Washington, D.C. 20549

                                    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

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

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.


                                  EXHIBIT INDEX

Exhibit No.    Description
-----------    -----------------------------------------------------------------

99.1           Press release, dated May 5, 2003 announcing earnings for the
               quarter ended March 31, 2003.



                     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
                                          Suzanne V. Baer
                                          Executive Vice President and Chief
                                          Financial Officer
                                          (Authorized Officer and Principal
                                          Financial Officer)