MarkWest Energy Partners has reported distributable cash flow (DCF) of US$ 161.7 million for the three months ended 30 June 2014, and US$ 310.2 million for the six months ended 30 June 2014.
DCF for the three months ended 30 June represents distribution coverage of 104%.
The Partnership reported adjusted earning before tax, interest, depreciation and amortization (EBITDA) for the three and six months ended 30 June 2014, of US$ 208.2 million and US$ 395.8 million, respectively, compared to US$ 155.7 million and US$ 296.5 million for the respective three and six months ended 30 June 2013.
Reported income before provision for income tax was US$ 10.1 million and US$ 38.6 million respectively. Income before provision for income tax includes non-cash losses associated with the change in fair value of derivative instruments of US$ 18.8 million and US$ 7.0 million for the respective three and six month periods ending 30 June. Excluding these items, income before provision for income tax would have been US$ 28.9 million and US$ 45.6 million, respectively.
Frank Semple, Chairman, President and CEO, said: “We are excited to announce major capacity expansions and record financial and operational performance for the second quarter of 2014. The completion of five major infrastructure projects in the Marcellus and Utica Shales over the past three months has provided our producer customers the ability to continue expanding their rich-gas development programs. Due to their ongoing success, we expect overall system volumes to continue to rapidly expand and provide us with unique opportunities to significantly grow cash flow and achieve future distribution growth targets”.
The Partnership has forecast 2014 adjusted EBITDA in the range of US$ 810 million and has narrowed its 2014 DCF forecast to a range of US$ 630 million to US$ 670 million based on its current forecast.
The portion of capital growth expenditures for 2014 is forecasted in the range of US$ 2.0 billion to US$ 2.3 billion and for 2015 is forecasted at approximately US$ 2.0 billion. Maintenance capital for 2014 is forecast at approximately US$ 25 million.
Adapted from a press release by Emma McAleavey.
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