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Company Description

Contact Info

Tower 1

Suite 1600

1515 Arapahoe Street

Denver, CO 80202

United States

Phone: 303-925-9200

Fax: 303-290-8769

MarkWest Energy Partners, L.P. is engaged in gathering, processing, and transporting natural gas. The company also is engaged in the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs); and the gathering and transportation of crude oil. The company has a presence in various unconventional gas plays including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation. Segments The company conducts its operations in the following segments: Marcellus, Utica, Northeast and Southwest. Marcellus segment The Marcellus segment provides fully integrated natural gas midstream services in southwestern Pennsylvania and northern West Virginia through its wholly owned subsidiary, MarkWest Liberty Midstream. With a total processing capacity of approximately 2.2 billion cubic feet per day (Bcf/d), the company processes natural gas in the Marcellus Shale, and has fully integrated gathering, processing, fractionation, storage and marketing operations that support the liquids-rich natural gas production in the northeast the United States. Natural Gas Gathering and Processing: The company operates five processing complexes in its Marcellus segment that include the Houston Complex located in Washington County, Pennsylvania: the Majorsville Complex located in Marshall County, West Virginia; the Mobley Complex located in Wetzel County, West Virginia; the Sherwood Complex located in Doddridge County, West Virginia; and the Keystone Complex located in Butler County, Pennsylvania. In addition, the company operates two gathering systems: one delivering approximately 475 MMcf/d (one million cubic feet of natural gas per day) of natural gas to its Houston and Majorsville Complexes and the other delivering approximately 74 MMcf/d of natural gas to its Keystone complex. NGL Gathering and Fractionation Facilities and Market Outlets: The company operates 120,000 Bbl/d (barrels per day) of combined propane and heavier fractionation capacity at the Houston Fractionation Facility and the Hopedale Fractionation Facility. The NGLs produced at its Majorsville Complex, Mobley Complex, Sherwood Complex and a third-party's Fort Beeler processing facility are gathered to the Houston Fractionation Facility or to the Hopedale Fractionation Facility through a system of NGL pipelines to allow for fractionation into purity NGL products. The company also operates a truck loading facility that allows for the receipt and fractionation of NGLs from other facilities. The company’s Houston Complex also has the following infrastructure to provide its customers with marketing and storage services: an interconnect with a key interstate pipeline provides a market outlet and storage for the propane produced from this region; a large-scale railcar loading facility that expands its market access and allows for long-haul, cost-effective transportation of purity NGLs; and significant truck loading facilities that allow for regional marketing of purity NGLs. The company’s access to international markets provides additional outlets. Propane is being transported by truck or rail to Sunoco's terminal near Philadelphia, Pennsylvania where it is loaded onto marine vessels and delivered to international markets. In January 2014, the company commenced operation of its Hopedale Fractionation Facility, a 60,000 Bbl/d facility in Harrison County, Ohio. The Hopedale Fractionation Facility is connected to its extensive processing system in its Marcellus segment via a NGL gathering pipeline from the Majorsville Complex and is utilized to fractionate NGLs produced in both its Marcellus and Utica segment. The company is also constructing additional partial fractionation capacity of 10,000 Bbl/d at its Keystone Complex for propane and rail facilities that would transport heavier NGL products for further fractionation at its other fractionation facilities. Utica segment MarkWest Utica EMG, LLC (MarkWest Utica EMG) provides gathering, processing, fractionation and marketing services in the liquids-rich corridor of the Utica Shale in eastern Ohio. Natural Gas Gathering

 

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MWT

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Valuation MWT Industry Range
Price/Earnings 100.0x
Price/Sales 5.2x
Price/Book 2.3x
Price/Cash Flow 20.4x
TEV/Sales 3.2x
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