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Actionable news in MWE: MARKWEST ENERGY PARTNERS LP,

Markwest Energy Partners, L.P Contact: Frank Semple, Chairman, President & CEO

The following excerpt is from the company's SEC filing.

1515 Arapahoe Street

Nancy Buese, Executive VP and CFO

Tower 1, Suite 1600

Josh Hallenbeck, VP of Finance & Treasurer

Denver, Colorado 80202

Phone:

(866) 858-0482

E-mail:

investorrelations@markwest.com

MarkWest Energy Partners Reports Third Quarter 2015 Financial Results

Reported DCF of $176.0 million and Adjusted EBITDA of $230.3 million for the third quarter 2015

Increased quarterly distribution to 93 cents per common unit with a 96 percent distribution coverage

Received the first place ranking for Total Customer Satisfaction a nd five other categories in EnergyPoint Researchs 2015 Oil & Gas Midstream Services Customer Satisfaction Survey

Reported record total gas volumes of 5.8 Bcf/d for the third quarter 2015, an increase of 28 percent from the third quarter 2014

Processing capacity utilization averaged approximately 75 percent during the third quarter 2015, while the Partnerships total processing capacity increased by almost 18% since June 2015

Commenced operations of the 80 MMcf/d expansion of Carthage IV plant, increasing total processing capacity in East Texas to 600 MMcf/d

Announced long-term fee-based agreement with Ascent Resources to support their Utica dry gas development

Announced long-term fee-based agreement with Newfield Exploration to gather crude oil in the Cana-Woodford Shale

DENVERNovember 4, 2015MarkWest Energy Partners, L.P. (NYSE: MWE) (the Partnership) today reported quarterly cash available for distribution to common unitholders, or distributable cash flow (DCF), of $176.0 million for the three months ended September 30, 2015, and $522.1 million for the nine months ended September 30, 2015. DCF for the three months ended September 30, 2015 represents distribution coverage of 96 percent. The third quarter 2015 distribution of $184.1 million, or $0.93 per common unit, will be paid to unitholders on November 13, 2015. The third quarter 2015 distribution represents an increase of $0.01 per common unit or 1.1 percent over the second quarter 2015 distribution and an increase of $0.04 per common unit or 4.5 percent compared to the third quarter 2014 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 nine months ended September 30, 2015 of $230.3 million and $678.8 million, respectively, compared to $235.5 million and $631.3 million for the respective three and nine months ended September 30, 2014. 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 (loss) before provision for income tax for the three and nine months ended September 30, 2015 of $51.4 million and ($45.0) million, respectively. Income before provision for income tax includes (a) non-cash gains (losses) associated with the change in fair value of derivative instruments of $12.2 million and ($3.4) million for the respective three and nine months ended September 30, 2015, (b) non-cash impairments associated with our Southwest segment of $25.5 million for the nine months ended September 30, 2015, and (c) loss on redemption of debt of $117.9 million for the nine months ended September 30, 2015. Excluding these items, income before provision for income tax for the three and nine months ended September 30, 2015 would have been $39.2 million and $101.8 million, respectively.

Our solid third-quarter results reflect the resiliency of our business model during this period of extremely low commodity prices. We will continue to optimize our capital and efficiently execute our plan in order to support our producer customers and growing volumes in many of the nations most economic resource plays. Our focus on operational excellence and customer service has once again resulted in MarkWest achieving the number one ranking in the industry-wide EnergyPoint Customer Satisfaction annual survey, stated Frank Semple, Chairman, President and Chief Executive Officer of MarkWest. We also look forward to the successful completion of our strategic combination with MPLX, which will create an incredibly powerful midstream company with an unrivaled growth profile. This merger will create one of the largest MLPs in the industry with the unique combination of MarkWests best-of-class organic growth and MPLXs long-term inventory of drop down EBITDA from Marathon Petroleum Corporation. The combined company with the strong parental support and the investment grade balance sheet will support an ongoing inventory of high-quality, fee-based midstream projects and long-term mid-twenty percent distribution growth.

