Slide 1: Second Quarter 2022 Earnings Conference Call
Second Quarter 2022 Earnings Conference Call August 2, 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 Renewed transportation services agreements with MPC through 2032 Advancing several organic growth projects focused on expansions and de-bottlenecking Announced incremental $1B repurchase authorization for units held by public (a) (a) Unit repu
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) 2025 Goal Progress(b) 46% 9.5% REDUCE Pneumatic Pipeline Launchers Leak Detection Compressor Rod M
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 19 966 947 Stable, fee-based cash flows with MVCs 800 2Q22 overall volumes and % change: 600 vs. 2Q21 $MM Crude Pipelines: 3.7 MMBPD 6% 400 Product Pipelines: 2.2 MMBPD 7% 200 Terminals: 3.1 MMBPD 4% 0 2Q21 L&S 2Q22 L&S Adjusted EBITDA Adjusted EBITDA 5
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment 64 491 Primarily due to higher NGL prices 427 2Q22 overall volumes and % change: 400 vs. 2Q21 Gathering: 5.6 Bcf/d 11% Processing: 8.5 Bcf/d 1% Fractionation: 536 MBPD (2)% $MM 200 2Q22 Marcellus volumes and % change: vs. 2Q21 Gathering: 1.3 Bcf/d (1)% Processing
Slide 7: 2Q 2022 Financial Highlights
2Q 2022 Financial Highlights Adjusted EBITDA(a) 2021 2022 Distributable Cash Flow(a) 2021 2022 1,457 1,500 1,500 1,374 1,250 1,237 1,000 1,000 $MM $MM 500 500 0 0 2Q 2Q Three Months Ended Jun 30 ($MM except ratio data) 2021 2022 Distributions Paid $729 $735 Distribution Coverage Ratio (b) 1.73x 1.69
Slide 8: Appendix
MPL Appendix
Slide 9: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 4.5x $ Millions YE20 YE21 2Q22 (unless otherwise noted) 4.0x Consolidated Total Debt(b) 20,536 20,359 20,108 3.5x LTM Adj. EBITDA 5,211 5,560 5,684 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 2Q22 Processed Volumes(a) 2Q22 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: Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 2Q 2022 2Q 2021 Net income 884 715 Provision for income taxes - - Interest and other financial costs 233 216 Income from operations 1,117 931 Depreciation and amortization 310 318 Impairment expense - 42 Income from equit
Slide 12: Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 2Q 2022 2Q 2021 Net cash provided by operating activities 1,487 1,365 Changes in working capital items (266) (168) All other, net 9 (14) Gain on extinguishment of debt - - Net interest and o
Slide 13: Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 2Q 2022 2Q 2021 L&S segment adjusted EBITDA attributable to MPLX LP 966 947 G&P segment adjusted EBITDA attributable to MPLX LP 491 427 Adjusted EBITDA attributable to MPLX LP 1,457 1,374 Depreciation and amortization (310) (318) Interest
Slide 14: Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 2Q 2022 2Q 2021 Capital Expenditures Growth capital expenditures 130 84 Investments in unconsolidated affiliates 46 49 Capitalized interest (3) (5) Total growth capital expenditures(a) 173 128 Maintenance capital expenditures 46 28 Maintenance capital rei
Slide 15: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) and Free Cash Flow After Distributions ($MM) 2Q 2022 2Q 2021 Net cash provided by operating activities(a) 1,487 1,365 Adjustments to reconcile net cash provided by operating activities to free cash flow: Net cash use
Slide 16: LTM Net Income (Loss) to Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA ($MM) 2Q 2022 YE 2021 YE 2020 LTM Net income (loss) 3,366 3,112 (687) LTM Net income to adjusted EBITDA adjustments 2,318 2,448 5,898 LTM Adjusted EBITDA attributable to MPLX LP 5,684 5,560 5,211 Consolidated total debt(a) 20,108 20,359 20,5