“Our results reflect the continued success of our producers’ as they rapidly develop their acreage positions in high-quality unconventional resource plays, as well as several short-term operational constraints that we have recently experienced in the Northeast,” said Frank Semple, Chairman, President and Chief Executive Officer. “Development of the Marcellus and Utica Shales continues to provide us with significant future growth opportunities for the expansion of critical midstream infrastructure. We are committed to providing our producers with exceptional customer service and unique solutions that will support their ongoing success.”

BUSINESS HIGHLIGHTS

Marcellus:
  • In July 2013, the Partnership commenced operations of the Houston De-ethanizer, a 38,000 barrel per day (Bbl/d) fractionator that is producing purity ethane from Marcellus rich-gas production. The Houston De-ethanizer will initially support Mariner West, an ethane purity products pipeline project being developed by Sunoco Logistics Partners, L.P. (NYSE: SXL) (Sunoco), and in the future, will support the ATEX and Mariner East ethane takeaway projects.
  • In August 2013, the Partnership announced the development of additional fractionation facilities to support producers’ growing rich-gas production in the Marcellus Shale. By the second quarter of 2014, the Partnership will install de-ethanization and de-propanization units totaling 20,000 Bbl/d of capacity at the Keystone complex in Butler County, Pennsylvania. In addition, the Partnership announced plans to install a 38,000 Bbl/d de-ethanization facility at the Sherwood complex in Doddridge County, West Virginia.
  • In August 2013, the Partnership announced an expansion of the Mobley complex in Wetzel County, West Virginia to support EQT Corporation (NYSE: EQT) and other producers’ rich-gas development in the Marcellus Shale. The new 200 million cubic feet per day (MMcf/d) processing facility is currently scheduled to begin operations in the fourth quarter of 2014. Upon completion of this facility, the Mobley complex will have processing capacity of 720 MMcf/d.
  • In November 2013, the Partnership announced an expansion of the Sherwood complex in Doddridge County, West Virginia to support Antero Resources Corporation’s (NYSE: AR) highly prospective rich-gas Marcellus Shale acreage. The Partnership will construct Sherwood V, a new 200 MMcf/d processing facility that is scheduled to begin operations in the third quarter of 2014. Upon completion of this facility, the Sherwood complex will have processing capacity of 1 billion cubic feet per day (Bcf/d).
  • In November 2013, the Partnership announced the completion of Majorsville V, a new 200 MMcf/d processing plant at the Majorsville complex in Marshall County, West Virginia. Majorsville V supports growing rich-gas production from Chesapeake Energy Corporation (NYSE: CHK), and Statoil ASA (NYSE: STO) and increases the total processing capacity of the complex to 670 MMcf/d.

Utica:
  • In August 2013, MarkWest Utica EMG announced plans to install a 38,000 (Bbl/d) de-ethanization facility at the Seneca complex in Noble County, Ohio.
  • In August 2013, MarkWest Utica EMG announced plans to form a Joint Venture (JV) with Kinder Morgan Energy Partners, LP (NYSE: KMP) (Kinder Morgan) to pursue three critical new projects to support producers in the Utica and Marcellus Shales. The JV would develop a processing complex in Tuscarawas County, Ohio with an initial capacity of 200 MMcf/d and a 150,000 Bbl/d NGL pipeline to transport ethane and heavier natural gas liquids to JV fractionation facilities in Mt. Belvieu. In November 2013, MarkWest Utica EMG and Kinder Morgan announced a binding open season to solicit commitments for the NGL pipeline project.
  • In November 2013, MarkWest Utica EMG announced it commenced operations of Seneca I, a 200 MMcf/d cryogenic processing facility in Noble County, Ohio. Seneca I is supported by long-term fee-based agreements with Antero Resources Corporation, Gulfport Energy Corporation (NASDAQ: GPOR), Rex Energy Corporation (NASDAQ: REXX), PDC Energy (NASDAQ: PDCE) and others.

Southwest:
  • In August 2013, the Partnership announced the connection of gathering assets acquired from a wholly owned subsidiary of Chesapeake Energy to the Partnership’s existing Anadarko Basin gathering system. Connecting these gathering systems has allowed the Partnership to begin processing approximately 50 MMcf/d of additional rich-gas production at its Arapaho processing complex.

Capital Markets
  • During the third quarter of 2013, the Partnership offered 10.4 million units and received net proceeds of approximately $691.5 million.
  • During the third quarter of 2013, the Partnership completed the $600 million and $400 million continuous offering programs launched in the fourth quarter of 2012 and third quarter of 2013, respectively. In addition, during the third quarter of 2013, the Partnership launched a $1 billion continuous offering program under which the Partnership has issued 0.9 million units and received $59.5 million of net proceeds as of the end of the third quarter of 2013.

FINANCIAL RESULTS

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