Slide 1: Fourth Quarter 2021 Earnings Conference Call
Fourth Quarter 2021 Earnings Conference Call February 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 Solid operational performance, strict capital discipline, and low-cost culture Commitment to return of capital Continuing to evaluate natural gas, NGL, and low carbon opportunities 3
Slide 4: 2022 Capital Spending Outlook
2022 Capital Spending Outlook Total Capex ($B) Continue strict capital discipline with $2.7 $900MM capital spending outlook: $2.5 $700MM growth capital $140MM maintenance capital $1.0 $0.9 $60MM repayment of our share of the $0.6 Bakken Pipeline JV debt due in 2022 Focus on expansion and d
Slide 5: Capital Deployment Framework
Capital Deployment Framework Maintenance Capital Distributions Strong balance sheet foundation for strategy execution Disciplined Growth Capital Return of Capital 5
Slide 6: 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 7: Logistics & Storage Segment
Logistics & Storage Segment 1,000 Higher throughput offset lower marine 50 934 884 transportation rates 800 Stable, fee-based cash flows with MVCs 4Q21 overall volumes and % change: 600 $MM vs. 4Q20 400 Crude Pipelines: 3.3 MMBPD 12% 200 Product Pipelines: 2.3 MMBPD 29% Terminals: 2.9 MMBPD 11
Slide 8: Gathering & Processing Segment
Gathering & Processing Segment 40 511 Higher NGL prices more than offset lower volumes 471 4Q21 overall volumes and % change: 400 vs. 4Q20 Gathering: 5.4 Bcf/d 3% Processing: 8.5 Bcf/d (2)% Fractionation: 549 MBPD (6)% $MM 200 4Q21 Marcellus volumes and % change: vs. 4Q20 Gathering: 1.4 Bcf/d
Slide 9: 4Q 2021 Financial Highlights
4Q 2021 Financial Highlights Adjusted EBITDA(a) 2020 2021 Distributable Cash Flow(a) 2020 2021 1,445 1,500 1,500 1,355 1,207 1,155 1,000 1,000 $MM $MM 500 500 0 0 4Q 4Q Three Months Ended Dec 31 ($MM except ratio data) 2020 2021 Distributions Paid $742 $1,345(c) Distribution Coverage Ratio (b) 1.58x
Slide 10: Appendix
MPL Appendix 10
Slide 11: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 4.5x $ Millions YE19 YE20 YE21 (unless otherwise noted) 4.0x Consolidated Total Debt(b) 20,713 20,536 20,359 3.5x LTM Pro forma Adj. EBITDA 5,104 5,211 5,560 3.0x 2017 2018 2019 2020 2021 Consolidated Total Debt to Adj. 4.1x 3.9x 3.7x Debt Mat
Slide 12: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 4Q21 Processed Volumes(a) 4Q21 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 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 4Q QTD 4Q QTD 4Q YTD 4Q YTD ($MM) 2021 2020 2021 2020 Net income (loss) 838 700 3,112 (687) Provision for income taxes - 1 1 2 Amortization of deferred financing costs 17 17 70 61 Gain on extinguishment of debt - (5) (10) (19)
Slide 14: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income 4Q QTD 4Q QTD 4Q YTD 4Q YTD ($MM) 2021 2020 2021 2020 L&S segment adjusted EBITDA attributable to MPLX LP 934 884 3,681 3,488 G&P segment adjusted EBITDA attributable to MPLX LP 511 471 1,879 1,723 Adjusted EBITDA attributable to MPLX LP 1,445
Slide 15: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures 4Q QTD 4Q QTD 4Q YTD 4Q YTD ($MM) 2021 2020 2021 2020 Capital Expenditures Growth capital expenditures 133 101 407 778 Growth capital reimbursements - (2) - (4) Investments in unconsolidated affiliates 35 22 151 266 Return of capital - (11) (36) (123) Capitaliz
Slide 16: Reconciliation of Net Cash from Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) and Excess Cash Flow ($MM) 4Q QTD 2021 4Q QTD 2020 Net cash provided by operating activities(a) 1,240 1,185 Adjustments to reconcile net cash provided by operating activities to free cash flow Net cash used in invest
Slide 17: Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA ($MM) 4Q 2021 4Q 2020 4Q 2019 LTM Net income (loss) 3,112 (687) 1,462 LTM Net income to adjusted EBITDA adjustments 2,448 5,898 2,872 LTM Adjusted EBITDA attributable to MPLX LP 5,560 5,211 4,334 LTM Pro forma/Predecessor adjus