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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) February 23, 1998
(February 20, 1998)
MARKWEST HYDROCARBON, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-11566 84-1352233
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
155 INVERNESS DRIVE WEST, SUITE 200, ENGLEWOOD, CO 80112-5004
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 303-290-8700
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ITEM 5. OTHER EVENTS
On February 20, 1998, MarkWest Hydrocarbon, Inc. issued the following press
release:
MARKWEST HYDROCARBON FILES FOR ARBITRATION
REGARDING OPERATIONS IN APPALACHIA
DENVER (February 20, 1998) MarkWest Hydrocarbon, Inc. (NASDAQ: MWHX) filed
arbitration proceedings to resolve issues with Columbia Gas Transmission
Corporation regarding three natural gas processing plants in Appalachia. In
this arbitration, MarkWest requests a declaration of rights and status to
clarify agreements between the companies.
Issues arose during ongoing negotiations between MarkWest and Columbia to
finalize terms of a 1997 preliminary agreement in which, among other things,
Columbia agreed to sell its Cobb Plant to MarkWest and to transfer from Columbia
to MarkWest the operation of the Boldman Plant. These issues also include
matters regarding operations at the Kenova Plant. MarkWest owns the Boldman and
Kenova plants.
"Our intention in taking over operations at these plants is to assist
Columbia in their rate settlement and to possibly increase our liquids
processing business on Columbia's transmission system," MarkWest President and
Chief Executive Officer John Fox said. "The initial economic effect in taking
over operations is neutral. Columbia and MarkWest continue to have several
ongoing contracts, the most important of which extends through the year 2010.
Although it is too early to predict the outcome of arbitration or the length of
the process, we expect it will have minimal effect on MarkWest in the interim."
MarkWest will undertake to make further disclosure as more material facts
and information become available.
MarkWest Hydrocarbon, Inc., provides natural gas processing and related
services. This includes compression, gathering, treatment and natural gas
liquids extraction services to natural gas producers and pipeline companies and
fractionation of NGLs into marketable products. MarkWest also purchases, stores
and markets natural gas and NGLs and has started strategic exploration for new
natural gas sources for its processing services.
Since its founding in 1988, MarkWest has grown substantially. MarkWest is
the largest processor of natural gas in Appalachia and in 1996 established a new
core area in Michigan.
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SIGNATURES
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Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MARKWEST HYDROCARBON, INC.
(Registrant)
Date: February 23, 1998 BY: /s/ Gerald A. Tywoniuk
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Gerald A. Tywoniuk
Chief Financial Officer and
Vice President of Finance
(On Behalf of the Registrant and as
Principal Financial and Accounting
Officer)
