MarkWest Enjoys Investors' Favor After Reorganizing Assets.

Oil Daily, The, November, 2003

WASHINGTON -- MarkWest won investors' favor last week after selling its wholly owned subsidiary, MarkWest Resources Canada Corp., and acquiring Shell's Michigan Crude Gathering Pipeline, sending shares up 20.1%, according to weekly data compiled by energy research firm John S. Herold.

The $21 million Michigan Crude Gathering Pipeline asset purchase is expected to generate $3 million/year of cash flow from operations and is anticipated to close in mid- December with an effective date of Dec. 1.

The company sold its wholly owned subsidiary, MarkWest Resources Canada Corp., for C$102.5 million to Advantage Energy Income Fund. The sale is expected to close before year-end.

MarkWest Hydrocarbon said the company will use the net proceeds from the sale to...