Marathon Petroleum Corporation · NYSE:MPC

Marathon Petroleum — Investor Day (December 2015)

116 slides from Marathon Petroleum's investor day presentation, Dec 3, 2015

1. Slide 1: 2015 Analyst & Investor Day

   2015 Analyst & Investor Day December 3, 2015

2. Slide 2: Meeting Agenda

   Meeting Agenda 2 Welcome and Introductions Tom Kaczynski Strategic Overview Gary Heminger Macro Outlook Don Templin Refining Rich Bedell Speedway Tony Kenney Midstream/MPLX Pam Beall, Frank Semple & Nancy Buese Financial Overview Tim Griffith Summary and Q&A Gary Heminger

3. Slide 3: Forward-Looking Statements

   Forward-Looking Statements 3 This presentation contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation (“MPC”), MPLX LP (“MPLX”), and MarkWest Energy Partners, L.P. ("MWE"). These forward-looking statements relate to, among other thi

4. Slide 4: Strategic Overview

   Strategic Overview Gary Heminger President and Chief Executive Officer

5. Slide 5: Speedway Transformed MPC Since Spinoff

   12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Transformed MPC Since Spinoff 5 Achievements Grow Speedway and Brand volumes Selective mergers and acquisitions Balance capital returns and reinvestments in the business Increased Speedway li

6. Slide 6: Delivering Shareholder Value through Transformation

   12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $10 $20 $30 $40 $50 $60 $70 Delivering Shareholder Value through Transformation 6 2013 2014 2015 2012 2011 MPC spinoff DHOUP IPO of MPLX LP GBR acquisition Hess Retail acquisition Strategic c

7. Slide 7: Our Priorities for Continued Value Creation

   12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Our Priorities for Continued Value Creation 7 How We Get There Balance capital returns with value-enhancing investments Enhance margins for our refinery operations Return free cash flow to sh

8. Slide 8: Continued Focus on Improving Safety and Environmental Performance

   12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Safety Continued Focus on Improving Safety and Environmental Performance OSHA Recordable Incident Rate and Days Away Rate (Employee and Contractor History) 0.50 0.45 0.61 0.45 0.24 0.32 0.41

9. Slide 9: Returning Capital to Shareholders: Growing Base Dividend

   12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $71 $89 $87 $85 $119 $116 $116 $113 $129 $126 $123 $122 $141 $138 $136 $136 $171 $171 0 50 100 150 200 250 300 350 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2

10. Slide 10: Returning Capital to Shareholders

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Returning Capital to Shareholders 10 Continuing share repurchases 0 2,000 4,000 6,000 8,000 $ M M Cumulative Share Repurchases  $10 B share repurchases authorized  $7.05 B returned to share

11. Slide 11: Growing More Stable Cash-Flow Business Segments

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Growing More Stable Cash-Flow Business Segments 11 2016 Capital Budget – $4.2 B MPC – $2.5 B  Refining & Marketing, excluding Midstream – $1,145 MM  Midstream* – $828 MM  Speedway – $361 M

12. Slide 12: Creating a More Diversified Portfolio

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Creating a More Diversified Portfolio 12 2015E EBITDA(1) Speedway R&M Speedway Midstream R&M Source: MPC estimates (1) Includes one month of MarkWest EBITDA 2020E EBITDA Midstream

13. Slide 13: MPLX/MWE Combination is Highly Strategic and Valuable to MPC

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway MPLX/MWE Combination is Highly Strategic and Valuable to MPC  MarkWest adds a world-class natural gas/NGL business – Adds scale and diversity to MPC – Platform to capitalize on massive infra

14. Slide 14: Driving Top Tier Financial Performance Through Sustainable Competitive Advantages

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Driving Top Tier Financial Performance Through Sustainable Competitive Advantages 14  Fully integrated system provides optionality and flexibility  Strategically located assets  Value of M

15. Slide 15: Macro Outlook

    Macro Outlook Don Templin Executive Vice President, Supply, Transportation and Marketing

16. Slide 16: Positive Macro Environment

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Positive Macro Environment  Lower crude price environment over the short to medium term due to strong global production – Downstream expected to perform well regardless of crude price enviro

