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MarkWest Energy Partners Reports Third Quarter Financial Results; Places Into Service Three Major Facilities; Announces Additional Midstream Infrastructure Project In The Marcellus Shale

Stocks in this article: MWE

a. NGL-to-crude oil ratio at 50% for 2014.b. NGL-to-crude oil ratio at 40% for 2014.c. NGL-to-crude oil ratio at 30% for 2014.

The analysis further assumes derivative instruments outstanding as of November 5, 2013, and production volumes estimated through December 31, 2014. The range of stated hypothetical changes in commodity prices considers current and historic market performance.

 

Estimated Range of 2014 DCF

                         
          Natural Gas Price (Henry Hub)
           

Crude Oil Price (WTI)

 

NGL-to-Crude Oil ratio (1)

    $3.00     $3.50     $4.00     $4.50
$110 50% of WTI     $ 740     $ 737     $ 733     $ 730
40% of WTI     $ 684     $ 681     $ 677     $ 674
    30% of WTI     $ 634     $ 630     $ 627     $ 623
$100 50% of WTI     $ 710     $ 706     $ 703     $ 699
40% of WTI     $ 661     $ 658     $ 654     $ 650
    30% of WTI     $ 609     $ 605     $ 602     $ 598
$90 50% of WTI     $ 678     $ 675     $ 671     $ 668
40% of WTI     $ 644     $ 641     $ 637     $ 634
    30% of WTI     $ 589     $ 585     $ 582     $ 578
$80 50% of WTI     $ 649     $ 645     $ 642     $ 638
40% of WTI     $ 613     $ 609     $ 606     $ 602
    30% of WTI     $ 572     $ 569     $ 565     $ 560
(1)   The composition is based on MarkWest’s average projected barrel of approximately: Ethane: 35%, Propane: 35%, Iso-Butane: 6%, Normal Butane: 12%, Natural Gasoline: 12%.
 

The table is based on current information, expectations, and beliefs concerning future developments and their potential effects, and does not consider actions MarkWest management may take to mitigate exposure to changes. Nor does the table consider the effects that such hypothetical adverse changes may have on overall economic activity. Historical prices and ratios of NGL-to-crude oil do not guarantee future results.

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