Net Profits
     Interests  is  recognized  based   upon  an  individual  property
     assessment.

     Depletion  of the costs of  Net Profits Interests  is computed on
     the  unit-of-production  method.   The  Partnerships'  depletion,
     depreciation,   and   amortization  includes   dismantlement  and
     abandonment costs, net of estimated salvage value.

     Effective  October   1,  1995,  the   Partnerships  adopted   the
     requirements  of  Statement  of  Financial  Accounting  Standards
     ("SFAS") No.  121, "Accounting for  the Impairment of  Long Lived
     Assets  and  Assets Held  for  Disposal",  which is  intended  to
     establish more  consistent accounting standards for measuring the
     recoverability  of  long-lived assets.    SFAS  No. 121  requires
     successful efforts companies, like  the Partnerships, to evaluate
     the  recoverability of the carrying costs of their proved oil and
     gas  properties  at   the  lowest  level  for   which  there  are
     identifiable cash flows that are largely independent  of the cash
     flows of other groups of oil and gas properties.  With respect to
     the  Partnerships' oil  and gas  properties, this  evaluation was
     performed  for  each field,  rather  than  for the  Partnership's
     properties as a whole as previously allowed by the Securities and
     Exchange Commission ("SEC").   SFAS No. 121 provides that  if the
     unamortized  costs of Net Profits Interests for each field exceed
     the expected undiscounted future cash flows from such properties,
     the cost of  the properties is written down to  fair value, which
     is  determined by using the discounted future cash flows from the
     properties.   Under the Partnerships' prior  impairment policy if
     the  unamortized costs  of  Net  Profits  Interests  as  a  whole
     exceeded the  estimated undiscounted  future net revenues  of the
     properties,  an impairment  provision would  be recorded  for the
     excess  amount.   The  Partnerships  recorded  a non-cash  charge
     against earnings (impairment provision) during  the first quarter
     of 1997 pursuant to SFAS No. 121 as follows:

                Partnership               Amount
                -----------            ------------
                    P-1                 $  902,042
                    P-2                    727,893
                    P-3                  1,413,917
                    P-4                    752,388
                    P-5                  1,018,067
                    P-6                    898,584

     The  risk that the Partnerships  will be required  to record such
     impairment provisions in  the future increases  when oil and  gas
     prices are depressed.

2.   TRANSACTIONS WITH RELATED PARTIES
     ---------------------------------

     The    Partnerships'    Partnership   Agreements    provide   for
     reimbursement to the General Partner for the Partnerships' direct
     general  and  administrative expenses  and  for  the general  and
     administrative overhead applicable to  the Partnerships based  on

                                 -21-
<PAGE>
<PAGE>
     an allocation of  actual costs incurred  by the General  Partner.
     During the  three  months  ended  March 31,  1997  the  following
     payments  were made to the  General Partner or  its affiliates by
     the Partnerships:

                             Direct General       Administrative
        Partnership        and Administrative        Overhead
        -----------        ------------------     --------------
            P-1                 $ 6,324              $28,440
            P-2                   5,184               23,709
            P-3                   9,745               44,640
            P-4                   5,047               33,240
            P-5                   7,411               31,170
            P-6                  10,008               37,641

     Affiliates   of  the   Partnerships   operate   certain  of   the
     Partnerships'  properties  and  their   policy  is  to  bill  the
     Partnerships for all  customary charges  and cost  reimbursements
     associated with their activities.

     The  receivable from the General Partner at December 31, 1996 for
     the  P-2 and  P-3 Partnerships  represented proceeds  due  to the
     Partnerships for the  sale of Net Profits  Interests.  Subsequent
     to December 31, 1996 such receivable was collected by the P-2 and
     P-3 Partnerships.

     The receivable from the General Partner at March 31, 1997 for the
     P-4, P-5, and  P-6 Partnerships represents  proceeds due to  such
     Partnerships  for the sale of Net  Profits Interests.  Subsequent
     to March  31, 1997 such receivable was collected by the P-4, P-5,
     and P-6 Partnerships.

