Mplx Lp · NYSE:MPLX

Mplx Lp — Credit Suisse Energy Summit 2016

74 slides from Mplx Lp's conference presentation, Feb 22, 2016

1. Slide 1: Credit Suisse Energy Summit

   Credit Suisse Energy Summit Gary Heminger, President and CEO February 23, 2016

2. Slide 2: Forward-Looking Statements

   Forward‐Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation (“MPC”), MPLX LP (“MPLX”), and MarkWest Energy Partners, L.P. ("MarkWest").These forward-looking statements relate to, among other t

3. Slide 3: Our Priorities for Value Creation

   Our Priorities for Value Creation 3 How We Get There Balance capital returns with value-enhancing investments Enhance margins for our refinery operations Return free cash flow to shareholders through strong and growing base dividend and share repurchases Disciplined approach to capital investment Op

4. Slide 4: Balanced Approach to Returning Capital and Investment

   Balanced Approach to Returning Capital and Investment 4 $7.2 B $2.2 B $13.8 B  $7.2 B returned to shareholders through repurchases, representing 28% of shares outstanding  Five dividend increases resulting in a 29.5% CAGR  Strategic investments providing long-term stable cash flows Since July 201

5. Slide 5: Fundamentals of MPC's Business

   Fundamentals of MPC’s Business  MPC’s fully integrated system provides optionality and flexibility – Perform well in volatile markets  MPC has strategically located assets  Gasoline demand continues to be strong, supported by low prices  Supply dynamics support resilient crack spreads  U.S. ref

6. Slide 6: Refining Increasing EBITDA and Driving Value

   Refining Increasing EBITDA and Driving Value  Increasing EBITDA through process improvements  Optimizing Galveston Bay and Texas City operations  Investing in Galveston Bay  Increasing distillate yield and conversion capacity  Growing refined product export capacity 6

7. Slide 7: South Texas Asset Repositioning (STAR) Program

   South Texas Asset Repositioning (STAR) Program 7 Creating a World-Class Refining Complex 110 175 315 540 580 270 0 500 1,000 1,500 2,000 2016E & prior 2017E 2018E 2019E 2020E 2021E $ M M Investment 80 550 730 0 200 400 600 800 2016-2020E Avg. 2021E 2022E $ M M EBITDA  ~$2.0 B of total investment –

8. Slide 8: Galveston Bay Process Improvements and Synergies

   Galveston Bay Process Improvements and Synergies* 8 • Process improvements − Unit optimization − Improved unit yields − Bottlenecks removed − Catalyst changes • Synergy capture − Crude optimization − Process unit utilization • Future improvements − Shutdown inefficient units − Integrate utilities *S

9. Slide 9: Increasing Finished Product Export Capacity

   320 345 395 510 365 20 30 115 0 100 200 300 400 500 600 2013 2014 2015 2016E 2019E M B D Base Garyville Galveston Bay Export Capacity Reaching Higher-Value Markets 9 Increasing Finished Product Export Capacity

10. Slide 10: Speedway Provides Stable Cash Flows

    Speedway Provides Stable Cash Flows  Top tier performer in convenience store industry – #1 in EBITDA/store/month vs. public peers  Accelerating growth through organic projects – Filling in existing markets – Commercial fueling lane network  Continue to accelerate benefits from Speedway’s acquired

11. Slide 11: Maintain Financial Flexibility Through Cycle

    Maintain Financial Flexibility Through Cycle  Maintain an investment grade credit profile  Optimize capital spend – Disciplined entity-wide capital allocation process – 2016 capital expenditure forecast reduced by $1.2 billion – Continual evaluation of capital spend 11

12. Slide 12: MPC Consolidated 2016 Revised Capital Outlook

    MPC Consolidated 2016 Revised Capital Outlook 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2016 Capital Budget Refining & Marketing* MPLX** Midstream*** Speedway Corporate and Other 2016 Revised Capital Outlook $ M M 12 (~$100) (~$650) (~$400) (~$50) (~$20) $3.0 B $4.2 B *Excludes Midstream

