Markwest Energy Partners LP — Investor Day (September 2006)
86 slides from Markwest Energy Partners LP's investor day presentation, Sep 12, 2006
Slide 1: MarkWest Energy Partners Investor Conference
MarkWest Energy Partners Investor Conference September 12 and 14, 2006 Houston and New York
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements and information. These forward-looking statements, which in many instances can be identified by words like “could,” “may,” “will,” “should,” “expects,” “plans,” “project,” “anticipates,” “believes,” “potential,” and oth
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation utilizes the Non-GAAP financial measures of EBITDA, Segment EBITDA and Distributable Cash Flow. We define EBITDA as net income or loss before interest; provision for income taxes; and depreciation and amortization expense. We define Segment EBITDA as segment reven
Slide 4: Agenda
Agenda • Frank Semple – Overview and Strategy • John Mollenkopf – Business Unit Review • Randy Nickerson – Growth Strategy • Nancy Masten– Financial Strategy • Andy Schroeder – Distribution Analysis • Frank Semple – Closing Summary • Q&A Investor Conference September 2006 3
Slide 5: MarkWest Energy Partners Overview
MarkWest Energy Partners Overview ¾ High-quality, diverse portfolio of midstream assets serving very prolific natural gas basins in the US. ¾ Ranked #1 in customer satisfaction ¾ Successful track record of accretive acquisitions and organic expansions ¾ Experienced board and management team with sig
Slide 6: MarkWest - Structure
MarkWest - Structure MarkWest Energy Partners, L.P. Ticker — MWE (AMEX) 16.2 million units outstanding Price (9/8/06) — $47.00 MarkWest Hydrocarbon, Inc. Market cap (9/8/06) — $760 million Ticker — MWP (AMEX) Key assets: 12.0 million shares outstanding • Southwest Price (9/8/06) —
Slide 7: Diversified Portfolio of Quality Assets
Diversified Portfolio of Quality Assets Foss Lake Gathering System Carthage Gathering & • Acquired December 2003 Processing System Michigan Crude Oil Pipeline • 167 miles of gathering pipeline • Acquired July 2004 and Natural Gas System • Gas processing plant • 230 miles of gathering • Crude oil pip
Slide 8: MarkWest Energy Named #1 in Natural Gas Customer Satisfaction
“MarkWest Energy Named #1 in Natural Gas Customer Satisfaction” EnergyPoint Research, Inc 2006 Customer Satisfaction Survey Investor Conference September 2006 7
Slide 9: Twelve Distribution Increases Since IPO
Twelve Distribution Increases Since IPO ce I PO sin n Gr o wt h i str ibutio CAGR) D (15% 84% Common Unit Distribution Investor Conference September 2006 8
Slide 10: Business Strategy
Mission Business Strategy To be the “best in class” midstream energy company, providing innovative solutions for our customers while achieving superior and sustainable returns for our unitholders • Capture natural gas and crude oil production from Optimize existing assets existing and new customers
Slide 11: Business Unit Review
Business Unit Review John Mollenkopf Gulf Coast Northeast Southwest Investor Conference September 2006 10
Slide 12: Business Unit Overview
Business Unit Overview • Provides Midstream Services for over 1.3 BCF/Day of Gas • Assets servicing three of the largest and most active natural gas producing basins in the United States – Appalachian Basin (50+ TCF) – Carthage Field (18+ TCF) – Anadarko Basin (13+ TCF) • Diverse customer base – Maj
Slide 13: Business Unit Overview
Business Unit Overview • Strategic Franchise Assets – Largest gas processor in northeast United States – Key service provider for Corpus Christi, Texas Refiners – Critical crude oil pipeline serving Michigan – Texas Lateral Pipelines • Well Designed, Efficient Assets – New and growing gathering and
Slide 14: Business Unit Overview
Business Unit Overview • Diverse Contractual Mix – Fee Based Processing and NGL Storage – Fee Based Gathering and Compression – Demand Based Transportation Fees (Texas Laterals) – Percent of Liquids Processing (POL) – Percent of Index Gas Gathering and Processing (POI) – Keep Whole Processing (KW) –
Slide 15: MarkWest Operating Philosophy
