Slide 1: Third Quarter 2021 Earnings Conference Call
Third Quarter 2021 Earnings Conference Call November 2, 2021 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: Third Quarter Updates
Third Quarter Updates Excess Cash Flow and Return of Capital Strong cash flow and lower capital 1,200 spending 1,000 310 Continued commitment to return of 800 465 capital $MM 600 Pursuing strategic alternatives for 481 400 Alaskan logistics and storage assets, 603 which could include a sale 20
Slide 4: 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 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 Higher revenue offset by lower marine 893 11 904 transportation rates 800 Stable, fee-based cash flows with MVCs 600 3Q21 overall volumes and % change: $MM vs. 3Q20 400 Crude Pipelines: 3.4 MMBPD 12% 200 Product Pipelines: 2.1 MMBPD 28% Terminals: 3.0 MMBPD 13
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment 43 485 Higher NGL prices more than offset lower 442 volumes 400 3Q21 overall volumes and % change: vs. 3Q20 Gathering: 5.4 Bcf/d 0% Processing: 8.4 Bcf/d (2)% $MM Fractionation: 553 MBPD (2)% 200 3Q21 Marcellus volumes and % change: vs. 3Q20 Gathering: 1.4 Bcf/d
Slide 7: 3Q 2021 Financial Highlights
3Q 2021 Financial Highlights Adjusted EBITDA(a) 2020 2021 Distributable Cash Flow(a) 2020 2021 1,389 1,500 1,500 1,335 1,191 1,067 1,000 1,000 $MM $MM 500 500 0 0 3Q 3Q Three Months Ended Sep 30 ($MM except ratio data) 2020 2021 Distributions Paid $757 $745 Adjusted Distribution Coverage Ratio (b) 1
Slide 8: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 9/30/21 Cash and cash equivalents 39 Total assets 35,699 Total debt(a) 19,624 Redeemable preferred units 986 Total equity 12,690 Leverage(b) 3.7x Remaining capacity available under $3.5 B revolving credit agreement 3,500 Remaining
Slide 9: Appendix
MPL Appendix
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 3Q21 Processed Volumes(a) 3Q21 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 11: Organic Growth Capital Projects
Organic Growth Capital Projects Est. Logistics & Storage Description Completion Date W2W Pipeline(a) 1.5 MMBPD crude pipeline from Permian Basin to Texas Gulf Coast Throughout 2021 Whistler Pipeline(a) 2.0 Bcf/d natural gas pipeline from Permian Basin to Agua Dulce market In-service 125 MBPD natural
Slide 12: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x $ Millions YE19 YE20 3Q21 (unless otherwise noted) 4.5x 3.0x Consolidated Debt(b) 20,713 20,536 19,979 1.5x LTM Pro forma Adj. EBITDA 5,104 5,211 5,470 0.0x 2015 2016 2017 2018 2019 2020 Consolidated Debt to Adj. 4.1x 3.9x 3.7x Debt Matur
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 3Q QTD 3Q QTD ($MM) 3Q YTD 2021 3Q YTD 2020 2021 2020 Net income (loss) 811 674 2,274 (1,387) Provision for income taxes - 1 1 1 Amortization of deferred financing costs 18 15 53 44 Loss (gain) on extinguishment of debt 2 (14)
Slide 14: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income 3Q QTD 3Q QTD 3Q YTD 3Q YTD ($MM) 2021 2020 2021 2020 L&S segment adjusted EBITDA attributable to MPLX LP 904 893 2,747 2,604 G&P segment adjusted EBITDA attributable to MPLX LP 485 442 1,368 1,252 Adjusted EBITDA attributable to MPLX LP 1,389
Slide 15: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures 3Q QTD 3Q QTD 3Q YTD 3Q YTD ($MM) 2021 2020 2021 2020 Capital Expenditures Growth capital expenditures 119 208 274 677 Growth capital reimbursements - (2) - (2) Investments in unconsolidated affiliates 32 22 116 244 Return of capital (36) (2) (36) (112) Capital
Slide 16: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF)
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) 3Q QTD 3Q QTD 3Q YTD 3Q YTD ($MM) 2021 2020 2021 2020 Net cash provided by operating activities(a) 1,182 1,222 3,671 3,336 Adjustments to reconcile net cash provided by operating activities to FCF Net cash used in in
Slide 17: Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA ($MM) 3Q 2021 3Q 2020 Q4 2020 Q4 2019 LTM Net income (loss) 2,974 (1,960) (687) 1,462 LTM Net income to adjusted EBITDA adjustments 2,496 7,135 5,898 2,872 LTM Adjusted EBITDA attributable to MPLX LP 5,470 5,175 5,211 4,334 LTM