Slide 1: First Quarter 2021 Earnings Conference Call
First Quarter 2021 Earnings Conference Call May 4, 2021 1
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). These forward-looking statements relate to, among other things, MPLX’s expectations, estimates and projections concerning the business and operatio
Slide 3: Strategic Update
Strategic Update Commitment to lowering cost structure and maintaining strict capital discipline Targeting excess cash after distributions and capital for 2021 Remain committed to returning capital Expecting leverage to decline over time Advancing low carbon opportunities 3
Slide 4: Commitment to ESG
Commitment to ESG Environment Social Governance Human Rights Policy included in Targeting 50% methane emissions Transparent reporting: sustainability reporting intensity reduction by 2025 TCFD, SASB, GRI, CDP Ongoing commitment to Received two EPA ENERGY STAR® Compensation includes 20% Stakeholder E
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 Reduced operating expenses more than offset 24 896 lower revenues 872 800 Pipeline throughputs averaged 5.1 MMBPD Terminal throughputs averaged 2.6 MMBPD 600 $MM Progressing Permian long-haul pipelines: 400 – Wink to Webster crude oil – Whistler natural gas
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment 600 Higher NGL prices and reduced operating expenses more than offset lower volumes 34 456 1Q21 overall volumes and % change: 422 vs. 1Q20 400 Gathering: 5.1 Bcf/d (12)% Processing: 8.4 Bcf/d (5)% $MM Fractionation: 559 MBPD 1% 200 1Q21 Marcellus volumes and % ch
Slide 7: 1Q 2021 Financial Highlights
1Q 2021 Financial Highlights Adjusted EBITDA(a) 2020 2021 Distributable Cash Flow(a) 2020 2021 1,500 1,500 1,294 1,352 1,078 1,137 1,000 1,000 $MM $MM 500 500 0 0 1Q 1Q Three Months Ended Mar 31 ($MM except ratio data) 2020 2021 Distributions Paid $758 $754 Distribution Coverage Ratio(b) 1.44x 1.56x
Slide 8: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 3/31/21 Cash and cash equivalents 24 Total assets 36,030 Total debt(a) 20,054 Redeemable preferred units 968 Total equity 12,850 Leverage(b) 3.9x Remaining capacity available under $3.5 B revolving credit agreement 2,665 Remaining
Slide 9: Appendix
MPL Appendix
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 1Q21 Processed Volumes(a) 1Q21 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 3Q21 125 MBPD natural gas l
Slide 12: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x $ Millions YE19 YE20 1Q21 (unless otherwise noted) 4.5x 3.0x Consolidated Debt(c) 20,713 20,536 20,445 1.5x LTM Pro forma Adj. EBITDA 5,104 5,211 5,269 0.0x 2015 2016 2017 2018 2019 2020 Consolidated Debt to Adj. 4.1x 3.9x 3.9x Debt Matur
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 1Q 2021 1Q 2020 Net income (loss) 748 (2,716) Provision for income taxes 1 - Amortization of deferred financing costs 17 14 Gain on extinguishment of debt (12) - Net interest and other financial costs 220 216 Income (loss
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 1Q 2021 1Q 2020 Net cash provided by operating activities 1,124 1,009 Changes in working capital items 34 112 All other, net (15) (30) Non-cash equity-based compensation 3 5 Current income t
Slide 15: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2021 1Q 2020 L&S segment adjusted EBITDA attributable to MPLX LP 896 872 G&P segment adjusted EBITDA attributable to MPLX LP 456 422 Adjusted EBITDA attributable to MPLX LP 1,352 1,294 Depreciation and amortization (329) (325) Provisio
Slide 16: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 1Q 2021 1Q 2020 Capital Expenditures Growth capital expenditures 71 284 Growth capital reimbursements - - Investments in unconsolidated affiliates 35 91 Return of capital - (69) Capitalized interest (5) (13) Total growth capital expenditures 101 293 Maint
Slide 17: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) ($MM) 1Q 2021 1Q 2020 Net cash provided by operating activities(a) 1,124 1,009 Adjustments to reconcile net cash provided by operating activities to FCF Net cash used in investing activities (90) (362) Contributions
Slide 18: Reconciliation of LTM Net Income to LTM Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA ($MM) 1Q 2021 4Q 2020 4Q 2019 LTM Net (loss) income 2,777 (687) 1,462 LTM Net income to adjusted EBITDA adjustments 2,492 5,898 2,872 LTM Adjusted EBITDA attributable to MPLX LP 5,269 5,211 4,334 LTM Pro forma/Predecessor adjus