10. Equity

Equity Offerings

Our public equity offerings are summarized in the table below for the three months ended March 31, 2015 and 2014 (in millions):

	Three months ended March 31, 2015			Three months ended March 31, 2014
	Common units	Net Proceeds		Common units	Net Proceeds
September 2013ATM (1)	—	$	—	4.2	$	272
November 2014 ATM (2)	—	—		—	—
Total	—	$	—	4.2	$	272

(1)

In September, 2013, the Partnership entered into an Equity Distribution Agreement with a financial institution (the “2013 Manager”) that established an At the Market offering program (the “September 2013 ATM”) pursuant to which the Partnership could have sold from time to time through the 2013 Manager, as its sales agent, common units having an aggregate offering price of up to $1 billion. During the three months ended March 31, 2014, the Partnership incurred approximately $4 million in manager fees and other third-party expenses. The proceeds from sales were used to fund capital expenditures and for general Partnership purposes. The Partnership completed the September 2013 ATM on March 31, 2014.

(2)

In November, 2014, the Partnership entered into an Equity Distribution Agreement with financial institutions (the “November 2014 Managers”) that established an At the Market offering program (the “November 2014 ATM”) pursuant to which the Partnership may sell from time to time through the November 2014 Managers, as its sales agents, common units having an aggregate offering price of up to $1.5 billion. As of March 31, 2015, the Partnership has issued 2.5 million units receiving net proceeds of approximately $175 million under the November 2014 ATM.

All of the Partnership’s Class B units were issued to and are held by M&R MWE Liberty, LLC, an affiliate of EMG, as part of the Partnership’s December 31, 2011 acquisition of the non-controlling interest in MarkWest Liberty Midstream. The remaining Class B units will convert to common units on a one-for-one basis in three equal installments beginning on July 1, 2015 and each of the next two anniversaries of such date.

Distributions of Available Cash and Range of Unit Prices

	Common Unit Price				Distribution Per Common
Quarter Ended	High		Low		Unit		Declaration Date	Record Date	Payment Date
March 31, 2015	$	69.16	$	54.04	$	0.91	April 22, 2015	May 7, 2015	May 15, 2015
December 31, 2014	$	77.31	$	58.67	$	0.90	January 21, 2015	February 5, 2015	February 13, 2015