Mplx Lp · NYSE:MPLX
Mplx Lp — Q3 2019 Earnings Presentation
21 slides from Mplx Lp's earnings presentation, Oct 31, 2019
Slide 1: Third-Quarter 2019 Earnings Conference Call
Third-Quarter 2019 Earnings Conference Call October 31, 2019
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 acquisition of Andeavor Logistics LP and include expectations, estimates and
Slide 3: Third-Quarter Highlights
Third-Quarter Highlights ⚫ $1.3 billion adjusted EBITDA attributable to MPLX, including full quarter results of Andeavor Logistics ⚫ Reported net cash provided by operating activities and DCF of $1.0 billion and, including results of Andeavor Logistics, 1.42x distribution coverage ⚫ Targeting 2020 g
Slide 4: Strategic Update
Strategic Update ⚫ 2020 growth capex target of approximately $2.0 billion – $600 million less than prior guidance (a) – Streamline capex focusing on most attractive returns – Targeting approximately 75% of spend in L&S ⚫ MPC announced formation of Midstream Special Committee to continue to evaluate
Slide 5: Capturing Strategic Opportunities
Capturing Strategic Opportunities Creating an integrated Permian footprint to the Gulf Coast Gas Processing NGLs NGLs Fractionation 3 Long-Haul Gathering 1 Gas Pipelines Gas Export 4 1 Oil Storage Oil 2 Oil MPC Galveston Bay Refinery ⚫ Key L&S projects: Delaware & Midland Basins TEXAS – Wink-to-Webs
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment ⚫ Volumes including ANDX: – Pipeline throughputs averaged 5.2 MMBPD – Terminalling throughputs averaged 3.3 MMBPD ⚫ Capline project proceeding ⚫ Progressed Permian long-haul crude oil and natural gas pipeline projects MPLX wned and Part wned MPC MPLX Pipelines (a) Light P
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment 3Q19 Processed Volumes(a) ⚫ Legacy MPLX 3Q19 volumes (% increase): Capacity at Utilization of Average vs. 3Q18 vs. 2Q19 End of Available Area Volume Quarter Capacity Gathering: 5.3 Bcf/d 12% 7% (MMcf/d) (MMcf/d) (%)(b) Processing: 7.8 Bcf/d 13% 3% Marcellus 5,720 5,300
Slide 8: 3Q 2019 Financial Highlights
3Q 2019 Financial Highlights Adjusted EBITDA(a) Distributable Cash Flow(a) 4,000 2018 2019 3,785 4,000 2018 2019 3,055 3,000 3,000 2,564 2,080 $MM $MM 2,000 2,000 1,273 937 1,027 1,000 1,000 766 0 0 3Q Year-to-Date 3Q Year-to-Date Three Months Nine Months Segment Adjusted EBITDA(a) ($MM) Ended Sept
Slide 9: 3Q 2019 vs. 3Q 2018 Adjusted EBITDA
3Q 2019 vs. 3Q 2018 Adjusted EBITDA 1,400 36 (29) 1,273 329 1,200 1,000 937 G&P 424 800 G&P $MM 390 600 L&S 2Q 2018 849 400 L&S vs. 2Q 200 547 2017 0 Variance Analysis 3Q 2018 Adjusted EBITDA Attributable to MPLX ANDX Logistics & Storage Gathering & Processing 3Q 2019 Adjusted EBITDA Attributable to
Slide 10: 3Q 2019 vs. 2Q 2019 Adjusted EBITDA
3Q 2019 vs. 2Q 2019 Adjusted EBITDA 1,400 1,273 329 14 10 1,200 G&P 1,000 920 424 800 G&P $MM 351 600 L&S 400 849 L&S 569 200 0 2Q 2019 Adjusted EBITDA ANDX Logistics & Storage Gathering & Processing 3Q 2019 Adjusted EBITDA (a) Attributable to MPLX Attributable to MPLX (a) Adjusted EBITDA includes p
Slide 11: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 9/30/19 Cash and cash equivalents 41 Total assets 41,281 Total debt(a) 19,825 Redeemable preferred units 968 Total equity 17,892 Third quarter 2019 adjusted distribution coverage(b) 1.42x Leverage(c) 4.0x Remaining capacity availab
Slide 12: Appendix
MPL Appendix 12
Slide 13: Gathering & Processing Segment
Gathering & Processing Segment Processed Volumes Marcellus/Utica Processed Volumes(a) Southwest Processed Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area of Quarter Volume Available Area of Quarter Volume Available (MMcf/d) (MMcf/d) Capacity (%)(b) (MMcf
Slide 14: Organic Growth Capital Projects
Organic Growth Capital Projects Logistics & Storage Segment Est. Completion Projects Description Date Marine Fleet Expansion isplaces MPC’s third-party barges and supports increased demand 2019 Mt. Airy Terminal Expansion Constructing 2nd 120 MBPD dock and incremental storage 2020 W2W Pipeline(a) 1.
Slide 15: Organic Growth Capital Projects
Organic Growth Capital Projects Gathering & Processing Segment Est. Completion Est. Completion Processing and Fractionation Shale Resource Capacity Dates Gathering Date Through 2020 Sherwood 12 Processing Plant(b) Marcellus 200 MMcf/d 4Q19(c) Marcellus/Utica Rich- and Ongoing Dry-Gas Gathering(a) To
Slide 16: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 3Q 2019 3Q 2018 YTD 2019 YTD 2018 Net income 689 516 2,035 1,395 Provision for income taxes 4 3 2 8 Amortization of deferred financing costs 10 14 29 45 Net interest and other financial costs 223 139 657 389 Income from o
Slide 17: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 3Q 2019 3Q 2018 YTD 2019 YTD 2018 Net cash provided by operating activities 1,036 737 2,990 2,027 Changes in working capital items 21 45 134 78 All other, net (15) (9) (23) 5 Non-cash equity
Slide 18: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 3Q 2019 3Q 2018 YTD 2019 YTD 2018 L&S segment adjusted EBITDA attributable to MPLX LP 849 547 2,498 1,510 (including predecessor results) G&P segment adjusted EBITDA attributable to MPLX LP 424 390 1,287 1,054 (including predecessor resul
Slide 19: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income Drop Impact YTD 2019 ($MM) without Drop(a) YTD 2019 Drop L&S segment adjusted EBITDA attributable to MPLX LP 2,429 69 2,498 (including predecessor results) G&P segment adjusted EBITDA attributable to MPLX LP 1,287 - 1,287 (including predecessor
Slide 20: Reconciliation of LTM Net Income to LTM Pro Forma adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA ($MM) 3Q 2019 3Q 2018 LTM Net income 2,126 1,636 LTM Net income to adjusted EBITDA adjustments 1,908 1,811 LTM Adjusted EBITDA attributable to MPLX LP 4,034 3,447 LTM Pro forma adjustments for acquisitions 1,001 37 LTM Pro form
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