MarkWest Operating Philosophy • Provide Exceptional Customer Service • Build and Maintain Efficient Gathering Systems and Plants • Understand Customer’s Needs / Be Fast • Focus on Growth / Be Entrepreneurial • Thrive in Competitive Market • Maintain Excellent Safety and Environmental Record Investor
Slide 16: Award-Winning Customer Service
Award-Winning Customer Service 2006 Customer Satisfaction Survey Natural Gas Midstream Services Ratings & Rankings Evaluations No. of Overall Overall Rank Company (Headquarters) Ratings 1 MarkWest (Englewood, Co) 13 2 Copano Energy (Houston, Tx) 15 3 TEPPCO (Houston, Tx) 14 4 Regency Gas Services (D
Slide 17: Business Units – Diverse Asset Base
Business Units – Diverse Asset Base Segment EBITDA for the 6 months ended June 30, 2006: $92.3 million Michigan Appalachia 2% 10% E Texas 36% Javelina 31% Oklahoma Other SW 15% 6% Investor Conference September 2006 16
Slide 18: Southwest Business Unit
Southwest Business Unit Other SW 11% Oklahoma 27% East Texas 62% Segment EBITDA for the 6 months ended June 30, 2006: $52.6 million Investor Conference September 2006 17
Slide 19: East Texas System Overview
Southwest East Texas System Overview • Competitive advantages and characteristics of our system: – Prolific Cotton Valley reservoir (approx 18 TCF remaining, active drilling) – Low pressure service (Only LP service provider) – Common suction design for optimized compression redundancy (excellent run
Slide 20: East Texas System Contracts
Southwest East Texas System Contracts East Texas has a wide variety of contracts and over 75 customers. For Gathering, typical contracts include: • A gathering fee per mmbtu of gas gathered • A compression fee per mmbtu per stage of compression • Deemed compressor fuel and system loss (we make mon
Slide 21: Operational Results – East Texas
Southwest Operational Results – East Texas $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005 Revenues $64.1 $33.9 $86.2 Operating Expenses: Purchased product costs 23.3 10.1 39.0 Facility expenses 8.0 5.1 10.5 Total 31.3 15.2 49.5 Segment EBITDA $32.8 $ 18.7 $36.7
Slide 22: Oklahoma
Southwest Oklahoma Investor Conference September 2006 21
Slide 23: Foss Lake Gathering System and Arapaho Processing Plant
Foss Lake Gathering System and Southwest Arapaho Processing Plant • Competitive advantages and characteristics of our system: – Prolific Anadarko Basin (approx 13+ TCF remaining, active drilling) – Low and medium pressure service – System and Plant are essentially new - highly fuel efficient and rel
Slide 24: Oklahoma Contracts
Oklahoma Contracts Southwest • The Foss Lake gathering contracts provide for a number of contract fees and retainage including: – A gathering fee per mmbtu of gas gathered – A compression fee per mmbtu per stage of compression – Deemed compressor fuel and system loss (we make money from improved eff
Slide 25: Operational Results – Oklahoma
Southwest Operational Results – Oklahoma $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005 Revenues $110.2 $ 80.7 $213.9 Operating Expenses: Purchased product costs 92.3 71.3 193.8 Facility expenses 3.6 2.1 4.9 Total 95.9 73.4 198.7 Segment EBITDA $14.3 $ 7.3 $15.
Slide 26: Other Southwest Business Segment
Southwest Other Southwest Business Segment Assets: – Appleby gathering system – Four lateral pipelines – 15 other natural gas gathering systems Investor Conference September 2006 25
Slide 27: Other Southwest
Southwest Other Southwest Other Gathering 19% Appleby 42% Laterals 39% Segment EBITDA for the 6 months ended June 30, 2006: $5.5 million Investor Conference September 2006 26
Slide 28: Appleby Gathering System
Southwest Appleby Gathering System • Competitive advantages and characteristics of our system: • Prolific Travis Peak reservoir (50 new wells per year) • Low pressure service • System 50% New and Growing - highly fuel efficient and reliable w/ minimal losses • Fast well connections • Chesapeake is a
Slide 29: Appleby/Other Gathering System Contracts
Appleby/Other Gathering System Contracts • Appleby contracts are fee based with a fixed retainage for fuel and loss. In some cases we buy the producer’s gas at the wellhead less a fee. • Other systems have a variety of contracts including fee based, wellhead purchases and POI contracts Investor Conf
