Slide 1: Second Quarter 2021 Earnings Conference Call
Second Quarter 2021 Earnings Conference Call August 4, 2021 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: Strategic Update
Strategic Update Lowering cost structure and maintaining strict capital discipline Committed to returning capital Advancing low carbon opportunities Expecting leverage to decline over time Published annual Sustainability & Climate Reports 3
Slide 4: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy Tangible Pathway to Reduce Methane Emissions from Existing Assets Target: Reduce midstream 50% methane emissions intensity LDAR 50% by 2025 from 2016 levels 44% Leak Detection 0% Complete 50% and Repair Implementing LDAR and Replacing or converting
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 108 Higher throughput and lower operating expenses 947 839 Pipeline throughputs averaged 5.6 MMBPD 800 Terminal throughputs averaged 3.0 MMBPD 600 Progressing Permian long-haul pipelines: $MM – Wink to Webster crude oil 400 – Whistler natural gas – NGL takea
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment Higher NGL prices and lower operating expenses more than offset lower volumes 39 427 400 388 2Q21 overall volumes and % change: vs. 2Q20 Gathering: 5.1 Bcf/d (8)% Processing: 8.4 Bcf/d (1)% $MM Fractionation: 545 MBPD 0% 200 2Q21 Marcellus volumes and % change: v
Slide 7: 2Q 2021 Financial Highlights
2Q 2021 Financial Highlights Adjusted EBITDA(a) 2020 2021 Distributable Cash Flow(a) 2020 2021 1,500 1,374 2,500 1,227 2,000 1,000 1,500 1,250 $MM $MM 1,027 1,000 500 500 0 0 2Q 2Q Three Months Ended June 30 ($MM except ratio data) 2020 2021 Distributions Paid $749 $729 Distribution Coverage Ratio(b
Slide 8: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 6/30/21 Cash and cash equivalents 8 Total assets 35,773 Total debt(a) 19,728 Redeemable preferred units 968 Total equity 12,795 Leverage(b) 3.7x Remaining capacity available under $3.5 B revolving credit agreement 3,500 Remaining c
Slide 9: Appendix
MPL Appendix
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 2Q21 Processed Volumes(a) 2Q21 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: Organic Growth Capital Projects
Organic Growth Capital Projects Est. Logistics & Storage Description Completion Date W2W Pipeline(a) 1.5 MMBPD crude pipeline from Permian Basin to Texas Gulf Coast Throughout 2021 Whistler Pipeline(a) 2.0 Bcf/d natural gas pipeline from Permian Basin to Agua Dulce market In-service 125 MBPD natural
Slide 12: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x $ Millions YE19 YE20 2Q21 (unless otherwise noted) 4.5x 3.0x Consolidated Debt(b) 20,713 20,536 20,102 1.5x LTM Pro forma Adj. EBITDA 5,104 5,211 5,416 0.0x 2015 2016 2017 2018 2019 2020 Consolidated Debt to Adj. 4.1x 3.9x 3.7x Debt Matur
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 2Q QTD 2Q QTD 2Q YTD 2Q YTD ($MM) 2021 2020 2021 2020 Net income (loss) 715 655 1,463 (2,061) Provision for income taxes - - 1 - Amortization of deferred financing costs 18 15 35 29 Gain on extinguishment of debt - - (12) - Net
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities 2Q QTD 2Q QTD 2Q YTD 2Q YTD ($MM) 2021 2020 2021 2020 Net cash provided by operating activities 1,365 1,105 2,489 2,114 Changes in working capital items (204) (100) (170) 12 All other, net (14) 4
Slide 15: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income 2Q QTD 2Q QTD 2Q YTD 2Q YTD ($MM) 2021 2020 2021 2020 L&S segment adjusted EBITDA attributable to MPLX LP 947 839 1,843 1,711 G&P segment adjusted EBITDA attributable to MPLX LP 427 388 883 810 Adjusted EBITDA attributable to MPLX LP 1,374 1,22
Slide 16: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures 2Q QTD 2Q QTD 2Q YTD 2Q YTD ($MM) 2021 2020 2021 2020 Capital Expenditures Growth capital expenditures 84 185 155 469 Growth capital reimbursements - - - - Investments in unconsolidated affiliates 49 131 84 222 Return of capital - (41) - (110) Capitalized inter
Slide 17: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF)
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) 2Q QTD 2Q QTD 2Q YTD 2Q YTD ($MM) 2021 2020 2021 2020 Net cash provided by operating activities(a) 1,365 1,105 2,489 2,114 Adjustments to reconcile net cash provided by operating activities to FCF Net cash used in in
Slide 18: Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA ($MM) 2Q 2021 2Q 2020 4Q 2020 4Q 2019 LTM Net income (loss) 2,837 (1,945) (687) 1,462 LTM Net income to adjusted EBITDA adjustments 2,579 6,950 5,898 2,872 LTM Adjusted EBITDA attributable to MPLX LP 5,416 5,005 5,211 4,334 LTM