17. Slide 17: Global Supply and Demand Will Continue to Find Equilibrium

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Global Supply and Demand Will Continue to Find Equilibrium  Most rebalancing will occur on supply side  Lower prices support demand growth – Despite slowed global economic growth  Lower pr

18. Slide 18: Crude and Natural Gas Prices Support Domestic Refiners and Midstream Companies

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Crude and Natural Gas Prices Support Domestic Refiners and Midstream Companies 18 MPC Outlook Brent/WTI Spread LLS/WTI Spread Brent/LLS Spread Canadian Heavy Differentials $2-$5/BBL, wider at

19. Slide 19: Opportunity Exists Amidst Crude Price Volatility

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Sources: Petroleum Argus, Chicago Mercantile Exchange (CME)/NYMEX Opportunity Exists Amidst Crude Price Volatility 19  Crude prices have been volatile  Price implications vary across indust

20. Slide 20: North American Production is Resilient

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 2 4 6 8 10 12 14 16 2010 2012 2014 2016 2018 2020 M M B D North American Production is Resilient  Shale production growth has slowed  Continued drilling with improved efficiency has offse

21. Slide 21: Shale Producers Improving Efficiency

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Shale Producers Improving Efficiency  Shale producers becoming more efficient in low price environment  Producers are benefiting from: − Reduced services costs (20-30%) − High grading acrea

22. Slide 22: Distillate Leading World Liquids Demand

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 20 40 60 80 100 120 M M B D Distillate Leading World Liquids Demand 22 Sources: BP Statistical Review of World Energy (Actual), MPC Economics (Forecast) Middle Distillate Gasoline Resid Oth

23. Slide 23: Distillate Also Leads U.S. Domestic Petroleum Fuels Demand

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Distillate Also Leads U.S. Domestic Petroleum Fuels Demand 23 0 1 2 3 4 5 6 7 8 9 10 MMB D Compounded Annual Growth Rates 2014 vs. 2030 Sources: U.S. Energy Information Administration (EIA),

24. Slide 24: Shale Crudes Strengthen Octane Market

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Shale Crudes Strengthen Octane Market  U.S. summer octane values were strong  Lighter crude runs produce more light naphtha, increasing demand for octane  Shale crudes yield a lower qualit

25. Slide 25: U.S. Refiners have a Sustained Export Advantage

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway U.S. Refiners have a Sustained Export Advantage 25  Access to lower cost feedstocks  Low cost natural gas  Large, complex refineries  High utilization rates  Sophisticated workforce Regi

26. Slide 26: Capitalizing on Growing U.S. Finished Product Exports

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 August YTD M B D MPC Finished Product Exports 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2010 2011 2012 2013 2014 2015 August Y

27. Slide 27: U.S. Natural Gas Production Growth Largely from Shale

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway U.S. Natural Gas Production Growth Largely from Shale  U.S. natural gas supply to grow by 3.3 MMBOED (18 BCFD) by 2030  2015 EIA forecast lower due to less LNG exports  Lower global LNG pr

28. Slide 28: U.S. NGL Volume Growth Creates a Need for Incremental Infrastructure

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway U.S. NGL Volume Growth Creates a Need for Incremental Infrastructure 28 Nat. Gasoline Butanes Propane Purity Ethane Rejected Ethane 0 1 2 3 4 5 6 7 2005 2010 2015 2020 2025 2030 M M B D Forec

29. Slide 29: U.S. Natural Gas and NGL Trade Flows Changing

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway U.S. Natural Gas and NGL Trade Flows Changing  Paradigm shift from U.S. Northeast being a significant importer to a significant exporter  Driven by Marcellus and Utica production growth  I

30. Slide 30: MPC and MPLX have a Competitive Advantage

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway MPC and MPLX have a Competitive Advantage  Positioned to perform well in both high and low price environments  Fully integrated refining, midstream, and marketing network helps capture incr

31. Slide 31: Refining

    Refining Rich Bedell Senior Vice President, Refining

32. Slide 32: Increasing EBITDA and Driving Value

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Increasing EBITDA and Driving Value  Increasing EBITDA through process improvements  Optimizing Galveston Bay and Texas City operations  Investing in Galveston Bay  Increasing distillate

