MarkWest Energy Partners LP (MarkWest Energy Partners LP) Beneish M-Score : 0.00 (As of May. 05, 2024)

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What is MarkWest Energy Partners LP Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for MarkWest Energy Partners LP's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of MarkWest Energy Partners LP was 0.00. The lowest was 0.00. And the median was 0.00.

MarkWest Energy Partners LP Beneish M-Score Historical Data

The historical data trend for MarkWest Energy Partners LP's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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MarkWest Energy Partners LP Beneish M-Score Chart

MarkWest Energy Partners LP Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

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-2.66

-2.55

-2.94

-2.33

-2.54

MarkWest Energy Partners LP Quarterly Data
	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15
Beneish M-Score	Get a 7-Day Free Trial															-2.26	-2.54	-2.69	-2.97	-3.05

Competitive Comparison of MarkWest Energy Partners LP's Beneish M-Score

For the Oil & Gas Midstream subindustry, MarkWest Energy Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

MarkWest Energy Partners LP's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, MarkWest Energy Partners LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MarkWest Energy Partners LP's Beneish M-Score falls into.

MarkWest Energy Partners LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of MarkWest Energy Partners LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9876

0.528 * 0.7697

0.404 * 0.9249

0.892 * 0.9273

0.115 * 0.9694

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1909

4.679 * -0.05793

0.327 * 1.1068

-3.05

This Year (Sep15) TTM:

Last Year (Sep14) TTM:

Total Receivables was $293 Mil.
Revenue was 474.291 + 459.628 + 467.33 + 538.245 = $1,939 Mil.
Gross Profit was 374.593 + 334.081 + 339.306 + 429 = $1,477 Mil.
Total Current Assets was $403 Mil.
Total Assets was $11,659 Mil.
Property, Plant and Equipment(Net PPE) was $9,420 Mil.
Depreciation, Depletion and Amortization(DDA) was $546 Mil.
Selling, General, & Admin. Expense(SGA) was $509 Mil.
Total Current Liabilities was $518 Mil.
Long-Term Debt & Capital Lease Obligation was $4,755 Mil.
Net Income was 29.127 + -101.486 + -9.083 + 34.978 = $-46 Mil.
Non Operating Income was 6.057 + -116.114 + -1.075 + -0.675 = $-112 Mil.
Cash Flow from Operations was 205.111 + 162.404 + 200.934 + 172.319 = $741 Mil.

Total Receivables was $320 Mil.
Revenue was 607.086 + 518.366 + 512.476 + 453.538 = $2,091 Mil.
Gross Profit was 373.849 + 290.578 + 308.71 + 252.796 = $1,226 Mil.
Total Current Assets was $557 Mil.
Total Assets was $10,562 Mil.
Property, Plant and Equipment(Net PPE) was $8,207 Mil.
Depreciation, Depletion and Amortization(DDA) was $460 Mil.
Selling, General, & Admin. Expense(SGA) was $461 Mil.
Total Current Liabilities was $767 Mil.
Long-Term Debt & Capital Lease Obligation was $3,550 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(293.205 / 1939.494)	/	(320.146 / 2091.466)
	=	0.151176	/	0.153073
	=	0.9876

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1225.933 / 2091.466)	/	(1476.98 / 1939.494)
	=	0.58616	/	0.761529
	=	0.7697

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (403.218 + 9420.484) / 11659.307)	/	(1 - (556.589 + 8207.235) / 10561.565)
	=	0.157437	/	0.170215
	=	0.9249

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1939.494	/	2091.466
	=	0.9273

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(460.036 / (460.036 + 8207.235))	/	(545.663 / (545.663 + 9420.484))
	=	0.053077	/	0.054752
	=	0.9694

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(509.14 / 1939.494)	/	(461.035 / 2091.466)
	=	0.262512	/	0.220436
	=	1.1909

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((4755.352 + 518.003) / 11659.307)	/	((3549.521 + 766.554) / 10561.565)
	=	0.452287	/	0.408659
	=	1.1068

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-46.464 - -111.807	-	740.768)	/	11659.307
	=	-0.05793

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

MarkWest Energy Partners LP has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.

MarkWest Energy Partners LP Beneish M-Score Related Terms

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MarkWest Energy Partners LP (MarkWest Energy Partners LP) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.markwest.com

MarkWest Energy Partners LP a Delaware corporation was formed in Delaware on January 24, 2002. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the gathering and transportation of crude oil. The Company has presence in many unconventional gas plays including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation. The Company conducts operations in the following operating segments: Marcellus, Utica, Northeast and Southwest. Its primary business is to provide top-tier midstream services by developing and operating high-quality, strategically located assets in the liquids-rich areas of six core natural gas producing resource plays in the United States. The Company provides services in the midstream sector of the natural gas industry. The midstream natural gas industry is the link between the exploration for and production of natural gas and the delivery of its hydrocarbon components to end-use markets. In the Marcellus segment, it provides fully integrated natural gas midstream services in southwestern Pennsylvania and northern West Virginia through its wholly owned subsidiary, MarkWest Liberty Midstream. The Company operates five processing complexes in its Marcellus segment that include the Houston Complex located in Washington County, Pennsylvania: the Majorsville Complex located in Marshall County, West Virginia; the Mobley Complex located in Wetzel County, West Virginia; the Sherwood Complex located in Doddridge County, West Virginia; and the Keystone Complex located in Butler County, Pennsylvania. In addition, it operates two gathering systems: one currently delivering over 475 MMcf/d of natural gas to its Houston and Majorsville Complexes and the other delivering over 74 MMcf/d of natural gas to its Keystone complex. MarkWest Utica EMG provides gathering, processing, fractionation and marketing services in the liquids-rich corridor of the Utica Shale in eastern Ohio. In each of its operating segments, the company faces competition for natural gas gathering, crude oil transportation and in obtaining natural gas supplies for its processing and related services; in obtaining unprocessed NGLs for gathering and fractionation; and in marketing its products and services. The Company's processing and fractionation plants, pipelines and associated facilities are subject to multiple obligations and potential liabilities under a variety of stringent and comprehensive federal, regional, state and local laws and regulations governing discharges of materials into the environment or otherwise relating to environmental protection.

Executives

Nancy Buese	officer: EVP, Chief Financial Officer	1515 ARAPAHOE STREET, DENVER CO 80202-2126
J Michael Stice	director	525 CENTRAL PARK DRIVE, OKLAHOMA CITY OK 73105
Frank M Semple	director, officer: Chairman, President & CEO	1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202
Randy S Nickerson	officer: EVP, Chief Commercial Officer	1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202
Randall J Larson	director
Michael L Beatty	director	5735 PINELAND DR, SUITE 300, DALLAS TX 75231
Donald D Wolf	director	1670 BROADWAY SUITE 2800, DENVER CO 80202
Gregory Scott Floerke	officer: EVP, Chief Commercial Officer	C/O MARKWEST ENERGY PARTNERS, L.P., 1515 ARAPAHOE STREET, TOWER 1, SUITE 160, DENVER CO 80202
Bromley C Corwin	officer: EVP, General Counsel	1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202
Paula L Rosson	officer: SVP/Chief Accounting Officer	1515 ARAPAHOE STREET, TOWER 1 SUITE 1600, DENVER CO 80202
John C Mollenkopf	officer: EVP, Chief Operating Officer	1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202
William P Nicoletti	director	C/O STAR GAS PARTNERS, L.P., 2187 ATLANTIC STREET, STAMFORD CT 06902
Bruckmann William A Iii	director	631 RANGER LANE, LONGBOAT KEY FL 342284119