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2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Jun 6, 2014 · 79 slides

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Slides

  1. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 1
    2014 INVESTOR & ANALYST CONFERENCE June 6, 2014
  2. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 2
    F O R W A R D - L O O K I N G S TAT E M E N T S T h e s t a t e m e n t s i n c l u d e d i n t h i s p r e s e n t a t i o n c o n t a i n f o r wa r d - l o o k i n g s t a t e m e n t s wi t h i n t h e m e a n i n g o f t h e S e c u…
  3. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 3
    NON-GAAP MEASURES Distributable Cash Flow (DCF) and Adjusted EBITDA are non-GAAP Financial Measures, and should not be considered separately from or as a substitute for net income, income from operations, or cash flow as reflected in our…
  4. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 4
    I N V E S T O R P R E S E N TAT I O N A G E N D A MarkWest Overview FRANK SEMPLEChairman, President & CEO RANDY NICKERSONEVP & CCO Commercial Overview Strategic Review Execution & Growth Opportunities JOHN MOLLENKOPFEVP & COO…
  5. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 5
    OVERVIEW FRANK SEMPLE Chairman, President & Chief Executive Officer
  6. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 6
    K E Y I N V E S T M E N T C O N S I D E R AT I O N S HIGH-QUALITY S U B S TA N T I A L PROVEN GROWTH STRONG DIVERSIFIED GROWTH &CUSTOMER FINANCIAL ASSETS OPPORTUNITIES S AT I S FA C T I O N PROFILE Leading presence in 2014 growth…
  7. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 7
    W H E R E W E O P E R AT E Utica In the Utica segment, we have a leading position with 585 MMcf/d of processing capacity and 24,000 Bbl/d C3+ fractionation capacity. Growing to over 1.1 Bcf/d of processing capacity and over 100,000…
  8. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 8
    S H A L E P L AY S A R E D R I V I N G N AT U R A L G A S S U P P LY EIA data concludes that natural U.S. Dry Natural Gas Production gas supply will increase by (trillion cubic feet per year) approximately 25% by 2030 2013 35…
  9. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 9
    M A R K W E S T I N V E S T M E N T C O N S I D E R AT I O N S : W H AT T O E X P E C T Maintain strong customer base in key resource plays with high-quality assets and exceptional service Continue to execute on growth projects that…
  10. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 10
    COMMERCIAL UPDATE RANDY NICKERSON Executive Vice President, Chief Commercial Officer
  11. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 11
    O U R S T R AT E G Y Develop a deep understanding of our customers value drivers Create unique solutions and competitive advantages Build trust and long-term relationships at all levels Combine world-class assets with an intense…
  12. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 12
    OUR PROCESS MarkWests growth is the result of applying a consistent and detailed process that creates significant value for our customers Develop a deep understanding of the underlying resource play drivers and create detailed,…
  13. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 13
    MARCELLUS PRODUCER ACTIVITY Invested over 6 billion to develop comprehensive wellhead-to-burner tip solutions MAJORSVILLE COMPLEX KEYSTONE COMPLEX 530,000 net acres in SW Marcellus 54,600 net acres in Butler County, PA Butler 670…
  14. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 14
    M A R K W E S T M A R C E L L U S P R O C E S S I N G C A PA C I T Y Current & Announced Marcellus MarkWests Marcellus Processing Capacity Processing Capacity 2,555 Current MMcf/d 80% 71% 73% 29% 27% 3,155 2014 20%…
  15. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 15
    M A R C E L L U S P R O C E S S I N G C A PA C I T Y G R O W T H Increasing total processing capacity in the Marcellus to over 3.1 Bcf/d by the end of 2014 based on announced expansions 4,000 4,000 75% Processing Capacity…
  16. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 16
    UTICA PRODUCER ACTIVITY Applying our process from the Marcellus to the highly prospective Utica CADIZ & SENECA COMPLEXES HOPEDALE OHIO 115,000 net acres in core rich-gas Utica 12 new Utica wells brought online in 1Q14 UTICA…
  17. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 17
    M A R K W E S T U T I C A P R O C E S S I N G C A PA C I T Y MarkWest Utica EMGs Current & Announced Utica Processing Capacity Processing Capacity 585 Current MMcf/d 985 43% 2014 80% MMcf/d 57% 1,185 2015+…
  18. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 18
    U T I C A P R O C E S S I N G C A PA C I T Y G R O W T H Increasing total processing capacity in the Utica to nearly 1 Bcf/d by the end of 2014 based on announced expansions 1,200 1,200 1,000 450 % 1,000 Processing Capacity…
  19. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 19
    T O TA L M A R C E L L U S & U T I C A P R O C E S S I N G C A PA C I T Y Current & Announced MarkWests Processing Capacity Processing Capacity 3,140 Current MMcf/d 63% 4,140 2014 37% 80% MMcf/d MarkWest Others…