33. Slide 33: Investments Growing EBITDA

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Investments Growing EBITDA 33 Investments of $900 MM contributing approximately $600 MM EBITDA 0 200 400 600 2013 2014 2015E $ M M Growth Investment 0 200 400 600 2013 2014 2015E $ M M Increm

34. Slide 34: Increasing EBITDA Through Continuous Process Improvements

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Increasing EBITDA Through Continuous Process Improvements  Low or no investment projects  Focus on technical excellence  Improvements in process unit performance  EBITDA improvement of ap

35. Slide 35: Improving Galveston Bay's Performance

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 10 20 30 2013 2014 3Q15 YTD Incident s Environmental Incidents per MPC definition Improving Galveston Bay’s Performance 35 0% 2% 4% 6% 2013 2014 3Q15 YTD Reliability % lost capacity for unp

36. Slide 36: Galveston Bay Process Improvements and Synergies

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Galveston Bay Process Improvements and Synergies* 36 • Process improvements − Unit optimization − Improved unit yields − Bottlenecks removed − Catalyst changes • Synergy capture − Crude optim

37. Slide 37: South Texas Asset Repositioning (STAR) Program

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway South Texas Asset Repositioning (STAR) Program  ~$2.0 B of total investment  Increase residual oil (resid) processing – Expand resid hydrocracker – Improve gas oil recovery  Revamp crude u

38. Slide 38: STAR Program: Creating a World-Class Refining Complex

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway South Texas Asset Repositioning (STAR) Program  Improve EBITDA  Staged incremental investment – 2016-2020  Rapid payback on investment  Total investment ~$2.0 B – IRR ~26% 38 Creating a W

39. Slide 39: Galveston Bay-Texas City World-Class Refining Complex

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Galveston Bay-Texas City World-Class Refining Complex 39 Integrated Galveston Bay-Texas City Refinery Post-STAR BPCD Unless Noted Galveston Bay* Crude 585,000 Vacuum Distillation 225,200 Resi

40. Slide 40: Capturing Value in ULSD Demand Growth

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Capturing Value in ULSD Demand Growth 40 Industry-Leading Position by 2020 0 5 10 15 20 25 30 35 40 MPC 2020E PSX XOM MPC 2014 BP HFC VLO CVX TSO Dis ti lla te Hyd ro tr ea ti n g C a p a ci

41. Slide 41: Export Capacity Reaching Higher-Value Markets

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 320 345 395 510 20 30 115 0 100 200 300 400 500 600 2013 2014 2015E 2018E M B D Base Garyville Galveston Bay Export Capacity Reaching Higher-Value Markets 41 Increasing Finished Product Expor

42. Slide 42: Producing Higher-Value Products

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Producing Higher-Value Products 42 Investments of ~$360 MM contribute ~$130 MM EBITDA Fluid Catalytic Cracking (FCC) projects Increase alkylate and light products Garyville FCC/Alky – 2016 In

43. Slide 43: Investments Growing EBITDA

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Investments Growing EBITDA 43 Investments of $2.9 B contributing approximately $1 B EBITDA 0 200 400 600 800 1,000 Prior to 2016 2016E 2017E 2018E 2019E 2020E $ M M Growth Investment South Te

44. Slide 44: Speedway

    Speedway Tony Kenney President, Speedway LLC

45. Slide 45: Speedway Growing Stable Cash Flow

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Speedway Growing Stable Cash Flow  Top tier performer in convenience store industry  Accelerating organic growth strategy – Convenience stores – Commercial fueling locations  Pursuing high

46. Slide 46: Top Tier Performance

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 20 40 60 80 100 ETP Speedway CST Casey's Couche-Tard Murphy USA Western Refining Delek Alon USA $M /S to re /Mont h Total Margin Light Product Merchandise Speedway Light Product Speedway Me

47. Slide 47: Top Tier Performance

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 50 100 150 200 250 300 Murphy USA Speedway ETP CST Couche-Tard Western Refining Delek Casey's Alon USA M Gal/ St o re /Mo n th Light Product Volume 0 50 100 150 200 Murphy USA Speedway ETP