Slide 30: Lateral Pipelines
Southwest Lateral Pipelines • Lake Whitney lateral – a 33-mile intrastate pipeline that transports natural gas to a power plant near Waco, Texas • Rio Nogales lateral – A two pipeline, 27-mile system that transports natural gas to a power plant near Sabine, Texas • PowerTex Lateral – 68 mile intrast
Slide 31: Operational Results – Other SW
Southwest Operational Results – Other SW $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005 Revenues $47.7 $ 40.5 $106.7 Operating Expenses: Purchased product costs 39.2 33.7 92.6 Facility expenses 3.0 2.0 5.0 Total 42.2 35.7 97.6 Segment EBITDA $5.5 $ 4.8 $ 9.1 In
Slide 32: Gulf Coast Business Unit
Gulf Coast Business Unit Javelina Starfish Investor Conference September 2006 31
Slide 33: Javelina Processing Facility
Gulf Javelina Processing Facility Coast • Competitive advantages and characteristics of our Plant: – Plant provides critical services for six refineries in Corpus Christi, Texas – Franchise position with refineries – Excellent relationships with refinery customers – Efficient off-gas processing and
Slide 34: Javelina – Commercial Arrangements
Gulf Javelina – Commercial Arrangements Coast • Percentage of Liquids, (“POL”) processing Six months ended June 30, arrangements 2006 Revenue by Product • Refiners pay all utility costs Pentanes Hydrogen Butanes 1% 9% 17% • Currently in negotiations with one refiner to move to a fee-based or fee-bas
Slide 35: Operational Results - Javelina
Gulf Operational Results - Javelina Coast $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005* Revenues $33.8 $ - $13.8 Operating Expenses: Purchased product costs - - - Facility expenses 5.1 - 2.1 Total 5.1 - 2.1 Segment EBITDA $28.7 $ - $11.7 * - since 11/1/05 acq
Slide 36: Starfish Pipeline Facilities
Gulf Starfish Pipeline Facilities Coast 50% non-operating membership interest in Starfish Pipeline Company, LLC, a joint venture with Enbridge Offshore Pipelines LLC. Consists of FERC-regulated Stingray natural gas pipeline, the unregulated Triton natural gas-gathering system and West Cameron dehydr
Slide 37: Northeast Business Unit
Northeast Business Unit Investor Conference September 2006 36
Slide 38: Northeast Business Unit
Northeast Northeast Business Unit Michigan 16% Appalachia 84% Segment EBITDA for the 6 months ended June 30, 2006: $11.0 million Investor Conference September 2006 37
Slide 39: Appalachia Overview
Appalachia Overview Northeast One of the oldest supply basins in North America with very long-lived reserves Blanket producing formation behind system; producers achieve over 98% drilling success Largest processor and fractionator in the northeast Total inlet gas processing capacity of 342 M
Slide 40: Operational Results - Appalachia
Northeast Operational Results - Appalachia $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005 Revenues $ 36.5 $ 31.4 $66.7 Operating Expenses: Purchased product costs 20.5 17.9 38.4 Facility expenses 6.8 8.9 19.4 Total 27.3 26.8 57.8 Segment EBITDA $ 9.2 $ 4.6 $ 8.
Slide 41: Michigan Gas Gathering and Processing Overview
Michigan Gas Gathering and Northeast Processing Overview • Basin Pipeline Benzie Co. – 90-mile sour gas gathering pipeline connected to 30+ wells – Basin charges a regulated transportation fee Fis k gas plant • West Shore Processing Manistee Co. – 35,000 Mcf/d gas processing plant operated by Merit
Slide 42: Michigan Crude Pipeline Overview
Northeast Michigan Crude Pipeline Overview • The FERC-regulated Michigan Crude Pipeline consists of 244-miles of 4-inch to 16-inch pipeline and is connected to over 1,000 Niagaran Reef wells through 50 direct connects and delivers to Enbridge Pipeline • The pipeline has four truck loading facilities
Slide 43: Operational Results - Michigan
Northeast Operational Results - Michigan $ in millions 6 months 6 months ended ended Year ended 6/30/2006 6/30/2005 12/31/2005 Revenues $ 6.5 $ 6.3 $12.5 Operating Expenses: Purchased product costs 1.6 1.6 3.0 Facility expenses 3.1 2.7 6.1 Total 4.7 4.3 9.1 Segment EBITDA $ 1.8 $ 2.0 $ 3.4 Investor
Slide 44: Business Unit Summary