  20. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 20
    N O R T H E A S T S H A L E S C A PA C I T Y G R O W T H Increasing total processing capacity in the Marcellus and Utica to over 4.1 Bcf/d by the end of 2014 120 4,000 4,000 % Processing Capacity (MMcf/d) Processed…
  21. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 21
    U . S . N G L S U P P LY: S E T T O S O A R U.S. NGL production is forecasted to increase by over 60% over the next 10 years due to the rapid development of rich-gas resources 6,000 U.S. NGL Production from Gas Plants (MBld/d)…
  22. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 22
    NORTHEAST NGL PRODUCTION Northeast NGL production in the Marcellus and Utica is forecasted to exceed 1 million barrels per day over the next 10 years 1,200 We have 60% Plants (MBld/d) 1,000 (MBld/d) of total…
  23. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 23
    NGL PRODUCTION: NORTHEAST VS. U.S. Northeast NGL production is forecasted to represent 21% of total U.S. NGL production in 2024 6,000 Total U.S. NGL Production from Gas Plants (MBbl/d) Total Northeast Total U.S. ex.…
  24. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 24
    L I Q U I D S T O M A R K E T: N G L TA K E A W AY & M A R K W E S T Mariner West Project MarkWest constructed 45 miles of new pipeline and PENNSYLVANIA leased the pipe to Sunoco We were the first midstream provider in the…
  25. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 25
    U T I C A C O N D E N S AT E E X PA N S I O N MarkWest Utica EMG and Summit Midstream are constructing a large-scale condensate stabilization facility with OHIO associated logistics and storage terminal HOPEDALE capabilities in…
  26. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 26
    UTICA DRY GAS POTENTIAL Potentially one of the most KEYSTONE Butler economically viable dry gas plays in OHIO the U.S. HOPEDALE EURs ranging from 10 Bcfe to in UTICA CONDENSATE excess of 15 Bcfe HOUSTON CADIZ Ultimate volumes…
  27. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 27
    G A S T O M A R K E T: R E S I D U E TA K E A W AY & M A R K W E S T MarkWests Marcellus and Utica KEYSTONE processing complexes will produce Butler more than 3.5 Bcf/d of residue gas OHIO MarkWest has the ability to bring UTICA…
  28. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 28
    J O I N T V E N T U R E R E L AT I O N S H I P S : P R O V I D E S O P E R AT I O N A L & F I N A N C I A L F L E X I B I L I T Y Strong history of optimizing our footprint through joint ventures Deep relationships in the Northeast…
  29. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 29
    OPERATIONAL UPDATE JOHN MOLLENKOPF Executive Vice President, Chief Operating Officer
  30. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 30
    O P E R AT I O N A L O V E R V I E W & P H I L O S O P H Y Overview Constructing midstream infrastructure to support nearly 6 Bcf/d of capacity by the end of 2014 Assets serve many of the most economical resource plays including the…
  31. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 31
    G R O W T H D R I V E N B Y C U S T O M E R S AT I S FA C T I O N MarkWest has received the top rating in three of the last four EnergyPoint Research surveys 331 1
  32. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 32
    R A P I D P L A N T & P R O C E S S I N G C A PA C I T Y G R O W T H MarkWest anticipates completing 11 processing plants over the next 18 months 7.0 54 6.0 49 Billion cubic feet per day (Bcf/d) 41 5.0 38 4.0 plants…
  33. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 33
    S I G N I F I C A N T G R O W T H R E Q U I R E S A H I G H LY S K I L L E D T E A M and a culture focused on high quality customer service 1,800 1,600 1,537 1,400 809% Number of employees 1,200 1,099 1,000 growth…
  34. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 34
    SOUTHWEST SEGMENT Processing In the Southwest segment, we provide best-in-class midstream 1.1Bcf/d services including gathering and processing in many resource plays throughout Oklahoma and Texas. In addition, we process and…
  35. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 35
    SOUTHWEST SEGMENT Western OK Southeast OK Processing Between 2012 and 2014, processing Processing* 435 MMcf/d Gathering capacity has increased by 40% 90 MMcf/d Gathering 575MMcf/d Oklahoma 550MMcf/d Tulsa Office Gulf Coast East…
  36. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 36
    NORTHEAST SEGMENT We are the largest processor of natural gas and fractionator of Processing natural gas liquids in the southern Appalachian Basin 652MMcf/d We have operated vertically integrated gas processing, fractionation, storage…
  37. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 37
    MARCELLUS SEGMENT We are the largest processor and fractionator in the Marcellus Processing Shale and provide fully-integrated natural gas midstream 2.5Bcf/d services Fractionation 192,000Bbl/d Gathering 615MMcf/d Under…