13. Slide 13: MPLX 2016 Revised Capital Outlook

    MPLX 2016 Revised Capital Outlook 0 500 1,000 1,500 2,000 2016 Capital Budget 2016 Revised Capital Outlook* $ M M 13 *Represents midpoint of MPLX capital expenditure guidance $1.1 B $1.7 B  2016 revised capital outlook  Growth $800 MM - $1.2 B  Maintenance $61 MM  Reduced 2016 midpoint by ~$650

14. Slide 14: MPLX Outlook Supported by Forecasted Production Growth

    MPLX Outlook Supported by Forecasted Production Growth (6,000) (4,000) (2,000) - 2,000 4,000 6,000 8,000 10,000 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 M M c f/ d YoY Gross Gas Production Growth by Region (MMcf/d) Northeast Midwest Southeast Texas Southwes

15. Slide 15: Supporting MPLX's Distribution Growth

    Supporting MPLX’s Distribution Growth  Targeting a 12-15% growth rate in 2016, double digit distribution growth for 2017  Sale of marine business to MPLX in 2Q 2016 (~$120 MM of annual EBITDA) – Supportive valuation of not greater than 6x EBITDA and will be accretive to MPLX – Securities issued to

16. Slide 16: MPLX Enhances MPC's Value

    MPLX Enhances MPC’s Value  MarkWest Energy merger – Adds scale and diversity to MPC – Adds high quality natural gas and NGL assets in prolific shale regions – Significant commercial synergies and opportunities across value chain  Near term support provides long term value uplift – Cash distributio

17. Slide 17: Driving Top Tier Financial Performance Through Sustainable Competitive Advantages

    Driving Top Tier Financial Performance Through Sustainable Competitive Advantages 17  Fully integrated system provides optionality and flexibility  Strategically located assets  Value of MPLX  Consistent and reliable operator  Sustained performance through all cycles  Disciplined, balanced app

18. Slide 18: Appendix

    Appendix 18

19. Slide 19: Fully Integrated Downstream System

    Fully Integrated Downstream System Refining and Marketing  Seven-plant refining system with ~1.8 MMBPCD capacity  One biodiesel facility and interest in three ethanol facilities  One of the largest wholesale suppliers in our market area  One of the largest producers of asphalt in the U.S.  ~5,6

20. Slide 20: U.S. Refiners have a Sustained Export Advantage

    0 5 10 15 20 $ /M M B tu Natural Gas Price Comparison Japanese Liquefied Natural Gas (World Bank)* European Natural Gas (World Bank)* HH Spot Price (World Bank) U.S. Refiners have a Sustained Export Advantage 20  Access to lower cost feedstocks  Low cost natural gas  Large, complex refineries  H

21. Slide 21: Distillate Also Leads U.S. Domestic Petroleum Fuels Demand

    Distillate Also Leads U.S. Domestic Petroleum Fuels Demand 21 0 1 2 3 4 5 6 7 8 9 10 MMB D Compounded Annual Growth Rates Sources: U.S. Energy Information Administration (EIA), MPC Gasoline Gasoline ex ethanol Distillate Jet Fuel Resid -0.8% -0.9% +1.3% +0.8% -3.2% Forecast Actual  Gasoline demand

22. Slide 22: Distillate Leading World Liquids Demand

    0 20 40 60 80 100 120 M M B D Distillate Leading World Liquids Demand 22 Sources: BP Statistical Review of World Energy (Actual), MPC Economics (Forecast) Middle Distillate Gasoline Resid Other Annual Average Volumetric Growth (MBD) 2014 vs. 2025 +446 -91 +495 +233 Forecast Actual  Average product

23. Slide 23: Shale Crudes Strengthen Octane Market

    Shale Crudes Strengthen Octane Market  U.S. summer octane values were strong  Lighter crude runs produce more light naphtha, increasing demand for octane  Shale crudes yield a lower quality reformer feed  Octane generation capacity has been relatively steady, incremental capacity required in the

24. Slide 24: North American Production is Resilient

    0 2 4 6 8 10 12 14 16 2010 2012 2014 2016 2018 2020 M M B D North American Production is Resilient  Shale production growth has slowed  Continued drilling with improved efficiency has offset steep initial shale declines  Long-term growth is still expected 24 Canada U.S. Shale Forecast Actual U.S.

