MarkWest Energy Partners Announces Major Expansion Projects and Reports Record Financial and Operational Results for Second

  MarkWest Energy Partners Announces Major Expansion Projects and Reports   Record Financial and Operational Results for Second Quarter 2014    *Second quarter DCF of $161.7 million and increased quarterly distribution     of 88 cents per common unit with 104 percent distribution coverage   *Placed into service five major infrastructure projects, consisting of two     processing plants with 320 MMcf/d of capacity in the Marcellus Shale, a     200 MMcf/d processing plant in the Utica Shale, 20,000 Bbl/d of ethane and     heavier fractionation in the Marcellus Shale, and a 40,000 Bbl/d     de-ethanization facility in the Utica Shale   *Announced 7 major infrastructure projects adding 720 MMcf/d of processing     capacity and 110,000 Bbl/d of fractionation capacity   *19 major processing and fractionation facilities under construction and     maintains capital forecast of $2.0 to $2.3 billion in 2014 and     approximately $2.0 billion in 2015   *Achieved investment grade rating on the $1.3 billion Senior Secured Credit     Facility   *Increased fee-based net operating margin to 71 percent from 61 percent     when compared to the second quarter of 2013   *Narrowed 2014 DCF forecast to $630 to $670 million, which increases     midpoint to $650 million   *Achieved the number one ranking in the 2014 Oil & Natural Gas Midstream     Services Customer Satisfaction Survey conducted by EnergyPoint Research.     The Partnership has achieved the highest ranking for total customer     satisfaction in four out of five surveys that EnergyPoint has conducted     since 2006  Business Wire  DENVER -- August 6, 2014  MarkWest Energy Partners, L.P. (NYSE: MWE) (“the Partnership”) today reported quarterly cash available for distribution to common unitholders, or distributable cash flow (DCF), of $161.7 million for the three months ended June 30, 2014, and $310.2 million for the six months ended June 30, 2014. DCF for the three months ended June 30, 2014 represents distribution coverage of 104 percent. The second quarter distribution of $155.8 million, or $0.88 per common unit, will be paid to unitholders on August 14, 2014. The second quarter 2014 distribution represents an increase of $0.01 per common unit or 1.2 percent over the first quarter 2014 distribution and an increase of $0.04 per common unit or 4.8 percent compared to the second quarter 2013 distribution. As a Master Limited Partnership, cash distributions to common unitholders are largely determined based on DCF. A reconciliation of DCF to net income, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.  The Partnership reported Adjusted EBITDA for the three and six months ended June 30, 2014, of $208.2 million and $395.8 million, respectively, compared to $155.7 million and $296.5 million for the respective three and six months ended June 30, 2013. The Partnership believes the presentation of Adjusted EBITDA provides useful information because it is commonly used by investors in Master Limited Partnerships to assess financial performance and operating results of ongoing business operations. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.  The Partnership reported income before provision for income tax for the three and six months ended June 30, 2014 of $10.1 million and $38.6 million, respectively. Income before provision for income tax includes non-cash losses associated with the change in fair value of derivative instruments of $18.8 million and $7.0 million for the respective three and six months ended June 30, 2014. Excluding these items, income before provision for income tax for the three and six months ended June 30, 2014 would have been $28.9 million and $45.6 million, respectively.  “We are excited to announce major capacity expansions and record financial and operational performance for the second quarter of 2014,” stated Frank Semple, Chairman, President, and Chief Executive Officer. “The completion of five major infrastructure projects in the Marcellus and Utica Shales over the past three months has provided our producer customers the ability to continue expanding their rich-gas development programs. Due to their ongoing success, we expect overall system volumes to continue to rapidly expand and provide us with unique opportunities to significantly grow cash flow and achieve future distribution growth targets.”  BUSINESS HIGHLIGHTS  Marcellus:    *In May, the Partnership announced that it will increase total processing     capacity at the Mobley complex in Wetzel County, West Virginia to 920     million cubic feet per day (MMcf/d) with the construction of an additional     200 MMcf/d processing plant. The new plant is anchored by a long-term,     fee-based contract with EQT Corporation (NYSE: EQT) and is expected to be     in service by the second quarter of 2015. The Mobley complex currently     consists of three plants with 520 MMcf/d of total processing capacity and     during the fourth quarter of this year, the Partnership will begin     operations of a fourth plant at the complex, increasing capacity to 720     MMcf/d. The Mobley complex supports growing Marcellus rich-gas production     from EQT Corporation, Magnum Hunter Resources Corporation (NYSE: MHR),     Stone Energy Corporation (NYSE: SGY), CONSOL Energy Inc. (NYSE: CNX), and     Noble Energy, Inc. (NYSE: NBL).   *In May, the Partnership commenced operations of a fifth 200 MMcf/d     Majorsville processing plant at the Majorsville complex in Marshall     County, West Virginia. The new plant is anchored by Range Resources     Corporation (NYSE: RRC) (Range Resources) and has increased the total     capacity of the Majorsville Complex to 870 MMcf/d.   *In May, the Partnership completed the 120 MMcf/d Bluestone II processing     plant in Butler County, Pennsylvania. The new plant is anchored by a long     term, fee-based contract with Rex Energy Corporation (NASDAQ: REXX). In     conjunction with new processing, the Partnership began operations of an     additional 20,000 barrels per day (Bbl/d) of ethane and heavier     fractionation infrastructure to support growing NGL production from the     rich-gas areas of the northeast Marcellus Shale and Upper Devonian     formation. To facilitate the production of ethane at the Bluestone     complex, the Partnership has also completed a 32-mile purity ethane     pipeline connecting to the Mariner West project.    *Today, the Partnership is announcing that it will construct a seventh 200     MMcf/d processing plant at the Sherwood complex in Doddridge County, West     Virginia, at the request of Antero Resources Corporation (NYSE: AR)     (Antero Resources). The new plant is anchored by long-term, fee-based     agreements and will expand total capacity at the Sherwood complex to 1.4     billion cubic feet per day (Bcf/d) by the third quarter of 2015. Later     this month, the Partnership will begin operations of the Sherwood IV     plant. Antero Resources is the anchor producer supporting the Sherwood     complex and continues to develop its prolific rich-gas acreage position in     northern West Virginia.   *Today, the Partnership is announcing that it will construct a sixth     processing complex in the Marcellus Shale. The new Hillman complex will be     located in Washington County, Pennsylvania and will support Range     Resources’ rapidly growing rich-gas production. The Hillman complex will     initially consist of Hillman I, a 200 MMcf/d processing plant, and an     associated de-ethanization facility. The Hillman complex is scheduled to     become operational during the first quarter of 2016. Propane and heavier     natural gas liquids recovered at the Hillman complex will be transported     by a new pipeline to the Houston complex for fractionation.  Utica:    *In June, the Partnership and The Energy & Minerals Group (EMG) announced     an expansion of the Hopedale fractionation and marketing complex (Hopedale     complex) in Harrison County, Ohio to support growing NGL production from     the Marcellus and Utica Shales. The expansion will double the propane and     heavier fractionation capacity at the Hopedale complex to 120,000 Bbl/d     and is expected to be operational in the first quarter of 2015.   *In June, Summit Midstream Partners, LLC (Summit), the privately held     company that owns and controls the general partner of Summit Midstream     Partners, LP (NYSE: SMLP), exercised the option it acquired from a     subsidiary of Gulfport Energy Corporation (NASDAQ: GPOR) (Gulfport Energy)     to purchase a 40% equity interest in two of the Partnership’s and EMG’s     unconsolidated affiliates, Ohio Gathering Company, L.L.C. and Ohio     Condensate Company, L.L.C., through a cash investment of approximately     $324.7 million and $7.3 million, respectively, that was received in May     2014 and true-up payments of $16.5 million and $1.3 million, respectively,     that were received in July 2014.   *In July, MarkWest Utica EMG completed the 200 MMcf/d Seneca III processing     plant in Noble County, Ohio. The new plant is anchored by Antero Resources     under a long-term, fee-based contract and has expanded the total     processing capacity of the Seneca complex to 600 MMcf/d. In order to     support the continued growth of Antero Resources and other producers, the     Partnership expects to complete a fourth 200 MMcf/d processing plant in     the second quarter of 2015.    *In July, MarkWest Utica EMG completed a 40,000 Bbl/d de-ethanization     facility at the Cadiz complex in Harrison County, Ohio. This new     fractionation facility will provide MarkWest Utica EMG’s producer     customers with the ability to meet residue gas quality specifications and     downstream ethane pipeline commitments. Purity ethane produced at the new     Cadiz facility will be delivered to the ATEX pipeline.   *Today, MarkWest Utica EMG is announcing the development of Cadiz III, a     200 MMcf/d processing plant at the Cadiz complex in Harrison County, Ohio.     The new facility is expected to begin operations during the first quarter     of 2015 and will increase total processing capacity of the Cadiz complex     to 525 MMcf/d. The Cadiz complex currently consists of a 125 MMcf/d     cryogenic processing plant and during September 2014, MarkWest Utica EMG     will begin operations of the 200 MMcf/d Cadiz II plant to support rich-gas     production from Gulfport Energy and other producers.  Southwest:    *In April, the Partnership’s Centrahoma Joint Venture (Centrahoma)     commenced operations of the Stonewall processing facility, a 120 MMcf/d     plant in the Woodford Shale in Southwest Oklahoma. The completion of the     Stonewall plant increases Centrahoma’s total processing capacity to 220     MMcf/d.   *Today, the Partnership is announcing that it will construct a fourth     processing plant at its Carthage facilities in Panola County, Texas to     support growing rich-gas production from the Haynesville Shale and Cotton     Valley formation. The new plant will have an initial capacity of 120     MMcf/d and is scheduled to begin operations in the first quarter of 2015.     Once completed, total processing capacity at the Partnership’s East Texas     operations will increase to 520 MMcf/d.  Capital Markets    *Year-to-date, the Partnership has issued 15.1 million new units and     received net proceeds of approximately $976.9 million.   *Achieved investment grade rating by Standard & Poor’s on the Partnership’s     Senior Secured Credit Facility.  FINANCIAL RESULTS  Balance Sheet    *As of June 30, 2014, the Partnership had $74.0 million of cash and cash     equivalents in wholly owned subsidiaries and $847.5 million of remaining     capacity under its $1.3 billion Senior Secured Credit Facility after     consideration of $11.3 million of outstanding letters of credit and $441.2     million of outstanding borrowings.  Operating Results    *Operating income before items not allocated to segments for the three     months ended June 30, 2014, was $220.1 million, an increase of $42.6     million when compared to $177.5 million over the same period in 2013. This     increase was primarily attributable to higher processing volumes.     Processed volumes continued to increase in the second quarter of 2014,     growing approximately 53 percent when compared to the second quarter of     2013, primarily due to the Partnership’s Marcellus and Utica segments.      A reconciliation of operating income before items not allocated to     segments to income before provision for income tax, the most directly     comparable GAAP financial measure, is provided within the financial tables     of this press release.    *Operating income before items not allocated to segments does not include     (losses) gains on commodity derivative instruments. Realized (losses)     gains on commodity derivative instruments were ($1.9) million in the     second quarter of 2014 and $2.0 million in the second quarter of 2013.  Capital Expenditures    *For the three months ended June 30, 2014, the Partnership’s portion of     capital expenditures was $608.1 million.  ADJUSTED EBITDA, DCF AND CAPITAL EXPENDITURE FORECAST  The Partnership forecasts its 2014 Adjusted EBITDA in a range of $810 million to $870 million and has narrowed its 2014 DCF forecast to a range of $630 million to $670 million based on its current forecast. The Partnership has become less sensitive to changes in commodity prices as a result of significant increases in fee-based income. An updated sensitivity analysis for forecasted 2014 DCF based on changes in composite NGL prices and changes in volume assumptions is provided within the tables of this press release.  The Partnership’s portion of growth capital expenditures for 2014 is forecasted in a range of $2.0 billion to $2.3 billion and for 2015 is forecasted at approximately $2.0 billion. Maintenance capital for 2014 is forecasted at approximately $25 million.  CONFERENCE CALL  The Partnership will host a conference call and webcast on Thursday, August 7, 2014, at 12:00 p.m. Eastern Time to review its second quarter 2014 financial results. Interested parties can participate in the call by dialing (800) 475-0218 (passcode “MarkWest”) approximately ten minutes prior to the scheduled start time. To access the webcast and associated second quarter 2014 earnings call presentation, please visit the Investor Relations section of the Partnership’s website at www.markwest.com. A replay of the conference call will be available on the Partnership’s website or by dialing (800) 839-1248 (no passcode required).  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, 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.                   MarkWest Energy Partners, L.P. Financial Statistics (unaudited, in thousands, except per unit data)                                                                                   Three months ended June 30,      Six months ended June 30, Statement of       2014           2013          2014           2013        Operations Data Revenue: Revenue           $ 525,119        $ 395,421       $ 1,041,562      $ 768,879 Derivative         (6,753     )    19,699        (10,720    )    19,514      (loss) gain Total revenue      518,366        415,120       1,030,842      788,393                                                                          Operating expenses: Purchased           215,824          155,359         427,388          307,916 product costs Derivative loss (gain) related      11,964           (20,432   )     4,166            (31,136    ) to purchased product costs Facility            83,545           62,797          167,250          122,307 expenses Derivative loss related to          2,045            800             1,777            468 facility expenses Selling, general and         27,701           25,499          62,991           50,741 administrative expenses Depreciation        104,078          71,562          206,007          139,579 Amortization of intangible          15,965           17,092          31,943           31,922 assets Loss (gain) on sale or disposal of         1,450            (37,736   )     1,357            (37,598    ) property, plant and equipment Accretion of asset              168            157           336            509         retirement obligations Total operating    462,740        275,098       903,215        584,708     expenses                                                                      Income from         55,626           140,022         127,627          203,685 operations                                                                      Other (expense) income: Equity in (loss) earnings from                (721       )     430             (471       )     665 unconsolidated affiliates Interest income     10               62              19               211 Interest            (43,391    )     (36,955   )     (84,375    )     (75,291    ) expense Amortization of deferred financing costs and debt            (1,449     )     (1,784    )     (4,273     )     (3,614     ) discount (a component of interest expense) Loss on redemption of       -                -               -                (38,455    ) debt Miscellaneous      33             6             43             6           income, net Income before provision for       10,108           101,781         38,570           87,207 income tax                                                                      Provision for income tax (benefit) expense: Current             (19        )     (2,745    )     326              (8,159     ) Deferred           (2,921     )    19,028        9,280          30,999      Total provision    (2,940     )    16,283        9,606          22,840      for income tax                                                                      Net income          13,048           85,498          28,964           64,367                                                                      Net (income) loss attributable to    (4,071     )    (1,799    )    (7,495     )    3,874       non-controlling interest                                                                      Net income attributable to the               $ 8,977         $ 83,699       $ 21,469        $ 68,241      Partnership's unitholders                                                                      Net income attributable to the Partnership's common unitholders per common unit: Basic             $ 0.05          $ 0.63         $ 0.13          $ 0.52        Diluted           $ 0.05          $ 0.55         $ 0.12          $ 0.45                                                                             Weighted average number of outstanding common units: Basic              164,613        131,227       161,727        129,928     Diluted            181,237        151,866       178,378        150,580                                                                          Cash Flow Data Net cash flow provided by (used in): Operating         $ 244,450        $ 93,838        $ 356,823        $ 177,596 activities Investing         $ (429,684   )   $ (825,660  )   $ (1,005,158 )   $ (1,435,021 ) activities Financing         $ 361,165        $ 434,867       $ 862,442        $ 1,266,223 activities                                                                      Other Financial Data Distributable     $ 161,734        $ 128,391       $ 310,180        $ 238,216 cash flow Adjusted EBITDA   $ 208,231        $ 155,741       $ 395,798        $ 296,542                                                                                                                                           Balance Sheet     June 30, 2014    December 31, Data                               2013 Total assets      $ 10,183,390     $ 9,396,423 Total debt        $ 3,464,637      $ 3,023,071 Total equity      $ 5,401,550      $ 4,798,133                                                                       MarkWest Energy Partners, L.P. Operating Statistics                                                                                            Three months ended June 30,   Six months ended June                                                         30,                           2014            2013          2014          2013 Marcellus Gathering system          599,500         544,000       600,500       526,700 throughput (Mcf/d) (1) Natural gas processed     1,823,200       1,033,700     1,732,500     931,400 (Mcf/d)                                                                        C2 (purity ethane)        45,900          -             47,400        - produced (Bbl/d) C3+ fractionated          82,200          48,900        76,200        43,000 (Bbl/d) (2) Total NGLs fractionated   128,100         48,900        123,600       43,000 (Bbl/d)                                                                        Utica Gathering system          188,700         46,300        184,700       27,800 throughput (Mcf/d) Natural gas processed     293,800         46,300        272,700       27,200 (Mcf/d) (3) C3+ fractionated          13,500          -             12,900        - (Bbl/d) (2)                                                                        Northeast Natural gas processed     281,500         296,400       268,600       299,500 (Mcf/d) NGLs fractionated         17,500          18,100        17,500        17,600 (Bbl/d) (4)                                                                        Keep-whole sales          24,800          27,100        57,000        64,500 (gallons, in thousands) Percent-of-proceeds sales (gallons, in        29,900          32,200        56,000        67,100 thousands) Total NGL sales (gallons, in thousands)   54,700          59,300        113,000       131,600 (5)                                                                        Crude oil transported     10,600          9,700         10,200        10,000 for a fee (Bbl/d)                                                                        Southwest East Texas gathering systems throughput        549,500         521,700       522,800       510,500 (Mcf/d) East Texas natural gas    398,500         377,600       383,400       358,600 processed (Mcf/d) East Texas NGL sales (gallons, in thousands)   109,500         86,200        203,400       158,400 (6)                                                                        Western Oklahoma gathering system          348,200         220,000       322,700       211,400 throughput (Mcf/d) (7) Western Oklahoma natural gas processed     296,300         189,900       269,800       188,100 (Mcf/d) Western Oklahoma NGL sales (gallons, in        56,900          42,900        111,300       97,700 thousands) (8)                                                                        