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Stock Market & Financial Investment News

News Breaks
February 5, 2013
16:44 EDTMWEMarkWest Energy, EMG provide funding, development updates for Uitica Shale
MarkWest Energy and The Energy & Minerals Group, or EMG, announced 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 by up to $450M, bringing their total initial contribution to up to $950M. The transaction does not modify the ownership interest levels or quarterly distribution percentages as set forth in the existing L.L.C. Agreement. MarkWest and EMG also executed an amendment to the L.L.C. Agreement that provides for MarkWest to contribute up to $150M to the Utica Joint Venture on a short-term basis. 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 $1.4B-$1.9B.
News For MWE From The Last 14 Days
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September 22, 2014
19:36 EDTMWEMarkWest Energy joint venture announces definitive agreements with AEU
MarkWest Utica EMG, a joint venture between MarkWest Energy Partners and The Energy & Minerals Group, and Ohio Gathering Company, a joint venture between MarkWest Utica EMG and Summit Midstream Partners, announced the completion of definitive agreements with American Energy- Utica, or AEU, an affiliate of American Energy Partners, to provide natural gas gathering, processing, and fractionation services in the Utica Shale in Ohio. AEU has acquired a significant acreage position in highly prolific Utica Shale and with the agreements announced, has dedicated more than 60K net acres in the rich-gas and condensate windows to MarkWest Utica EMG and Ohio Gathering. Under the terms of the agreements, MarkWest Utica EMG will provide natural gas processing services at its Cadiz complex in Harrison County, Ohio and its Seneca complex in Noble County, Ohio. Combined, these two large complexes currently provide 725M cubic feet per day of total processing capacity to eight key producer customers in the Utica Shale. Based on previous announcements, the two complexes will be expanded to more than 1.3B cubic feet per day of processing capacity by 2Q15. MarkWest Utica EMG will fractionate AEU’s natural gas liquids, or NGLs, at its jointly owned Hopedale complex, which currently includes 60K barrels per day, or Bbl/d, of propane and heavier NGLs fractionation capacity and will be expanded to 120K Bbl/d of capacity by 1Q15.

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