                                 -22-
<PAGE>
<PAGE>
ITEM 2.   MANAGEMENT'S   DISCUSSION   AND   ANALYSIS    OF   FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS


USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
-----------------------------------------------

     This   Quarterly   Report   contains    certain   forward-looking
     statements.  The words "anticipate," "believe," "expect," "plan,"
     "intend,"  "estimate," "project,"  "could,"  "may,"  and  similar
     expressions are intended  to identify forward-looking statements.
     Such statements reflect management's  current views with  respect
     to  future  events and  financial  performance.   This  Quarterly
     Report also includes  certain information, which is,  or is based
     upon, estimates and assumptions.   Such estimates and assumptions
     are management's efforts to  accurately reflect the condition and
     operation of the Partnerships.

     Use of forward-looking statements  and estimates and  assumptions
     involve  risks  and  uncertainties  which include,  but  are  not
     limited to, the volatility of oil and gas prices, the uncertainty
     of reserve  information, the  operating risk associated  with oil
     and gas properties (including the risk of personal injury, death,
     property  damage,  damage to  the  well  or producing  reservoir,
     environmental  contamination, and  other  operating  risks),  the
     prospect of  changing tax  and regulatory laws,  the availability
     and capacity  of  processing and  transportation facilities,  the
     general economic climate, the supply and price of foreign imports
     of  oil and gas,  the level of  consumer product demand,  and the
     price  and availability of alternative fuels.  Should one or more
     of  these risks  or uncertainties  occur or  should  estimates or
     underlying  assumptions  prove  incorrect, actual  conditions  or
     results  may vary  materially  and adversely  from those  stated,
     anticipated, believed, estimated, or otherwise indicated.

GENERAL
-------

     The Partnerships  are engaged  in the business  of acquiring  Net
     Profits Interests in  producing oil and gas properties located in
     the  continental  United  States.    In  general,  a  Partnership
     acquired passive  interests in producing properties  and does not
     directly  engage in  development  drilling or  enhanced  recovery
     projects.     Therefore,  the  economic  life   of  each  limited
     partnership, and its  related NPI Partnership, is  limited to the
     period of time required to fully produce its acquired oil and gas
     reserves.   A Net Profits Interest entitles the Partnerships to a
     portion  of the oil and  gas sales less  operating and production
     expenses  and development  costs generated  by the  owner  of the
     underlying working interest in  the oil and gas properties.   The
     net proceeds from the  oil and gas operations are  distributed to
     the Limited  Partners and the General Partner  in accordance with
     the terms of the Partnerships' Partnership Agreements.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     The Partnerships  began operations  and  investors were  assigned
     their   rights   as  Limited   Partners,   having   made  capital
     contributions in the amounts and on the dates set forth below:

                                 -23-
<PAGE>
<PAGE>
                                                   Limited
                               Date of         Partner Capital
         Partnership         Activation         Contributions
         -----------     ------------------    ---------------

             P-1         October 25, 1988        $10,807,400
             P-2         February 9, 1989          9,009,400
             P-3         May 10, 1989             16,963,700
             P-4         November 21, 1989        12,630,600
             P-5         February 27, 1990        11,844,900
             P-6         September 5, 1990        14,304,100

     In  general, the amount of funds available for the acquisition of
     producing properties  was equal  to the capital  contributions of
     the  Limited  Partners,  less   15%  for  sales  commissions  and
     organization and  management fees.   The Partnerships  have fully
     invested their capital contributions.

     Net proceeds  from the  Partnerships' Net Profits  Interests less
     necessary  operating capital are  distributed to Limited Partners
     on a quarterly basis.  Revenues and net proceeds of a Partnership
     are  largely dependent upon  the volumes of oil  and gas sold and
     the  prices received  for such oil  and gas.   While  the General
     Partner  cannot predict  future pricing  trends, it  believes the
     working  capital available  as  of March  31,  1997 and  the  net
     revenue generated  from future operations will provide sufficient
     working capital  to meet  current and  future obligations  of the
     Partnerships.

RESULTS OF OPERATIONS
---------------------

     GENERAL DISCUSSION

     The following  general discussion  should be read  in conjunction
     with the analysis of  results of operations provided below.   The
     most important  variable affecting the Partnerships'  revenues is
     the prices received  for the  sale of  oil and  gas.   Predicting
     future  prices  is very  difficult.    Substantially  all of  the
     Partnerships'  gas reserves are being  sold in the "spot market".
     Prices  on the  spot  market are  subject  to wide  seasonal  and
     regional  pricing  fluctuations  due to  the  highly  competitive
     nature of the  spot market.  In addition, such  spot market sales
     are  generally short-term  in nature  and are dependent  upon the
     obtaining  of  transportation  services  provided  by  pipelines.
     Management is unable to predict whether future oil and gas prices
     will (i) stabilize, (ii) increase, or (iii) decrease.

