Slide 1: Fourth Quarter 2024 Earnings Conference Call
FOURTH QUARTER 2024 Earnings Conference Call February 4, 2025
Slide 2: Forward-Looking Statements
MPLX | Q4 2024 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, i
Slide 3: 2024: Execution of Commitments
MPLX | Q4 2024 2024: EXECUTION OF COMMITMENTS Strong Investing for Committed Performance Growth Return of Capital $6.8 B of Adj. $0.8 B of growth 12.5% Increase to EBITDA projects Quarterly Distribution 8% Increase in Acquired $0.9 B of Adj. EBITDA YoY bolt-on assets $326 MM of Unit Repurchases ~90%
Slide 4: 2025: Platform for Growth
MPLX | Q4 2024 2025: PLATFORM FOR GROWTH ▪ Announces $2.0 B capital outlook for 2025 ▪ ~$1.7 B of growth; ~$0.3 B maintenance 2025 CAPITAL OUTLOOK 2,000 1,942 1,450 $ Millions 250 300 Actual Maintenance Crude Oil and Products Natural Gas and NGL Total (a) 2024 Capital Logistics Services (a) Includes
Slide 5: NGL Wellhead to Water Strategy
MPLX | Q4 2024 NGL WELLHEAD TO WATER STRATEGY GULF COAST NGL STRATEGY KEY HIGHLIGHTS Fully integrates NGL system connecting Anticipating mid-teens return Permian to Gulf Coast and export demand Complementary to existing asset and Expected Capex: ~$2.5B customer base Leverages strengths of JV partner
Slide 6: NGL Value Chain Expansion
MPLX | Q4 2024 NGL VALUE CHAIN EXPANSION PROJECT DETAILS Fractionator 1 Gas Processing Plant 150 Mbpd MPC Galveston Bay Refinery NGL Fractionator Midland LPG Export Terminal Orla Fractionator 2 Benedum TEXAS 150 Mbpd Mont Belvieu Export Terminal & Purity MBTC Galveston Bay Refinery Pipeline(a) Pipel
Slide 7: Investing for Durable Growth
MPLX | Q4 2024 INVESTING FOR DURABLE GROWTH Fourth Quarter additions in blue NATURAL GAS & NGL SERVICES ▪ Utica Gathering System ▪ Secretariat Processing Plant ▪ Harmon Creek III Expansion(a) ▪ Expansion: ▪ Rio Bravo Pipeline(a) ▪ Harmon Creek II ▪ BANGL Pipeline(a) ▪ Blackcomb Pipeline(a) ▪ Preakne
Slide 8: Crude Oil and Products Logistics
MPLX | Q4 2024 CRUDE OIL AND PRODUCTS LOGISTICS KEY DRIVERS 60 1,123 Higher rates 1,063 Additional throughputs OPERATING STATS – 4Q24 Volume vs. (MMBPD) 4Q23 Crude Oil Pipelines 3.8 4% Product Pipelines 2.0 (3)% Terminals 3.1 3% 4Q23 Segment 4Q24 Segment Adjusted EBITDA Adjusted EBITDA ($MM) ($MM) 8
Slide 9: Natural Gas and NGL Services
MPLX | Q4 2024 NATURAL GAS AND NGL SERVICES KEY DRIVERS Increased volumes, including 79 639 contributions from recently acquired assets in the Permian 560 and Utica basins Growth from equity affiliates OPERATING STATS – 4Q24 vs. Volume 4Q23 Gathering 6.7 Bcf/d 8% Processing 9.9 Bcf/d 6% 4Q23 Segment
Slide 10: 4Q 2024 Financial Highlights
MPLX | Q4 2024 4Q 2024 FINANCIAL HIGHLIGHTS ADJUSTED EBITDA ($MM) DISTRIBUTABLE CASH FLOW ($MM) + 9% YoY + 7% YoY 1,762 1,477 1,623 1,384 4Q 2023 2024 4Q Three Months Ended December 31, 2024 2023 2024 Distributions Declared ($/unit) $0.8500 $0.9565 Distribution Coverage 1.6x 1.5x Adjusted Free Cash
Slide 11: History of Strong Financial Performance
MPLX | Q4 2024 HISTORY OF STRONG FINANCIAL PERFORMANCE ADJUSTED DISTRIBUTABLE QUARTERLY EBITDA(a) CASH FLOW(b) DISTRIBUTION GROWTH(c) + 6.8% CAGR + 6.9% CAGR + 10.7% CAGR $6.8 $5.7 12.5% $6.3 $5.2 10% 10% $4.9 $5.8 $4.6 $5.6 3% 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 STEADY CASH
Slide 12: Financial Priorities
MPLX | Q4 2024 FINANCIAL PRIORITIES MAINTENANCE Maintain safety and reliability of 1 CAPITAL our assets BASE 2 Primary return of capital tool DISTRIBUTIONS GROWTH 3 Disciplined growth opportunities CAPITAL INCREMENTAL 4 Opportunistic return of capital to RETURN OF unitholders CAPITAL Strong balance
Slide 13: Sustainability Highlights
MPLX | Q4 2024 SUSTAINABILITY HIGHLIGHTS METHANE EMISSIONS BIODIVERSITY MPLX FOCUS AREAS FOR METHANE REDUCTIONS INTENSITY TARGET RIGHT-OF-WAY TARGET 2030 Goal Progress(a) 2025 Goal Progress(a) 57% 3,267 ACRES Pneumatic Pipeline Fugitive Leak Control Devices Launchers and Detection and Reciprocating
Slide 14: 2025: Committed to Creating Exceptional Value
