Slide 1: First-Quarter 2018 Earnings Conference Call Presentation
First-Quarter 2018 Earnings Conference Call Presentation April 30, 2018
Slide 2: Forward-Looking Statements
Forward‐Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (“MPLX”) and Marathon Petroleum Corporation (“MPC“). These forward-looking statements relate to, among other things, expectations, estimates and projection
Slide 3: Opening Comments
Opening Comments MPC announced its plan to combine with Andeavor creating a leading U.S. energy company – At close, MPC will own GPs of MPLX and Andeavor Logistics, and the majority of LP units of both partnerships – MPC will evaluate long-term structure at appropriate time following the closing o
Slide 4: First Quarter Highlights
First Quarter Highlights Reported record first-quarter adjusted EBITDA of $760 million and distributable cash flow of $619 million Declared 21st consecutive quarterly distribution increase to $0.6175 per common unit for the first-quarter 2017 Affirmed 2018 distribution growth guidance of 10% a
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment Completed dropdown of refining logistics assets and fuels distribution services from MPC on February 1 Headquarters Expanded marine fleet by 2 boats and MPLX Pipelines: Owned & Operated 13 barges; further growth planned later MPLX Interest Pipelines: Operated by Other
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment Marcellus & Utica Operations Processed Volumes(a) Gathered volumes averaged 2.7 Bcf/d, ~46% increase over first-quarter 2017 Available Average Utilization Area Capacity Volume Processed volumes averaged 5.1 Bcf/d, (%)(b) (MMcf/d) (MMcf/d) ~10% increase over first-q
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment Marcellus & Utica Fractionation Achieved 1Q 2018 fractionated Fractionated Volumes(a) volumes of ~395 MBPD Available Average Utilization Area Capacity Volume Achieved ~18% growth in quarterly (MBPD)(b) (MBPD) (%)(c) fractionated volumes over first- quarter 2017 1Q1
Slide 8: Gathering & Processing Segment
Gathering & Processing Segment Southwest Operations Gathered volumes averaged 1.5 Bcf/d, Processed Volumes(a) ~10% increase over first-quarter 2017 Available Average Utilization Processed volumes averaged 1.3 Bcf/d, Area Capacity Volume (%)(b) (MMcf/d) (MMcf/d) ~5% increase over first-quarter 20
Slide 9: 1Q 2018 Financial Highlights
1Q 2018 Financial Highlights Adjusted EBITDA Distributable Cash Flow 800 800 760 600 600 619 $MM $MM 400 400 423 354 200 200 0 0 1Q 2017 1Q 2018 1Q 2017 1Q 2018 Three Months Ended Segment Adjusted EBITDA ($MM) March 31 2017 2018 Logistics and Storage 142 437 Gathering and Processing 281 323 9
Slide 10: Adjusted EBITDA
Adjusted EBITDA 1Q 2018 vs. 1Q 2017 Variance Analysis 1,000 800 42 760 169 24 12 600 G&P 43 323 $MM 423 47 400 G&P 281 200 L&S 437 L&S 142 0 1Q 2017 Adjusted 1Q 2017 Drop 3Q 2017 Drop 1Q 2018 Drop Non-recurring 1Q18 Logistics & Gathering & 1Q 2018 Adjusted EBITDA Attributable (Terminal, Pipeline & D
Slide 11: MPLX Capitalization, Leverage and Liquidity
MPLX Capitalization, Leverage and Liquidity As of ($MM except ratio data) 3/31/18 Cash and cash equivalents 2 Total assets 21,006 Total debt(a) 11,862 Redeemable preferred units 1,000 Total equity 6,978 Consolidated total debt to LTM pro forma adjusted EBITDA(b) 3.8x Remaining capacity available und
Slide 12: Appendix
MPL ENERGYLOGISTICS: Appendix
Slide 13: MPLX Organic Growth Capital Projects
MPLX Organic Growth Capital Projects Gathering and Processing Segment Est. Completion Est. Completion Processing and Fractionation Shale Resource Capacity Gathering Date Date Sherwood 9 Processing Plant(b) Marcellus 200 MMcf/d In-Service Marcellus/Utica Rich- and Ongoing Dry-Gas Gathering(a) Houston
Slide 14: MPLX Organic Growth Capital Projects
MPLX Organic Growth Capital Projects Logistics and Storage Segment Est. Completion Projects Description Date Increasing pipeline capacity to 360 MBPD; provides crude sourcing Ozark Pipeline Expansion Mid-2018 optionality to Midwest refineries Wood River-to-Patoka Increasing pipeline capacity to 360
Slide 15: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 1Q 2018 1Q 2017 (a)The Partnership makes a distinction between realized or unrealized gains Net income 423 187 and losses on derivatives. During the Depreciation and amortization 176 187 period when a derivative contract
Slide 16: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 1Q 2018 1Q 2017 (a)The Partnership makes a distinction between realized or unrealized gains Net cash provided by operating activities 450 377 and losses on derivatives. During the Changes in
Slide 17: Segment Operating Income Reconciliation to Income From Operations
Segment Operating Income Reconciliation to Income From Operations ($MM) 1Q 2018 1Q 2017 L&S segment operating income attributable to MPLX 424 156 G&P segment operating income attributable to MPLX(a) 350 309 Segment portion attributable to equity affiliates (53) (40) Segment portion attributable to P
Slide 18: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2018 1Q 2017 (a)The Partnership makes a distinction between realized or unrealized gains L&S segment adjusted EBITDA attributable to MPLX LP 437 142 and losses on derivatives. During the period when a derivative contract is G&P segment
Slide 19: NVirly~
— NVirly~ ENERGYLOGISTICS