MarkWest Energy Partners and The Energy & Minerals Group Provide Funding and Development Updates for the Utica Shale Joint

  MarkWest Energy Partners and The Energy & Minerals Group Provide Funding and
  Development Updates for the Utica Shale Joint Venture

Business Wire

DENVER -- February 5, 2013

MarkWest Energy Partners, L.P. (MarkWest) (NYSE: MWE) and The Energy &
Minerals Group (EMG) announced today that as a result of their continued
success in developing a world-class midstream system in the Utica Shale, the
parties have executed a term sheet, which increases EMG’s initial capital
contribution in MarkWest Utica EMG, LLC (Utica Joint Venture) by up to $450
million, bringing their total initial contribution to up to $950 million. The
transaction allows EMG to increase its contribution in one of the
fastest-growing and highly- prospective shale plays in the United States and
provides MarkWest with significant additional financial flexibility in the
timing of its capital contributions to the Utica Joint Venture. The
transaction does not modify the ownership interest levels or quarterly
distribution percentages as set forth in the existing Limited Liability
Company Agreement (L.L.C. Agreement) between the parties.

MarkWest and EMG also executed an amendment to the L.L.C. Agreement that
provides for MarkWest to contribute up to $150 million to the Utica Joint
Venture on a short-term basis. EMG is expected to provide additional funding
by the end of February and in no instance any later than the end of the first
quarter of 2013 at which point in time, MarkWest will receive a distribution
substantially equivalent to its short-term contribution to the Utica Joint
Venture. MarkWest anticipates utilizing a portion of its available liquidity
resulting from its recently completed capital market transactions for the
interim funding.

The Utica Joint Venture is currently developing a fully-integrated midstream
system to support rapidly expanding development plans of producers including
Antero Resources, Gulfport Energy Corporation and Rex Energy. The system
includes extensive low- and high-pressure gas gathering systems, natural gas
liquids (NGL) pipelines, and two large-scale processing complexes that will
have nearly 800 million cubic feet per day (MMcf/d) of processing capacity.
The two processing complexes will be connected by a high-pressure rich-gas
pipeline header that will provide enormous flexibility and redundancy for
producer customers operating in the core liquids-rich area of the Utica Shale.
MarkWest Utica will construct an NGL gathering line between its processing
complexes and on to the Hopedale fractionation and marketing complex located
in Harrison County, Ohio. The Cadiz processing complex will include a
de-ethanization facility where purity ethane will be produced and delivered
into the ATEX ethane pipeline. The propane and heavier natural gas liquids
will then flow via pipeline to the Hopedale fractionator for further
separation into valuable purity products. Together these facilities will
represent the largest fractionation and marketing complex in the Utica Shale,
providing 100,000 barrels per day (Bbl/d) of C2+ fractionation capacity with
an expected completion date of first quarter 2014. The Hopedale facility will
also be connected by pipeline to MarkWest’s extensive NGL infrastructure in
the Marcellus Shale and to its Houston, Pennsylvania complex, the largest
fractionation and marketing facility in the Northeast.

The anticipated additional capital contributions by EMG will allow the Utica
Joint Venture to continue to rapidly expand its presence throughout the Utica
Shale and keep pace with the significant increase in planned drilling activity
throughout the region. MarkWest’s 2013 capital expenditure forecast remains
unchanged in a range of $1.4 to $1.9 billion.

“We are pleased to announce the continued development of our Utica Shale
system and the expansion of our partnership with EMG,” said Frank Semple,
Chairman, President and Chief Executive Officer of MarkWest. “The acceleration
of our Utica midstream development is a direct result of the ongoing success
of our producer customers’ drilling programs. Our long-term relationship with
EMG has provided us with the capital flexibility to build ahead of our
customers and provide fully integrated natural gas and natural gas liquids
services in one of the best resource plays in the US."

“We are thrilled to once again leverage our relationship with MarkWest to help
meet their liquidity needs with a large scale flexible solution that
contemporaneously meets the needs of the producer community for additional
capacity given the drilling results experienced to date in the Utica,” stated
John Raymond, Managing Partner and CEO of EMG.

About MarkWest Energy Partners, L.P.

MarkWest Energy Partners, L.P. is a 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 southwest, Gulf
Coast, and northeast regions of the United States, including the Marcellus
Shale, and is the largest natural gas processor and fractionator in the
Appalachian region.

About The Energy & Minerals Group

The Energy & Minerals Group is a highly specialized private equity firm that
focuses exclusively on investing across various facets of the global natural
resource industry that are integral to the global economy. Upon completion of
the aforementioned transaction, EMG will have $6.2 Billion of total investor
commitments (including co-investments) with in excess of $3.1 Billion deployed
across the energy complex since inception. For additional information on EMG,
please contact Alexandra Coolidge at 713-579-5029.

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 MarkWest believes that the expectations
reflected in the forward-looking statements are reasonable, MarkWest can give
no assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that affect
operations, financial performance, and other factors as discussed in filings
with the Securities and Exchange Commission. Among the factors that could
cause results to differ materially are those risks discussed in the periodic
reports filed with the SEC, including MarkWest’s Annual Report on Form 10-K
for the year ended December 31, 2011 and its Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.
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.” MarkWest does not undertake any duty to update any
forward-looking statement except as required by law.

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Contact:

MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President and CEO
or
Nancy Buese, 866-858-0482
Senior VP and CFO
or
Joshua Hallenbeck, 866-858-0482
VP of Finance/Treasurer
investorrelations@markwest.com
or
The Energy & Minerals Group
John Raymond, 713-579-5000
Managing Partner & CEO
or
Jeff Rawls, 713-579-5000
Managing Director
or
Patrick Wade, 713-579-5000
Managing Director
 
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