The anticipated additional capital contributions by EMG will allow the Utica Joint Venture to continue to rapidly expand its presence throughout the Utica Shale and keep pace with the significant increase in planned drilling activity throughout the region. MarkWest’s 2013 capital expenditure forecast remains unchanged in a range of $1.4 to $1.9 billion.
“We are pleased to announce the continued development of our Utica Shale system and the expansion of our partnership with EMG,” said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest. “The acceleration of our Utica midstream development is a direct result of the ongoing success of our producer customers’ drilling programs. Our long-term relationship with EMG has provided us with the capital flexibility to build ahead of our customers and provide fully integrated natural gas and natural gas liquids services in one of the best resource plays in the US."
“We are thrilled to once again leverage our relationship with MarkWest to help meet their liquidity needs with a large scale flexible solution that contemporaneously meets the needs of the producer community for additional capacity given the drilling results experienced to date in the Utica,” stated John Raymond, Managing Partner and CEO of EMG.
About MarkWest Energy Partners, L.P.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. About The Energy & Minerals Group The Energy & Minerals Group is a highly specialized private equity firm that focuses exclusively on investing across various facets of the global natural resource industry that are integral to the global economy. Upon completion of the aforementioned transaction, EMG will have $6.2 Billion of total investor commitments (including co-investments) with in excess of $3.1 Billion deployed across the energy complex since inception. For additional information on EMG, please contact Alexandra Coolidge at 713-579-5029.