Southeast Oklahoma gathering system          414,500         473,300       398,200       467,300 throughput (Mcf/d) Southeast Oklahoma natural gas processed     186,600         160,400       167,000       155,800 (Mcf/d) (9) Southeast Oklahoma NGL sales (gallons, in        29,200          54,000        50,200        93,300 thousands)                                                                        Other Southwest gathering system          48,900          39,900        47,900        30,300 throughput (Mcf/d) (10)                                                                        Gulf Coast refinery off-gas processed         112,000         117,700       111,300       106,600 (Mcf/d) Gulf Coast liquids fractionated (Bbl/d)      21,000          22,100        20,200        19,700 (11) Gulf Coast NGL sales (gallons, in thousands)   80,300          84,600        153,300       149,700 (11)                                                                         (1)   The 2013 volumes exclude Sherwood gathering for comparability as this        system was sold to Summit in June 2013.        The Marcellus segment includes both the Houston Fractionation Facility        and Marcellus’ portion utilized of the jointly owned Hopedale        Fractionation Facility. Hopedale is currently jointly owned 60% and 40% (2)    by MarkWest Liberty Midstream and MarkWest Utica EMG, respectively. The        Utica segment includes only the portion it utilized of the jointly        owned Hopedale Fractionation Facility. Operations began in January        2014. The volumes reported for 2014 are the average daily rate for the        days of operation. (3)    Utica operations began in August 2013. (4)    Includes NGLs fractionated for Utica and Marcellus segments.        Represents sales at the Siloam fractionator. The total sales exclude        approximately 8,757,000 gallons and 6,611,000 gallons sold by the        Northeast on behalf of Marcellus for the three months ended June 30, (5)    2014 and 2013, respectively. The total sales exclude approximately        22,010,000 gallons and 6,818,000 gallons sold by the Northeast on        behalf of Marcellus for the six months ended June 30, 2014 and 2013,        respectively.        Excludes zero and 318,000 gallons processed in conjunction with take in        kind contracts for the respective three and six months ended June 30, (6)    2014 and 3,989,000 and 12,351,000 gallons processed in conjunction with        take in kind contracts for the respective three and six months ended        June 30, 2013.        Includes natural gas gathered in Western Oklahoma and from the Granite (7)    Wash formation in the Texas Panhandle as management considers this one        integrated area of operations.        Excludes 41,969,000 and 53,685,000 gallons processed in conjunction (8)    with take in kind contracts for the respective three and six months        ended June 30, 2014. (9)    The natural gas processing in Southeast Oklahoma is outsourced to our        joint venture Centrahoma or other third-party processors. (10)   Excludes lateral pipelines where revenue is not based on throughput. (11)   Excludes Hydrogen volumes.          MarkWest Energy Partners, L.P. Reconciliation of GAAP Financial Measure to Non-GAAP Financial Measure Operating Income before Items not Allocated to Segments (unaudited, in thousands)                                                                                   Three months                                                             Eliminations ended June 30,      Marcellus      Utica         Northeast   Southwest   (1)            Total 2014 Segment revenue     $ 183,734      $ 30,826      $  43,777   $ 271,140   $  (900    )   $ 528,577                                                                                          Operating expenses: Purchased product     39,710         7,353          15,169     153,628      -             215,860 costs Facility expenses    33,755       12,174       8,509     34,354      (900    )    87,892 Total operating expenses before items not             73,465         19,527         23,678     187,982      (900    )     303,752 allocated to segments                                                                                          Portion of operating income attributable to      -            4,687        -         6           -           4,693 non-controlling interests Operating income before items not    $ 110,269     $ 6,612      $  20,099   $ 83,152    $  -          $ 220,132 allocated to segments                                                                                                                                                                                   Three months ended June 30,      Marcellus      Utica         Northeast   Southwest   Total 2013 Segment revenue     $ 120,057      $ 3,594       $  45,365   $ 227,842   $  396,858                                                                                          Operating expenses: Purchased product     16,993         -              15,126     123,240      155,359 costs Facility expenses    22,272       6,412        6,655     29,778      65,117   Total operating expenses before items not             39,265         6,412          21,781     153,018      220,476 allocated to segments                                                                                          Portion of operating (loss) income               -            (1,143  )     -         53          (1,090  ) attributable to non-controlling interests Operating income (loss) before items not           $ 80,792      $ (1,675  )   $  23,584   $ 74,771    $  177,472  allocated to segments                                                                                          (1) Amounts represent revenues and expenses associated with the Northeast segment fractionation completed on behalf of the Marcellus segment, which occurs when NGL volumes in the Marcellus exceed its fractionation capacity.                                                                                                              