Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Investor Day (September 2011)
113 slides from Marathon Petroleum's investor day presentation, Sep 30, 2011
Slide 1: Credit Suisse Investor Field Trip
Credit Suisse Investor Field Trip September 30, 2011 [A\ Marathon MARATHON J Petroleum Corporation
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, Marathon Petroleum Corporation’s (MPC) current expectations, estimates and proje
Slide 3: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 4: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 5: Slowdown? Yes. Double-Dip? Probably Not.
Slowdown? Yes. Double-Dip? Probably Not. The Good The Bad The Pretty Good The Upshot (BA) U.S. financial system stable, lending growing Strong corporate profitability Business hiring and capex plans still positive U.S. manufacturing resumed growth in last two months Reasonably strong consumer spendi
Slide 6: Where Will Growth Come From?
Where Will Growth Come From? . Household Debt Service Ratio ™ Consumer spending 145% 14.0% - @ Small improvements in residential 35% 7 . 13.0% construction 125% | Sf 12.0% Y . . 11.5% © ™ Corporate capital spending 110% | VL 10.5% | ™@ Trade: the developing world is still ON enn nedennneeennneeas :
Slide 7: Distillate Demand Indicators
Distillate Demand Indicators Truck Tonnage Index Year-Over-Year Percent Changes 15.0% Aug: 5.2% 10.0% 5.0% 0.0% 4 Long Beach Total Inbound and Outbound Shipments i en a an AL 5.0% 10.0% Seasonally adjusted -16.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: American Trucking Association % Ch
Slide 8: Crude Oil Price Spreads
Crude Oil Price Spreads ———Brent-WTIl -—-=LLS-WTI $/ BBL %. tu, Up Sep No, Yo & No Oe 2y ‘eye he, a Zz ‘0, %e. Pe %n., % Yo “No “tg No 4, ty ty 4 Mop, Y%, %, ly, ty Men, Potential Midwest bottleneck issues began in 2006 with the Spearhead reversal and became more severe with the Keystone extension t
Slide 9: OPEC Still Has Capacity to Spare
OPEC Still Has Capacity to Spare Perception of Availability Drives Speculation 7 = Equador @ Iraq 6 = Venezuela 5 lh @ Nigeria ih: @ Libya a ® Angola = = 3 nih @lran | | = Algeria 2 Qatar ii | | on BK i 0 ‘uwait Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 @ Saudi “Capacity that can be brought o
Slide 10: Even Modest Iraq Growth Will Prolong OPEC's Surplus
Even Modest Iraq Growth Will Prolong OPEC’s Surplus Bilraq NEST tagasmpon man) Nigeria = Libya Capacity Production Stren 2010 2.6 2.4 O Ecuador @ Angola 2015 4.0 3.6 BAlgeria 2020 6.0 5.2 © Qatar BUAE 2025 9.0 8.8 © Kuwait = Saudi Arabia 2005 2010 2015 2020 2025 *Effective spare capacity excludes Ni
Slide 11: U.S. Refinery Sales
U.S. Refinery Sales Domestic Demand Plus Exports Minus Imports Percent Change Over Same Month Previous Year GASOLINE DISTILLATE ESsgzeRses Tr-unp ot-unr ot-inr ot-8ny 0T-?0 OT-AON Tr-uer TT-424 Trew Tt-ady Tr-Aew Tr-une oT-uer OT-994 OT-4eW ot-ady oT-Aew ot-unr Trew Trudy ot-uer OT-qe4 OT-2eW ot-ady
Slide 12: Cumulative World Crude Distillation Capacity Additions
Cumulative World Crude Distillation Capacity Additions — PIRA Firm Plus Half of Probable 14,000 : alll 2011 2014 2015 2016 2017 iS 8 a J N Thousand b/d of Crude Oil Distillation Capacity @NorthAmerica @LatinAmerica SEurope @FSU MAsia MMiddleEast ® Africa Sources: PIRA Energy Group, June 2011
Slide 13: U.S. Refinery Expansions
U.S. Refinery Expansions m™2011 m2012 2013 m2014 m2015 m 2016 600 MBD 3 200 100 PADD 1 PADD 2 PADD 3 PADD 4 PADD5 1/1/11 Capacity (MBD) 1,618 3,721 8,646 624 3,128 17,736 Sources: PIRA Energy Group, April 2011 (A) ee
Slide 14: U.S. Net Product Imports
U.S. Net Product Imports Total Petroleum Except Crude and Unfinished Oil %,% %% &% % % % % &% % 9 % oO oO % oO OAL 2, AL AL! 905 “0s "0305 °05 “Ap *y "0p “0p “Oy *06 0p Xp “% *%g “Mm “7p 2
Slide 15: U.S. Product Exports Have Doubled Recently
U.S. Product Exports Have Doubled Recently = Exports averaged 296 MBD in 2010 and have been as high as 479 MBD in 2011. = Exports averaged 656 MBD in 2010 and have been as high as 873 MBD in 2011.
