MarkWest Energy Partners Announces That Certain Non-Cash Compensation Expenses Previously Announced for MarkWest Hydrocarbon Mus
06 Maggio 2005 - 11:39PM
PR Newswire (US)
MarkWest Energy Partners Announces That Certain Non-Cash
Compensation Expenses Previously Announced for MarkWest Hydrocarbon
Must Be Allocated, Requiring Restatement of Financial Statements
for 2002, 2003 and 2004 DENVER, May 6 /PRNewswire-FirstCall/ --
MarkWest Energy Partners, L.P., (AMEX:MWE) (the "Partnership") has
determined that previously issued financial statements for the
years 2002 and 2003 and the first three quarters of 2003 and 2004
should be restated to reflect compensation expense for the sale of
subordinated Partnership units and interests in the Partnership's
General Partner to certain directors and officers of the
Partnership's parent company, MarkWest Hydrocarbon, Inc. (AMEX:MWP)
("MarkWest Hydrocarbon") from 2002 through 2004. MarkWest
Hydrocarbon had historically recorded its sale of the subordinated
Partnership units and interests in the General Partner to certain
of MarkWest Hydrocarbon's directors and officers (the
"Transactions") as a sale of an asset. However, MarkWest
Hydrocarbon recently determined that these Transactions should be
accounted for as compensatory arrangements, consistent with the
guidance in Accounting Principles Board Opinion No. 25, "Accounting
for Stock Issued to Employees" ("APB 25"), which requires MarkWest
Hydrocarbon to record compensation expense based on the market
value of the subordinated Partnership units and of the General
Partner interests held by the officers and directors, at the end of
each reporting period. As a consequence, on April 15, 2005,
MarkWest Hydrocarbon announced that it would be required to restate
its financial information for previous years to reflect
compensation expense for these Transactions. In the process of
determining the ultimate accounting treatment for these
Transactions, a conclusion was reached by the Partnership that the
compensation expense related to services provided by MarkWest
Hydrocarbon's directors and officers recognized under APB 25 should
be allocated to the Partnership pursuant to Staff Accounting
Bulletin 1-B, Allocation of Expenses And Related Disclosure In
Financial Statements of Subsidiaries, Divisions Or Lesser Business
Components of Another Entity. This conclusion requires that the
Partnership restate its financial statements for the years ended
December 31, 2002, 2003 and the first three quarters of 2003 and
2004. The compensation expense affects previously reported earnings
for these periods; however, the charge is a non-cash item that did
not affect management's determination of the Partnership's
distributable cash flow for any period, and did not affect net
income attributed to the limited partners. As a consequence, the
previously issued financial statements for 2002 and 2003 and the
first three quarters of 2003 and 2004 contained in the
Partnership's previously filed Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q should no longer be relied upon. The
Partnership plans to restate its financial statements as of
December 31, 2003 and for the years ended December 31, 2003 and
December 31, 2002 to reflect the compensation expense adjustments
discussed above in connection with filing its Annual Report on Form
10-K for the year ended December 31, 2004. This Form 10-K will also
include the financial statements for 2004. The Partnership also
intends to file Forms 10-Q/A for the first three quarters of 2004
to restate its quarterly financial information for 2003 and 2004.
The Partnership expects, based on current facts and circumstances,
to complete its 2004 Form 10-K and the restated financial
statements for the above noted periods and to file them
concurrently with its Quarterly Report on Form 10-Q for the first
quarter of 2005, by May 31, 2005. MarkWest Energy Partners, L.P. is
a publicly traded master limited partnership with a solid core of
midstream assets and growing core of natural gas transmission
assets. We own natural gas gathering and transportation systems and
gas processing assets in the Southwest. We are also the largest
processor of natural gas in the Appalachian Basin and the primary
intrastate pipeline transporter of crude oil in Michigan. This
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical facts included
or incorporated herein may constitute forward-looking statements.
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 filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2003, and our Forms 10-Q.
DATASOURCE: MarkWest Energy Partners, L.P. CONTACT: Frank Semple,
President & CEO, or James Ivey, CFO, or Andy Schroeder, VP
Finance & Treasurer, all of MarkWest Energy Partners, L.P.,
+1-303-290-8700, Web site: http://www.markwest.com/
Copyright
Grafico Azioni Markwest Hydrocarbon (AMEX:MWP)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Markwest Hydrocarbon (AMEX:MWP)
Storico
Da Lug 2023 a Lug 2024