MarkWest Energy Partners LP (MarkWest Energy Partners LP) ROC (Joel Greenblatt) % : 4.44% (As of Sep. 2015)

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What is MarkWest Energy Partners LP ROC (Joel Greenblatt) %?

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. MarkWest Energy Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2015 was 4.44%.

The historical rank and industry rank for MarkWest Energy Partners LP's ROC (Joel Greenblatt) % or its related term are showing as below:

MWE's ROC (Joel Greenblatt) % is not ranked ^*
in the Oil & Gas industry.
Industry Median: 10.56
* Ranked among companies with meaningful ROC (Joel Greenblatt) % only.

MarkWest Energy Partners LP's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

MarkWest Energy Partners LP ROC (Joel Greenblatt) % Historical Data

The historical data trend for MarkWest Energy Partners LP's ROC (Joel Greenblatt) % 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.

* Premium members only.

MarkWest Energy Partners LP ROC (Joel Greenblatt) % Chart

MarkWest Energy Partners LP Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

ROC (Joel Greenblatt) %

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6.43

9.21

9.62

3.24

4.51

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
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															6.85	5.19	2.35	-2.03	4.44

Competitive Comparison of MarkWest Energy Partners LP's ROC (Joel Greenblatt) %

For the Oil & Gas Midstream subindustry, MarkWest Energy Partners LP's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, MarkWest Energy Partners LP's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where MarkWest Energy Partners LP's ROC (Joel Greenblatt) % falls into.

MarkWest Energy Partners LP ROC (Joel Greenblatt) % Calculation

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

EBIT stands for Earnings Before Interest and Taxes.

Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.

GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.

	Working Capital		(Q: Jun. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	31.358	+	51.783)	-	(482.485	+	0.331	+	1.164)
=	-400.839

	Working Capital		(Q: Sep. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	33.699	+	48.247)	-	(515.754	+	1.395	+	0.85400000000004)
=	-436.057

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of MarkWest Energy Partners LP for the quarter that ended in Sep. 2015 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2015 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2015		Q: Sep. 2015
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	411.732	/	( ( (9135.811 + max(-400.839, 0))	+	(9420.484 + max(-436.057, 0)) )	/	2 )
=	411.732	/	( ( 9135.811	+	9420.484 )	/	2 )
=	411.732	/	9278.1475
=	4.44 %

Note: The EBIT data used here is four times the quarterly (Sep. 2015) EBIT data.

MarkWest Energy Partners LP (NYSE:MWE) ROC (Joel Greenblatt) % Explanation

The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

MarkWest Energy Partners LP ROC (Joel Greenblatt) % 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