MPLX | Q4 2024 2025: COMMITTED TO CREATING EXCEPTIONAL VALUE Targeting Mid-Single Digit Growth: Expanding integrated Permian natural gas and NGL value chains Building on significant Marcellus footprint Compelling Driving higher utilization in the Utica Value Proposition Durable cash flow growth ← At
Slide 15: Appendix
APPENDIX MPLyx vzoz v0 | X1dW
Slide 16: Revised Reporting Segments
MPLX | Q4 2024 REVISED REPORTING SEGMENTS Ownership interests in natural gas and NGL joint venture assets now in the Natural Gas and NGL Services segment: ▪ Whistler Pipeline ▪ Matterhorn Express Pipeline ▪ BANGL Pipeline ▪ Rio Bravo Pipeline ▪ Waha Gas Storage Facilities ▪ Blackcomb Pipeline ▪ ADCC
Slide 17: Revised Reporting Segments
MPLX | Q4 2024 REVISED REPORTING SEGMENTS PRIOR Segment Adjusted EBITDA $ Millions 4Q24 FY24 EFFECT OF CHANGE Logistics and Storage (L&S) 1,172 4,556 Segment Gathering and Processing (G&P) 590 2,208 Adjusted EBITDA Total 1,762 6,764 $ Millions 4Q24 FY24 Crude Oil and Products Logistics (49) (181) NE
Slide 18: Business Overview
MPLX | Q4 2024 MPLX BUSINESS OVERVIEW 2024 Adj. EBITDA of $6.8 B MPLX Business Overview Pipeline Marcellus Refining Logistics Southwest Fuels Distribution Utica Natural Gas and NGL Services Terminals Crude Oil and Segment Products Logistics Segment 35% Bakken Crude Gathering 65% Rockies Marine Trans
Slide 19: Strong Balance Sheet
MPLX | Q4 2024 STRONG BALANCE SHEET CONSOLIDATED TOTAL DEBT TO DEBT MATURITIES THROUGH 2030 LTM ADJUSTED EBITDA 2 4.0x $ Billions 3.5x 1 3.0x 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 $ Millions (unless otherwise noted) YE22 YE23 YE24 Consolidated Total Debt(a) 20,108 20,706 21,206 LTM Adj
Slide 20: Natural Gas and NGL Services Segment
MPLX | Q4 2024 NATURAL GAS AND NGL SERVICES SEGMENT 4Q24 PROCESSED VOLUMES(a) Capacity at Average Utilization of Area End of Quarter Volume Available Capacity (MMCF/D) (MMCF/D)(b) (%)(c) Marcellus 6,520 6,006 92% Utica 1,325 923 70% Southwest 2,745 2,020 74% Southern Appalachia 425 206 48% Bakken 18
Slide 21: Historical Growth Capex by Segment
MPLX | Q4 2024 HISTORICAL GROWTH CAPEX BY SEGMENT GROWTH CAPITAL ($ MILLIONS) Crude Oil Natural Gas Total Growth Year and Products and NGL Capital(b) Logistics(a) Services 2025 Outlook 250 1,450 1,700 FY 2024 309 580 889 FY 2023 256 498 754 FY 2022 181 531 712 (a) 2024 and 2022 include $92 million a
Slide 22: Reconciliation of Adjusted EBITDA and DCF from Net Income
MPLX | Q4 2024 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 4Q 2024 4Q 2023 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,109 1,144 4,357 3,966 3,978 3,112 Provision for income taxes 5 9 10 11 8 1 Net interest and other financial costs 229 222 921 923 925 8
Slide 23: Reconciliation of Adjusted EBITDA and DCF from Operating Cash Flow
MPLX | Q4 2024 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 4Q 2024 4Q 2023 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,675 1,489 5,946 5,397 5,019 4,911 Changes in working capital items (186)
Slide 24: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | Q4 2024 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ Millions 4Q 2024 4Q 2023 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,123 1,063 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 639 560 Adjusted EBITDA attribut
Slide 25: Reconciliation to Adjusted Free Cash Flow
MPLX | Q4 2024 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 4Q 2024 4Q 2023 Net cash provided by operating activities 1,675 1,489 Adjustments to reconcile net cash provided by operating activities to adju
Slide 26: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | Q4 2024 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions FY 2024 FY 2023 FY 2022 LTM Net income 4,357 3,966 3,978 Provision for income taxes 10 11 8 Net interest and other financial costs 921 923 925 LTM income from operations 5,288 4,900 4,911 Depreciation and amortization
Slide 27: Capital Expenditures
MPLX | Q4 2024 CAPITAL EXPENDITURES $ Millions FY 2024 FY 2023 FY 2022 Capital Expenditures Growth capital expenditures 796 838 665 Growth capital reimbursements (115) (165) (151) Investments in unconsolidated affiliates 236 98 217 Return of capital (12) (3) (11) Capitalized interest (16) (14) (8) T