48. Slide 48: Emphasizing Organic Growth Strategy

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 189 145 111 190 250 100 63 95 135 150 29 292 155 75 0 100 200 300 400 500 2014 2015E 2016E 2017E 2018E $ M M Capex* Legacy Speedway Construction All Other Capital Acquired Locations 0 10 20 3

49. Slide 49: Organic Growth in Existing Markets

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Organic Growth in Existing Markets  Fill in voids in existing markets  Continue focus in Pennsylvania and Tennessee  Growth opportunities in Georgia, South Carolina and Florida panhandle 4

50. Slide 50: Capitalizing on Diesel Demand Growth

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Capitalizing on Diesel Demand Growth  Trucking remains a dominant mode of transportation  U.S. freight volumes expected to increase by 29%  Diesel demand growth expected to outpace gasolin

51. Slide 51: Convenience Store Industry Ripe for Consolidation

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 63% 11% 5% 5% 16% 1 2 - 50 51 - 200 201 - 500 500+ 96,318 17,250 7,477 7,991 23,758 Industry Ownership - Store Count Convenience Store Industry Ripe for Consolidation  Highly fragmented indu

52. Slide 52: Pursuing Attractive and Accretive Acquisitions

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Pursuing Attractive and Accretive Acquisitions  Primary objectives – Leverage MPC’s supply and logistical network  Increase assured sales  Optimize terminal utilization – Fill market voids

53. Slide 53: Following Through on Goals for Acquired Locations

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Following Through on Goals for Acquired Locations  Invest ~$570 MM in conversions, remodels and maintenance  Convert 1,245 stores to Speedway brand and technology platforms  Remodel approx

54. Slide 54: Accelerating Store Conversions and Remodels

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway  Expect to complete ahead of schedule  Projected to be under budget  Acceleration of synergy capture and best practices  Implementation of key Speedway marketing platforms  Foundation fo

55. Slide 55: Exceeding Expected Synergies

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Exceeding Expected Synergies 20 75 120 155 190 225 0 50 100 150 200 250 2014E 2014 2015E 2015E 2016E 2016E 2017E 2017E $M M Synergies and Marketing Enhancements Guidance* Speedway Synergies R

56. Slide 56: Exceeding Expected EBITDA

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Exceeding Expected EBITDA 56 365 250 348 0 50 100 150 200 250 300 350 400 1st Twelve Months Estimate* 1st Twelve Months Actual* 2017E EBITDA** $ M M Speedway Acquired Locations EBITDA Source:

57. Slide 57: Speedway Summary – Driving EBITDA Growth

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Speedway Summary – Driving EBITDA Growth  Top tier performer in convenience store industry – #1 in EBITDA/store/month vs. public peers  Accelerating growth through organic projects – Fillin

58. Slide 58: Midstream/MPLX

    Midstream/MPLX Pam Beall - President, MPLX Frank Semple - Chairman, President and CEO, MarkWest Nancy Buese - Executive Vice President and CFO, MarkWest

59. Slide 59: Leveraging Strengths Across the Hydrocarbon Value Chain

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Leveraging Strengths Across the Hydrocarbon Value Chain 59 Crude Oil and Refined Products Logistics Fuels Distribution Refining  Large and growing drop-down portfolio  Strong sponsor commit

60. Slide 60: Extraordinary Backlog of Organic Growth and Drop-down Opportunities

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Extraordinary Backlog of Organic Growth and Drop-down Investment Opportunities of $27 - 33 B to Support High Distribution Gr

61. Slide 61: Growing MPC's Drop-down Inventory

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Growing MPC’s Drop-down Inventory Provides Visibility to Significant Growth *Sandpiper Pipeline expected 2017 in-service ● 5

62. Slide 62: Legacy MPLX has Attractive Organic Growth Backlog

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Legacy MPLX has Attractive Organic Growth Backlog Estimated to Generate ~$125 MM of EBITDA $0.8 B MPLX Organic Capital throu

63. Slide 63: Connecting Production from Resource Plays to Downstream Markets

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Upstream • Continued production growth in key basins drives midstream infrastructure requirements • Improving efficiency and productivity Midstream • Gathering, processing, and fractionation

