MarkWest Energy Partner (MWE)

Denver, Colorado-based MarkWest Energy Partners LP (MWE), a master limited partnership (MLP), is engaged in the gathering, processing and transmission of natural gas, transportation, fractionation and storage of natural gas liquids (NGLs), and the gathering and transportation of crude oil. The partnership is the largest processor of natural gas in the Appalachian region and has a significant presence in the other prolific natural gas producing basins of the U.S., including the Anadarko, Arkoma, East Texas, and Gulf Coast basins. MarkWest's customers include major oil and gas companies, large and small independent energy companies, and oil refineries. A spin-off from oil and gas company MarkWest Hydrocarbon, MarkWest Energy Partners was formed in 2002 to hold the natural gas gathering and processing assets of its parent. Till recently, MarkWest Hydrocarbon retained a 17% stake in the partnership and controlled its general partner. However, in early 2008, MarkWest Energy completed its merger with MarkWest Hydrocarbon.

MarkWest Energy Partners conducts its operations in three segments: the Southwest, the Northeast, and the Gulf Coast. The Southwest business unit includes the East Texas System and the Oklahoma gathering and processing systems. The partnership's assets include 15 natural gas gathering systems with more than 1 billion cubic feet per day (Bcf/d) of capacity, two natural gas processing plants, and four intrastate gas pipelines. During 2007, the Southwest segment generated approximately 75% of the partnership's revenue and 62% of its net operating margin. The Northeast business unit's key assets include gathering, processing, and fractionation operations in the Appalachian Basin, as well as a crude oil pipeline and natural gas gathering system and processing plant in Michigan. This unit contributed 13% of revenue and 13% of net operating margin in 2007. The Gulf Coast business unit comprises the Javelina gas processing and fractionation facility in Corpus Christi, Texas, and a 50% ownership in the Star?sh Pipeline Company. In 2007, the Gulf Coast segment accounted for 12% of the partnership's revenue and 25% of its net operating margin.

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