Slide 1: Third Quarter 2023 Earnings Conference Call
Third Quarter 2023 Earnings Conference Call October 31, 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 Adj. EBITDA & DCF Adj. EBITDA Cash Flow ▪ Investing for growth, underpinned $1.6B $1.4B by strict capital discipline Adj. Free Return of Cash Flow Capital ▪ Maintaining a strong balance sheet $1.0B $0.8B ▪ Announced quarterly distribution increase of 10% to $0.
Slide 4: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy (a) Progress updated through 2022; methane emissions were calculated based on the EPA’s Mandatory Greenhouse Gas Reporting Program in 40 CFR Part 98. (b) Progress updated through 2022. 4
Slide 5: Steadily Growing Business: Growth Projects & Projected In-Service Dates
Steadily Growing Business L&S ⚫ Wink to Webster (W2W) Pipeline (1.5 MMBD, 15% owner) 2021 & Prior Growth Projects & Projected In-Service Dates ⚫ Whistler Pipeline (2.0 Bcf/d, 38% owner) ⚫ BANGL Pipeline (125 MBD, 25% owner) G&P ⚫ Smithburg I (200 MMcf/d, 50% owner) ⚫ Torñado I (200 MMcf/d, 60% owner
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment ▪ Higher rates, growth from equity affiliates, and higher total throughputs ▪ 3Q23 overall volumes and % change: vs. 3Q22 Crude Pipelines: 3.9 MMBPD 9% Product Pipelines: 2.0 MMBPD (9)% Terminals: 3.2 MMBPD 7% 6
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment ▪ Higher volumes and throughput fees offset by lower natural gas liquids prices ▪ 3Q23 overall volumes and % change: vs. 3Q22 Gathering: 6.3 Bcf/d 3% Processing: 9.0 Bcf/d 5% Fractionation: 613 MBPD 9% ▪ 3Q23 Marcellus volumes and % change: vs. 3Q22 Gathering: 1.4 Bcf/
Slide 8: 3Q 2023 Financial Highlights
3Q 2023 Financial Highlights 2022 2023 2022 2023 +8.5% YoY +8.6% YoY Three Months Ended September 30, 2022 2023 Distributions Declared ($/unit) $0.775 $0.850 Distribution Coverage Ratio 1.6x 1.6x Adjusted Free Cash Flow(a) ($MM) $777 $1,004 Total Capital Returned to Unitholders(b) ($MM) $935 $799 Se
Slide 9: Appendix
MPLy Appendix
Slide 10: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to LTM Adj. EBITDA $ Millions YE21 YE22 3Q23 (unless otherwise noted) Consolidated Total Debt(a) 20,359 20,108 20,707 LTM Adj. EBITDA 5,560 5,775 6,100 Consolidated Total Debt to LTM 3.7x 3.5x 3.4x Adj. EBITDA See appendix for additional information and r
Slide 11: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 3Q23 Processed Volumes(a) 3Q23 Fractionated Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area of Quarter Volume Available Area of Quarter Volume Available (MBPD) Capacity (%) (MMcf/d)
Slide 12: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income ($MM) 3Q 2023 3Q 2022 3Q 2023 3Q 2022 YTD YTD Net income 928 1,437 2,822 3,154 Provision for income taxes 1 1 2 6 Interest and other financial costs 225 236 701 691 Income from operations 1,154 1,674 3,525 3,851 Depreciati
Slide 13: Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities ($MM) 3Q 2023 3Q 2022 3Q 2023 3Q 2022 YTD YTD Net cash provided by operating activities 1,244 1,039 3,908 3,651 Changes in working capital items 56 208 (56) 60 All other, net (9) (15) (12) (5
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income ($MM) FY 2022 FY 2021 FY 2020 FY 2019 Net income/(loss) 3,978 3,112 (687) 1,462 Provision for income taxes 8 1 2 — Interest and other financial costs 925 879 896 915 Income from operations 4,911 3,992 211 2,377 Depreciatio
Slide 15: Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities ($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)
Slide 16: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 3Q 2023 3Q 2022 L&S segment adjusted EBITDA attributable to MPLX LP 1,091 969 G&P segment adjusted EBITDA attributable to MPLX LP 505 502 Adjusted EBITDA attributable to MPLX LP 1,596 1,471 Depreciation and amortization (301) (302) Gain o
Slide 17: Capital Expenditures
Capital Expenditures ($MM) 3Q 2023 3Q 2022 Capital Expenditures Growth capital expenditures 189 173 Growth capital reimbursements(a) (39) (38) Investments in unconsolidated affiliates 13 42 Return of capital — (11) Capitalized interest (4) (1) Total growth capital expenditures 159 165 Maintenance ca
Slide 18: Reconciliation of Net Cash from Operations 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 ($MM) 3Q 2023 3Q 2022 Net cash provided by operating activities (a) 1,244 1,039 Adjustments to reconcile net cash provided by operating activities to adjusted
Slide 19: Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) 3Q 2023 YE 2022 YE 2021 YE 2020 YE 2019 LTM Net income (loss) 3,646 3,978 3,112 (687) 1,462 Provision for income taxes 4 8 1 2 — Interest and other financial costs 935 925 879 896 915 LTM income from operations 4,585 4,911 3,992 21