MarkWest Energy Partners Announces Firm Capacity Commitment on Mariner East
DENVER--(BUSINESS WIRE)-- MarkWest Energy Partners, L.P. (MarkWest) (NYS: MWE) announced today that it has signed a 10-year agreement to become a firm shipper on the Mariner East pipeline subject to final regulatory approvals. Mariner East is currently designed to transport ethane and propane sourced at MarkWest's Houston, Pennsylvania processing and fractionation complex to Sunoco's Marcus Hook facility located near Philadelphia. Once delivered, the ethane-propane mix will be re-fractionated into purity products for sale into domestic and international markets.
MarkWest has partnered with Sunoco Logistics Partners L.P. (Sunoco Logistics) (NYS: SXL) through the development of Mariner West and Mariner East to deliver comprehensive solutions for its producer customers to market ethane and propane produced in the northeast to both domestic and international end-user markets. As a precursor to the announcement of a binding open season for the Mariner East Project, MarkWest began delivering propane from its Houston, Pennsylvania processing and fractionation complex to the Marcus Hook export facility for sale to international markets.
"We are pleased to expand our partnership with Sunoco Logistics and commit capacity on Mariner East. The delivery of ethane and propane from the northeast US to both domestic and international markets is a critical step in ensuring that the Marcellus and Utica natural gas liquids markets remain in balance," stated Frank Semple, Chairman, President and Chief Executive Officer of MarkWest. "Mariner East's ability to further expand export capacity from Marcus Hook is an important milestone. MarkWest's agreement to take capacity emphasizes our ongoing commitment to provide multiple marketing options that will continue to maximize the value of our producer customers' natural gas liquids for years to come."
MarkWest Energy Partners, L.P. is a master limited partnership engaged in the gathering, transportation, and processing of natural gas; the transportation, fractionation, marketing, and storage of natural gas liquids; and the gathering and transportation of crude oil. MarkWest has extensive natural gas gathering, processing, and transmission operations in the southwest, Gulf Coast, and northeast regions of the United States, including the Marcellus Shale, and is the largest natural gas processor and fractionator in the Appalachian region.
This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although MarkWest believes that the expectations reflected in the forward-looking statements are reasonable, MarkWest can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed with the SEC, including MarkWest's Annual Report on Form 10-K for the year ended December 31, 2011 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." MarkWest does not undertake any duty to update any forward-looking statement except as required by law.
MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President & CEO
Nancy Buese, 866-858-0482
Senior VP & CFO
Josh Hallenbeck, 866-858-0482
VP of Finance & Treasurer
KEYWORDS: United States North America Colorado Pennsylvania
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