MarkWest and The Energy & Minerals Group Announce Definitive Agreements with Gulfport Energy for the Development of

  MarkWest and The Energy & Minerals Group Announce Definitive Agreements with
  Gulfport Energy for the Development of Comprehensive Condensate Solutions in
  the Utica Shale and the Formation of a New Joint Venture

Business Wire

DENVER -- December 19, 2013

MarkWest Energy Partners, L.P. (NYSE: MWE) (“MarkWest”) and The Energy &
Minerals Group (“EMG”), announced today the execution of definitive agreements
with Gulfport Energy Corporation (NASDAQ: GPOR) (Gulfport) to provide
stabilization services and potential gathering services for condensate
produced within an area that includes Belmont, Harrison, Guernsey, Noble, and
Monroe counties, Ohio. Gulfport is rapidly developing their acreage within the
wet gas, retrograde condensate and oil windows of the emerging Utica Shale and
currently has over 147,000 net acres under lease. In conjunction with these
agreements, MarkWest and EMG will form Ohio Condensate Company, LLC, a new
joint venture related to the development of industry-leading facilities and
services to support the rapid growth of condensate production occurring in the
liquids-rich areas of the Utica Shale. Discussions regarding the joint
venture’s condensate solutions are also underway with numerous other Utica
producers.

Initial infrastructure development will consist of a new condensate
stabilization facility, with associated logistics and storage terminal
capabilities to be constructed in Harrison County, Ohio and placed in service
by the third quarter of 2014. The facility will have initial stabilization
capacity of 23,000 barrels per day (Bbl/d) and an immediate 30,000 Bbl/d
expansion is anticipated. The facility will be co-located and fully integrated
with condensate storage, and a truck and rail loading terminal that will be
constructed and operated by a subsidiary of Toledo, Ohio-based Midwest
Terminals and will exclusively serve the joint venture. Raw condensate will be
delivered by truck and stabilized at the facility. Once stabilized, the
condensate will be transported by truck and rail to local refinery markets and
Canadian export markets. In the future, a condensate gathering system and
regional pipelines may be constructed to support additional deliveries to the
facility. Furthermore, the facility will serve as the origin for MPLX LP’s
(NYSE: MPLX) previously announced Cornerstone Pipeline, a condensate pipeline
project that will terminate near Canton, OH and is scheduled to become
operational by late 2016.

MarkWest and EMG are currently developing the largest fully integrated
midstream solution in the Utica Shale, which includes hundreds of miles of gas
and natural gas liquids gathering pipeline, up to three large-scale complexes
totaling more than 1 billion cubic feet of processing capacity and 138,000
Bbl/d of ethane and heavier fractionation capacity.

“We are very excited to continue expanding our relationship with Gulfport
Energy and provide a critical new service offering for the stabilization and
marketing of condensate. Together with EMG, the formation of an integrated
condensate solution is a significant milestone in our ongoing development of
full-service midstream infrastructure in the Utica Shale and will provide
producers with the ability to capture additional uplift from their growing
liquids production,” stated Frank Semple, Chairman, President, and Chief
Executive Officer of MarkWest. “We believe the increased use of condensate as
a feedstock for refineries, and the growing demand from Canada for diluent,
will support local, regional and international consumption of Utica
condensate.”

MarkWest Energy Partners, L.P. is a master limited partnership engaged in the
gathering, processing and transportation of natural gas; the gathering,
transportation, fractionation, storage and marketing of natural gas liquids;
and the gathering and transportation of crude oil. MarkWest has a leading
presence in many unconventional gas plays including the Marcellus Shale, Utica
Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash
formation.

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 (SEC). 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, 2012 and our Quarterly Report on
Form 10-Q for the quarter ended September 30, 2013. 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.

The Energy & Minerals Group is the management company for a series of
specialized private equity funds. EMG focuses on investing across various
facets of the global natural resource industry including the upstream and
midstream segments of the energy complex. EMG has approximately $8.2 billion
of total investor commitments (including co-investments) with approximately
$4.3 billion allocated across the energy sector since inception. For
additional information on EMG, please contact Alexandra Coolidge at
713-579-5029.

Contact:

MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President & CEO
or
Nancy Buese, 866-858-0482
Executive VP & CFO
or
Josh Hallenbeck, 866-858-0482
VP of Finance & Treasurer
investorrelations@markwest.com
 
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