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 $104.3 million for the three months ended September 30, 2012, and $304.6 million for the nine months ended September 30, 2012. Distributable cash flow for the three months ended September 30, 2012, represents distribution coverage of 109 percent. The third quarter distribution of $95.3 million, or $0.81 per common unit, will be paid to unitholders on November 14, 2012. The third quarter 2012 distribution represents an increase of $0.01 per common unit, or 1.3 percent, over the second quarter 2012 distribution and an increase of $0.08 per common unit, or 11.0 percent, over the third quarter 2011 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.
The Partnership reported Adjusted EBITDA for the three and nine months ended September 30, 2012, of $108.2 million and $371.7 million, respectively, as compared to $107.0 million and $323.2 million for the three and nine months ended September 30, 2011. 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 and nine months ended September 30, 2012, of $(22.2) million and $230.3 million, respectively. (Loss) income before provision for income tax includes non-cash (loss) gain associated with the change in mark-to-market of derivative instruments of $(43.7) million and $101.8 million for the three and nine months ended September 30, 2012, respectively. Excluding these items, income before provision for income tax for the three and nine months ended September 30, 2012, would have been $21.5 million and $128.5 million, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV