MarkWest 3Q15: $49M Profit, Expansions Continue, Buyout on Track

MarkWest Energy, which is selling itself to Marathon Petroleum (a move opposed by it’s co-founder, see today’s related story) issued their third quarter 2015 financial and operational update yesterday. On the financial side the company made quite a bit less money in 3Q15 than it did in 3Q14–$49.2 million vs $86 million–but the fact remains it made money. It didn’t lose money as so many other companies in the Marcellus/Utica region did during 3Q15. That’s a big success in our book! On the operational side, MarkWest started up the Sherwood IV processing plant in Doddridge County, WV during the last three months. There’s more expansion coming to the Sherwood facility later this year. MarkWest also signed a huge deal with Ascent Resources (formerly American Energy, Aubrey McClendon’s company) to build a dry gas gathering pipeline system on 100,000 acres of Utica Shale land in Belmont and Jefferson counties in Ohio. And yes, they also mention the Marathon buyout deal too…

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