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MarkWest Energy Partners Reports Record Quarterly Distributable Cash Flow, Increases Quarterly Common Unit Distribution By 17.9 Percent

Stocks in this article: MWE

MarkWest Energy Partners, LP (NYSE: MWE) (the Partnership) today reported record quarterly cash available for distribution to common unitholders, or distributable cash flow (DCF), of $109.2 million for the three months ended March 31, 2012, compared to $76.1 million for the three months ended March 31, 2011. DCF for the three months ended March 31, 2012 represents 135 percent coverage of the first quarter distribution of $81.1 million, or $0.79 per common unit, which will be paid to unitholders on May 15, 2012. As a Master Limited Partnership (MLP), cash distributions to common unitholders are largely determined based on DCF. A reconciliation of DCF to net income (loss), the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.

The Partnership reported record quarterly Adjusted EBITDA of $132.9 million for the three months ended March 31, 2012, compared to $96.2 million for the same period in 2011. The Partnership believes the presentation of Adjusted EBITDA provides useful information because it is commonly used by investors in MLPs to assess financial performance and operating results of ongoing business operations. A reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.

The Partnership reported income before provision for income tax for the three months ended March 31, 2012 of $20.8 million, compared to a loss of $88.8 million for the same period in 2011. Income (loss) before provision for income tax includes non-cash losses associated with the change in fair value of derivative instruments of $48.2 million and $79.8 million for the three months ended March 31, 2012 and March 31, 2011, respectively, and costs associated with the redemption of debt of $43.3 million for the three months ended March 31, 2011. Excluding these items, income (loss) before provision for income tax for the three months ended March 31, 2012 and 2011 would have been $69.0 million and $34.3 million, respectively.

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