Three months ended June                     30,                      2014         2013                                                                                              Operating income before items not    $ 220,132      $ 177,472 allocated to segments Portion of operating income (loss)                4,184          (1,090  ) attributable to non-controlling interests Derivative (loss) gain not              (20,762  )     39,331 allocated to segments Revenue adjustment for        (3,833   )     - unconsolidated affiliate Revenue deferral adjustment and        375            (1,437  ) other Compensation expense included in facility           (903     )     (368    ) expenses not allocated to segments Facility expense and purchase product cost          2,598          - adjustments for unconsolidated affiliate Portion of operating loss attributable to non-controlling       509            - interests of an unconsolidated affiliate Facility expenses     2,688          2,688 adjustments Selling, general and                   (27,701  )     (25,499 ) administrative expenses Depreciation          (104,078 )     (71,562 ) Amortization of       (15,965  )     (17,092 ) intangible assets (Loss) gain on disposal of           (1,450   )     37,736 property, plant and equipment Accretion of asset retirement     (168     )    (157    ) obligations Income from           55,626         140,022 operations Other (expense)income: Equity in (loss) earnings from         (721     )     430 unconsolidated affiliates Interest income       10             62 Interest expense      (43,391  )     (36,955 ) Amortization of deferred financing costs and debt discount     (1,449   )     (1,784  ) (a component of interest expense) Miscellaneous        33           6        income, net Income before provision for       $ 10,108      $ 101,781  income tax                                                                                                                                                                            MarkWest Energy Partners, L.P. Reconciliation of GAAP Financial Measure to Non-GAAP Financial Measure Operating Income before Items not Allocated to Segments (unaudited, in thousands)                                                                                         Six months                                                              Eliminations ended June 30,    Marcellus      Utica          Northeast   Southwest   (1)            Total 2014 Segment revenue   $ 358,893      $ 54,592       $ 105,030   $ 530,470   $  (2,471  )   $ 1,046,514                                                                                         Operating expenses: Purchased           74,000         11,488         35,624      306,312      -             427,424 product costs Facility           69,228       24,026       15,623     66,876      (2,471  )    173,282 expenses Total operating expenses before items not           143,228        35,514         51,247      373,188      (2,471  )     600,706 allocated to segments                                                                                         Portion of operating income             -            7,823        -          5           -           7,828 attributable to non-controlling interests Operating income before items not         $ 215,665     $ 11,255      $ 53,783    $ 157,277   $  -          $ 437,980 allocated to segments                                                                                                                                                                                 Six months ended June 30,    Marcellus      Utica          Northeast   Southwest   Total 2013 Segment revenue   $ 228,554      $ 4,217        $ 102,701   $ 436,208   $  771,680                                                                                         Operating expenses: Purchased           35,786         -              34,788      237,342      307,916 product costs Facility           44,908       10,374       13,179     58,468      126,929  expenses Total operating expenses before items not           80,694         10,374         47,967      295,810      434,845 allocated to segments                                                                                         Portion of operating (loss) income      -            (2,482   )    -          117         (2,365  ) attributable to non-controlling interests Operating income (loss) before items      $ 147,860     $ (3,675   )   $ 54,734    $ 140,281   $  339,200  not allocated to segments                                                                                         (1) Amounts represent revenues and expenses associated with the Northeast segment fractionation completed on behalf of the Marcellus segment, which occurs when NGL volumes in the Marcellus exceed its fractionation capacity.                                                                                                           