UNITED STATES
                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report

                Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934

                                February 12, 2004
                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            (Commission file number)          (I.R.S. Employer
 jurisdiction of                                             Identification No.)
 incorporation or

                       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 12. Results of Operations and Financial Condition

On February 12, 2004, we issued a press release with respect to our 2003 fourth
quarter and 2003 year end earnings. The press release is furnished as Exhibit
99.1 to this Current Report and incorporated by reference herein. The press
release contains certain measures (discussed below), which may be deemed
"non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the
Securities Exchange Act of 1934, as amended.

The information furnished pursuant to this Item 12, including Exhibit 99.1,
shall not be deemed to be "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and will not be incorporated by
reference into any registration statement filed under the Securities Act of
1933, as amended, unless specifically identified therein as being incorporated
therein by reference.

Management discloses discretionary cash flow. This non-GAAP financial measure
and reconciliation to the most comparable GAAP financial measure for the fourth
quarter and full year 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.  Investors should
be  cautioned  that  discretionary  cash  flow  as  reported  by us  may  not be
comparable  in all  instances  to  discretionary  cash flow as reported by other

                                      EXHIBIT INDEX

    Exhibit No.             Description
    99.1                    Press release, dated February 12, 2004
                            announcing earnings for the quarter
                            and year ended December 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:   February 12, 2004

                              ENERGY PARTNERS, LTD.

                              By: /s/ Suzanne V. Baer
                              Suzanne V. Baer
                              Executive Vice President and Chief
                              Financial Officer
                              (Authorized Officer and Principal
                              Financial Officer)