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 $161.7 million for the three months ended June 30, 2014, and $310.2 million for the six months ended June 30, 2014. DCF for the three months ended June 30, 2014 represents distribution coverage of 104 percent. The second quarter distribution of $155.8 million, or $0.88 per common unit, will be paid to unitholders on August 14, 2014. The second quarter 2014 distribution represents an increase of $0.01 per common unit or 1.2 percent over the first quarter 2014 distribution and an increase of $0.04 per common unit or 4.8 percent compared to the second quarter 2013 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 six months ended June 30, 2014, of $208.2 million and $395.8 million, respectively, compared to $155.7 million and $296.5 million for the respective three and six months ended June 30, 2013. 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 income before provision for income tax for the three and six months ended June 30, 2014 of $10.1 million and $38.6 million, respectively. Income before provision for income tax includes non-cash losses associated with the change in fair value of derivative instruments of $18.8 million and $7.0 million for the respective three and six months ended June 30, 2014. Excluding these items, income before provision for income tax for the three and six months ended June 30, 2014 would have been $28.9 million and $45.6 million, respectively.
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