25. Slide 25: Shale Producers Improving Efficiency

    Shale Producers Improving Efficiency  Shale producers becoming more efficient in low price environment  Producers are benefiting from: −Reduced services costs (20-30%) −High grading acreage − Improved drilling and completion efficiency − Improved production per well − Improved logistics to market

26. Slide 26: U.S. Natural Gas Production Growth Largely from Shale

    Alaska Coal-bed Methane Tight Gas Shale Gas 0 2 4 6 8 10 12 14 16 18 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 M M B O E D L48 Onshore Conventional L48 Offshore U.S. Natural Gas Production Growth Largely from Shale  U.S. natural gas supply to grow by 3.3 MMBOED (18 BCFD) by 2030  2015

27. Slide 27: U.S. NGL Volume Growth Creates a Need for Incremental Infrastructure

    U.S. NGL Volume Growth Creates a Need for Incremental Infrastructure 27 Nat. Gasoline Butanes Propane Purity Ethane Rejected Ethane 0 1 2 3 4 5 6 7 2005 2010 2015 2020 2025 2030 M M B D Forecast Actual Source: MPC 2015 LT Forecast  2015 NGL production was up 250 MBD from March 2015’s forecast  Sup

28. Slide 28: U.S. Natural Gas and NGL Trade Flows Changing

    U.S. Natural Gas and NGL Trade Flows Changing  Paradigm shift from U.S. Northeast being a significant importer to a significant exporter  Driven by Marcellus and Utica production growth  Infrastructure continuing to build out to reflect changes in trade flows 28

29. Slide 29: Returning Capital to Shareholders Through Share Repurchases

    Returning Capital to Shareholders Through Share Repurchases 29 0 2,000 4,000 6,000 8,000 $ M M Cumulative Share Repurchases  $10 B share repurchases authorized  $7.24 B returned to shareholders through repurchases  28% of June 30, 2011 shares outstanding repurchased Since July 2011

30. Slide 30: Returning Capital to Shareholders Through Dividends

    $71 $89 $87 $85 $119 $116 $116 $113 $129 $126 $123 $122 $141 $138 $136 $136 $171 $170 $170 0 50 100 150 200 250 300 350 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2

31. Slide 31: Growing More Stable Cash-Flow Business Segments

    Growing More Stable Cash-Flow Business Segments 31 2016 Capital Outlook – $3.0 B MPC – $1.9 B  Refining & Marketing, excluding Midstream – $1,045 MM  Midstream* – $440 MM  Speedway – $310 MM  Corporate & Other – $95 MM MPLX – $1.1 B  Growth $1,000 MM**  Maintenance $61 MM 23% 13% 15% 36% 10% 3

32. Slide 32: Galveston Bay-Texas City World-Class Refining Complex

    Galveston Bay-Texas City World-Class Refining Complex 32 Integrated Galveston Bay-Texas City Refinery Post-STAR BPCD Unless Noted Galveston Bay* Crude 585,000 Vacuum Distillation 225,200 Residual Hydrocracking 94,300 Coking 29,800 Catalytic Cracking 184,800 Catalytic Reforming 124,300 Catalytic Hydr

33. Slide 33: Refining Increasing EBITDA Through Continuous Process Improvements

    Refining Increasing EBITDA Through Continuous Process Improvements  Low or no investment projects  Focus on technical excellence  Improvements in process unit performance  EBITDA improvement of approximately $0.8 B since 2012 33 0 200 400 600 800 1,000 2013 2014 2015 M a rg in I m p ro v e m e n