64. Slide 64: MarkWest is One of the Largest NGL and Natural Gas Midstream Providers

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway MarkWest is One of the Largest NGL and Natural Gas Midstream Service Providers 64 Processing ~75% of Total Rich-Gas Production from the Marcellus and Utica Raw Natural Gas Production Processi

65. Slide 65: MarkWest is Focused in High IRR Resource Plays

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 1 7 % 1 5 % 1 5 % 1 4 % 1 3 % 1 3 % 1 2 % 1 2 % 1 1 % 1 0 % 1 0 % 1 0 % 1 0 % 1 0 % 9 % 9 % 9 % 8 % 8 % 7 % 7 % 7 % 6 % 6 % 6 % 6 % 6 % 5 % 4 % 4 % 4 % 3 % 3 % 3 % 3 % 3 % 2 % 2 % 1 % 1 % 0%

66. Slide 66: Marcellus/Utica is the Leading U.S. Natural Gas Growth Play

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 3 5 7 9 11 13 15 17 19 21 23 55 56 57 58 59 60 61 62 63 64 65 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 The Marcellus/Utica Resource Play is the Leading U.S. Natural Gas Growth Play Re

67. Slide 67: MarkWest's Best-in-Class Service Creates Value for Producer Customers

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway MarkWest’s Best-in-Class Service Creates Significant Value for Producer Customers  Commercial Strategy – Develop a deep understanding of our customer’s business – Create unique solutions and

68. Slide 68: MarkWest has Robust Portfolio of Growth Projects

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 $7.5 B MarkWest has Robust Portfolio of Growth Projects Expected to Deliver ~$1 B of EBITDA MarkWest Organic Capital 2016 to

69. Slide 69: Substantial Incremental Combined Opportunities

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Leveraging Premier Positions Across the Value Chain with Substantial Incremental Combined Opportunities 69 $6 - 9 B MarkWest

70. Slide 70: Butane to Alkylate: Developing Mt. Belvieu Capabilities in the Northeast

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Displace ~500 MBD Imports Alkylate Facility NE Gasoline Blending Midwest Refineries Gulf Coast Butane to Alkylate (BTA) – Developing Mt. Belvieu Capabilities in the Northeast: $1.5 - 2 B of O

71. Slide 71: Northeast and Long-Haul NGL Pipeline Infrastructure Development

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway UMTP - Operated by Kinder Morgan - Batched purity and y-grade to Gulf Coast - Conversion of Tennessee Gas Pipeline Northeast and Long-Haul NGL Pipeline and Related Infrastructure Development

72. Slide 72: Develop Infrastructure to Support the Emerging Rogersville Shale

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Develop Infrastructure to Support the Emerging Rogersville Shale and Other Unconventional Northeast Reservoirs with up to $1 B of Opportunity  Highly prospective play in West Virginia and Ke

73. Slide 73: Expanding Dry Gas Gathering in Ohio, Pa., and WVa.

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Expanding Dry Gas Gathering in Ohio, Pa., and WVa. with $500 MM - 1.0 B of Opportunity 73  The Utica Shale is potentially the most economically viable dry gas play in the U.S.  Existing Ohi

74. Slide 74: Overall Midstream Growth Investments Contributing EBITDA

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Overall Midstream Growth Investments of over $9 B Contributing Approximately $1.3 B EBITDA(1) 24 to 36 months MarkWest Growth Investments - Cash Flow Return Profile $7.5 B of forecasted growt

75. Slide 75: Consistent History of Peer-Leading Distribution Growth at MPLX

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0.2625* 0.2725 0.2850 0.2975 0.3125 0.3275 0.3425 0.3575 0.3825 0.4100 0.4400 0.4700 0.20 0.25 0.30 0.35 0.40 0.45 0.50 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 $/U n it Co

76. Slide 76: Strong Sponsor has Many Options to Support Distribution Growth

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Strong Sponsor has Many Options to Support Distribution Growth  Incubate growth projects at the parent  Incentive distribution right give-backs, caps or other modifications to distributions

77. Slide 77: MPLX has Strong Financial Flexibility to Manage and Grow

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway MPLX has Strong Financial Flexibility to Manage and Grow Asset Base ($MM) Pro Forma 6/30/15(3) Total assets $ 17,757 Total equity 11,304 (1) Reflects MPLX debt at Sept. 30, 2015, MarkWest Sen