  38. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 38
    HOUSTON COMPLEX Butler OHIO PENNSYLVANIA Harrison MWE Gathering System Washington MWE Marcellus Complex Washington MWE Utica Complex MWE NGL Pipeline MWE Purity Ethane Pipeline MWE NGL/Purity Ethane Marshall HOUSTON…
  39. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 39
    HOUSTON COMPLEX HOUSTON I III & DE-ETHANIZER C3+ FRACTIONATION 3 9 39
  40. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 40
    KEYSTONE COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Butler Bluestone III 200 MMcf/d 4Q15 C2+ Fractionation 20,000 Bbl/d Operational OHIO HOUSTON COMPLEX Houston I III 355 MMcf/d Operational…
  41. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 41
    KEYSTONE COMPLEX BLUESTONE I DE-ETHANIZER & BLUESTONE II BLUESTONE II DE-PROPANIZER DE-ETHANIZER & DE-PROPANIZER 41
  42. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 42
    MAJORSVILLE COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15 Butler C2+ Fractionation 20,000 Bbl/d Operational HOUSTON COMPLEX OHIO Houston I III 355 MMcf/d Operational…
  43. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 43
    MAJORSVILLE COMPLEX MAJORSVILLE III MAJORSVILLE II MAJORSVILLE I MAJORSVILLE V 4 3 43
  44. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 44
    MOBLEY COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15 Butler C2+ Fractionation 20,000 Bbl/d Operational HOUSTON COMPLEX OHIO Houston I III 355 MMcf/d Operational Houston…
  45. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 45
    MOBLEY COMPLEX MOBLEY II MOBLEY I MOBLEY III 45
  46. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 46
    SHERWOOD COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15 Butler C2+ Fractionation 20,000 Bbl/d Operational HOUSTON COMPLEX OHIO Houston I III 355 MMcf/d Operational…
  47. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 47
    SHERWOOD COMPLEX SHERWOOD II SHERWOOD I SHERWOOD III 47
  48. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 48
    UTICA SEGMENT In the Utica segment, we are partnered with The Energy & Minerals Group Processing and Summit Midstream, and have a leading position in developing fully- 585MMcf/d integrated gathering, processing, fractionation, and…
  49. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 49
    CADIZ COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15 Butler C2+ Fractionation 20,000 Bbl/d Operational HOUSTON COMPLEX OHIO CADIZ COMPLEX Houston I III 355 MMcf/d…
  50. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 50
    CADIZ COMPLEX CADIZ I CADIZ DE-ETHANIZER 50
  51. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 51
    SENECA COMPLEX KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15 Butler C2+ Fractionation 20,000 Bbl/d Operational HOUSTON COMPLEX OHIO Houston I III 355 MMcf/d Operational Houston…
  52. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 52
    SENECA COMPLEX SENECA I & II SENECA III 52
  53. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 53
    H O P E D A L E F R A C T I O N AT I O N C O M P L E X HOPEDALE FRACTIONATOR KEYSTONE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational C3+ Fractionation I 60,000 Bbl/d Operational Bluestone III 200 MMcf/d 4Q15 C2+…
  54. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 54
    H O P E D A L E F R A C T I O N AT I O N C O M P L E X FRACTIONATION I 5 4 54
  55. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 55
    U T I C A C O N D E N S AT E HOPEDALE FRACTIONATOR C3+ Fractionation I 60,000 Bbl/d Operational KEYSTONE COMPLEX C3+ Fractionation II 60,000 Bbl/d 1Q15 Bluestone I, II & Sarsen I 210 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15…
  56. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 56
    MARCELLUS & UTICA: 26 PROJECTS COMPLETE 14 Major projects under construction, 7 to be completed in 2014 HOPEDALE FRACTIONATOR KEYSTONE COMPLEX C3+ Fractionation I 60,000 Bbl/d Operational Bluestone I, II & Sarsen I 210 MMcf/d…
  57. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 57
    23 MAJOR INFRASTRUCTURE PROJECTS COMPLETED IN THE LAST TWO YEARS Sarsen Bluestone I Cadiz Refrigeration I Mobley I & II Sherwood I & II Langley III Carthage East Majorsville III & V Cadiz I Houston De-ethanizer Mobley III…
  58. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 58
    R E G U L AT O R Y & P E R M I T T I N G S T R AT E G I E S Committed to meet or exceed all regulatory requirements Utilization of best-available control technologies for air emissions Active in industry advocate associations Texas…
  59. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 59
    PROJECT EXECUTION Construction contracting strategies Fixed-price, turn-key contracting on plants Competitive bidding Local accountability (operations and engineering jointly responsible) System design attributes Tried and true…
  60. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 60
    O P E R AT I O N A L S U M M A R Y Best-in-class operations and engineering teams that are focused on growth Exceptional safety & environmental performance record Impressive and diverse customer base Recognized for exceptional…