34. Slide 34: Capitalizing on Growing U.S. Finished Product Exports

    0 50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 M B D MPC Finished Product Exports 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2010 2011 2012 2013 2014 2015 Nov YTD M B D Gross U.S. Finished Product Exports Other U.S. MPC Capitalizing on Growing U.S. Finished Product Exports 34 Source

35. Slide 35: Producing Higher-Value Products

    Producing Higher-Value Products 35 Investments of ~$360 MM contribute ~$130 MM EBITDA Fluid Catalytic Cracking (FCC) projects Increase alkylate and light products Garyville FCC/Alky – 2016 Investment: ~$220 MM IRR 27% Detroit FCC – 2018 Investment: ~$140 MM IRR 26%

36. Slide 36: Enhancing Refining Margins

    Enhancing Refining Margins  Robinson light crude processing project – +30 MBD light crude – $140 MM investment – ~30% ROI, 2016 est. completion  Galveston Bay export capacity expansion – +30 MBD ULSD • ~40% ROI, 2016 est. completion – +115 MBD gasoline • ~35% ROI, 2016-2018 est. completion  Garyv

37. Slide 37: Balance in Refining Network

    Balance in Refining Network Midwest Capacity 710,000 BPCD Louisiana Capacity 539,000 BPCD Texas Capacity 545,000 BPCD BPCD NCI Canton (Ohio) 93,000 7.8 Catlettsburg (Ky.) 273,000 9.2 Detroit (Mich.) 132,000 9.7 Robinson (Ill.) 212,000 10.5 Galveston Bay (Texas) 459,000 13.5 Texas City (Texas) 86,000

38. Slide 38: MPC's Value of Integration

    MPC’s Value of Integration  Flexible refining system  Large retail presence  Extensive logistics with considerable optionality 1,000 1,500 2,000 2,500 3,000 3,500 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 $ M M Gross Margin Indicator Reported Gross Margin Cru

39. Slide 39: Key Strengths

    Key Strengths 39 Balanced Operations 40% 60% Crude Oil Refining Capacity PADD II PADD III 55% 45% Crude Slate Sour Crude Sweet Crude ~70% ~30% Assured Sales Wholesale and Other Sales Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales) As of Dec. 31, 2015 4Q 2015 4Q 201

40. Slide 40: Speedway: Pursuing Attractive and Accretive Acquisitions

    Speedway: Pursuing Attractive and Accretive Acquisitions  Leverage MPC’s supply and logistical network • Increase assured sales • Optimize terminal utilization  Fill market voids in Speedway footprint • High quality assets • Continue focus in Pennsylvania and Tennessee • Growth opportunities in Ge

41. Slide 41: Capitalizing on Diesel Demand Growth

    Capitalizing on Diesel Demand Growth Trucking remains a dominant mode of transportation U.S. freight volumes expected to increase by 29%  Diesel demand growth expected to outpace gasoline Build out commercial fueling lane network –~150 CFL locations 41 Source: American Trucking Association

42. Slide 42: Following Through on Goals for Acquired Locations

    Following Through on Goals for Acquired Locations • Invest ~$570 MM in conversions, remodels and maintenance • Convert 1,245 stores to Speedway brand and technology platforms • Remodel approximately 700 locations to drive marketing enhancements • Generate $365 MM of annual EBITDA in 2017 • Achieve $

43. Slide 43: Focus on Improving Light Product Breakeven

    Focus on Improving Light Product Breakeven  Measure of operating efficiency and merchandise contribution to total expense  Potential to drive substantial value in the business over time 7.13 -1 1 3 5 7 9 11 13 2005 2013 Lig h t P ro d u ct B re ak ev en ( cp g) 2.56 12.39 Each 1.00 cent per gallon

44. Slide 44: Exceeding Expected Synergies

    Exceeding Expected Synergies 20 75 120 155 190 225 0 50 100 150 200 250 2014E 2014 2015E 2015E 2016E 2016E 2017E 2017E $ M M Synergies and Marketing Enhancements Guidance* Speedway Synergies R&M Synergies 47 149 44 *Based on original announcement guidance in May 2014