     PARTNERSHIP P-1            

     THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
     ENDED MARCH 31, 1996.
                                      Three Months Ended March 31,
                                      -----------------------------
                                        1997               1996
                                      --------           --------
           Net Profits                $279,897           $310,326
           Barrels produced              8,584              9,504
           Mcf produced                 82,354            134,915
           Average price/Bbl          $  20.91           $  17.57
           Average price/Mcf          $   2.35           $   1.75

                                 -24-
<PAGE>
<PAGE>
     As shown in the table above, Net Profits decreased $30,429 (9.8%)
     for  the three  months ended  March 31, 1997  as compared  to the
     three   months  ended  March   31,  1996.     Of  this  decrease,
     approximately $16,000 and $92,000, respectively,  were related to
     decreases in volumes  of oil  and gas sold,  partially offset  by
     increases of  approximately  $29,000 and  $49,000,  respectively,
     related to increases  in the average prices of  oil and gas sold.
     Volumes of oil and gas sold decreased 920 barrels and 52,561 Mcf,
     respectively,  for  the three  months  ended  March 31,  1997  as
     compared to the three months ended  March 31, 1996.  The decrease
     in volumes of gas sold resulted primarily from (i) positive prior
     period volume  adjustments made  by the purchasers  on two  wells
     during  the three months ended March 31, 1996 and (ii) a negative
     prior  period volume adjustment made by the purchaser on one well
     during the  three months ended March  31, 1997.  Average  oil and
     gas  prices increased  to $20.91  per barrel  and $2.35  per Mcf,
     respectively, for  the three  months ended  March  31, 1997  from
     $17.57  per barrel and $1.75 per Mcf, respectively, for the three
     months ended March 31, 1996.  

     Depletion of Net Profits  Interests decreased $34,647 (36.3%) for
     the  three months ended  March 31, 1997 as  compared to the three
     months ended  March 31, 1996.   This decrease  resulted primarily
     from  (i) decreases  in volumes  of oil and  gas sold  during the
     three months ended March 31, 1997 as compared to the three months
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of  remaining oil and  gas reserves at  December 31, 1996.   As a
     percentage of Net  Profits, this expense  decreased to 21.7%  for
     the three months ended  March 31, 1997  from 30.7% for the  three
     months ended  March 31, 1996.  This decrease was primarily due to
     the increases in the  average prices of oil  and gas sold  during
     the three  months ended March 31,  1997 as compared to  the three
     months ended March 31, 1996.  

     The P-1 Partnership recognized a non-cash charge against earnings
     of  $902,042 for  the three  months ended  March 31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues  from such Net Profits Interests, in accordance with the
     P-1  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $113,945 was related to the decline in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and   $788,097  was  related  to   impairment  of  unproved
     properties.   No  similar charge  was necessary during  the three
     months ended March 31, 1996.

     General and administrative  expenses remained relatively constant
     for the  three months  ended March  31, 1997  as compared  to the
     three  months  ended March  31,  1996.   As a  percentage  of Net
     Profits, these expenses remained relatively constant at 12.4% for
     the three months ended  March 31, 1997  as compared to 11.3%  for
     the three months ended March 31, 1996.

     Cumulative  cash distributions  to the  Limited  Partners through
     March 31, 1997  were $9,059,558  or 83.83%  of Limited  Partners'
     capital contributions.

     PARTNERSHIP P-2            

     THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
     ENDED MARCH 31, 1996.

                                 -25-
<PAGE>
<PAGE>
                                     Three Months Ended March 31,
                                     ----------------------------
                                        1997               1996
                                      --------           --------
           Net Profits                $291,114           $239,673
           Barrels produced              6,082              6,829
           Mcf produced                 71,611            113,725
           Average price/Bbl          $  20.93           $  17.63
           Average price/Mcf          $   3.45           $   1.75

