DENVER—October 22, 2008—MarkWest Energy Partners, L.P. (NYSE: MWE) today announced that the Board of Directors of the General Partner of MarkWest Energy Partners, L.P., declared a cash distribution of $0.64 per common unit for the third quarter of 2008, for an implied annual rate of $2.56 per common unit. The third quarter 2008 distribution represents an increase of $0.09 per common unit, or 16 percent, compared to the third quarter 2007 distribution and an increase of $0.01 per common unit compared to the second quarter 2008 distribution.
“We are pleased to announce an increase in MarkWest’s quarterly distribution, which reflects consistent performance in our core operating areas, a strong balance sheet, and successful execution of our organic growth projects,” commented Frank Semple, President and Chief Executive Officer. “Our third quarter results were moderately impacted as a result of Hurricane Ike causing operational curtailments in Texas and damage to certain facilities of our Starfish joint venture. In addition, we believe our full year distributable cash flow results will be short of our earlier expectations as a result of impacts from the Hurricane and recent declines in commodity prices and processing margins. While the current economic conditions present significant challenges for our nation and our industry, we believe MarkWest continues to be well positioned for future success. We look forward to our third quarter earnings conference call during which we will provide an update on our financial results and outlook.”
The third quarter 2008 distribution is payable November 14, 2008, to unitholders of record on November 4, 2008. The ex-dividend date is October 31, 2008.
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 we believe that the expectations reflected in the forward-looking statements are reasonable, we 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 our filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in our 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.” We do not undertake any duty to update any forward-looking statement except as required by law.
MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President & CEO
Nancy Buese, 866-858-0482
Senior VP and CFO
Dan Campbell, 866-858-0482
VP of Finance & Treasurer