Business Unit Summary ¾ High Quality Gas Gathering Assets in Premium Producing Basins ¾ Franchise assets in Appalachia, Javelina and Michigan ¾ Impressive and Diverse Customer Base ¾ Diverse Contractual Mix (Fee, POL, POI, etc.) ¾ Exceptional Customer Service ¾ Focused on Growth Investor Conference
Slide 45: Randy Nickerson Business Strategy
Randy Nickerson Business Strategy Investor Conference September 2006 44
Slide 46: Business Strategy
Business Strategy • Capture natural gas and crude oil production from Optimize existing assets existing and new customers • Increase throughput at minimal incremental cost • Continue to expand asset base in primary areas of operation to meet the anticipated Expand operations need for additional mids
Slide 47: Optimize and Expand Existing Assets
Business Strategy Optimize and Expand Existing Assets Optimize Existing Assets Capture growth opportunities and drive full value from acquired Expand Operations assets Through New Construction • Continue to pursue strategic acquisitions of Expand operations assets and businesses in our existing area
Slide 48: East Texas System Results
Business Strategy East Texas System Results • Purchased in July 2004 for approximately $241 million • Invested over $77 million in system expansions • Gas volumes have grown by over 60% from 252 mmscfd in Segment EBITDA ($ millions) 2004 to over 400 mmscfd $20.0 currently $18.0 $16.0 • MarkWest’s sh
Slide 49: Oklahoma Results
Business Strategy Oklahoma Results • Purchased in December 2003 for $38 million • Have invested almost $20 million in system expansions • Gas volumes have grown by over 65% from 52 mmscfd to currently over 87 mmscfd Segment EBITDA ($ millions) $10.0 • MarkWest’s share of the market $9.0 has grown fr
Slide 50: Appleby Gathering Results
Business Strategy Appleby Gathering Results • Purchased in March 2003 with other assets for approx. $12 million as part of $40 million Pinnacle acquisition • Have invested approximately $14 million in system expansions • Gas volumes have grown by Contribution to Segment EBITDA over 40% from 22 mmscf
Slide 51: Expansion Capital Expenditures
Business Strategy Expansion Capital Expenditures ($ in millions) $92 $80 $69 to $150 $29 $0 $2 2002 2003 2004 2005 2006 2007 Prelim. Expansion Projects 2006 Plan $10 $13 Appalachia $100 million in organic growth projects since IPO with $5 Starfish Javelina $92 million currently targeted for 2006 $20
Slide 52: Still Room to Grow – East Texas
Business Strategy Still Room to Grow East East Texas Texas Expansion Expansion Opportunities Opportunities ¾Step out opportunities in every direction ¾Over 125 mmscfd available(via contract expiry) by end of 2009 ¾Horizontal drilling just beginning in Cotton Valley ¾18+ TCF Reserves Investor Confere
Slide 53: Still Room to Grow – Javelina and Oklahoma
Business Strategy Still Room to Grow Javelina Javelina Expansion Expansion Opportunities Opportunities ¾ In 2006, we have achieved production records for inlet gas volumes and most of the product streams ¾ Installing new facilities to increase production and improve product quality and pricing ¾ Opp
Slide 54: Still Room to Grow – Appleby
Business Strategy Still Room to Grow Appleby Appleby Expansion Expansion Opportunities Opportunities ¾Anticipate dramatic increase in drilling and production ¾Processing opportunity could add $3 to $5 million per year in EBITDA ¾Expansion opportunities to the east and over 700 remaining drilling loc
Slide 55: Appalachian Expansion Opportunities
Business Strategy Appalachian Expansion Opportunities OH Siloam WV Kenova Cobb Constrained TCO Line P Gas KY 10 – 30 MMcfd Maytown Boldman Constrained Gas Constrained Gas VAGas Constrained 20 – 40 MMcfd 20 – 45 MMcfd 25 – 50 MMcfd Investor Conference September 2006 54
Slide 56: Potential Appalachian Expansion Projects
Business Strategy Potential Appalachian Expansion Projects Potential Siloamnew Potential new 100 100 MMcfd MMcfd cryogenic cryogenic plant plant Tennessee Gas WV Kenova h t C reek Cobb g Strai Projec t Big Sandy Pip i n e eline Pipel Project Expand Expand 4545 miles miles of of NGL NGL pipeline pipe
Slide 57: Business Strategy