45. Slide 45: MPLX Organizational Structure

    2% GP interest 100% interest MPLX and MPC are Aligned  MPC views MPLX as integral to its operations and is aligned with its success and incentivized to grow MPLX  MPLX owns crude oil, refined product and natural gas pipelines, gas processing plants, fractionation facilities, a condensate facility

46. Slide 46: Leveraging Strengths Across the Hydrocarbon Value Chain

    Leveraging Strengths Across the Hydrocarbon Value Chain 46 As of Dec. 31, 2015 See appendix for legend  Extraordinary growth opportunities  Premier assets and experienced management teams  Developing Mont Belvieu-like capabilities in the Northeast  In-basin demand creation in the Northeast  Con

47. Slide 47: MarkWest History

    MarkWest History 47  2002: IPO of MarkWest Energy Partners  2002 – 2006: Rapid growth in Southwest; ~$1 billion in acquisitions 2006 marks first No. 1 ranking in customer service  2008: MarkWest Hydrocarbon and MarkWest Energy Partners merge Begins development in Marcellus Shale  2009 - 2011: Fo

48. Slide 48: MarkWest is One of the Largest NGL and Natural Gas Midstream Service Providers

    MarkWest is One of the Largest NGL and Natural Gas Midstream Service Providers Processing ~75% of Total Rich-Gas Production from the Marcellus and Utica Raw Natural Gas Production Processing Plants Mixed NGLs Fractionation Facilities NGL Products • Ethane • Propane • Normal Butane • Isobutane • Natu

49. Slide 49: MarkWest Marcellus and Utica Assets

    Doddridge Marshall Wetzel Harrison Noble Butler Washington WEST VIRGINIA PENNSYLVANIA OHIO Washington Gathering & Processing 49 Growth Projects Utica Complex ATEX Express Pipeline Purity Ethane Pipeline NGL Pipeline NGL/Purity Ethane Pipeline Sunoco Mariner Pipeline Marcellus Complex Gathering Syste

50. Slide 50: The Marcellus/Utica Resource Play is the Leading U.S. Natural Gas Growth Play

    3 8 13 18 23 28 55 56 57 58 59 60 61 62 63 64 65 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 The Marcellus/Utica Resource Play is the Leading U.S. Natural Gas Growth Play Rest o f U .S. – B illi o n Cu b ic F ee t p er D ay ( B CF/ D ) Note: Wellhead gas production (before flaring and NGL extra

51. Slide 51: Overall Midstream Growth Investments

    Overall Midstream Growth Investments of over $9 B Contributing Approximately $1.3 B EBITDA(1) 51 24 to 36 months MarkWest Growth Investments - Cash Flow Return Profile $7.5 B of forecasted growth capital to be invested from 2016-2020 ~7.0x Cash Flow Multiple ~$1 B of Mid-2022 Incremental Run-Rate Ca

52. Slide 52: Backlog of Midstream Organic Growth and Drop-down Investment Opportunities

    $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Backlog of Midstream Organic Growth and Drop-down Investment Opportunities 52 $0.8 B $7.5 B $6 - 9 B $13 - 16 B $27 - 33 B MPLX Organic Capital through 2018* MarkWest Organic Capital 2016 to 2020 ($1.5 B annual run-rate) MarkWest/MPL

53. Slide 53: Legacy MPLX has Attractive Organic Growth Backlog

    $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Legacy MPLX has Attractive Organic Growth Backlog Estimated to Generate ~$125 MM of EBITDA $0.8 B MPLX Organic Capital through 2018(1) Cornerstone and Utica Build-out  Industry solution for Utica liquids 53 Pipeline and Tank Farm Ex

54. Slide 54: MarkWest has Robust Portfolio of Growth Projects

    $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 $7.5 B MarkWest has Robust Portfolio of Growth Projects Expected to Deliver ~$1 B of EBITDA MarkWest Organic Capital 2016 to 2020 ($1.5 B annual run-rate) Organic Growth Opportunities in the Northeast:  Expansion of gas gathering sy

55. Slide 55: Leveraging Premier Positions Across the Value Chain

    $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Leveraging Premier Positions Across the Value Chain with Substantial Incremental Combined Opportunities 55 $6 - 9 B MarkWest/MPLX/MPC Synergistic Capital Opportunity Investment 1 Northeast (N.E.) alkylation facility $1.5 - 2.0 B 2 N.