Slide 16: Global Product Exports
Global Product Exports 2002 - 2010 Unit: Thousand Barrels per day (MBD) Product: Motor Gasoline (incl. aviation gasoline) BALANCE: Exports 4000 Country: Total All Submissions 6 Dec2003 Dec2005 Dec2007 Dec: TIME Table: world.ivt - Joint Oil Data Initiative (all data) JODI “All submissions’ is a 98 na
Slide 17: 2010 Leading U.S. Gasoline and Distillate Export Destinations
2010 Leading U.S. Gasoline and Distillate Export Destinations Europe and Latin America Dominate GASOLINE MBD DISTILLATE MBD Mexico 214 Netherlands 115 Canada 27 Mexico 94 Ecuador 20 Colombia 55 Chile 12 Brazil 47 Costa Rica 9 Chile 38 Guatemala 6 Panama 38 Honduras 6 Gibraltar 26 Panama 6 Ecuador 26
Slide 18: Product Exports: Europe
Product Exports: Europe ®@ Distillate = Of all U.S. distillate exports, Europe accounted for 180 MBD, or 27% of the total, in 2010 = The growth forecast for Europe’s distillate demand is low, but positive = Refinery closures due to poor economics are expected = Imbalance between the demand mix and r
Slide 19: OECD Europe Product Trade
OECD Europe Product Trade Gasoline Gasoil @=lmports mamExports ——Net @=mimports m@@m™ Exports ——Net 2000 | | Hh lay lily, il 000 b/d 000 b/d b So So Oo
Slide 20: Product Exports: Latin America
Product Exports: Latin America ® Distillate: = 16 out of the top 20 destinations of U.S. distillate exports, representing 393 MBD, or 60% of the total in 2010, are in Latin America (including Mexico) = The U.S. market share of distillate imports into Latin American countries is high, ranging from 31
Slide 21: Latin America Imports
Latin America Imports 525 450 Unit: Thousand Barrels per day (MBD) Product: Motor Gasoline (incl. aviation gasoline) BALANCE: Imports Country: Total OLADE Nov2003 Oct2005—— Sep2007 Auge TIME Table: world.ivt - Joint Oil Data Initiative (all data) (BA) 720 Unit: Thousand Barrels per day (MBD) Product
Slide 22: Summary of Regional Product Export Opportunities
Summary of Regional Product Export Opportunities @ Asia, Africa, Europe and Latin America are large net importers of product @ All, other than Europe, are expected to have strong demand growth ™ Traditionally, the U.S. has exported nothing to Africa and almost nothing to Asia, with the exception of
Slide 23: Alternative Vehicle Cost Hurdles
Alternative Vehicle Cost Hurdles Breakeven Gasoline Price For Incremental Plug-in Hybrid Cost Vs. 35 MPG Conventional Vehicle, 100,000 miles, 8% discount rate, 10 cents/KWH $25.00 2011 Chevrolet Volt $20.00 - MSRP from $40,280 $15.00 c 2 3 oO FF $10.00 ee $5.00 VS. 2011 Chevrolet Cruze _« , MSRP fro
Slide 24: Aging Fleet Dampens Efficiency Gains
Aging Fleet Dampens Efficiency Gains 40 35 E ¥ 30 ‘s 30 x rs E 25 5 # 20 § 20 3 $ 515 — F e £10 = 10 - g 55 & & 0 0- 1976 1990 1995 2000 2006 2010 2015 2020 2025 1995 2000 2006 2010 2015 2020 2025 ™ 16+ Year Old Cars @ 16+ Year Old Light Trucks “Car owners put 50,000 more miles on their current vehi
Slide 25: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 26: MPC Key Highlights
MPC Key Highlights @ Fully integrated downstream system @ Strong competitive positioning versus peer group @ Impressive safety and environmental record Strategically located in Midwest/PADD II and USGC/PADD III regions Extensive midstream network and retail network Industry-leading profitability Exp
Slide 27: Marathon Petroleum Corporation (MPC)
