MarkWest Energy Beats Earnings Estimates (MWE)
MarkWest Energy Partners LP (NYSE: MWE) reports Q2 EPS of $0.84 versus estimates of $0.18. MarkWest Energy Partners LP reports Q2 revenues of $323.9 million versus estimates of $276.63 million.
The partnership updated its 2010 DCF forecast to a range of $210 million to $230 million based on forecasted operational volumes, derivative instruments currently outstanding, three-year historical price correlation between crude oil and NGLs for the remainder of 2010, and a reasonable range of price estimates for crude oil and natural gas.
Forecasted growth capital expenditures for 2010 are unchanged in a range of $300 million to $350 million and maintenance capital for 2010 is currently forecasted in a range of $10 million to $15 million.
"We are very pleased with our mid-year results which reflect the strong performance of our core assets and the continued ramp up of our Liberty operations in the Marcellus," said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest.
He added, "Our year-over-year gathered volumes have significantly increased despite the relatively depressed gas price environment during that period and the continued flattening of the forward price curve. This growth in volumes was driven by the strength and diversity of our operations in some of the best resource plays in the United States. Since the end of the first quarter, we have also significantly improved our liquidity and capital flexibility with a $142 million equity offering and a $705 million refinancing of our secured credit facility. The combination of high-quality core assets, significant organic growth opportunities, balance sheet strength, and solid distribution coverage puts MarkWest in a very good position to provide long-term distribution growth and total returns for our unitholders."
Shares of MWE are flat in the after-hours.
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