56. Slide 56: Growing MPC's Drop-down Inventory

    $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 $30 $32 $34 Growing MPC’s Drop-down Inventory Provides Visibility to Significant Growth *Sandpiper Pipeline expected 2019 in-service ● 59 MMBBL storage (tanks and caverns) ● 25 rail loading racks and 26 truck loading racks; 7 owned and 11 non-ow

57. Slide 57: Butane to Alkylate (BTA) Developing Mt. Belvieu Capabilities in the Northeast

    Butane to Alkylate (BTA) – Developing Mt. Belvieu Capabilities in the Northeast: $1.5 - 2 B of Opportunity 57 Combines MarkWest’s leading Northeast NGL position with MPC’s premier downstream expertise to transform refinery blendstock supply in the Northeast and Midwest Enhancing the gasoline blendst

58. Slide 58: Northeast and Long-Haul NGL Pipeline and Related Infrastructure Development

    UMTP - Operated by Kinder Morgan - Batched purity and y-grade to Gulf Coast - Conversion of Tennessee Gas Pipeline Northeast and Long-Haul NGL Pipeline and Related Infrastructure Development 58 NGL/Light Products to East Coast - Large-scale East Coast LPG export terminal - Rail/pipeline to East Coas

59. Slide 59: Develop Infrastructure to Support the Emerging Rogersville Shale

    Develop Infrastructure to Support the Emerging Rogersville Shale and Other Unconventional Northeast Reservoirs  Highly prospective play in West Virginia and Kentucky  MarkWest strategically positioned to support development  Largest processor and fractionator in the southern portion of the Appala

60. Slide 60: Expanding Dry Gas Gathering in Ohio, Pa., and W.Va.

    Expanding Dry Gas Gathering in Ohio, Pa., and W.Va. with $500 MM - 1.0 B of Opportunity 60  The Utica Shale is potentially the most economically viable dry gas play in the U.S.  Existing Ohio gathering system is critical for development of the highly productive and economic dry gas Utica acreage 

61. Slide 61: U.S./Canada Key Existing and Planned Pipelines

    U.S./Canada Key Existing and Planned Pipelines MBPD Pipeline In Service Date 200 Diamond 2017 450 Dakota Access 2017 450 ETCO (Trunkline Conversion) 2017 225/375 Sandpiper 2019 300 +590 Trans Mountain Trans Mountain Expansion Current 2019 525 Northern Gateway 2019 1,100 Energy East 2020 Sources: Pub

62. Slide 62: Opportunity Set for Investment is Expanded

    Opportunity Set for Investment is Expanded 62 Multiple Funding Options - Extensive Financial Flexibility • Capacity to incubate MPLX growth projects at MPC • Ability to take back MPLX units as payment for drop-downs • Intercompany funding • Other options MPC Sponsor Support for MPLX Earnings MLP Dis

63. Slide 63: MPC's Strong Liquidity and Capitalization

    MPC’s Strong Liquidity and Capitalization  Committed to maintaining investment grade credit profile and financial flexibility  Operate with prudent leverage and strong liquidity throughout the refining cycle 63 Immediately Available Liquidity As of December 31, 2015 ($MM) Cash and Cash Equivalents

64. Slide 64: Sustaining Core Liquidity Under All Environments

    4,300 600 800 2,500 400 750-1,750 Requirements Downside Operating Cash Flow Revolver Trade Receivables Facility Implied Cash 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Sustaining Core Liquidity Under All Environments  $30/BBL crude price environment  Operating Requirements (Non-Discretionary