Six months ended June 30,                    2014         2013                                                                                              Operating income before items not         $ 437,980      $ 339,200 allocated to segments Portion of operating income (loss)       7,319          (2,365   ) attributable to non-controlling interests Derivative (loss) gain not     (16,663  )     50,182 allocated to segments Revenue adjustment for      (3,833   )     - unconsolidated affiliate Revenue deferral            (1,119   )     (2,801   ) adjustment and other Compensation expense included in facility            (1,906   )     (754     ) expenses not allocated to segments Facility expense and purchase product cost        2,598          - adjustments for unconsolidated affiliate Portion of operating loss attributable to non-controlling     509            - interests of an unconsolidated affiliate Facility expenses            5,376          5,376 adjustments Selling, general and         (62,991  )     (50,741  ) administrative expenses Depreciation        (206,007 )     (139,579 ) Amortization of intangible          (31,943  )     (31,922  ) assets (Loss) gain on disposal of         (1,357   )     37,598 property, plant and equipment Accretion of asset              (336     )    (509     ) retirement obligations Income from         127,627        203,685 operations Other (expense) income: Equity in (loss) earnings from                (471     )     665 unconsolidated affiliates Interest income     19             211 Interest            (84,375  )     (75,291  ) expense Amortization of deferred financing costs and debt            (4,273   )     (3,614   ) discount (a component of interest expense) Loss on redemption of       -              (38,455  ) debt Miscellaneous      43           6         income, net Income before provision for     $ 38,570      $ 87,207    income tax                                                                                                                                                      Reconciliation of GAAP Financial Measure to Non-GAAP Financial Measure Distributable Cash Flow (unaudited, in thousands)                                                                                     Three months ended June 30,    Six months ended June 30,                    2014         2013          2014          2013                                                                         Net income        $ 13,048       $ 85,498        $ 28,964        $ 64,367 Depreciation, amortization and other           120,361        88,889          239,311         172,166 non-cash operating expenses Loss (gain) on sale or disposal of         1,450          (34,689   )     1,357           (34,551   ) property, plant and equipment Loss on redemption of       -              -               -               36,178 debt, net of tax benefit Amortization of deferred financing costs     1,449          1,784           4,273           3,614 and debt discount Equity in loss (earnings) from     721            (430      )     471             (665      ) unconsolidated affiliates Distributions from                2,541          1,962           3,910           2,728 unconsolidated affiliates Non-cash compensation        1,835          1,157           5,802           3,541 expense Unrealized loss (gain) on           18,844         (37,287   )     7,024           (46,320   ) derivative instruments Deferred income tax (benefit)       (2,921   )     19,028          9,280           30,999 expense Cash adjustment for non-controlling     (3,178   )     1,720           (5,296    )     3,489 interest of consolidated subsidiaries Revenue deferral            1,722          1,645           3,813           3,410 adjustment Other (1)           12,867         3,318           21,022          5,355 Maintenance capital            (7,005   )    (4,204    )    (9,751    )    (6,095    ) expenditures (2) Distributable     $ 161,734     $ 128,391      $ 310,180      $ 238,216    cash flow                                                                   Maintenance capital           $ 7,005        $ 4,204         $ 9,751         $ 6,095 expenditures (2) Growth capital expenditures of     681,198        799,322         1,265,572       1,428,989 consolidated subsidiaries Growth capital expenditures of unconsolidated     40,013      -             40,013        -          subsidiaries (3) Total capital       728,216        803,526         1,315,336       1,435,084 expenditures Acquisitions, net of cash        -            225,210       -             225,210    acquired Total capital expenditures        728,216        1,028,736       1,315,336       1,660,294 and acquisitions Joint venture partner            (120,106 )    (360,499  )    (120,106  )    (625,819  ) contributions Total capital expenditures and               $ 608,110     $ 668,237      $ 1,195,230    $ 1,034,475  acquisitions, net                                                                   Distributable     $ 161,734      $ 128,391       $ 310,180       $ 238,216 cash flow Maintenance capital             7,005          4,204           9,751           6,095 expenditures (2) Changes in receivables,        (35,710  )     (68,767   )     (42,763   )     (67,501   ) inventories and other assets Changes in accounts payable, accrued             120,755        37,601          95,041          10,053 liabilities and other long-term liabilities Cash adjustment for non-controlling     3,178          (1,720    )     5,296           (3,489    ) interest of consolidated subsidiaries Other              (12,512  )    (5,871    )    (20,682   )    (5,778    ) Net cash provided by       $ 244,450     $ 93,838       $ 356,823      $ 177,596    operating activities                                                                                      Other includes amounts related to capitalized interest associated with (1)  joint venture capital expenditures and fees earned related to       development of joint venture capital projects. (2)   Net of joint venture partner contributions. (3)   Growth capital expenditures for Ohio Gathering, L.L.C.         