     As shown  in  the  table  above, Net  Profits  increased  $51,441
     (21.5%) for the three months ended March 31, 1997 as  compared to
     the  three  months  ended March  31,  1996.    Of this  increase,
     approximately $20,000 and $122,000, respectively, were related to
     increases  in the average prices  of oil and  gas sold, partially
     offset  by  decreases  of   approximately  $13,000  and  $74,000,
     respectively, related  to decreases  in volumes  of  oil and  gas
     sold.   Volumes of  oil and gas  sold decreased  747 barrels  and
     42,114 Mcf, respectively,  for the three  months ended March  31,
     1997 as compared  to the three months ended March  31, 1996.  The
     decrease in  volumes  of gas  sold  resulted primarily  from  (i)
     positive prior  period volume adjustments made  by the purchasers
     on two wells  during the three  months ended March  31, 1996  and
     (ii)  a  negative  prior  period volume  adjustment  made  by the
     purchaser on one  well during  the three months  ended March  31,
     1997.  Average oil and gas  prices increased to $20.93 per barrel
     and $3.45 per Mcf, respectively, for the three months ended March
     31, 1997 from $17.63  per barrel and $1.75 per  Mcf, respectively
     for the three months ended March 31, 1996.
 
     Depletion of Net Profits  Interests decreased $35,385 (41.0%) for
     the three  months ended March 31,  1997 as compared to  the three
     months  ended March 31,  1996.  This  decrease resulted primarily
     from  (i) decreases  in volumes of  oil and  gas sold  during the
     three months ended March 31, 1997 as compared to the three months
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of remaining oil  and gas reserves  at December 31,  1996.  As  a
     percentage of  Net Profits, this  expense decreased to  17.5% for
     the three  months ended March  31, 1997 from 36.0%  for the three
     months ended March 31, 1996.  This decrease was primarily due  to
     the dollar decrease in depreciation, depletion,  and amortization
     discussed  above and the increases  in the average  prices of oil
     and gas  sold during  the three  months ended  March 31,  1997 as
     compared to the three months ended March 31, 1996.  

     The P-2 Partnership recognized a non-cash charge against earnings
     of  $727,893 for  the three  months ended  March 31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues from such Net Profits  Interests, in accordance with the
     P-2  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $113,005 was related to the decline in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and   $614,888  was  related  to   impairment  of  unproved
     properties.  No  similar charge  was necessary  during the  three
     months ended March 31, 1996.

     General  and administrative expenses remained relatively constant
     for the  three months  ended March  31, 1997  as compared  to the
     three  months  ended March  31,  1996.   As a  percentage  of Net
     Profits, these expenses  decreased to 9.9%  for the three  months

                                 -26-
<PAGE>
<PAGE>
     ended March 31, 1997 from 12.2% for the three months  ended March
     31,  1996.   This percentage  decrease was  primarily due  to the
     increase in Net Profits discussed above.

     Cumulative  cash distributions  to the  Limited  Partners through
     March  31, 1997 were  $6,896,561 or  76.55% of  Limited Partners'
     capital contributions.

     PARTNERSHIP P-3

     THREE  MONTHS ENDED  MARCH  31, 1997  AS  COMPARED TO  THE  THREE
     MONTHS ENDED MARCH 31, 1996.

                                    Three Months Ended March 31,
                                    ----------------------------
                                        1997              1996
                                      --------          --------
           Net Profits                $537,870          $447,556
           Barrels produced             11,239            12,651
           Mcf produced                134,814           214,852
           Average price/Bbl          $  20.94          $  17.63
           Average price/Mcf          $   3.41          $   1.75

     As  shown  in  the  table above,  Net  Profits  increased $90,314
     (20.2%) for the  three months ended March 31, 1997 as compared to
     the  three  months  ended March  31,  1996.    Of this  increase,
     approximately $37,000 and $224,000, respectively, were related to
     increases  in the average prices  of oil and  gas sold, partially
     offset  by  decreases  of  approximately  $25,000  and  $140,000,
     respectively,  related to  decreases in  volumes  of oil  and gas
     sold.  Volumes of  oil and gas sold  decreased 1,412 barrels  and
     80,038 Mcf,  respectively, for the  three months ended  March 31,
     1997 as compared to the  three months ended March 31, 1996.   The
     decrease  in  volumes of  gas  sold resulted  primarily  from (i)
     positive prior  period volume adjustments made  by the purchasers
     on two  wells during  the three months  ended March 31,  1996 and
     (ii)  a  negative  prior period  volume  adjustment  made by  the
     purchaser on one  well during  the three months  ended March  31,
     1997.  Average oil and gas prices increased to  $20.94 per barrel
     and $3.41 per Mcf, respectively, for the three months ended March
     31,  1997 from $17.63 per barrel and $1.75 per Mcf, respectively,
     for the three months ended March 31, 1996.  

