MarkWest Energy Posts Net Profit

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On March 2, 2009, MarkWest Energy Partners L.P.(MWE Quote) reported a net profit in Q4 FY08, benefiting from a derivative gain of $340.70 million. Net income was $180.14 million, or $3.14 per unit, compared to a loss of $25.59 million, or $1.12 per unit, in Q4 FY07. The quarterly results beat the consensus estimate of $0.06 per share.

Total revenue more than tripled to $567.76 million from $147.62 million in Q4 FY07. Southwestern revenue slumped 23.7% to $115.80 million, on lower gathering systems throughput volumes from Foss Lake, Oklahoma, Appleby, and other Southwestern regions, along with declining NGL product sales from Arapaho, Oklahoma. Revenue from the North East plummeted 22.5% to $65.14 million, hurt by a 1.7% decline in processed natural gas from Appalachia and an 8.0% drop in crude oil transportation for a fee. Meanwhile, Gulf Coast revenue plunged 33.5% year-over-year to $12.96 million. ...