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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) May 27, 1999 (May 26, 1999)
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 80112-5000
(Address of principal executive offices)
Registrant's telephone number, including area code: 303-290-8700
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ITEM 5. OTHER EVENTS
On May 26, 1999, MarkWest Hydrocarbon, Inc. issued the following press release:
MarkWest Hydrocarbon Sells West Memphis, Arkansas Propane terminal
DENVER--May 26, 1999--MarkWest Hydrocarbon, Inc. (AMEX:NRG), closed today
on its sale of the Company's West Memphis, Arkansas, wholesale propane terminal
to Texon Distributing L.P. MarkWest received cash proceeds of $5.55 million,
plus inventory value, from this transaction. The Company had announced its
intention to sell this terminal as part of its first quarter 1999 earnings
release.
The Company will report an after-tax gain of $1.5 million, or $0.18 per
share, as part of its second quarter 1999 results scheduled for release in July.
Sale of this terminal is part of an ongoing process to redeploy non-strategic
assets into higher-return, fee-based projects with longer-term growth potential.
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MarkWest Hydrocarbon, Inc., provides natural gas processing and related
services. The Company provides compression, gathering, treatment and natural gas
liquids (NGLs) extraction services to natural gas producers and pipeline
companies and fractionates NGLs into marketable products. MarkWest also
purchases, stores and markets natural gas and NGLs and conducts strategic
exploration for new natural gas sources for its processing services. MarkWest is
Appalachia's largest natural gas processor, is rapidly expanding its presence in
Michigan and expanding its service offerings in the Rocky Mountains. MarkWest
also explores for and produces natural gas in the Rocky Mountains and Michigan.
Forward-Looking Statement. This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Although these statements
are based on data available at the time this material was prepared and although
MarkWest believes that its expectations are based on reasonable assumptions, it
can give no assurances that its goals will be achieved, or that its conclusions
will be supported by actual future events or success. Important factors that
could cause actual results to differ materially from those in the forward-
looking statements include the timing and extent of changes in commodity prices,
and competition for new projects and acquisitions. Refer to the Company's latest
Form 10-K for additional risks and conditions.
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SIGNATURES
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: May 27, 1999 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)