78. Slide 78: Combined Entity Presents a Compelling Value Proposition for Investors

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Combined Entity Presents a Compelling Value Proposition for Investors 78 1 Bloomberg Consensus estimates as of Nov. 16, 2015 (Regression line excludes MPLX (Current))

79. Slide 79: Financial Overview

    Financial Overview Tim Griffith Senior Vice President and Chief Financial Officer

80. Slide 80: Value Creation and Disciplined Capital Management

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Value Creation and Disciplined Capital Management  Strong earnings and cash-flow base  Attractive investment opportunities across the enterprise  Balanced and shareholder-oriented approach

81. Slide 81: Consistently Delivering Strong Results

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Consistently Delivering Strong Results 81 ($MM, except where noted) 2011 2012 2013 2014 Thru 3Q 2015* Earnings** 2,389 3,389 2,112 2,524 2,665 Cash from Operations 3,309 4,492 3,405 3,110 3,2

82. Slide 82: Strong Liquidity and Capitalization

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Strong Liquidity and Capitalization  Committed to maintaining investment grade credit profile and financial flexibility  Operate with prudent leverage and strong liquidity throughout the re

83. Slide 83: Generating Significant Cash Flow Through All Cycles

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Generating Significant Cash Flow Through All Cycles 83 Pro forma EBITDA Adjusted for Current Configuration Pro Forma EBITDA *MarkWest mid-cycle EBITDA based on Sept. 2015 last twelve months 0

84. Slide 84: Investments Drive Significant EBITDA Growth

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2016E 2017E 2018E 2019E 2020E $ M M Growth Investments Refining & Marketing, Excl. Midstream Speedway MPC Midstream MPLX Investments Drive Significan

85. Slide 85: Philosophy of Ongoing Capital Returns

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Philosophy of Ongoing Capital Returns  Support core liquidity requirements  Target capital return of 100% of free cash flow through-cycle*  Preferred forms of capital return: – Regular qua

86. Slide 86: Sustaining Core Liquidity Under All Environments

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 4,400 200 1,200 1,000 2,500 800 1000 500-1,000 Requirements Downside Operating Cash Flow Revolver Trade Receivables Facility Implied Cash 0 1,000 2,000 3,000 4,000 5,000 6,000 Cash Target $50

87. Slide 87: Opportunity Set for Investment is Expanded

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Opportunity Set for Investment is Expanded 87 Multiple Funding Options - Extensive Financial Flexibility • Capacity to incubate MPLX growth projects at MPC • Ability to take back MPLX units a

88. Slide 88: Disciplined Approach to Capital Allocation

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Disciplined Approach to Capital Allocation  Prioritization and discipline around capital spending opportunities across the enterprise  Investments must achieve or exceed risk-adjusted hurdl

89. Slide 89: Expanding Cash Flow Adds Value to MPC

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway $23 B $33 B $43 B 20x GP Multiple 5.50% LP Yield Value from GP Distributions and IDRs Value from LP Distributions 40x GP Multiple 3.50% LP Yield 30x GP Multiple 4.50% LP Yield Expanding Cash

90. Slide 90: Peer Leading Return on Capital

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Peer Leading Return on Capital 16% 15% 15% 11% 13% 10% 0% 5% 10% 15% 20% MPC PSX VLO TSO PBF HFC Return on Capital Employed 2013 2014 3Q 2015 YTD 1Q13-3Q15 Avg.  Execution on highest return

91. Slide 91: Accounting Treatment of Turnaround Costs

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Accounting Treatment of Turnaround Costs MPC expenses turnaround costs and select investments – Supports immediate use of tax deduction and cash tax benefit – Represent 60%-70% of turnaround

92. Slide 92: Key Valuation Considerations

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Key Valuation Considerations  Value of integrated management for MPC and MPLX  Disciplined, balanced approach to capital allocation and capital return  Growth potential for midstream asset

93. Slide 93: Gary Heminger, President and Chief Executive Officer

    Gary Heminger President and Chief Executive Officer

94. Slide 94: Driving Top Tier Financial Performance Through Sustainable Competitive Advantages

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway Driving Top Tier Financial Performance Through Sustainable Competitive Advantages 94  Fully integrated system provides optionality and flexibility  Strategically located assets  Value of M

