Slide 1: Second-Quarter 2018 Earnings
Second-Quarter 2018 Earnings July 26, 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: Second-Quarter Highlights
Second-Quarter Highlights Reported adjusted EBITDA of $867 million and distributable cash flow of $695 million which provided 1.36x distribution coverage and resulted in 3.7x leverage Adjusted EBITDA increased 83% year-over-year, 23% year-over-year excluding the impact from dropdowns Record vo
Slide 4: Logistics & Storage Segment
Logistics & Storage Segment Reported 2Q adj. EBITDA of $526 million, which increased 32% year-over-year after adjusting for the impact of dropdowns Headquarters Pipeline throughputs averaged 3.39 MMBDP, MPLX Pipelines: Owned & Operated ~10% increase over 2Q 2017 MPLX Interest Pipelines: Operated
Slide 5: Gathering & Processing Segment
Gathering & Processing Segment Reported 2Q adj. EBITDA of $341 million, which increased 18% year-over-year 5 processing plants (Sherwood 9, Houston 1, Argo, Omega, Majorsville 7) brought online year-to-date and 3 additional plants by year-end Total processing system capacity is now 8.7 Bcf/d
Slide 6: Gathering & Processing Segment: Marcellus & Utica Operations
Gathering & Processing Segment Marcellus & Utica Operations Processed Volumes(a) Gathered volumes averaged 2.8 Bcf/d, Capacity at Utilization of ~46% increase over 2Q 2017 End of Average Available Area Volume Quarter Capacity Processed volumes averaged 5.2 Bcf/d, (MMcf/d) (MMcf/d) (%)(b) ~10% in
Slide 7: Gathering & Processing Segment: Marcellus & Utica Fractionation
Gathering & Processing Segment Marcellus & Utica Fractionation Fractionated Volumes(a) Achieved 2Q 2018 fractionated Capacity at Utilization of Average volumes of ~407 MBPD Area End of Volume Available Quarter Capacity (MBPD) Achieved ~16% growth in quarterly (MBPD)(b) (%)(c) fractionated volume
Slide 8: Gathering & Processing Segment: Southwest Operations
Gathering & Processing Segment Southwest Operations Processed Volumes(a) Gathered volumes averaged 1.5 Bcf/d, ~6% increase over 2Q 2017 Capacity at Average Utilization of End of Available Area Volume Processed volumes averaged 1.4 Bcf/d, Quarter (MMcf/d) Capacity ~8% increase over 2Q 2017 (MMcf/
Slide 9: 2Q 2018 Financial Highlights
2Q 2018 Financial Highlights Adjusted EBITDA Distributable Cash Flow 1800 2017 2018 1400 2017 2018 1,314 1,627 1500 1200 1000 1200 867 897 800 695 741 $MM $MM 900 600 600 474 387 400 300 200 0 0 2Q Year-to-Date 2Q Year-to-Date Three Months Ended Six Months Ended Segment Adjusted EBITDA ($MM) June 30
Slide 10: 2Q 2018 vs. 2Q 2017 Adjusted EBITDA
2Q 2018 vs. 2Q 2017 Adjusted EBITDA 1,000 51 867 59 800 251 G&P 600 341 32 474 $MM 400 G&P 290 L&S 200 2Q 2018 526 L&S 184 vs. 2Q 0 2017 3Q 2017 Drop 2Q 2017 Adjusted EBITDA 1Q 2018 Drop Logistics & Storage Gathering & Processing 2Q 2018 Adjusted EBITDA Variance Attributable to MPLX Attributable to
Slide 11: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 6/30/18 Cash and cash equivalents 3 Total assets 21,412 Total debt (a) 11,987 Redeemable preferred units 1,003 Total equity 6,952 Distribution coverage 1.36x Leverage (b) 3.7x Remaining capacity available under $2.25 B revolving cr
Slide 12: Appendix
MPL ENERGYLOGISTICS: Appendix
Slide 13: 2018 MPLX Organic Growth Capital Projects
2018 MPLX Organic Growth Capital Projects Gathering and Processing Segment Est. Completion Est. Completion Processing and Fractionation Shale Resource Capacity Gathering Date Date Marcellus/Utica Rich- and Dry- Ongoing Sherwood 9 Processing Plant(b) Marcellus 200 MMcf/d In Service Gas Gathering(a) W
Slide 14: Additional Announced Projects
Additional Announced Projects Gathering and Processing Segment Continuing to execute on build out in both the Marcellus/Utica and Permian to meet industry needs – Progressing Sherwood processing complex and announced plants 12 & 13 – Announced Smithburg Complex with site capacity for 6 potential p
Slide 15: MPLX Organic Growth Capital Projects: Logistics and Storage
MPLX Organic Growth Capital Projects Logistics and Storage Segment Est. Completion Projects Description Date Increasing pipeline capacity to 360 MBPD; provides crude sourcing Ozark Pipeline Expansion In Service(a) optionality to Midwest refineries Wood River-to-Patoka Pipeline Increasing pipeline ca
Slide 16: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 2Q 2018 2Q 2017 YTD 2018 YTD 2017 (a)The Partnership makes a distinction Net income 456 191 879 378 between realized or unrealized gains Provision for income taxes 1 2 5 2 and losses on derivatives. During the Amortizatio
Slide 17: 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 ($MM) 2Q 2018 2Q 2017 YTD 2018 YTD 2017 (a)The Partnership makes a distinction between realized or Net cash provided by operating activities 840 467 1,290 844 unrealized gains and losses on deriva
Slide 18: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income (a)The Partnership makes a distinction ($MM) 2Q 2018 2Q 2017 YTD 2018 YTD 2017 between realized or unrealized gains and losses on derivatives. During the L&S segment adjusted EBITDA attributable to 526 184 963 326 period when a derivative contr
Slide 19: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income Drop Impact 2Q 2018 YTD 2018 (a)The drops are the 3Q 2017 Drop (a) (a) ($MM) without Drops 2Q 2018 without Drops YTD 2018 which included Joint Interest in Drops Drops Pipeline & Storage. Assets and the 1Q 2018 drop which included the L&S segmen
Slide 20: Nirly~
— Nirly~ ENERGYLOGISTICS