DENVER--(BUSINESS WIRE)--Nov. 7, 2013--
MarkWest Energy Partners, L.P. (NYSE: MWE) (“MarkWest and the
Partnership”) announced today the completion of long-term, fee-based
agreements with Antero Resources (NYSE: AR) (“Antero”) for the
development of an additional cryogenic gas processing plant at the
Partnership’s Sherwood complex in Doddridge County, West Virginia. Under
terms of the agreements, MarkWest will construct a fifth 200 million
cubic feet per day (MMcf/d) processing facility that is expected to
begin operations in the third quarter of 2014. Upon completion of the
new plant, the Sherwood complex will have 1 billion cubic feet per day
(Bcf/d) of total processing capacity.
Antero is a premier producer in the Northeast and is aggressively
developing their acreage position throughout the rich-gas Marcellus. The
Sherwood complex currently consists of two plants with 400 MMcf/d of
capacity and is operating near full utilization. By the end of this
year, MarkWest will bring online a third 200 MMcf/d plant at the complex
and is quickly moving forward with the construction of a fourth plant by
the second quarter of 2014.
Antero’s natural gas liquids (NGLs) recovered at the Sherwood complex
are currently being delivered to MarkWest’s Houston complex in
Washington County, Pennsylvania for fractionation and marketing. The
Houston complex is the largest fractionation facility in the Northeast
and provides extensive logistics services, including storage and the
delivery of purity products to market by truck, rail and pipeline. In
addition, the Houston complex offers Marcellus producers the first
large-scale de-ethanization facility in the Northeast capable of
producing purity ethane for delivery to Mariner West, and ultimately to
the ATEX and Mariner East projects.
“We are delighted to further expand our strong relationship with Antero
and develop additional processing capacity at the Sherwood complex to
support their highly successful drilling program,” said Frank Semple,
Chairman, President and Chief Executive Officer of MarkWest. “The
ability to offer producers fully integrated midstream services
throughout northern West Virginia and southwest Pennsylvania is critical
to unlocking the abundant rich-gas reserves of the Marcellus Shale.
MarkWest is committed to providing Antero and its other customers with
unique solutions that are backed by our best-in-class customer service.”
MarkWest Energy Partners, L.P. is a master limited partnership engaged
in the gathering, processing and transportation of natural gas; the
gathering, transportation, fractionation, storage and marketing of
natural gas liquids; and the gathering and transportation of crude oil.
MarkWest has a leading presence in many unconventional gas plays
including the Marcellus Shale, Utica Shale, Huron/Berea Shale,
Haynesville Shale, Woodford Shale and Granite Wash formation.
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, financial
performance, and other factors as discussed in filings with the
Securities and Exchange Commission (SEC). 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, 2012 and our Quarterly
Report on Form 10-Q for the quarter ended June 30, 2013. 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.
Source: MarkWest Energy Partners, L.P.
MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
President & CEO
Nancy Buese, 866-858-0482
VP & CFO
Josh Hallenbeck, 866-858-0482
Finance & Treasurer