MarkWest 1Q15: Life is Good in the Marcellus/Utica Midstream

MarkWest Energy is perhaps the biggest midstream player in the Marcellus/Utica region. Of course they have operations in other parts of the country too–but the northeast remains their primary focus. MarkWest issued their first quarter 2015 update yesterday. Below we’ve selected out a brief portion focusing on the northeast. Life is generally pretty good in the midstream, as evidenced by the new processing plants MarkWest has recently brought online in the northeast. However, if you look at MarkWest’s financials, you’ll notice that revenue for 1Q15 was down a bit from the same period in 2014 ($467 million in 1Q15 vs $512 million in 1Q14). That can almost certainly be chalked up to driller curtailing some of their production, waiting for prices to go higher once again. Below we have excerpts of the update, a portion of the analyst phone call with lots of talk about the Marcellus and Utica, and a copy of MarkWest’s latest PowerPoint presentation…

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