MarkWest Energy Partners Announces Completion of Its Acquisition of 50% Interest in Starfish Pipeline Company LLC From Enterpris
March 31 2005 - 9:39PM
PR Newswire (US)
MarkWest Energy Partners Announces Completion of Its Acquisition of
50% Interest in Starfish Pipeline Company LLC From Enterprise
Products Partners L.P. DENVER, March 31 /PRNewswire-FirstCall/ --
MarkWest Energy Partners, L.P. (AMEX:MWE), today announced that it
has closed the acquisition of a 50% non-operating membership
interest in Starfish Pipeline Company, LLC, ("Starfish") from an
affiliate of Enterprise Products Partners L.P. ("Enterprise
Products") for $42.1 million. Starfish owns the FERC regulated
Stingray natural gas pipeline, and the unregulated Triton natural
gas gathering system and West Cameron dehydration facility, all
located in the Gulf of Mexico and southwestern Louisiana. The
acquisition is expected to generate cash flow from operations of
approximately $7.1 million per year. The acquisition was financed
through MarkWest's existing credit facility. Following the
acquisition, MarkWest has a debt/capitalization (debt plus partners
capital) ratio of 52 percent. MarkWest will host a conference call
on Tuesday, April 5, 2005, at 2:00 P.M. MDT to discuss this
acquisition. Interested parties can participate in the call by
dialing the following number approximately ten minutes prior to the
scheduled start time: 1-800-218-8862 and provide the following
confirmation number: 11027707. A replay of the call will be
available April 5 through April 8 by dialing 1-800-405-2236 and
entering the following confirmation number: 11027707. To access the
webcast, please visit our website at http://www.markwest.com/.
MarkWest Energy Partners, L.P. is a publicly traded master limited
partnership with a solid core of midstream assets and a growing
core of gas transmission assets. It is the largest processor of
natural gas in the Northeast and is the largest gas gatherer of
natural gas in the prolific Carthage field in east Texas. It also
has a growing number of other gas gathering and intrastate gas
transmission assets in the Southwest, primarily in Texas and
Oklahoma. 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, 2003, and our Forms 10-Q for 2004, as filed with
the SEC. DATASOURCE: MarkWest Energy Partners, L.P. CONTACT: Frank
Semple, President & CEO, 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/
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