Slide 1: First Quarter 2023 Earnings Conference Call
First Quarter 2023 Earnings Conference Call May 2, 2023 1
Slide 2: Forward-Looking Statements
Forward‐Looking Statements 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, financial priorities, including with r
Slide 3: Business Update
Business Update Distributable Record quarterly Adj. EBITDA Adj. EBITDA Cash Flow Investing to grow the business $1.5B $1.3B Adj. Free Return of Maintaining a strong balance Cash Flow Capital sheet $1.0B $0.8B Committed to capital return Leverage Coverage Ratio Ratio 3.5x 1.6x See appendix fo
Slide 4: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy Expanded Methane New Biodiversity MPLX G&P Focus Areas for Methane Reductions Emissions Intensity Target Right of Way Target 2030 Goal 2025 Goal(a) Progress(b) 2025 Goal Progress(c) 51% 9.5% REDUCE Pneumatic Pipeline Launchers Leak Detection Compre
Slide 5: Steadily Growing Business: Growth Projects & Projected In-Service Dates
Steadily Growing Business L&S Wink to Webster (W2W) Pipeline (1.5 MMBD, 15% owner) Distributable Cash Flow Growth Projects & Projected In-Service Dates 2021 & Prior Whistler Pipeline (2.0 Bcf/d, 38% owner) NGL Pipeline (125 MBD, 25% owner) G&P 6.8% CAGR Smithburg I (200 MMcf/d, 50% owner)
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment Growth in throughputs and higher rates 122 1,026 1,000 904 1Q23 overall volumes and % change: 800 vs. 1Q22 600 $MM Crude Pipelines: 3.6 MMBPD 8% 400 Product Pipelines: 2.0 MMBPD 2% 200 Terminals: 3.1 MMBPD 5% 0 1Q22 L&S Segment 1Q23 L&S Segment Adjusted EBITDA Adjuste
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment Higher throughput fees and volumes offset lower 489 4 493 natural gas liquids prices 500 1Q23 overall volumes and % change: vs. 1Q22 Gathering: 6.4 Bcf/d 21% Processing: 8.6 Bcf/d 4% $MM Fractionation: 593 MBPD 13% 250 1Q23 Marcellus volumes and % change: vs. 1Q2
Slide 8: 1Q 2023 Financial Highlights
1Q 2023 Financial Highlights Adjusted EBITDA 2022 2023 Distributable Cash Flow 2022 2023 1,519 1,500 1,268 1,500 1,393 1,210 1,000 1,000 $MM $MM 500 500 0 0 1Q 1Q Three Months Ended Mar 31 2022 2023 Distributions Declared ($/unit) $0.705 $0.775 Distribution Coverage Ratio 1.7x 1.6x Adjusted Free Cas
Slide 9: Appendix
MPL Appendix
Slide 10: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to 4.5x LTM Adj. EBITDA $ Millions YE21 YE22 1Q23 (unless otherwise noted) 4.0x Consolidated Total Debt(a) 20,359 20,108 20,707 3.5x LTM Adj. EBITDA 5,560 5,775 5,901 3.0x 2019 2020 2021 2022 Consolidated Total Debt to 3.7x 3.5x 3.5x Debt Maturities – Thr
Slide 11: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 1Q23 Processed Volumes(a) 1Q23 Fractionated Volumes(a) Capacity at Utilization Capacity at Average Average Utilization of End of of Available End of Area Volume Area Volume Available Quarter Capacity Quarter (MMcf/d) (MBPD) Cap
Slide 12: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 1Q 2023 1Q 2022 Net income 952 833 Provision for income taxes 1 5 Interest and other financial costs 243 222 Income from operations 1,196 1,060 Depreciation and amortization 296 313 Income from equity method investments (
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 1Q 2023 1Q 2022 Net cash provided by operating activities 1,227 1,125 Changes in working capital items 48 118 All other, net (9) (45) Loss on extinguishment of debt 9 — Net interest and othe
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) FY 2022 FY 2021 FY 2020 FY 2019 Net income 3,978 3,112 (687) 1,462 Provision for income taxes 8 1 2 — Interest and other financial costs 925 879 896 915 Income from operations 4,911 3,992 211 2,377 Depreciation and amorti
Slide 15: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) FY 2022 FY 2021 FY 2020 FY 2019 Net cash provided by operating activities 5,019 4,911 4,521 4,082 Changes in working capital items (121) (157) (201) 110 All other, net (34) (26) (3) (9) Loss
Slide 16: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2023 1Q 2022 L&S segment adjusted EBITDA attributable to MPLX LP 1,026 904 G&P segment adjusted EBITDA attributable to MPLX LP 493 489 Adjusted EBITDA attributable to MPLX LP 1,519 1,393 Depreciation and amortization (296) (313) Intere
Slide 17: Capital Expenditures
Capital Expenditures ($MM) 1Q 2023 1Q 2022 Capital Expenditures Growth capital expenditures 139 148 Growth capital reimbursements(a) (33) (11) Investments in unconsolidated affiliates 51 110 Capitalized interest (3) (2) Total growth capital expenditures 154 245 Maintenance capital expenditures 52 24
Slide 18: Net Cash from 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 ($MM) 1Q 2023 1Q 2022 Net cash provided by operating activities(a) 1,227 1,125 Adjustments to reconcile net cash provided by operating activities to adjusted f
Slide 19: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) Q1 2023 YE 2022 YE 2021 YE 2020 YE 2019 LTM Net income (loss) 4,097 3,978 3,112 (687) 1,462 Provision for income taxes 4 8 1 2 — Interest and other financial costs 946 925 879 896 915 LTM income from operations 5,047 4,911 3,992 21