     Depletion of Net Profits  Interests decreased $67,959 (41.9%) for
     the three months  ended March 31,  1997 as compared to  the three
     months ended March  31, 1996.   This decrease resulted  primarily
     from  (i) decreases  in volumes  of oil  and gas sold  during the
     three months ended March 31, 1997 as compared to the three months
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of remaining  oil and gas  reserves at December  31, 1996.   As a
     percentage  of Net Profits,  this expense decreased  to 17.5% for
     the three  months ended March 31,  1997 from 36.3%  for the three
     months ended March 31,  1996.  This decrease was primarily due to
     the dollar  decrease in depreciation, depletion, and amortization
     discussed  above and the increases  in the average  prices of oil
     and  gas sold  during the three  months ended  March 31,  1997 as
     compared to the three months ended March 31, 1996.  

     The P-3 Partnership recognized a non-cash charge against earnings
     of $1,413,917 for  the three months ended  March 31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs

                                 -27-
<PAGE>
<PAGE>
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues from such Net Profits Interests, in accordance  with the
     P-3  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $220,449 was related to the decline in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and  $1,193,468  was  related  to  impairment  of  unproved
     properties.   No  similar charge was  necessary during  the three
     months ended March 31, 1996.
  
     General  and administrative expenses remained relatively constant
     for  the three months  ended March  31, 1997  as compared  to the
     three  months  ended March  31,  1996.   As  a percentage  of Net
     Profits,  these expenses decreased to  10.1% for the three months
     ended March 31,  1997 from 12.3% for the three months ended March
     31,  1996.   This percentage  decrease was  primarily due  to the
     increase in Net Profits discussed above.

     Cumulative  cash  distributions to  the Limited  Partners through
     March 31, 1997  were $12,355,401 or  72.83% of Limited  Partners'
     capital contributions.

     PARTNERSHIP P-4            

     THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
     ENDED MARCH 31, 1996.

                                    Three Months Ended March 31,
                                    ---------------------------- 
                                        1997              1996
                                      --------          --------
           Net Profits                $407,373          $345,698
           Barrels produced              5,414             6,226
           Mcf produced                142,615           179,821
           Average price/Bbl          $  21.73          $  19.26
           Average price/Mcf          $   2.73          $   1.83

     As  shown  in  the table  above,  Net  Profits increased  $61,675
     (17.8%) for the three months ended March  31, 1997 as compared to
     the  three  months  ended March  31,  1996.    Of this  increase,
     approximately $13,000 and $128,000, respectively, were related to
     increases  in the average prices  of oil and  gas sold, partially
     offset  by  decreases  of   approximately  $16,000  and  $68,000,
     respectively, related  to decreases  in  volumes of  oil and  gas
     sold.   Volumes of  oil and  gas sold  decreased 812  barrels and
     37,206 Mcf,  respectively, for the  three months ended  March 31,
     1997  as compared to the three months  ended March 31, 1996.  The
     decrease  in volumes  of  gas sold  resulted  primarily from  (i)
     normal declines in  production due to diminished gas  reserves on
     several  wells, (ii) the sale  of two gas  producing wells during
     1996, and (iii) a positive prior period volume adjustment made by
     the purchaser on one well during the three months ended March 31,
     1996.   Average oil and gas prices increased to $21.73 per barrel
     and $2.73 per Mcf, respectively, for the three months ended March
     31,  1997 from $19.26 per barrel and $1.83 per Mcf, respectively,
     for the three months ended March 31, 1996.

     Depletion of Net Profits  Interests decreased $54,541 (31.8%) for
     the three months  ended March 31, 1997  as compared to  the three
     months ended  March 31, 1996.   This decrease  resulted primarily
     from (i) decreases  in volumes  of oil  and gas  sold during  the
     three months ended March 31, 1997 as compared to the three months

                                 -28-
<PAGE>
<PAGE>
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of remaining  oil and gas  reserves at December  31, 1996.   As a
     percentage  of Net Profits,  this expense decreased  to 28.7% for
     the three  months ended March 31,  1997 from 49.6% for  the three
     months ended March 31, 1996.  This  decrease was primarily due to
     the dollar decrease in depreciation, depletion,  and amortization
     discussed  above and the increases  in the average  prices of oil
     and gas  sold during  the three  months ended March  31, 1997  as
     compared to the three months ended March 31, 1996.  