MarkWest Energy Partners, L.P. Reconciliation of GAAP Financial Measure to Non-GAAP Financial Measure Adjusted EBITDA (unaudited, in thousands)                                                                                       Three months ended June 30,   Six months ended June 30,                          2014         2013         2014        2013                                                                         Net income             $  13,048       $ 85,498      $  28,964     $ 64,367 Non-cash                  1,835          1,157          5,802        3,541 compensation expense Unrealized loss (gain) on derivative      18,844         (37,287 )      7,024        (46,320 ) instruments Interest expense (1)      42,765         36,610         84,483       74,632 Depreciation, amortization and          120,361        88,889         239,311      172,166 other non-cash operating expenses Loss (gain) on sale or disposal of            1,450          (37,736 )      1,357        (37,598 ) property, plant and equipment Loss on redemption        -              -              -            38,455 of debt Provision for income tax (benefit)             (2,940   )     16,283         9,606        22,840 expense Adjustment for cash flow from                 3,262          1,532          4,381        2,063 unconsolidated affiliates Other (2)                9,606        795          14,870      2,396    Adjusted EBITDA        $  208,231     $ 155,741    $  395,798    $ 296,542                                                                                 (1)  Includes amortization of deferred financing costs and debt discount, and       excludes interest expense related to the Steam Methane Reformer.       For the three and six months ended June 30, 2014, Other includes amounts (2)   related to capitalized interest associated with joint venture capital       expenditures and fees earned related to development of joint venture       capital projects.                                 MarkWest Energy Partners, L.P.                  Distributable Cash Flow Sensitivity Analysis                            (unaudited, in millions)  The Partnership periodically estimates the effect on DCF resulting from changes in its volume forecast and NGL prices. The Partnership has become less sensitive to changes in commodity prices as a result of significant increases in fee-based income. For the full year 2014, the Partnership estimates that net operating margin will be over 70 percent fee-based. In addition, the Partnership has hedged approximately 60 percent of its forecasted 2014 NGL exposure on a volumetric basis, over 90 percent of these with direct product hedges.  The analysis further assumes derivative instruments outstanding as of August 6, 2014, and production volumes estimated through December31, 2014. The range of stated hypothetical changes in commodity prices considers current and historic market performance.  Estimated Range of 2014 DCF                                                                   Volume Forecast (1)                   Low Case   Base Case   High Case               $1.05     $   635    $   659     $   680 NGL $/Gal     $1.00     $   631    $   654     $   676 (2) (3)       $0.95     $   627    $   650     $   671               $0.90     $   623    $   646     $   667             $0.85   $   619    $   641     $   662                                                 (1)  Volume Forecast is increased/decreased by 10% in the Marcellus and Utica       segments for the High and Low Cases.       The composition is based on the Partnership’s projected barrel of (2)   approximately: Ethane: 35%, Propane: 35%, Iso-Butane: 6%, Normal Butane:       12%, Natural Gasoline: 12%. (3)   Composite NGL prices are based on the Partnership’s average forecasted       price.  The table is based on current information, expectations, and beliefs concerning future developments and their potential effects, and does not consider actions the Partnership’s management may take to mitigate exposure to changes. Further, the table does not consider the effects that such hypothetical adverse changes may have on overall economic activity. Historical volumes, prices and correlations do not guarantee future results.  Although the Partnership believes the expectations reflected in this analysis are reasonable, the Partnership can give no assurance that such expectations will prove to be correct and readers are cautioned that projected performance, results, or distributions may not be achieved. Actual changes in market prices, market conditions and constraints, production, NGL composition, infrastructure availability, market participants, and ratios between product prices may differ from the assumptions utilized in the analysis. Actual results, performance, distributions, volumes, events, or transactions could vary significantly from those expressed, considered or implied in this analysis. All results, performance, distributions, volumes, events or transactions are subject to a number of uncertainties and risks. Those uncertainties and risks may not be factored into or accounted for in this analysis. Readers are urged to carefully review and consider the cautionary statements and disclosures made in the Partnership’s periodic reports filed with the SEC, specifically those under the heading “Risk Factors.”  Contact:  MarkWest Energy Partners, L.P. Frank Semple, Chairman, President & CEO Nancy Buese, Executive VP and CFO Josh Hallenbeck, VP of Finance & Treasurer 866-858-0482 investorrelations@markwest.com  
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