MarkWest Unitholders Approve Merger with Marathon's MPLX

MarkWest Energy Partners L.P., December 3, 2015

Unitholders of MarkWest Energy Partners, L.P. have approved a strategic combination with Marathon Petroleum's MPLX midstream partnership by voting to approve the merger agreement dated July 11, 2015, as amended. Based on the voting results, approximately 80 percent of the units voted at a special meeting were in favor of the merger agreement.

The transaction will result in MarkWest, the second-largest processor of natural gas in the United States and largest processor and fractionator in the Marcellus andUtica shale plays, becoming a wholly owned subsidiary of MPLX, a rapidly growing crude oil and refined products logistics partnership sponsored by Marathon Petroleum Corporation. The combination creates one of the largest master limited partnerships (MLPs) and is expected to generate a mid-20 percent compound annual distribution growth rate through 2019.

We are pleased the overwhelming majority of MarkWest unitholders voting supported the combination and we look forward to delivering on the significant opportunities in front of the combined partnership,” said Gary R. HemingerMPLX chairman and chief executive officer. “This combination creates a large-cap diversified midstream partnership with an extraordinary growth profile, underpinned by MarkWest’s large organic growth backlog and MPC’s large inventory of MLP-eligible assets.”

Frank Semple, MarkWest chairman, president and chief executive officer, said MarkWest and MPLX form a powerful combination to support the ongoing needs of producer customers. "Together with MPLX, MarkWest is exceptionally well-positioned to extend its long history of delivering best-in-class customer service and focused execution on continued midstream infrastructure build-out,” he said. “Our development of critical midstream solutions will be further enhanced by MPC's strong parental support and a growing inventory of dropdown assets available to the combined partnership. MPC’s significant pipeline and refinery operations will be critical for expanding and integrating MarkWest’s midstream platform throughout some of our nation’s most productive resource plays.”

The transaction is subject to customary closing conditions and is expected to close Dec. 4, 2015.




MPLX is a fee-based, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products. Headquartered in Findlay, Ohio, MPLX’s assets consist of a 99.5 percent equity interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States and a 100 percent interest in a butane storage cavern located in West Virginia with approximately 1 million barrels of natural gas liquids storage capacity.

About MarkWest Energy Partners

MarkWest Energy Partners, L.P. is a master limited partnership that owns and operates midstream service businesses. MarkWest has a leading presence in many natural gas resource plays including the Marcellus ShaleUtica ShaleHuron/Berea ShaleHaynesville ShaleWoodford Shale and Granite Wash formation.


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