Slide 1: Third Quarter 2022 Earnings Conference Call
Third Quarter 2022 Earnings Conference Call November 1, 2022 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 Stable base and growing business Advancing several organic growth projects focused on expansions and de-bottlenecking Announced distribution increase of 10% to $0.775 per unit Picture: Torñado I Processing Plant, Permian Basin 3
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(a) Progress(b)(c) 2025 Goal Progress(c) 46% 9.5% REDUCE Pneumatic Pipeline Launchers Leak Detection Compressor Ro
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 65 969 904 3Q22 overall volumes and % change: 800 vs. 3Q21 600 Crude Pipelines: 3.6 MMBPD 5% $MM Product Pipelines: 2.2 MMBPD 5% 400 Terminals: 3.0 MMBPD (1)% 200 0 3Q21 L&S 3Q22 L&S Adjusted EBITDA Adjusted EBITDA 5
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment 485 17 502 3Q22 overall volumes and % change: vs. 3Q21 Gathering: 6.1 Bcf/d 12% 400 Processing: 8.5 Bcf/d 2% Fractionation: 562 MBPD 2% $MM 3Q22 Marcellus volumes and % change: vs. 3Q21 200 Gathering: 1.3 Bcf/d (3)% Processing: 5.5 Bcf/d (2)% Fractionation: 496 MBP
Slide 7: 3Q 2022 Financial Highlights
3Q 2022 Financial Highlights Adjusted EBITDA(a) 2021 2022 Distributable Cash Flow (a) 2021 2022 1,471 1,500 1,500 1,389 1,191 1,264 1,000 1,000 $MM $MM 500 500 0 0 3Q 3Q Three Months Ended Sep 30 ($MM except ratio data) 2021 2022 Distributions Paid $745 $755 Adjusted Distribution Coverage Ratio (b)
Slide 8: Appendix
MPL Appendix
Slide 9: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 4.5x $ Millions YE20 YE21 3Q22 (unless otherwise noted) 4.0x Consolidated Total Debt(b) 20,536 20,359 20,108 3.5x LTM Adj. EBITDA 5,211 5,560 5,766 3.0x 2017 2018 2019 2020 2021 Consolidated Total Debt to Adj. 3.9x 3.7x 3.5x Debt Maturities –
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 3Q22 Processed Volumes(a) 3Q22 Fractionated Volumes(a) Capacity at Utilization Capacity at Utilization of Average Average End of of Available End of Available Area Volume Area Volume Quarter Capacity Quarter Capacity (MMcf/d) (
Slide 11: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 3Q 2022 3Q 2021 Net income(a) 1,437 811 Provision for income taxes 1 - Interest and other financial costs 236 220 Income from operations 1,674 1,031 Depreciation and amortization 302 324 Income from equity method investme
Slide 12: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 3Q 2022 3Q 2021 Net cash provided by operating activities 1,039 1,182 Changes in working capital items 208 (12) All other, net (15) 18 Loss/ (gain) on extinguishment of debt 1 2 Net interest
Slide 13: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 3Q 2022 3Q 2021 L&S segment adjusted EBITDA attributable to MPLX LP 969 904 G&P segment adjusted EBITDA attributable to MPLX LP 502 485 Adjusted EBITDA attributable to MPLX LP 1,471 1,389 Depreciation and amortization (302) (324) Gain on
Slide 14: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 3Q 2022 3Q 2021 Capital Expenditures Growth capital expenditures 173 119 Growth capital reimbursements(a) (38) (10) Investments in unconsolidated affiliates 42 32 Return of capital (11) (36) Capitalized interest (1) (1) Total growth capital expenditures 1
Slide 15: 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 ($MM) 3Q 2022 3Q 2021 Net cash provided by operating activities(a) 1,039 1,182 Adjustments to reconcile net cash provided by operating activities to adjusted f
Slide 16: Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA ($MM) 3Q 2022 YE 2021 YE 2020 LTM Net income (loss) 3,992 3,112 (687) LTM Net income to adjusted EBITDA adjustments 1,774 2,448 5,898 LTM Adjusted EBITDA attributable to MPLX LP 5,766 5,560 5,211 Consolidated total debt(a) 20,108 20,359 20,5