DENVER, Dec. 9 /PRNewswire-FirstCall/ -- MarkWest Hydrocarbon, Inc.
(AMEX:MWP) (the "Company") today reported net income for the three
months ended March 31, 2005 of $1.5 million, or $0.14 per diluted
share, compared to net income of $0.7 million, or $0.07 per diluted
share, for the first quarter of 2004. The Company reported income
from operations increased $6.1 million reporting $9.4 million for
the three months ended March 31, 2005, compared to $3.3 million for
the first quarter of 2004. $1.3 million of this increase is
attributable to MarkWest Hydrocarbon Standalone operations. Equity
NGL product sales margins contributed $1.8 million of this
improvement and the non-recurrence of crude oil hedging losses
contributed approximately $2.9 million to this improvement compared
to same period in the prior year. These amounts were offset by a
$1.0 million increase in selling, general and administrative
expense, and a $2.2 million mark-to-market increase in the
long-term shrink purchase obligation. The majority of the increase
in selling, general and administrative expense is due to non-cash
compensation expense associated with the Company's GP Participation
Plan and Stock Incentive Plan. The long-term shrink purchase
obligation is also a non-cash expense. Income from operations at
MarkWest Energy Partners increased by $4.8 million, primarily due
to the East Texas acquisition it made in the third quarter of 2004.
A key element of the MarkWest Hydrocarbon Standalone activity is
the distributions it receives on its ownership interest in MarkWest
Energy Partners, L.P., which consists of approximately 2.5 million
limited partner units, its 2% general partner interest and its
incentive distribution rights. MarkWest Hydrocarbon received $2.95
million in distributions in the first quarter of 2005, which
represents a significant increase over the $1.93 million received
in the first quarter of 2004. In May 2005, the Company paid a
dividend for the quarter ended March 31, 2005 of $0.10 per share of
its common stock held by the common stockholders. This represented
a $0.025 per share increase over the previous quarter's dividend.
The indicated annual rate is $0.40 per share. "Our strong first
quarter results reflect the continued focus on improving our NGL
marketing business and growing MarkWest Energy Partners," said
Frank Semple, President and CEO. "MarkWest Energy Partners
continues to identify and execute on growth opportunities, which
will continue to positively impact results for 2005 and well into
the future. The East Texas Carthage processing plant is on schedule
for start-up in January 2006 and a number of internal growth
projects in the Southwest business unit are being developed. We are
also excited about MarkWest Energy Partners' recently announced
acquisition of the Javelina facilities in Corpus Christi, Texas,
which closed on November 1, 2005. We anticipate the Javelina
facility will contribute significant earnings in 2006 and beyond."
The Company will host a conference call on Tuesday, December 13,
2005, at 2:00 P.M. MST to review it first quarter 2005 earnings.
Interested parties can participate in the call by dialing the
following number approximately ten minutes prior to the scheduled
start time: 1-800-257-6607. A replay of the call will be available
through December 20, 2005 by dialing 1-800-405-2236 and entering
the following passcode: 11048394#. To access the webcast, please
visit our website at http://www.markwest.com/. MarkWest
Hydrocarbon, Inc. (AMEX:MWP) controls and operates MarkWest Energy
Partners, L.P. (AMEX:MWE), a publicly traded limited partnership
engaged in the gathering, processing and transmission of natural
gas; the transportation, fractionation and storage of natural gas
liquids; and the gathering and transportation of crude oil. We also
market natural gas and NGLs. 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 Form 10-K for
the year ended December 31, 2004, as filed with the SEC. MarkWest
Hydrocarbon, Inc. Statement of Operations (in thousands of dollars
except per share amounts) Three Months Three Months Ended Ended
March 31, 2005 March 31, 2004 Statement of Operations Data Revenues
$138,353 $93,700 Operating expenses: Purchased product costs
104,699 75,488 Facility expenses 9,260 6,086 Selling, general and
administrative expenses 8,102 5,314 Depreciation, amortization and
accretion 6,846 3,562 Total operating expenses 128,907 90,450
Income from operations 9,446 3,250 Other income (expense): Interest
