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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)
November 17, 2000 (November 15, 2000)
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 November 15, 2000, MarkWest Hydrocarbon, Inc. issued the following press
release:
MARKWEST HYDROCARBON, INC., ADDS SAN JUAN BASIN
PROPERTIES WITH SUBSTANTIAL UPSIDE POTENTIAL
DENVER -- November 15, 2000 -- MarkWest Hydrocarbon, Inc. ("MarkWest")
(AMEX: MWP), announced today the acquisition of additional coal bed methane
properties and gathering systems in New Mexico's San Juan Basin for $5.625
million and will close in January 2001. The properties cover 4,800 acres and 40
producing gas wells containing 3.9 billion cubic feet (Bcf) of proved developed
reserves and 3.0 Bcf of proved undeveloped reserves, net to MarkWest. The
purchase also includes 11 miles of gathering pipelines. MarkWest will be the
operator of both the production and gathering systems, with initial production
of 1,200 thousand cubic feet per day (Mcfd) net to MarkWest.
John Fox, President, said, "This expansion of our San Juan Basin assets is
consistent with our highly experienced technical and operating staff's ability
to add value by exploiting underperforming wells. We will utilize
state-of-the-art technologies on numerous recompletion and infill drilling
opportunities to significantly increase gas flow. The properties are highly
complementary to currently owned and operated fields in the Colorado portion of
the basin and afford opportunities for expansion of a low-pressure gathering
system and compression facilities improvement. We also see a substantial
pipeline and compression services opportunity surrounding our property."
Fox went on to say, "This new addition will increase our year-end 2001 exit
rate of production to approximately 6,800 Mcfd from a previously expected 4,500
Mcfd rate. This acquisition will increase cash operating income for the Rocky
Mountain Business Unit from $2.5 million to $4 million in 2001, with further
increases in 2002. The unit's capital expenditures will be increased from $1.5
million to $3.5 million to implement this program."
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MARKWEST HYDROCARBON, INC., PROVIDES NATURAL GAS PROCESSING AND RELATED
SERVICES THROUGH ITS MODERN, EFFICIENT PLANT AND PIPELINE SYSTEMS. NEAR-RECORD
DRILLING ACTIVITY FOR NATURAL GAS IN APPALACHIA AND ELSEWHERE AND THE GROWING
TREND FOR NATURAL GAS PRODUCERS TO OUTSOURCE THE COMPLEX TASK OF CONVERTING RAW
NATURAL GAS AT THE WELLHEAD INTO MARKETABLE NATURAL GAS AND NGLS (PROPANE,
BUTANES, NATURAL GASOLINE) ARE DRIVING THE DEMAND FOR MARKWEST'S SERVICES.
MARKWEST ALSO PRODUCES NATURAL GAS IN THE ROCKY MOUNTAINS.
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THIS PRESS RELEASE INCLUDES "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING
OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. ALL STATEMENTS OTHER THAN
STATEMENTS OF HISTORICAL FACTS INCLUDED OR INCORPORATED HEREIN MAY CONSTITUTE
FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE EXPECTATIONS
REFLECTED IN THE FORWARD-LOOKING STATEMENTS ARE REASONABLE, IT CAN GIVE NO
ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT. THE FORWARD-LOOKING
STATEMENTS INVOLVE RISKS AND UNCERTAINTIES THAT AFFECT THE COMPANY'S OPERATIONS,
FINANCIAL PERFORMANCE AND OTHER FACTORS AS DISCUSSED IN THE COMPANY'S FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION. AMONG THE FACTORS THAT COULD CAUSE
RESULTS TO DIFFER MATERIALLY ARE THOSE RISKS DISCUSSED IN THE COMPANY'S FORM
10-K FOR THE YEAR ENDED DECEMBER 31, 1999.
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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: November 17, 2000 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)