95. Slide 95: Q&A

    12/1/2015 Strategic Overview Macro Overview Midstream/ MPLX Refining Financial Overview Summary Q&A Speedway 95

96. Slide 96: Appendix

    Appendix 96

97. Slide 97: Attending Officers

    Attending Officers 97 Gary R. Heminger MPC President and Chief Executive Officer Timothy T. Griffith MPC Senior Vice President and Chief Financial Officer Donald C. Templin MPC Executive Vice President, Supply, Transportation and Marketing Nancy K. Buese MarkWest Executive Vice President and Chief F

98. Slide 98: Attending Officers (cont.)

    Attending Officers (cont.) 98 Richard D. Bedell MPC Senior Vice President, Refining Anthony R. Kenney Speedway President Tom Kaczynski MPC Vice President, Finance and Treasurer John J. Quaid MPC Vice President and Controller C. Michael Palmer MPC Senior Vice President, Supply, Distribution and Plann

99. Slide 99: Fully Integrated Downstream System

    Fully Integrated Downstream System 99 MPC Refineries Light Product Terminals MPC owned and Part-owned Third Party Asphalt/Heavy Oil Terminals MPC Owned Third Party Water Supplied Terminals Coastal Inland Pipelines MPC Owned and Operated MPC Interest: Operated by MPC MPC Interest: Operated by Others

100. Slide 100: MPC vs. Peer Companies' Operating Income per Barrel

     Source: Company Reports MPC vs. Peer Companies’ Operating Income per Barrel 100 -5 0 5 10 15 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $/BB L MPC’s Rank Competitor Range Companies Ranked* Operating Income Per Barrel of Crude Throughput** *Current co

101. Slide 101: Annual Price and Margin Sensitivities

     Annual Price and Margin Sensitivities $MM (After Tax) 101 LLS 6-3-2-1 Crack Spread* Sensitivity ~$450 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$220 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$90 (per $1.00/barrel change) Natural Gas Price Sensitivity ~$140 (per

102. Slide 102: Reconciliations

     Reconciliations 102 ($MM) 2011 2012 2013 2014 2015E Speedway Segment Income from Operations 271 310 375 544 686 Plus: Depreciations and Amortization 110 114 112 152 254 Speedway Segment EBITDA 381 424 487 696 940 Speedway Segment EBITDA to Segment Income from Operations EBITDA to Net Income for Acqu

103. Slide 103: Segment EBITDA Reconciliation to Net Income Attributable to MPC

     Segment EBITDA Reconciliation to Net Income Attributable to MPC 103 ($MM) 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q Net income attributable to MPC 1,215 449 623 2,389 3,389 2,112 199 855 672 798 2,524 891 826 948 Less: Net interest and other financial income (costs) 30 31 12 (2

104. Slide 104: EBITDA Reconciliation to Net Income Attributable to MPC

     EBITDA Reconciliation to Net Income Attributable to MPC 104 ($MM) 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net income attributable to MPC 199 855 672 798 891 826 948 Less: Net interest and other financial income (costs) (46) (48) (50) (72) (81) (64) (70) Add: Net income attributable to noncontrolling interest

105. Slide 105: Refinery Unit and Production Capacity: Garyville, Louisiana

     Refining: Refinery Unit and Production Capacity(1) 105 Garyville, Louisiana (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Garyville Crude 539,000 Vacuum Distillation 282,200 Coking 88,800 Catalytic Cracking 131,100 Catalytic Reforming 121,600 Cataly

106. Slide 106: Refinery Unit and Production Capacity: Galveston Bay, Texas

     Refining: Refinery Unit and Production Capacity(1) 106 Galveston Bay, Texas BPCD Unless Noted Galveston Crude 459,000 Vacuum Distillation 225,200 Residual Hydrocracking 71,300 Coking 29,800 Catalytic Cracking 190,500 Catalytic Reforming 124,300 Catalytic Hydrocracking 65,600 Catalytic Hydrotreating

