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Saturday, March 1, 2014

MarkWest Energy Partners Reports Fourth Quarter and Full Year Financial Results

From a MarkWest press release:

  • Increased total processing capacity in the Marcellus and Utica Shales to over 2.8 Bcf/d with the completion of five major gas processing facilities totaling 1 Bcf/d in the past five months
  • Placed into service the Hopedale fractionation and marketing complex in the Utica Shale, increasing current fractionation capacity for propane and heavier purity products in the Northeast to over 140,000 Bbl/d
  • Announced the development of 200 MMcf/d of additional processing capacity at the Seneca complex in the Utica Shale to support Antero Resources
  • Placed into service the Buffalo Creek processing plant, a 200 MMcf/d cryogenic processing facility in the Anadarko Basin, that is supported by long-term fee-based agreements with Chesapeake Energy
  • The Partnership has 19 major processing and fractionation facilities under construction in the Northeast
  • Fee-based net operating margin increased from 53 percent to 65 percent when compared to the fourth quarter of 2012
DENVER--(BUSINESS WIRE)--MarkWest Energy Partners, L.P. (NYSE: MWE) (the Partnership) today reported quarterly cash available for distribution to common unitholders, or distributable cash flow (DCF), of $127.2 million for the three months ended December 31, 2013, and $483.4 million for the year ended December 31, 2013. DCF for the three months and year ended December 31, 2013 represents distribution coverage of 94 percent and 99 percent, respectively. The fourth quarter distribution of $135.9 million, or $0.86 per common unit, was paid to unitholders on February 14, 2014. The fourth quarter 2013 distribution represents an increase of $0.01 per common unit or 1.2 percent over the third quarter 2013 distribution and an increase of $0.04 per common unit or 4.9 percent compared to the fourth quarter 2012 distribution. As a Master Limited Partnership, cash distributions to common unitholders are largely determined based on DCF. A reconciliation of DCF to net income, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.
“Our producers’ ongoing success and expanding development plans continue to provide us with exceptional future growth opportunities. We are committed to delivering another year of strong financial results, operational excellence and best of class customer service in many of America’s most exciting resource plays.”
The Partnership reported Adjusted EBITDA of $155.5 million for the three months ended December 31, 2013 and $606.0 million for the year ended December 31, 2013, as compared to $138.0 million and $528.5 million for the three months and year ended December 31, 2012. The Partnership believes the presentation of Adjusted EBITDA provides useful information because it is commonly used by investors in Master Limited Partnerships to assess financial performance and operating results of ongoing business operations. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.
The Partnership reported (loss) income before provision for income tax for the three months and year ended December 31, 2013, of $(3.8) million and $53.1 million, respectively. (Loss) income before provision for income tax includes non-cash loss associated with the change in fair value of derivative instruments of $14.4 million and $15.6 million for the respective three months and year ended December 31, 2013, a gain of $0.8 million and $39.7 million related to the divestiture of gathering assets in the Marcellus Shale for the respective three months and year ended December 31, 2013, and a loss associated with the redemption of debt of $38.5 million for the year ended December 31, 2013. Excluding these items, income before provision for income tax for the three months and year ended December 31, 2013 would have been $9.8 million and $67.5 million, respectively.
“We are very pleased to close 2013 with the completion of major infrastructure projects that are critical to the development of the Marcellus and Utica Shales,” stated Frank Semple, Chairman, President and Chief Executive Officer. “Our producers’ ongoing success and expanding development plans continue to provide us with exceptional future growth opportunities. We are committed to delivering another year of strong financial results, operational excellence and best of class customer service in many of America’s most exciting resource plays.”
Read the whole release here.

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