|View printer-friendly version|
|Range and Markwest Announce Commencement of Marcellus Gas Processing Plant and Investor Site Tour|
FORT WORTH AND DENVER - OCTOBER 22, 2008 - Range Resources Corporation (NYSE:RRC) and MarkWest Energy Partners, L.P. (NYSE: MWE) today announced the commencement of the initial phase of Pennsylvania’s first large-scale gas processing infrastructure with the successful launch of a mechanical refrigeration processing plant in Washington County.
Today’s announcement is the culmination of efforts by Range Resources and MarkWest to bring Marcellus Shale gas to the local market. Over the past four years, Range Resources has invested more than $700 million in leasehold, drilling and infrastructure.
MarkWest is investing approximately $200 million to construct midstream infrastructure to gather and process the natural gas that Range Resources is extracting from the Marcellus Shale. MarkWest’s investment includes the refrigeration plant announced today, which has capacity to process 30 million cubic feet per day (Mmcf per day) of natural gas. In addition, MarkWest is constructing a 30 Mmcf per day cryogenic processing plant that is expected to commence operations late in the first quarter of 2009. The cryogenic plant is being constructed next to the refrigeration plant and includes a depropanizer to extract propane from the gas stream, which will be sold regionally. MarkWest’s planned investment also includes a 120 Mmcf per day cryogenic plant with a depropanizer to extract additional natural gas liquids from the gas stream. The 120 Mmcf per day cryogenic plant is expected to be completed in late 2009. MarkWest is also evaluating the installation of a large fractionation facility to further enhance the value of the recovered natural gas liquids.
In celebration of this event, Range Resources and MarkWest are co-sponsoring an investor tour of the facility on Tuesday, October 28, 2008. For further information about the event, or to register to attend, please visit the Range Resources website at www.rangeresources.com or call Ronda Palmer at (817) 869-4268. For those investors unable to attend, there will be a webcast of the event available on Range’s website.
MarkWest Energy Partners, L.P. is a growth-oriented 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 southwestern and Gulf Coast regions of the United States and is the largest natural gas processor in the Appalachian region. The primary business strategy of MarkWest is to provide outstanding customer service at competitive rates and to expand its assets and cash flow available for distribution through a balanced combination of organic growth projects and selective acquisitions.
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 our operations, 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 MarkWest’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2007, as filed with the SEC. 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.
Range Resources Corporation is an independent oil and gas company operating in the Southwestern, Appalachian and Gulf Coast regions of the United States.
MarkWest Energy Partners, L.P.