Marathon Petroleum Corporation (MPC) Focused and Integrated Operations Flexibility to Achieve Peer-leading Results \ I a af Refineries Connecting Pipelines (lJ Terminals Speedway Brand Marketing Inland Water é& rm Coastal Water vw Terminals Terminals HEE Marketing Area (BA)
Slide 28: MPC Relative Refining Position
MPC Relative Refining Position (MBD) U.S. Crude Refining Capacity (#) # of U.S. Refineries “) 3,000 S43 2,000, n 1962) 95) 2,000 - 10 1,401 7 7 1,142 6 6 6 6 M421 14 M14 941 5 1,000 ] | | 823 755 675 665 5 | 3.3 POPES ea PCeEEEEOS gee2eg828 7%979 €& FF ese e° 2 £& © Vv Ye & = £ 8 °C 8s 2" £2 $ £ 28s
Slide 29: Impressive Safety and Environmental Record
Impressive Safety and Environmental Record Safety OSHA Recordable Incident Rate (Employee and Contractor History) 0.73 0.8 05 9.45 9-61 0.53 2 .37 “Ti “Lihihecin 2003 2004 2005 2006 2007 2008 2009 2010 2011* Environmental Days Away Rate Employee and Contractor Histo! 1.00 (Employ ry) 0.50 — 0.12 0.0
Slide 30: Midwest/PADD II Net Short Supply Position
Midwest/PADD II Net Short Supply Position Enhances Margin Opportunities 2015 @ The incremental barrel in PADD II is shipped from PADD III, so product prices in PADD II should retain a premium to the USGC/PADD III ®™ Refinery utilization rates in PADD II have traditionally been higher than in other 0
Slide 31: MPC's Extensive Retail Network
MPC's Extensive Retail Network Industry-Leading Retail Operation * Speedway + 4 largest U.S. owned/operated c-store chain * Over 1,375 stores * ~2.0 million customers/day * Located in 7 states Speedway Brand LN * Marathon branded gasoline * Independent entrepreneurs ¢ ~5,100 branded locations * Loca
Slide 32: MPC vs. Competitors
MPC vs. Competitors (Pre-Tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput) 15 10 7 a 5 ~~ vy 0 1 5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 J v1 Preliminary MPC’s Rank 3 3 2 1 2 3 7 2 1 5 3 1 3 1 11 11 9 10 10 9 8 8 9 9 8 8 8 Companies Ranked* 12
Slide 33: Experienced Management Team
Experienced Management Team Experienced Team with Extensive Industry Experience Name Title Gary R. Heminger President and Chief Executive Officer Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Richard D. Bedell Senior Vice President — Refining Michael G. Bradd
Slide 34: Experienced Board of Directors
Experienced Board of Directors Name Title Evan Bayh Former Senator from and Governor of Indiana David A. Daberko* Former Chairman and CEO — National City Corporation William L. Davis* Former Chairman and CEO — RR Donnelley & Co Gary R. Heminger President and CEO — MPC Donna A. James Corporate Direct
Slide 35: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 36: MPC Strong Credit Profile and Liquidity
MPC Strong Credit Profile and Liquidity Historical Financial Summary Financial Policies Year Ended 6 Mo. Ended dune 30 = Committed to Investment Grade profile Rating Agency S&P Moody’s Income from Operations 1,011 654 1,855 2,144 217 BH Maintain strong access to liquidity, with Net Income 623 449 1,
Slide 37: MPC Financing Structure
MPC Financing Structure ®@ Issued $3 billion in new long-term debt — $750 million 5-year notes, 3.5% — $1 billion 10-year notes, 5.125 % — $1.25 billion 30-year notes, 6.5% ® S2 billion new 4-year revolving credit facility @ =S1 billion 3-year trade receivables securitization facility ™@ $1.622 bill
Slide 38: Financial Overview: Segment EBITDA
Financial Overview: Segment EBITDA June YTD 2011 Refining and Marketing 2,417 1,539 950 1,819 Speedway 167 404 343 408 Pipeline Transportation 127 245 213 221 Total Segment EBITDA 2,711 2,188 1,506 2,448 Items not allocated to segments (133) (236) (182) 13 Total EBITDA 2,578 1,952 1,324 2,461 Source
