MarkWest Energy Partners Increases Quarterly Cash Distribution by 19 Percent Compared to Prior Year Quarter
2008-07-24 16:38:00
MarkWest Energy Partners Increases Quarterly Cash Distribution by 19 Percent Compared to Prior Year Quarter
DENVER–(EMWNews)–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 $0.63 per common unit for the
second quarter of 2008, for an implied annual rate of $2.52 per common
unit. The second quarter 2008 distribution represents an increase of
$0.03 per common unit compared to the first quarter 2008 distribution
and an increase of $0.10 per common unit, or 19 percent, compared to the
second quarter 2007 distribution.
The second quarter 2008 distribution is payable August 15, 2008, to
unitholders of record on August 4, 2008. The ex-dividend date is July
31, 2008.
“The second quarter distribution increase
reflects continued strong performance of our assets, a solid underlying
capital structure, and confidence in our long-term growth
opportunities,” commented Frank Semple, President and Chief Executive
Officer. “As a result of the merger with
MarkWest Hydrocarbon in early 2008, all of our distributable cash flow
is available for distribution to our unitholders and the elimination of
a standalone parent company provides complete transparency to our
balance sheet and our operations. We are very excited about our 2008
performance and future growth opportunities, and we look forward to our
second quarter earnings call. During that call we will provide increased
guidance for full year 2008 distributable cash flow, an expanded growth
capital plan, and a continued strong coverage ratio.”
MarkWest Energy Partners, L.P. (NYSE: MWE) 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.
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MarkWest Energy Partners, L.P. & CEO VP & CFO Finance & Treasurer |
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