65. Slide 65: MPLX's Financial Flexibility to Manage and Grow Asset Base

    MPLX’s Financial Flexibility to Manage and Grow Asset Base  Committed to maintaining investment grade credit profile  Completed bond exchange in December 2015  Increased revolving credit facility to $2 billion  Entered into a $500 million credit facility with MPC 65 ($MM except ratio data) As of

66. Slide 66: Generating Significant Cash Flow Through All Cycles

    Generating Significant Cash Flow Through All Cycles 66 Pro Forma EBITDA Adjusted for Current Configuration Pro Forma EBITDA *MarkWest mid-cycle EBITDA based on 2015 results 0 2,000 4,000 6,000 8,000 10,000 2008 2009 2010 2011 2012 2013 2014 2015 2008 thru 2015 Mid- CycleRefining and Marketing Speedw

67. Slide 67: MPC vs. Peer Companies' Operating Income per Barrel

    Source: Company Reports MPC vs. Peer Companies’ Operating Income per Barrel 67 -5 0 5 10 15 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $/BB L MPC’s Rank Competitor Range Companies Ranked* Operating Income Per Barrel of Crude Throughput** *Current com

68. Slide 68: Reconciliations

    Reconciliations 68 ($MM) 2011 2012 2013 2014 2015 Speedway Segment Income from Operations 271 310 375 544 673 Plus: Depreciations and Amortization 110 114 112 152 254 Plus: Lower of Cost or Market Inventory Valuation Charge - - - - 25 Speedway Segment Adjusted EBITDA 381 424 487 696 952 Speedway Seg

69. Slide 69: Segment EBITDA Reconciliation to Net Income Attributable to MPC

    Segment EBITDA Reconciliation to Net Income Attributable to MPC 69 ($MM) 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q Net income attributable to MPC 1,215 449 623 2,389 3,389 2,112 2,524 891 826 948 187 Less: Net interest and other financial income (costs) 30 31 12 (26) (109) (179) (216) (81)

70. Slide 70: EBITDA Reconciliation to Net Income Attributable to MPC

    EBITDA Reconciliation to Net Income Attributable to MPC 70 ($MM) 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income attributable to MPC 199 855 672 798 891 826 948 187 Less: Net interest and other financial income (costs) (46) (48) (50) (72) (81) (64) (70) (103) Add: Net income (loss) attributable to nonc

71. Slide 71: EBITDA Reconciliation to Net Income for Hess

    EBITDA Reconciliation to Net Income for Hess 71 ($MM) 2013* 2017E Net Income 47 138 Less: Net interest and other financial income (costs) (12) - Add: Provision for income taxes 22 78 Add: Total depreciation and amortization 94 149 EBITDA 175 365 *Based on Hess Sept. 30, 2013 Form 10 data annualized

72. Slide 72: Annual Price and Margin Sensitivities

    Annual Price and Margin Sensitivities $MM (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity ~$450 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$220 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$90 (per $1.00/barrel change) Natural Gas Price Sensitivity ~$140 (per $1.0

73. Slide 73: 1Q 2016 Outlook

    1Q 2016 Outlook 73 *Region throughput data includes inter-refinery transfers, but MPC totals exclude transfers **Includes utilities, labor, routine maintenance and other operating costs ***Includes $1 MM of pension settlement expense in 1Q 2015 ****$/barrel throughput Crude Throughput* Other Charge/

74. Slide 74: Market Indicators Used in Project EBITDA Calculations

    Market Indicators Used in Project EBITDA Calculations 74 2016-2020 Average 2016-2020 Range REG UNL (USGC; $/GAL)* $2.03 $1.60 - $2.23 ULSD (USGC; $/GAL)* $2.32 $1.89 - $2.52 LLS (St. James, LA; $/BBL) $79.47 $61.80 - $87.43 Natural Gas (Henry Hub, LA; $/MMBTU) $4.27 $3.50 - $5.00 *Prices exclude RIN

MPLX — Credit Suisse Energy Summit 2016 on 6ix