The Utica Joint Venture, comprising of MarkWest Energy Partners LP and the Energy and Minerals Group announced the formalization of an Amended and Restarted Limited Liability Company Agreement for MarkWest Utica EMG LLC. The joint venture aims to develop the midstream infrastructure for natural gas producers that are in current operation in the Utica Shale formation in Ohio.
Among the terms of the agreement would be the increase of EMG's initial capital investment from US$500 million to US$950 million. This would provide the joint venture financial flexibility for its other capital contributions. The amended agreement does not amend or alter the ownership interest levels or distribution percentages per quarter originally agreed upon by the partners.
MarkWest for its part has successfully raised nearly US$1.5 billion in net proceeds through debt and equity transactions coupled with the undrawn US$1.2 billion credit facility in its name. These assets provide MarkWest the capital liquidity to undertake funding over the majority of the pre agreed 2013 capital plan.
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