     The P-4 Partnership recognized a non-cash charge against earnings
     of  $752,388 for  the three months  ended March  31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues from such Net Profits Interests, in  accordance with the
     P-4  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $84,059 was related to the decline  in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and   $668,329  was  related  to   impairment  of  unproved
     properties.   No similar charge  was necessary  during the  three
     months ended March 31, 1996.

     General and  administrative expenses decreased $2,740  (6.7%) for
     the  three months ended March  31, 1997 as  compared to the three
     months ended March  31, 1996.   This decrease resulted  primarily
     from a  decrease in  professional fees  during  the three  months
     ended March 31, 1997 as compared to  the three months ended March
     31,  1996.    As a  percentage  of  Net  Profits, these  expenses
     decreased to 9.4% for the three months ended March 31, 1997  from
     11.9% for the three months ended March 31, 1996.  This percentage
     decrease  was  primarily due  to  the  increase  in  Net  Profits
     discussed above.

     Cumulative cash  distributions  to the  Limited Partners  through
     March 31,  1997 were $10,231,945  or 81.01% of  Limited Partners'
     capital contributions.

     PARTNERSHIP P-5            

     THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
     ENDED MARCH 31, 1996.

                                    Three Months Ended March 31,
                                    ----------------------------
                                        1997              1996
                                      --------          --------
           Net Profits                $341,315          $280,150
           Barrels produced              2,267             3,478
           Mcf produced                146,737           174,240
           Average price/Bbl          $  20.79          $  17.99
           Average price/Mcf          $   2.59          $   1.75

     As  shown  in  the table  above,  Net  Profits  increased $61,165
     (21.8%) for the three months ended  March 31, 1997 as compared to
     the  three  months  ended  March  31,  1996.  Of  this  increase,
     approximately $6,000 and $123,000,  respectively, were related to
     increases  in the average prices  of oil and  gas sold, partially
     offset  by  decreases  of   approximately  $22,000  and  $48,000,
     respectively,  related to  decreases in  volumes of  oil and  gas
     sold. Volumes of  oil and  gas sold decreased  1,211 barrels  and
     27,503 Mcf, respectively,  for the three  months ended March  31,

                                 -29-
<PAGE>
<PAGE>
     1997  as compared to the three months  ended March 31, 1996.  The
     decrease  in volumes  of  oil sold  resulted  primarily from  (i)
     normal declines in  production due to diminished oil  reserves on
     two wells and  (ii) positive prior period volume adjustments made
     by the operator on two wells during  the three months ended March
     31, 1996.  The decrease in volumes of gas sold resulted primarily
     from (i)  normal declines  in  production due  to diminished  gas
     reserves on  several wells, (ii)  a negative prior  period volume
     adjustment made by  the purchaser  on one well  during the  three
     months  ended March 31, 1997,  and (iii) a  positive prior period
     volume adjustment  made by the  purchaser on another  well during
     the three  months ended  March  31, 1996.   Average  oil and  gas
     prices  increased  to  $20.79  per  barrel  and  $2.59  per  Mcf,
     respectively,  for the  three months  ended March  31, 1997  from
     $17.99  per barrel and $1.75 per Mcf, respectively, for the three
     months ended March 31, 1996.

     Depletion of Net Profits  Interests decreased $54,964 (39.1%) for
     the three  months ended March 31,  1997 as compared  to the three
     months ended  March 31, 1996.   This decrease  resulted primarily
     from (i)  decreases in  volumes of  oil and  gas sold  during the
     three months ended March 31, 1997 as compared to the three months
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of  remaining oil and  gas reserves at  December 31, 1996.   As a
     percentage of Net  Profits, this expense  decreased to 25.1%  for
     the three  months ended March 31,  1997 from 50.1% for  the three
     months ended March 31, 1996.  This  decrease was primarily due to
     the dollar decrease in  depreciation, depletion, and amortization
     discussed  above and the increases  in the average  prices of oil
     and gas  sold during  the three  months ended March  31, 1997  as
     compared to the three months ended March 31, 1996.  

     The P-5 Partnership recognized a non-cash charge against earnings
     of $1,018,067 for  the three months  ended March 31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues from such Net Profits Interests,  in accordance with the
     P-5  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $122,458 was related to the decline in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and   $895,609  was  related  to   impairment  of  unproved
     properties.   No similar  charge was  necessary during  the three
     months ended March 31, 1996.