income 249 135 Interest expense (3,704) (1,130) Amortization of
deferred financing costs (536) (307) Dividend income 92 -- Other
income 87 25 Income before non-controlling interest in net income
of consolidated subsidiary and income taxes 5,634 1,973 Provision
(benefit) for income taxes 770 (56) Non-controlling interest in net
income of consolidated subsidiary (3,325) (1,309) Net income $1,539
$720 Net income per share: Basic $0.14 $0.07 Diluted $0.14 $0.07
Weighted average number of outstanding shares of common stock:
Basic 10,766 10,577 Diluted 10,917 10,595 MarkWest Hydrocarbon,
Inc. Income (Loss) from Operations (in thousands of dollars)
MarkWest MarkWest Energy Hydrocarbon Partners, Eliminating
Standalone L.P. Entries Total Three Months Ended March 31, 2005
Revenues $64,521 $89,637 $(15,805) $138,353 Operating expenses:
Purchased product costs 53,821 60,785 (9,907) 104,699 Facility
expenses 5,827 9,331 (5,898) 9,260 Selling, general and
administrative expenses 3,463 4,639 -- 8,102 Depreciation,
amortization and accretion 415 6,431 -- 6,846 Total operating
expenses 63,526 81,186 (15,805) 128,907 Income from operations $995
$8,451 $-- $9,446 Three Months Ended March 31, 2004 Revenues
$44,392 $63,825 $(14,517) $93,700 Operating expenses: Purchased
product costs 35,851 47,853 (8,216) 75,488 Facility expenses 6,097
6,290 (6,301) 6,086 Selling, general and administrative expenses
2,416 2,898 -- 5,314 Depreciation, amortization and accretion 383
3,179 -- 3,562 Total operating expenses 44,747 60,220 (14,517)
90,450 Income (loss) from operations $(355) $3,605 $-- $3,250
MarkWest Hydrocarbon, Inc. Financial Statistics (in thousands)
MarkWest Energy Hydrocarbon Partners, Eliminating Standalone L.P.
Entries Total (in thousands) March 31, 2005 Cash, cash equivalents
and restricted cash $21,364 $15,184 $-- $36,548 Marketable
securities 20,544 -- -- 20,544 Current assets 64,915 51,231 --
116,146 Current liabilities 17,840 54,611 -- 72,451 Total assets
70,541 557,828 -- 628,369 Total debt -- 265,000 -- 265,000 March
31, 2004 Cash, cash equivalents and restricted cash $37,899 $11,216
$-- $49,115 Marketable securities 4,430 -- -- 4,430 Current assets
55,920 27,610 -- 83,530 Current liabilities 14,360 23,512 -- 37,872
Total assets 59,759 214,992 -- 274,751 Total debt -- 84,200 --
84,200 MarkWest Hydrocarbon, Inc. Operating Statistics Three Months
Ended March 31, 2005 2004 %Change Hydrocarbon Standalone Marketing:
NGL product sales (gallons) (1) 52,164,000 51,525,000 1% Wholesale:
NGL product sales (gallons) (2) 19,672,332 888,665 2,114% MarkWest
Energy Partners Southwest: East Texas (3) Gathering system
throughput (Mcf/d) 287,000 NA NA NGL product sales 27,612,000 NA NA
Oklahoma Foss Lake gathering system throughput (Mcf/d) 67,000
55,000 22% Arapaho NGL product sales (gallons) 15,217,000
10,459,000 45% Other Appleby gathering system throughput (Mcf/d)
28,000 24,000 17% Other gathering systems throughput (Mcf/d) 17,000
18,000 (6)% Lateral throughput (Mcf/d) (4) 52,000 61,000 (15)%
Appalachia: Natural gas processed for a fee (Mcf/d) (5) 210,000
207,000 1% NGLs fractionated for a fee (Gal/d) 462,000 462,000 0%
NGL product sales (gallons) 10,765,000 10,926,000 (1)% Michigan:
Natural gas volumes transported (Mcf/d) 6,900 13,900 (50)% NGL
product sales (gallons) 1,563,000 2,714,000 (42)% Crude oil
transported (Bbl/d) 14,100 14,600 (3)% Footnotes: NA -- Not
applicable (1) Represents sales at the Siloam fractionator. (2)
Represents sales from our wholesale business. Volumes are from the
period since the Company started the line of business in February
2004. (3) We acquired our East Texas System in late July 2004.
Volumes are for the period of time since acquiring the facility.
(4) We acquired our Lubbock pipeline (a/k/a the Power-Tex lateral
pipeline) in September 2003 and our Hobbs Lateral pipeline in April
2004. The Lubbock and Hobbs pipelines are the only laterals we own
that produce revenue on a per-unit-of-throughput basis. We receive
a flat fee from our other lateral pipelines and consequently, the
throughput data from these lateral pipelines is excluded from this
statistic. (5) Includes throughput from the Kenova, Cobb and
Boldman processing plants. DATASOURCE: MarkWest Hydrocarbon, Inc.
CONTACT: Frank Semple, President and CEO, or James Ivey, CFO, or
Andy Schroeder, VP of Finance/Treasurer, all of MarkWest
Hydrocarbon, Inc. +1-303-290-8700, Web site:
http://www.markwest.com/
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