BUSINESS HIGHLIGHTS

MarkWest/MPLX Merger:

On July 11, 2015, the Partnership entered into a definitive merger agreement, whereby it would become a wholly owned subsidiary of MPLX LP (NYSE: MPLX). The Partnerships common unitholders would receive 1.09 MPLX common units per Partnership common unit, and their pro rata share of a one-time cash payment of $675 million based on the total number of common units and Class B units outstanding at closing, which equates to approximately $3.27 per unit based on the current unit count. The transaction has received regulatory approval and is subject to approval by the Partnerships unitholders. The Partnership declared a record date of October 5, 2015 and has scheduled a special meeting of common unitholders to be held on Tuesday, December 1, 2015, at 9:00 a.m. Mountain Standard Time. The meeting will be held at the Partnerships offices at 1515 Arapahoe Street, Tower 1, Suite 1600, Denver, Colorado 80202. The Partnership urges unitholders to submit their proxy as promptly as possible, either by telephone, via the internet or by marking, signing and dating the proxy card that was provided to unitholders along with the proxy statement and prospectus.

Marcellus:

In July, the Partnership commenced operations of Sherwood VI, a 200 million cubic feet per day (MMcf/d) processing plant at the Sherwood complex in Doddridge County, West Virginia. The new plant is anchored by Antero Resources Corporation (NYSE: AR) and increases total processing capacity of the Sherwood complex to 1.2 billion cubic feet per day (Bcf/d). The

Partnership also expects to place into service 40,000 barrels per day (Bbl/d) of de-ethanization capacity by the end of 2015, and is constructing a seventh 200 MMcf/d processing plant at the Sherwood complex with a scheduled completion in the first quarter 2017.

Utica:

In August, the Partnership and The Energy & Minerals Group (EMG) announced the development of a new, large-scale dry gas gathering system to support Ascent Resources development program in the Utica Shale. Ascent Resources has dedicated approximately 100,000 gross acres in northern Belmont and Jefferson counties, Ohio. The system will be designed to gather more than 2 Bcf/d of gas, and could ultimately consist of more than 250 miles of pipeline and more than 200,000 horsepower of compression. Initial operation is expected to begin by the end of 2015. Development of the new system will occur under a new joint venture, which will be owned two-thirds by the Partnership and one-third by EMG.

Southwest:

In October, the Partnership increased total processing capacity of its Carthage IV plant in Panola County, Texas by 80 MMcf/d, and currently supports Anadarko Petroleum Corporation (NYSE: APC) and other producers operating in the Haynesville Shale and Cotton Valley formation with 600 MMcf/d of total capacity in East Texas.

Today, the Partnership is announcing the execution of a long-term, fee-based agreement with Newfield Exploration Company (NYSE: NFX) to develop a crude oil gathering system in the Cana-Woodford Shale. The new system will be developed in conjunction with the rich-gas system already being constructed to support Newfields STACK acreage in Kingfisher, Blaine, and Canadian counties, Oklahoma.

Capital Markets:

During the third quarter of 2015, the Partnership issued 3.8 million common units and received net proceeds of $198.3 million. Fourth quarter to date we have received over $120 million of net proceeds.

FINANCIAL RESULTS

Balance Sheet:

As of September 30, 2015, the Partnership had $629.7 million of remaining capacity under its $1.3 billion Senior Secured Credit Facility after consideration of $8.3 million of outstanding letters of credit and $662.0 million of outstanding borrowings.

Operating Results:

Operating income before items not allocated to segments for the three months ended September 30, 2015, was $247.6 million, a decrease of $9.3 million when compared to $256.9 million over the same period in 2014. This decrease was primarily attributable to the decline in commodity pricing, partially offset by higher processing volumes. Processed volumes continued to increase in the third quarter of 2015, growing approximately 28 percent when compared to the third quarter of 2014, primarily due to the Partnerships Marcellus and Utica segments.

A reconciliation of operating income before items not allocated to segments to income before provision for income...


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