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|MarkWest Liberty Announces Long-term Agreement with Statoil to Provide Midstream Services in the Marcellus Shale|
DENVER—March 7, 2011—MarkWest Liberty Midstream & Resources, L.L.C., a partnership between MarkWest Energy Partners, L.P. (NYSE: MWE) and The Energy & Minerals Group, today announced the execution of a long-term agreement with Statoil Natural Gas LLC ("Statoil"), an existing producer customer of MarkWest Liberty and a wholly owned subsidiary of Statoil ASA (NYSE:STO), to provide additional natural gas midstream services for Statoil’s rich-gas Marcellus acreage in northern West Virginia.
MarkWest Liberty will provide the midstream services at its Majorsville, West Virginia processing complex, which is operating near capacity. MarkWest Liberty is nearing completion of an expansion of its cryogenic processing capacity at Majorsville, and is evaluating additional processing expansions to serve increasing production of liquids-rich natural gas in northern West Virginia. The natural gas liquids (NGLs) recovered at Majorsville are transported via pipeline to MarkWest Liberty’s fractionation, storage, and marketing complex in Houston, Pennsylvania.
"We are excited to expand our existing relationship with Statoil," said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest. "MarkWest Liberty provides integrated NGL transportation, fractionation, storage, and marketing services that are critical to optimizing rich-gas development in the northeast United States and we are pleased to further strengthen our midstream presence in the liquids-rich areas of the Marcellus."
About MarkWest Energy Partners
MarkWest Energy Partners, L.P. is a master limited partnership engaged in the gathering, transportation, and processing of natural gas; the transportation, fractionation, marketing, and storage of natural gas liquids; and the gathering and transportation of crude oil. MarkWest has extensive natural gas gathering, processing, and transmission operations in the southwest, Gulf Coast, and northeast regions of the United States, including the Marcellus Shale, and is the largest natural gas processor and fractionator in the Appalachian region.
About The Energy & Minerals Group
The Energy & Minerals Group is the management company for a series of private equity funds totaling in excess of $2.5 billion of commitments. EMG focuses exclusively on making direct investments across the natural resources industry in conjunction with experienced management teams focused on hard assets that are integral to existing and growing markets. For additional information on EMG, please contact John Raymond at 713-579-5000.
This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although MarkWest believes that the expectations reflected in the forward-looking statements are reasonable, MarkWest can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, Page 2
financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed with the SEC, including MarkWest’s Annual Report on Form 10-K for the year ended December 31, 2010. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." MarkWest does not undertake any duty to update any forward-looking statement except as required by law.
MarkWest Energy Partners, L.P.