"...John Edwards - Crédit Suisse AG, Research Division
Okay. And then just, if you could give your thoughts on, as far as the market goes, the view that this project would be in addition to the Bluegrass Pipeline that's been proposed. And I guess any additional volume ramp-up on ATEX? Or is this being viewed more as a project that competes, say, with Bluegrass?
Frank M. Semple - Chairman of The Board of Markwest Energy GP LLC, Chief Executive Officer of Markwest EnergyGP LLC, President of Markwest Energy GP LLC, Chief Executive Officer of Markwest Hydrocarbon and President of Markwest Hydrocarbon
It absolutely competes with Bluegrass. If you look at the volume projections out of the Utica and the Marcellus, and clearly, there's a lot of variability in those forecasts, but over the course of the next 5 years, you would expect that if there is a need for transporting the C2+ Y grade to the Gulf Coast, there's probably only enough volume to support one of those 2 projects. The ATEX project, the E-P mix project that had been discussed, I don't really see this as being a major competitor. The timing of that is a little different than the in-service date for these Y grade projects that have been announced. But I believe that there will -- at least in the near term, that there really will be only one Y grade pipeline project to the Gulf Coast developed out of the Northeast...."
Let's put it this way: The JV pipeline can run beautifully without cooperating with Bluegrass; Bluegrass cannot run without cooperation with MWE....also, the JV pipeline can compete with ATEX. ATEX currently has an open season going on for propane to use ATEX from the Marcellus. The JV pipeline can send batches of NGL alternating with propane or butane batches nicely...If the JV goes through Isuspect Bluegrass evaporates...and I think Mariner East may be revised somewhat...and depending on just how big a fractionation unit is built on the Gulf Coast by Kinder and MWE you will see EPD,Targa,and the DCP Enterprise having conniption fits...Remember that MWE produces tons of natural gas liquids in the Haynesville,Granite Wash, etc etc..all of this action could be shipped to a new fractionation unit,too..fractionating 300,000 barrels/day or so of combined Natural gas liquids isn't a bad place to start!!
JV appears to be 2015 and the magic number of approx 2 billion to complete. I for one am in the Aug Sept phase and everybody who is anybody should be in early October as the next set of completeions are in 4th quarter