MarkWest Energy Partners Announces Commencement of Mobley Processing Facility in Wetzel County, West Virginia
DENVER--(BUSINESS WIRE)-- MarkWest Energy Partners (NYS: MWE) (MarkWest) announced today the commencement of operations of the first Mobley processing facility located in Wetzel County, West Virginia. The 200 million cubic feet per day (MMcf/d) plant supports the development of rich-gas from the Marcellus Shale by EQT Corporation (NYS: EQT) , Magnum Hunter Resources Corporation (NYS: MHR) and other producers.
The Mobley facility is currently operating at approximately 60% utilization and will continue to experience accelerated volume growth due to the ongoing drilling success of MarkWest's producer customers operating in the area. MarkWest expects to complete construction of its second Mobley facility, a 120 MMcf/d plant, during the first quarter of 2013, and by the fourth quarter of 2013 bring online a third facility with 200 MMcf/d of processing capacity. Once these announced projects are operational, the Mobley complex will have approximately 520 MMcf/d of processing capacity in the significant wet-gas fairway of northern West Virginia. The natural gas liquids (NGLs) recovered at Mobley are being transported via MarkWest's NGL pipeline gathering network to the 60,000 barrels per day (Bbl/d) Houston fractionation complex in Washington County, PA, where they are separated into valuable purity products and marketed on behalf of producer customers.
"The initial Mobley project presented a significant challenge because of the remote location and mountainous terrain," said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest. "With the initial plant now online and expansions well underway, our producer customers now have the infrastructure needed to efficiently develop their prolific Marcellus Shale acreage in northern West Virginia."
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, June 30, 2012 and September 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 West Virginia
The article MarkWest Energy Partners Announces Commencement of Mobley Processing Facility in Wetzel County, West Virginia originally appeared on Fool.com.
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