     General and administrative expenses remained  relatively constant
     for  the three  months ended  March 31, 1997  as compared  to the
     three  months ended  March 31,  1996.   As  a  percentage of  Net
     Profits, these expenses  decreased to 11.3% for the  three months
     ended March 31, 1997 from 13.7% for  the three months ended March
     31, 1996.  This decrease was primarily due to the increase in Net
     Profits discussed above.

     Cumulative  cash  distributions to  the Limited  Partners through
     March 31,  1997 were  $5,590,759 or  47.20% of  Limited Partners'
     capital contributions.


     PARTNERSHIP P-6            

     THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
     ENDED MARCH 31, 1996.

                                 -30-
<PAGE>
<PAGE>
                                    Three Months Ended March 31,
                                    ----------------------------
                                        1997              1996
                                      --------          --------
           Net Profits                $544,640          $502,096
           Barrels produced              4,303             5,706
           Mcf produced                235,050           285,013
           Average price/Bbl          $  21.24          $  17.96
           Average price/Mcf          $   2.87          $   2.03

     As shown in the table above, Net Profits increased $42,544 (8.5%)
     for  the three  months ended March  31, 1997  as compared  to the
     three   months  ended   March   31,  1996.   Of  this   increase,
     approximately $14,000 and $197,000, respectively, were related to
     the  increases in  the  average  prices  of  oil  and  gas  sold,
     partially  offset  by  decreases  of  approximately  $25,000  and
     $101,000, respectively,  related to  decreases in volumes  of oil
     and gas sold and  a decrease of approximately $42,000  related to
     an  increase in production expenses incurred by the owners of the
     Working Interests.  Volumes  of oil and gas sold  decreased 1,403
     barrels  and 49,963 Mcf, respectively, for the three months ended
     March  31, 1997 as  compared to the three  months ended March 31,
     1996.  The  decrease in  volumes of oil  sold resulted  primarily
     from normal declines in production due to diminished oil reserves
     on two  wells.   The decrease  in volumes  of  gas sold  resulted
     primarily  from   (i)  normal  declines  in   production  due  to
     diminished  gas reserves  on several  wells, (ii)  positive prior
     period volume adjustments made by the purchasers on several wells
     during the three months ended March 31, 1996, (iii) the shutting-
     in of two wells  during 1996 due to mechanical  difficulties, and
     (iv) a  negative  prior  period volume  adjustment  made  by  the
     purchaser on one  well during  the three months  ended March  31,
     1997.   The  increase in  production expenses  resulted primarily
     from  (i) an  increase in  ad valorem  taxes incurred  on several
     wells during the three months ended March 31, 1997 as compared to
     the  three months ended March 31, 1996 and (ii) workover expenses
     incurred during the three months ended March 31, 1997 in order to
     improve  the recovery  of  reserves on  several wells,  partially
     offset by  decreases in volumes  of oil and  gas sold  during the
     three months ended March 31, 1997 as compared to the three months
     ended March  31, 1996.  Average  oil and gas  prices increased to
     $21.24  per barrel and $2.87 per Mcf, respectively, for the three
     months ended March 31, 1997 from  $17.96 per barrel and $2.03 per
     Mcf, respectively, for the three months ended March 31, 1996.

     Depletion of Net Profits  Interests decreased $67,673 (30.7%) for
     the three months  ended March 31, 1997  as compared to  the three
     months  ended March 31,  1996.  This  decrease resulted primarily
     from (i) decreases  in volumes  of oil  and gas  sold during  the
     three months ended March 31, 1997 as compared to the three months
     ended March 31, 1996  and (ii) upward revisions in  the estimates
     of remaining oil  and gas reserves  at December 31,  1996.  As  a
     percentage of  Net Profits, this  expense decreased to  28.0% for
     the three  months ended March 31,  1997 from 43.9% for  the three
     months ended March 31, 1996.  This decrease  was primarily due to
     the dollar decrease in  depreciation, depletion, and amortization
     discussed  above and the increases  in the average  prices of oil
     and  gas sold  during the  three months  ended March 31,  1997 as
     compared to the three months ended March 31, 1996.  

     The P-6 Partnership recognized a non-cash charge against earnings

                                 -31-
<PAGE>
<PAGE>
     of  $898,584 for  the three months  ended March  31, 1997.   This
     impairment provision  was necessary due to  the unamortized costs
     of Net  Profits Interests  exceeding the undiscounted  future net
     revenues from such  Net Profits Interests, in accordance with the
     P-6  Partnership's adoption  of SFAS  No. 121.   Of  this amount,
     $444,990 was related to the decline in oil and gas prices used to
     determine the recoverability of oil and gas reserves at March 31,
     1997  and   $453,594  was  related  to   impairment  of  unproved
     properties.   No similar  charge was  necessary during  the three
     months ended March 31, 1996.