Business Business Strategy Strategy • Capture natural gas and crude oil production from Optimize existing assets existing and new customers • Increase throughput at minimal incremental cost • Continue to expand asset base in primary areas of operation to meet the anticipated need for Expand operatio
Slide 58: History of Acquisition Success
Business Strategy History of Acquisition Success Post Post IPO IPO Post Post Acquisition Acquisition Total Total Acquisition Acquisition Capital Investment $759 MM Capital Capital + Capital = Investment $794 Million $131 Million $935 Million Segment EBITDA $165 Million(1) (1) Represents Segment EBIT
Slide 59: Diversified Growth Strategy
Business Strategy Diversified Growth Strategy ($ in millions) $440 Acquisitions $794 million in acquisitions since IPO $243 $111 2002 2003 2004 2005 ($ in millions) EBITDA Over 1300% Growth since IPO $149.2 (annualized) $74.6 $60.8 $43.6 $10.9 $16.4 2002 2003 2004 2005 6 months ended June 30, 2006 (
Slide 60: Acquisition Success Drives Growth
Business Strategy Acquisition Success Drives Growth IPO IPO Present Present Unit Unit Price Price $20.50 +132% $47.65 Annualized Annualized $2.00 +84% $3.68 Distribution Distribution (1) (1) EBITDA EBITDA $10.9 million +1369% $149.2 million Total Total Assets Assets $85.9 million 1110% $1,039.0 mill
Slide 61: Nancy Masten Financial Strategy
Nancy Masten Financial Strategy Investor Conference September 2006 60
Slide 62: Financial Strategy
Financial Strategy • Maintain conservative capital structure with targeted capitalization and leverage ratios • Unsecured debt as primary constituent of long term debt obligations • Maintain conservative distribution coverage ratio • Financial Performance Objectives and Financial Goals: – The Partne
Slide 63: Financial Strategy
Financial Strategy Risk Tolerance: • As an MLP, the Partnership has a relatively low tolerance for financial risk. • The Partnership will use leverage (both fixed and floating) to fund a portion of its growth but the balance sheet will be conservatively capitalized with debt levels targeted in the 5
Slide 64: Financial Reporting Initiatives
Financial Reporting Initiatives ¾ Reengineering of all processes, from the monthly close process through the creation of publicly-filed documents (e.g. 10-Qs, 10-K) Experienced accounting and financial reporting staff Integration of all accounting functions into Denver Upgrading systems to hand
Slide 65: MWE Capital Structure
MWE Capital Structure ($ in millions) As of June 30, 2006 Actual ProForma(1) Cash $ 21.1 $ 21.1 Credit Facility $ 369.1 $ 51.0 2014 Senior Notes 225.0 225.0 2016 Senior Notes - 200.0 Total Debt $ 594.1 $ 476.0 Partners' Capital $ 312.1 439.4 Total Capitalization $ 906.2 $ 915.4 LTM EBITDA $ 107.5 $
Slide 66: Andy Schroeder Distribution Analysis
Andy Schroeder Distribution Analysis Investor Conference September 2006 65
Slide 67: Business Strategy
Business Business Strategy Strategy • Capture natural gas and crude oil production from Optimize existing assets existing and new customers • Increase throughput at minimal incremental cost • Continue to expand asset base in primary areas of operation to meet the anticipated need for Expand operatio
Slide 68: MWE Distribution Coverage
MWE Distribution Coverage 3 Months Ended 6/30/06 $ in millions Net income $ 14.1 Plus: Depreciation and amortization 11.4 Other 4.8 Less: Sustaining capital expenditures (0.6) Distributable cash flow (DCF) $ 29.7 Actual distributions paid $18.7 DCF / Actual distribution coverage ratio 1.59x Units ou
Slide 69: Risk Management Program
Risk Management Program Forecasted Forecasted 2006 2006 Operating Operating Margin Margin Adjusted Adjusted for for Hedging Hedging Activity Activity ¾ Active hedging policy to mitigate commodity price risk Keep-Whole 6% Nat. Gas ¾ Target 60% – 70% fee-based and 3% hedged Fee ¾ Hedging time horizon
Slide 70: Distribution Coverage Sensitivity
Distribution Coverage Sensitivity MarkWest Energy Partners is a midstream provider and because of our contract mix we have exposure to commodity price volatility. In response to analysts’ questions about the impact on distributable cash flow and coverage ratio, we want to put this sensitivity into p
Slide 71: What does this all mean?