107. Slide 107: Refinery Unit and Production Capacity: Catlettsburg, Kentucky

     Refining: Refinery Unit and Production Capacity(1) 107 Catlettsburg, Kentucky (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Catlettsburg Crude 273,000 Vacuum Distillation 115,900 Coking — Catalytic Cracking 98,800 Catalytic Reforming 49,900 Catalyti

108. Slide 108: Refinery Unit and Production Capacity: Robinson, Illinois

     Refining: Refinery Unit and Production Capacity(1) 108 Robinson, Illinois (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Robinson Crude 212,000 Vacuum Distillation 67,900 Coking 28,500 Catalytic Cracking 51,800 Catalytic Reforming 76,500 Catalytic Hy

109. Slide 109: Refinery Unit and Production Capacity: Detroit, Michigan

     Refining: Refinery Unit and Production Capacity(1) 109 Detroit, Michigan (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Detroit Crude 132,000 Vacuum Distillation 73,600 Coking 28,500 Catalytic Cracking 38,000 Catalytic Reforming 20,400 Catalytic Hydr

110. Slide 110: Refinery Unit and Production Capacity: Canton, Ohio

     Refining: Refinery Unit and Production Capacity(1) 110 Canton, Ohio (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Canton Crude 93,000 Vacuum Distillation 33,300 Coking — Catalytic Cracking 24,700 Catalytic Reforming 20,400 Catalytic Hydrocracking —

111. Slide 111: Refinery Unit and Production Capacity: Texas City, Texas

     Refining: Refinery Unit and Production Capacity(1) 111 Texas City, Texas (1) As of January 1, 2016 (2) Short Ton = 2,000 lbs. (3) Long Ton = 2,240 lbs. BPCD Unless Noted Texas City Crude 86,000 Vacuum Distillation — Coking — Catalytic Cracking 55,600 Catalytic Reforming 10,500 Catalytic Hydrocrackin

112. Slide 112: MarkWest Marcellus Operations

     Under Construction Processing 1.2 BCF/D Fractionation 195 MBD(2) Gathering Capacity 1.0 BCF/D Houston System 0.8 BCF/D Keystone System 0.2 BCF/D Processing Capacity 3.8 BCF/D Keystone Complex 0.2 BCF/D Houston Complex 0.6 BCF/D Majorsville Complex 1.1 BCF/D Mobley Complex 0.7 BCF/D Sherwood Complex

113. Slide 113: MarkWest Utica Operations

     MarkWest Utica Operations(1) Gathering Capacity 1.0 BCF/D Processing Capacity 1.3 BCF/D Cadiz Complex 0.5 BCF/D Seneca Complex 0.8 BCF/D Fractionation Capacity(2) 160 MBD Cadiz Complex 40 MBD Hopedale Complex(2) 120 MBD Condensate Stabilization 23 MBD (1) Joint Ventures with The Energy & Minerals Gr

114. Slide 114: MarkWest Southwest Operations

     Under Construction Processing 200 MMCF/D Gathering Capacity 2.1 BCF/D East Texas System 0.6 BCF/D Western Oklahoma System 0.8 BCF/D Southeast Oklahoma System 0.6 BCF/D Eagle Ford & Other Systems 0.1 BCF/D Processing Capacity 1.2 BCF/D East Texas 0.6 BCF/D Western Oklahoma 0.4 BCF/D Southeast Oklahom

115. Slide 115: MarkWest Northeast Operations

     Gas Processing Capacity 620 MMCF/D Boldman Complex 70 MMCF/D Cobb Complex 65 MMCF/D Kenova Complex 160 MMCF/D Langley Complex 325 MMCF/D Fractionation Capacity 24 MBD Siloam Complex 24 MBD MarkWest Northeast Operations Siloam Complex 115

116. Slide 116: Market Indicators Used in Project EBITDA Calculations

     Market Indicators Used in Project EBITDA Calculations 116 2016-2020 Average 2016-2020 Range REG UNL (USGC; $/GAL)* $2.03 $1.60 - $2.23 ULSD (USGC; $/GAL)* $2.32 $1.89 - $2.52 LLS (St. James, LA; $/BBL) $79.47 $61.80 - $87.43 Natural Gas (Henry Hub, LA; $/MMBTU) $4.27 $3.50 - $5.00 *Prices exclude RI

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