     General and administrative expenses remained  relatively constant
     for  the three  months ended  March 31, 1997  as compared  to the
     three  months ended  March 31,  1996.   As  a  percentage of  Net
     Profits, these expenses remained  relatively constant at 8.7% for
     the three months ended March 31, 1997 as compared to 9.3% for the
     three months ended March 31, 1996.

     Cumulative  cash distributions  to the  Limited  Partners through
     March 31,  1997 were $7,084,248  or 49.53%  of Limited  Partners'
     capital contributions.

                                 -32-
<PAGE>
<PAGE>
                      PART II:  OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K:

     (a)  Exhibits:

          27.1 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-1   Partnership's
               financial statements as of  March 31, 1997 and  for the
               three months ended March 31, 1997, filed herewith.

          27.2 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-2   Partnership's
               financial statements as of March  31, 1997 and for  the
               three months ended March 31, 1997, filed herewith.

          27.3 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-3   Partnership's
               financial  statements as of March 31,  1997 and for the
               three months ended March 31, 1997, filed herewith.

          27.4 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-4   Partnership's
               financial statements  as of March 31, 1997  and for the
               three months ended March 31, 1997, filed herewith.

          27.5 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-5   Partnership's
               financial statements as  of March 31, 1997 and  for the
               three months ended March 31, 1997, filed herewith.

          27.6 Financial  Data  Schedule containing  summary financial
               information  extracted  from   the  P-6   Partnership's
               financial statements as of  March 31, 1997 and for  the
               three months ended March 31, 1997, filed herewith.

               All other exhibits are omitted as inapplicable.

     (b)  Reports on Form 8-K:

          Current Reports on Form 8-K  filed during the first  quarter
          of 1997:

          Date of event:           January 24, 1997
          Date filed with SEC:     January 24, 1997
          Items Included:
               Item 5 - Other Events
               Item 7 - Exhibits

                                 -33-
<PAGE>
<PAGE>
                              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, thereunto duly authorized.


                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME P-1 LIMITED PARTNERSHIP
                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME P-2 LIMITED PARTNERSHIP
                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME LIMITED PARTNERSHIP P-3
                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME LIMITED PARTNERSHIP P-4
                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME LIMITED PARTNERSHIP P-5
                         GEODYNE INSTITUTIONAL/PENSION ENERGY
                         INCOME LIMITED PARTNERSHIP P-6


                              (Registrant)

                              By:  GEODYNE RESOURCES, INC.            
     

                                   General Partner




Date:  May 13, 1997           By:    /s/Dennis R. Neill
                                 -------------------------------
                                    (Signature)
                                    Dennis R. Neill
                                    President



Date:  May 13, 1997           By:    /s/Patrick M. Hall
                                 -------------------------------
                                    (Signature)
                                    Patrick M. Hall
                                    Principal Accounting Officer

                                 -34-
<PAGE>
<PAGE>
                           INDEX TO EXHIBITS
                           -----------------

NUMBER    DESCRIPTION
------    -----------

27.1      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income P-1 Limited Partnership's financial statements
          as of  March 31, 1997 and  for the three months  ended March
          31, 1997, filed herewith.

27.2      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income P-2 Limited Partnership's financial statements
          as of March  31, 1997 and for  the three months ended  March
          31, 1997, filed herewith.

27.3      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income Limited Partnership P-3's financial statements
          as  of March 31,  1997 and for the  three months ended March
          31, 1997, filed herewith.

27.4      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income Limited Partnership P-4's financial statements
          as of  March 31, 1997  and for the three  months ended March
          31, 1997, filed herewith.

27.5      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income Limited Partnership P-5's financial statements
          as of March  31, 1997 and  for the three months  ended March
          31, 1997, filed herewith.

27.6      Financial   Data   Schedule  containing   summary  financial
          information extracted from the Geodyne Institutional/Pension
          Energy Income Limited Partnership P-6's financial statements
          as of March 31,  1997 and for  the three months ended  March
          31, 1997, filed herewith.

          All other exhibits are omitted as inapplicable.
<PAGE>