Slide 1: Fourth Quarter 2023 Earnings Conference Call
Fourth Quarter 2023 Earnings Conference Call January 30, 2024 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: Delivered on Our Commitments in 2023
Delivered on Our Commitments in 2023 Strong Delivered Committed Performance Growth Returns $6.3B of Adj. EBITDA Record Throughputs 10% Increase to Quarterly Distribution $5.3B of Distributable 8.6% Increase in Cash Flow Adj. EBITDA $3.3B Returned to Unitholders $4.1B of Adj. FCF 7.2% Increase in Dis
Slide 4: 2024 Capital Spending Outlook and Growth Projects
2024 Capital Spending Outlook L&S ▪ $1.1B capital spending outlook ⚫ 2022 & Prior Whistler Pipeline (2.0 Bcf/d, 38% owner) Growth Projects & Projected In-Service Dates ⚫ BANGL Pipeline (125 MBD, 25% owner) ▪ $950MM growth ⚫ Permian Gathering System Expansion (100% owner) ⚫ Bakken Gathering System Ex
Slide 5: Capital Allocation Priorities
Capital Allocation Priorities Strong balance sheet foundation for strategy execution 5
Slide 6: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy (a) Progress updated through 2022; methane emissions were calculated based on the EPA’s Mandatory Greenhouse Gas Reporting Program in 40 CFR Part 98. (b) Progress updated through 2022. 6
Slide 7: Logistics & Storage Segment
Logistics & Storage Segment ▪ Higher rates and growth in total throughputs ▪ 4Q23 overall volumes and % change: vs. 4Q22 Crude Pipelines: 3.7 MMBPD 4% Product Pipelines: 2.1 MMBPD 0% Terminals: 3.0 MMBPD 0% 7
Slide 8: Gathering & Processing Segment
Gathering & Processing Segment ▪ Higher gathering and processing volumes ▪ 4Q23 overall volumes and % change: vs. 4Q22 Gathering: 6.3 Bcf/d 1% Processing: 9.4 Bcf/d 9% Fractionation: 599 MBPD 3% ▪ 4Q23 Marcellus volumes and % change: vs. 4Q22 Gathering: 1.5 Bcf/d 10% Processing: 6.0 Bcf/d 9% Fractio
Slide 9: 4Q 2023 Financial Highlights
4Q 2023 Financial Highlights 2022 2023 2022 2023 +12% YoY +9% YoY Three Months Ended December 31, 2022 2023 Distributions Declared ($/unit) $0.775 $0.850 Distribution Coverage(a) 1.6x 1.6x Adjusted Free Cash Flow(b) ($MM) $1,093 $964 Total Capital Returned to Unitholders(c) ($MM) $975 $877 See appen
Slide 10: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to LTM Adj. EBITDA $ Millions YE21 YE22 YE23 (unless otherwise noted) Consolidated Total Debt(a) 20,359 20,108 20,706 LTM Adj. EBITDA 5,560 5,775 6,269 Consolidated Total Debt to LTM 3.7x 3.5x 3.3x Adj. EBITDA See appendix for additional information and r
Slide 11: History of Strong Financial Performance
History of Strong Financial Performance High-return capital projects driving steady cash flow growth support disciplined reinvestment and capital return to unitholders See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow. (a) Attributable to MPLX LP
Slide 12: Appendix
Appendix 12
Slide 13: MPLX Business Overview
MPLX Business Overview Lx 2023 Adj. EBITDA: $6.3B Pipeline Refining Logistics Logistics & Storage Fuels Distribution Terminals 67% Crude Gathering ~1/3 of L&S EBITDA from Commodity exposure of ~$20MM EBITDA FERC-linked revenue for every $0.05 change in NGL prices (annually) 13
Slide 14: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 4Q23 Processed Volumes(a) 4Q23 Fractionated Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area of Quarter Volume Available Area of Quarter Volume Available (MBPD) Capacity (%) (MMcf/d)
Slide 15: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income ($MM) 4Q 2023 4Q 2022 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 Net income/(loss) 1,144 824 3,966 3,978 3,112 (687) 1,462 Provision for income taxes 9 2 11 8 1 2 — Interest and other financial costs 222 234 923 925 879 896 9
Slide 16: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities ($MM) 4Q 2023 4Q 2022 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 Net cash provided by operating activities 1,489 1,368 5,397 5,019 4,911 4,521 4,082 Changes in working capital items (90) (181) (
Slide 17: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 4Q 2023 4Q 2022 L&S segment adjusted EBITDA attributable to MPLX LP 1,089 979 G&P segment adjusted EBITDA attributable to MPLX LP 534 475 Adjusted EBITDA attributable to MPLX LP 1,623 1,454 Depreciation and amortization (306) (305) Intere
Slide 18: Capital Expenditures
Capital Expenditures ($MM) 4Q 2023 4Q 2022 FY 2023 FY 2022 FY 2021 FY 2020 Capital Expenditures Growth capital expenditures 283 214 838 665 407 778 Growth capital reimbursements(a) (46) (81) (165) (151) (35) (12) Investments in unconsolidated affiliates 8 19 98 217 151 266 Return of capital (3) — (3
Slide 19: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (FCF) and Adjusted Free Cash Flow After Distributions ($MM) 4Q 2023 4Q 2022 FY 2023 FY 2022 Net cash provided by operating activities (a) 1,489 1,368 5,397 5,019 Adjustments to reconcile net cash provided by opera
Slide 20: Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) YE 2023 YE 2022 YE 2021 YE 2020 YE 2019 LTM Net income (loss) 3,966 3,978 3,112 (687) 1,462 Provision for income taxes 11 8 1 2 — Interest and other financial costs 923 925 879 896 915 LTM income from operations 4,900 4,911 3,992 2