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

                                   May 6, 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 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 12. Results of Operations and Financial Condition

On May 6, 2004, we issued a press release with respect to our 2004 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 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 first
quarter of 2004 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 companies.

                                  EXHIBIT INDEX

Exhibit No.             Description

99.1                    Press release, dated May 6, 2004 announcing earnings for
                        the quarter ended March 31, 2004.



         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 6, 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)