Slide 1: First Quarter 2024 Earnings Conference Call
First Quarter 2024 Earnings Conference Call April 30, 2024 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measurements
Forward‐Looking Statements and Non-GAAP Financial Measurements This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, fi
Slide 3: Business Update
Business Update ▪ Growing Adjusted EBITDA & DCF Distributable Adj. EBITDA Cash Flow ▪ Investing for growth, underpinned by strict capital discipline $1.6B $1.4B Adj. Free Return of ▪ Acquired Utica G&P assets and Cash Flow(a) Capital announced expansion of Permian natural gas value chain $294M $951M
Slide 4: Sustainability Highlights
Sustainability Highlights (a) 2023 estimated progress value is preliminary and subject to change; methane emissions were calculated based on the EPA’s Mandatory Greenhouse Gas Reporting Program in 40 CFR Part 98. (b) 2023 estimated progress value is preliminary and subject to change. See our most re
Slide 5: Growth Projects & Projected In-Service Dates
Steadily Growing Business L&S ⚫ Whistler Pipeline (2.0 Bcf/d, 38% → 30% owner(a)) 2022 & Prior Growth Projects & Projected In-Service Dates ⚫ BANGL Pipeline (125 MBD, 25% owner) ⚫ Permian Gathering System Expansion (100% owner) ⚫ Bakken Gathering System Expansion (100% owner) G&P ⚫ Torñado II (200 M
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment ▪ Higher rates and growth from equity affiliates ▪ Limited impact from volumes due to contracts with MPC ▪ 1Q24 overall volumes and % change: vs. 1Q23 Crude Pipelines: 3.5 MMBPD (5)% Product Pipelines: 1.8 MMBPD (8)% Terminals: 2.9 MMBPD (5)% 6
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment ▪ Higher volumes and $20 million gain associated with Utica acquisition, partially offset by higher operating expenses ▪ 1Q24 overall volumes and % change: vs. 1Q23 Gathering: 6.2 Bcf/d (2)% Processing: 9.4 Bcf/d 9% Fractionation: 632 MBPD 7% ▪ 1Q24 Marcellus volumes a
Slide 8: 1Q 2024 Financial Highlights
1Q 2024 Financial Highlights 2023 2024 2023 2024 +8% YoY +8% YoY Three Months Ended March 31, 2023 2024 Distributions Declared ($/unit) $0.775 $0.850 Distribution Coverage(a) 1.6x 1.6x Adjusted Free Cash Flow(b)(c) ($MM) $1,005 $294 Total Capital Returned to Unitholders(d) ($MM) $821 $951 See append
Slide 9: History of Strong Financial Performance
History of Strong Financial Performance High-return capital projects driving steady cash flow growth support disciplined reinvestment and capital return to unitholders See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow. (a) Attributable to MPLX LP
Slide 10: Appendix
Appendix 10
Slide 11: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to LTM Adj. EBITDA $ Millions YE22 YE23 1Q24 (unless otherwise noted) Consolidated Total Debt(a) 20,108 20,706 20,706 LTM Adj. EBITDA 5,775 6,269 6,385 Consolidated Total Debt to LTM 3.5x 3.3x 3.2x Adj. EBITDA See appendix for additional information and r
Slide 12: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 1Q24 Processed Volumes(a) 1Q24 Fractionated Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area Volume Available of Quarter Area of Quarter Volume Available (MBPD) Capacity (%) (MMcf/d)
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income ($MM) 1Q 2024 1Q 2023 FY 2023 FY 2022 FY 2021 FY 2020 Net income/(loss) 1,015 952 3,966 3,978 3,112 (687) Provision for income taxes 1 1 11 8 1 2 Net interest and other financial costs 235 243 923 925 879 896 Income from o
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities ($MM) 1Q 2024 1Q 2023 FY 2023 FY 2022 FY 2021 FY 2020 Net cash provided by operating activities 1,291 1,227 5,397 5,019 4,911 4,521 Changes in working capital items 62 48 (146) (121) (157) (2
Slide 15: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2024 1Q 2023 L&S segment adjusted EBITDA attributable to MPLX LP 1,098 1,026 G&P segment adjusted EBITDA attributable to MPLX LP 537 493 Adjusted EBITDA attributable to MPLX LP 1,635 1,519 Depreciation and amortization (317) (296) Net
Slide 16: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (FCF) and Adjusted Free Cash Flow After Distributions ($MM) 1Q 2024 1Q 2023 Net cash provided by operating activities (a) 1,291 1,227 Adjustments to reconcile net cash provided by operating activities to adjusted
Slide 17: Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) 1Q 2024 YE 2023 YE 2022 YE 2021 YE 2020 LTM Net income (loss) 4,029 3,966 3,978 3,112 (687) Provision for income taxes 11 11 8 1 2 Net interest and other financial costs 915 923 925 879 896 LTM income from operations 4,955 4,900 4,