What does this all mean? ¾ Strong distribution coverage ¾ Protection against commodity price decline ¾ Retained coverage helps fund expansion capital program ¾ Hedge program in place through 2007 and into 2008 ¾ Organic growth opportunities ¾ Goal for 10% Distribution growth achievable for the fores
Slide 72: Closing Summary
Closing Summary ¾ High-quality, diverse portfolio of midstream assets serving very prolific natural gas basins in the US. ¾ Ranked #1 in customer satisfaction ¾ Successful track record of accretive acquisitions and organic expansions ¾ Experienced board and management team with significant alignment
Slide 73: Q&A
Q&A Investor Conference September 2006 72
Slide 74: Appendix
Appendix Investor Conference September 2006 73
Slide 75: Appendix – Risk Factors
Appendix – Risk Factors MarkWest INVESTOR CONFERENCE RISK FACTORS You should carefully consider each of the risks described below, together with all of the other information contained in the MarkWest Energy Partners, L.P.’s (the “Partnership”) and MarkWest Hydrocarbon, Inc.’s (the “Company”, and sin
Slide 76: Appendix – Risk Factors
Appendix – Risk Factors Risks Inherent in Our Business – • The Partnership may not have sufficient cash after the establishment of cash reserves and payment of the general partner's fees and expenses to enable it to pay distributions at the current level. • The Company may not have sufficient cash a
Slide 77: Appendix – Risk Factors
Appendix – Risk Factors Risks Inherent in Our Business – • We may not be able to retain existing customers, or acquire new customers, which would reduce our revenues and limit our future profitability. • Our profitability is affected by the volatility of NGL product and natural gas prices. • Our com
Slide 78: Appendix – Risk Factors
Appendix – Risk Factors Risks Inherent in Our Business – • Due to our lack of asset diversification, adverse developments in our gathering, processing, transportation, transmission, fractionation and storage businesses would reduce our ability to make distributions to our unitholders. • As a result
Slide 79: Appendix – Risk Factors
Appendix – Risk Factors Risks Related to Our Partnership Structure • Our general partner has a limited call right that may require you to sell your common units at an undesirable time or price. • You may not have limited liability if a court finds that unitholder action constitutes control of our bu
Slide 80: Appendix – MWE Segment EBITDA
Appendix – MWE Segment EBITDA ($ in millions) Six months ended June 30, 2006 Other Javelina East Texas Oklahoma Southwest Appalachia Michigan Total Revenue $ 33.8 $ 64.1 $ 110.2 $ 47.7 $ 36.4 $ 6.5 $ 298.7 Purchased product costs - 23.3 92.3 39.2 20.5 1.6 176.9 Net operating margin 33.8 40.8 17.9 8.
Slide 81: Appendix - Reconciliation of Segment EBITDA to Net Income
Appendix - Reconciliation of Segment EBITDA to Net Income ($ in millions) Six months ended June 30, 2006 2005 Segment EBITDA $ 92.3 $ 37.4 Derivatives not allocated to segments (6.7) (0.1) Selling, general and administrative not allocated to segments (17.3) (11.0) Earnings from unconsolidated affili
Slide 82: Appendix - Distributable Cash Flow
Appendix - Distributable Cash Flow Reconciliation of distributable cash flow to net income ($ in millions) Six months ended June 30, 2006 2005 Net Income $ 28.0 $ 4.9 Depreciation, amortization and accretion 22.7 13.1 Amortization of deferred financing costs 1.6 1.0 Non-cash earnings from unconsolid
Slide 83: MarkWest’s Management Team
MarkWest’s Management Team MarkWest’s senior executives are an experienced and dedicated team of professionals, bringing together a broad range of expertise, having an average of approximately 23 years of experience in the energy and midstream natural gas industry. Combined with a sense of urgency a
Slide 84: MarkWest’s Management Team
MarkWest’s Management Team Nancy K. Masten was appointed Acting Chief Financial Officer as of September 2006, having previously served as Chief Accounting Officer of MarkWest since November 2005. Previous to joining MarkWest, Ms. Masten was the Chief Financial Officer for Experimental and Applied Sc
Slide 85: MarkWest’s Management Team
MarkWest’s Management Team David L. Young was appointed Senior Vice President of Corporate Services as of September 2006, responsible for Information Technology, Human Resources, Technical Services and Environmental, Health and Safety, having previously served as Senior Vice President, Northeast Bus
Slide 86: Thank You
Thank You 1515 Arapahoe, Tower 2 Suite 700, Denver, CO 80202 303-290-8700 Investor Relations, toll free: 866-858-0482 Email: investorrelations@markwest.com For additional information and/or to be added to our email notifications, visit: www.markwest.com
MarkWest Energy Partners — Investor Day (September 2006) on 6ix