MarkWest Energy Partners Reports Record Second Quarter Results And Announces Plans To Form A Joint Venture With Kinder Morgan To Support Northern Ohio Rich-Gas Development And NGL Pipeline To Gulf Coast
- As of June 30, 2013, the Partnership had $278.9 million of cash and cash equivalents in wholly owned subsidiaries and $1.19 billion remaining capacity under its $1.2 billion revolving credit facility after consideration of $11.3 million of outstanding letters of credit.
- Operating income before items not allocated to segments for the three months ended June 30, 2013, was $177.5 million, an increase of $32.8 million when compared to segment operating income of $144.7 million over the same period in 2012. This increase was primarily attributable to higher processing volumes, offset by lower commodity prices compared to the prior year quarter. Processed volumes continued to remain strong, growing approximately 53 percent when compared to the second quarter of 2012, primarily due to the Partnership’s Liberty Segment and East Texas operations.A reconciliation of operating income before items not allocated to segments to income before provision for income tax, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.
- Operating income before items not allocated to segments does not include gains (losses) on commodity derivative instruments. Realized gains (losses) on commodity derivative instruments were $2.0 million in the second quarter of 2013 and ($5.0) million in the second quarter of 2012.
- For the three months ended June 30, 2013, the Partnership’s portion of capital expenditures was $443.0 million.
2013 DCF AND GROWTH CAPITAL EXPENDITURE FORECASTFor 2013, the Partnership’s DCF forecast remains in a range of $500 million to $540 million based on its current forecast of operational volumes and prices for crude oil, natural gas and natural gas liquids; and derivative instruments currently outstanding. A commodity price sensitivity analysis for forecasted 2013 DCF is provided within the tables of this press release.
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