  61. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 61
    FINANCIAL SUMMARY NANCY BUESE Executive Vice President, Chief Financial Officer
  62. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 62
    F I N A N C I A L S T R AT E G Y MarkWest is a growth MLP focused on generating strong financial returns and delivering long-term, top-quartile total returns for its unitholders No incentive distribution rights, which drives a lower…
  63. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 63
    2 0 1 4 D I S T R I B U TA B L E C A S H F L O W F O R E C A S T 2014 DCF Forecast of 600 to 690 million and year-over-year distribution growth of 7% in 2015 and 10% in 2016 700 600 Over 30% Distributable Cash Flow ( in…
  64. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 64
    2014 CAPITAL EXPENDITURES 2014 Capital Expenditures Forecast of 2.0 to 2.3 billion Growth Capex Growth Capex as % of PP&E Marcellus 2,500 35% 69% 30% 2,000 25% 1,500 20% 15% 1,000 10% Utica* 500 5% 24%…
  65. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 65
    FUNDING OUR GROWTH PLAN MarkWest is well-positioned to continue executing its growth plan MarkWest preserves a strong balance sheet to fund growth As of today, we have over 800 million of liquidity to support our capital investment…
  66. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 66
    NO INCENTIVE DISTRIBUTION RIGHTS 50% Typical IDR Split Max Tier is 50% 40% Current Split vs. Max Split 30% 100% of Cash Flow to 20% Unitholders 10% 0% Source: Morgan Stanley 66
  67. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 67
    C A P I TA L S T R U C T U R E MarkWest maintains a well-balanced capital structure Long-Term Debt Maturity Schedule Total of 3 billion in senior debt 1,400 1,300 ( in millions) The first maturity is in five years 1,200 Weighted…
  68. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 68
    CURRENT YIELD ON SENIOR NOTES On May 23, 2014, the Senior Notes had a weighted average rate of 4.35% YTW 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% May-13 Aug-13 Nov-13 Feb-14 May-14 Barclays HY Midstream Index…
  69. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 69
    R AT I N G A G E N C I E S We are committed to achieving consistent improvement in the metrics that drive credit ratings. As a result of our financial performance and based on our future outlook, our objective is to reach investment…
  70. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 70
    RISK MANAGEMENT PROGRAM Consistently manage our commodity exposure We are committed to increasing our fee-based margin Keep-whole exposure is now less than 10% of our net operating margin We have a disciplined approach to managing…
  71. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 71
    INCREASING FEE-BASED INCOME 2014 fee-based net operating margin is forecasted to exceed 70% 75% Over 70% Increase of Net Operating Margin (%) 50% 3x since 2008 61% 53% 25% 39% 38% 38% 25% 0% 2008YE…
  72. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 72
    DISTRIBUTION GROWTH SINCE IPO Over 11% CAGR in distributions since IPO 248% 1.00 2016 10% Average Increase Increase in 0.80 2015 7% Average Increase distributions since IPO Distribution in 0.60 0.40…
  73. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 73
    T O TA L R E T U R N S I N C E I P O MarkWest Provides Superior Total Return MWE Alerian S&P 500 1,750 1,302% 1,550 1,350 Cumulative Total Return (%) 1,150 950 750 530% 550 350 126% 150 -50 May-02 May-03…
  74. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 74
    M A R K W E S T I N V E S T M E N T C O N S I D E R AT I O N S : W H AT T O E X P E C T Maintain strong customer base in key resource plays with high-quality assets and exceptional service Continue to execute on growth projects that…
  75. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 75
    APPENDIX
  76. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 76
    R E C O N C I L I AT I O N O F D C F & D I S T R I B U T I O N C O V E R A G E Three Months Ended Year Ended ( in millions) 3/31/2014 12/31/2013 Net Income 15.9 40.4 Depreciation, amortization, impairment, and other non-cash…
  77. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 77
    R E C O N C I L I AT I O N O F A D J U S T E D E B I T D A LTM Ended Year Ended Year Ended ( in millions) 3/31/2014 12/31/2013 12/31/2012 Net income 77.5 40.4 217.0 Non-cash compensation expense 9.4 7.8 8.2 Non-cash derivative…
  78. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 78
    R E C O N C I L I AT I O N O F N E T O P E R AT I N G M A R G I N Three Months Ended Year Ended ( in millions) 3/31/2014 12/31/2013 Income from operations 72.0 245.9 Facility expense 83.7 291.1 Derivative activity (4.1) 25.8…
  79. 2014 INVESTOR & ANALYST CONFERENCE – Markwest Energy Partners, L.P. – slide 79
    1515 Arapahoe Street Tower 1, Suite 1600 Denver, Colorado 80202 PHONE: 303-925-9200 I N V E S T O R R E L AT I O N S : 866-858-0482 E M AI L : investorrelationsmarkwest.com W EBSITE: www.markwest.com

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