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TWST: Could we begin with a brief historical sketch and an overview of
MarkWest Hydrocarbon, Inc.?
Mr. O'Neill: MarkWest Hydrocarbon is a publicly traded company. We went
public in 1996. We're listed on AMEX under the symbol MWP. We started
our company as a partnership in 1988. Our principal business, as we
started the company, was midstream gas processing in Appalachia. We
were initially involved in purchasing a fractionator and base supply in
Appalachia, and over the years we have grown both of these activities.
When we bought that facility, it was 60 million-plus gallons of NGL
(natural gas liquids) production. We're going to be, company wide, just
under 200 million gallons this year. We built two or three other
processing plants, and then we extended our activities into two other
areas besides Appalachia. In Michigan, we invested in a sour gas
pipeline system and processing plant, still basically midstream. And
then we developed a Rocky Mountain business unit. That was involved
mostly in E&P ' basically the development of low-risk coal-bed methane
properties in the San Juan Basin of Colorado. What happened is, over the
last 24 months, we've gone from being a company that was 90% a midstream
company and 10% an E&P company to, in 2002, we actually think that E&P
is going to be a larger profit generator for our company than the
midstream. That additional growth in E&P was fueled from two areas: One,
we developed and invested in additional properties in the San Juan Basin
and a little bit in Michigan. We also just completed and made a public
announcement in late August this year of a 51 million acquisition of
two Canadian E&P companies. All of our E&P thrust is in natural gas.
Over 90% of all our production is natural gas. So our profile has
changed from being a pure midstream company to a bifurcated company,
where we both process and transport natural gas and produce NGLs and
natural gas and market those commodities.
Tickers included in this excerpt: MWP
For more information call (212) 952 7400. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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