Slide 1: Fourth-Quarter 2020 Earnings Conference Call
Fourth-Quarter 2020 Earnings Conference Call February 2, 2021
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: Commitment to Execution
Commitment to Execution 2020 Quarterly Adjusted EBITDA Reduced 2020 capital spend by over ($ Millions) $700 million from original target 1,335 1,355 1,294 1,227 Reduced 2020 forecasted operating 422 442 471 388 expenses by more than $200 million Achieved inflection to excess cash flow for 2020
Slide 4: Continued Capital Discipline
Continued Capital Discipline Growth Capital(a) Announced 2021 growth capital $2.5 B outlook of $800 million Focus on high-grading capital investments with fee-based earnings $878 MM $800 MM Targeting excess cash after distributions and capital for 2021 2019 2020 2021 Outlook (a) Total actual g
Slide 5: Commitment to Corporate Social Responsibility
Commitment to Corporate Social Responsibility Environment Social Governance New Human Rights Policy included Targeting 50% Methane emissions in sustainability reporting Transparent reporting to key intensity reduction by 2025 ESG frameworks: Ongoing commitment to TCFD, SASB, GRI, CDP Received two EP
Slide 6: Fourth-Quarter and Full-Year Highlights
Fourth-Quarter and Full-Year Highlights $ Millions (unless otherwise noted) 4Q20 FY 2020 Adjusted EBITDA $1,355 $5,211 Distributable Cash Flow $1,155 $4,327 Distributions Paid $742 $3,006 Distribution Coverage Ratio(a) 1.58x 1.46x Leverage(b) 3.9x 3.9x Excess Cash Flow $246 $266 Began unit repurch
Slide 7: Logistics & Storage Segment
Logistics & Storage Segment Pipeline throughputs averaged 4.7 MMBPD – Decrease of ~8% year-over-year Terminalling throughputs averaged 2.6 MMBPD – Decrease of ~21% year-over-year Lower volumes offset by reduced operating expenses Progressing Permian long-haul pipelines: – Wink to Webster cru
Slide 8: Gathering & Processing Segment
Gathering & Processing Segment 4Q20 Processed Volumes(a) Capacity at Utilization of 4Q20 overall volumes and % change: End of Average Available Area Volume vs. 4Q19 Quarter (MMcf/d) Capacity (MMcf/d) (%)(b) Gathering: 5.3 Bcf/d (15)% Marcellus 6,172 5,769 93% Processing: 8.7 Bcf/d (1)% Utica 1,325
Slide 9: 4Q 2020 Financial Highlights
4Q 2020 Financial Highlights Adjusted EBITDA(a) Distributable Cash Flow(a) 6,000 2019 2020 5,000 2019 2020 5,104 5,211 4,327 4,100 5,000 4,000 4,000 3,000 $MM $MM 3,000 2,000 2,000 1,319 1,355 1,045 1,155 1,000 1,000 0 0 4Q Full Year 4Q Full Year Three Months Twelve Months Segment Adjusted Ended Dec
Slide 10: 4Q 2020 vs. 4Q 2019 Adjusted EBITDA
4Q 2020 vs. 4Q 2019 Adjusted EBITDA 1,500 31 5 1,355 1,319 G&P G&P 466 471 1,000 $MM L&S 500 L&S 853 2Q 2018 884 vs. 2Q 2017 Variance 0 Analysis 4Q 2019 Adjusted EBITDA Logistics & Storage Gathering & Processing 4Q 2020 Adjusted EBITDA Attributable to MPLX Attributable to MPLX 10
Slide 11: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 12/31/20 Cash and cash equivalents 15 Total assets 36,414 Total debt(a) 20,139 Redeemable preferred units 968 Total equity 13,017 Fourth quarter 2020 distribution coverage(b) 1.58x Leverage(c) 3.9x Remaining capacity available unde
Slide 12: Appendix
MPL Appendix 12
Slide 13: Continuous Improvement of ESG Performance
Continuous Improvement of ESG Performance Reporting Highlights Recognitions New Focus on Methane Program to voluntarily reduce methane emissions API’s Distinguished Pipeline Safety Award 100% of Marine, 85% MPL and 69% Terminals RC14001 certified Received two EPA ENERGY STAR® Engaged 1,450 landowner
Slide 14: Gathering & Processing Segment
Gathering & Processing Segment Sub-Region 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 (
Slide 15: 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 2021 Whistler Pipeline(a) 2.0 Bcf/d natural gas pipeline from Waha, TX, to Agua Dulce market 2H21 NGL Takeaway System(a) JV to provide
Slide 16: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x $ Millions YE18 YE19 YE20 (unless otherwise noted) 4.5x 3.0x Consolidated Debt(c) 13,856 20,713 20,536 1.5x LTM Pro forma Adj. EBITDA 3,567 5,104 5,211 0.0x 2015 2016 2017 2018 2019 2020 Consolidated Debt to Adj. 3.9x 4.1x 3.9x Debt Matur
Slide 17: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 4Q QTD 4Q QTD 4Q YTD 4Q YTD ($MM) 2020 2019 2020 2019 Net income (loss) 700 (573) (687) 1,462 Provision (benefit) for income taxes 1 (2) 2 - Amortization of deferred financing costs 17 13 61 42 Gain on extinguishment of debt (5
Slide 18: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 4Q QTD 2020 4Q QTD 2019 4Q YTD 2020 4Q YTD 2019 Net cash provided by operating activities 1,185 1,092 4,521 4,082 Changes in working capital items (50) (26) (204) 108 All other, net 3 14 (3)
Slide 19: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income 4Q QTD 3Q QTD 2Q QTD 1Q QTD 4Q QTD 4Q YTD 4Q YTD ($MM) 2020 2020 2020 2020 2019 2020 2019 L&S segment adjusted EBITDA attributable to 884 893 839 872 853 3,488 3,351 MPLX LP (including predecessor results) G&P segment adjusted EBITDA attributab
Slide 20: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 4Q QTD 2020 4Q QTD 2019 4Q YTD 2020 4Q YTD 2019 Capital Expenditures Growth capital expenditures 101 522 778 2,000 Growth capital reimbursements (2) (4) (4) (21) Investments in unconsolidated affiliates 22 219 266 713 Return of capital (11) (16) (123) (18
Slide 21: 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) ($MM) 4Q QTD 2020 4Q QTD 2019 4Q YTD 2020 4Q YTD 2019 (a) Net cash provided by operating activities 1,185 1,092 4,521 4,082 Adjustments to reconcile net cash provided by operating activities to FCF Net cash used in i
Slide 22: Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma Adjusted EBITDA ($MM) 4Q 2020 4Q 2019 4Q 2018 LTM Net (loss) income (687) 1,462 1,834 LTM Net income to adjusted EBITDA adjustments 5,898 2,872 1,641 LTM Adjusted EBITDA attributable to MPLX LP 5,211 4,334 3,475 LTM Pro forma/Predecessor adjus
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