Slide 39: Diversified Income Stream
Diversified Income Stream 2009 Segment Income from Operations Pipeline Transportation $172 MM Refining & 21% Marketing $452 MM 54% Speedway 2010 Segment Income from Operations Pipeline Transportation $183 MM 14% Refining & Marketing Speedway $293 MM eno MM 23% $212 MM 25% 2011* Segment Income from O
Slide 40: Financial Overview: Capital Expenditures and Investments
Financial Overview: Capital Expenditures” and Investments 2011 June YTD Budget 2011 Refining and Marketing 975 376 961 2,241 2,665 Speedway* 145 102 84 49 61 Pipeline Transportation 102 38 24 55 167 Corporate** 158 73 104 240 124 Total 1,380 589 1,173 2,585 3,017 (1) includes changes in accruals. *i
Slide 41: Free Cash Flow Priorities
Free Cash Flow Priorities ® Maintain Investment Grade Credit Rating ™ Organic Growth and Margin Enhancement Projects ® Potential M&A Interest — only if it is value accretive and it complements our existing asset base ® Dividends ™@ Share Buyback
Slide 42: Annual Price and Margin Sensitivities
Annual Price and Margin Sensitivities $ Millions (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity =$300 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity =$150 (per $1.00/barrel change) Refined Product Wholesale Margin Sensitivity =$150 (per $0.01/gallon change) Speedway Refined Produ
Slide 43: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 44: Refining Operations
Refining Operations
Slide 45: 2010 Refinery Throughput and Sales
2010 Refinery Throughput and Sales Crude Saleable Throughput Product Sales 1,173 MBD 1,589 MBD 24.3 B GAL/YR Gasoline Speedway 13% larathon Brat 17% Distillate lholesale/Spi 56% a. wrk, = = 14% purchased for resale 1,356 MBD * * Refinery yields Note: All the above include the results of the Minnesot
Slide 46: Refinery Unit and Production Capacity: Garyville
Refining: Refinery Unit and Production Capacity ‘") Garyville Crude 464,000 | Vacuum Distillation 240,000 Coking 80,300 Catalytic Cracking 134,000 | Catalytic Reforming 110,200 Catalytic Hydrocracking 83,600 Catalytic Hydrotreating 466,100 Alkylation 27,100 Polymerization / Dimerization = Aromatics
Slide 47: Refinery Unit and Production Capacity
Crude Vacuum Distillation Coking Catalytic Cracking Catalytic Reforming Catalytic Hydrocracking Catalytic Hydrotreating Alkylation Polymerization / Dimerization Aromatics Isomerization Cumene Coke (Short Tons per Day) (?) Sulfur (Long Tons per Day) (3) Asphalt PADD (1) As of January 1, 2011 (BA) | 2
Slide 48: Refinery Unit and Production Capacity
Crude 206,000 Vacuum Distillation 68,000 Coking 27,600 }. Catalytic Cracking 49,900 Catalytic Reforming 76,000 Catalytic Hydrocracking 26,600 Catalytic Hydrotreating 177,700 Alkylation 11,900 Polymerization / Dimerization = Aromatics — Isomerization 13,800 Cumene — Coke (Short Tons per Day) (2) 1,42
Slide 49: Refinery Unit and Production Capacity: Detroit
a ee ge a ee ID NRerini ng: Refin ery Unit ana Pr Detroit Crude 106,000 Vacuum Distillation 52,300 Coking = Catalytic Cracking 30,900 Catalytic Reforming 20,400 Catalytic Hydrocracking = Catalytic Hydrotreating 97,500 Alkylation 4,800 Polymerization / Dimerization = Aromatics — Isomerization = Cumen
Slide 50: Refinery Unit and Production Capacity
Crude Vacuum Distillation Coking Catalytic Cracking Catalytic Reforming Catalytic Hydrocracking Catalytic Hydrotreating Alkylation Polymerization / Dimerization Aromatics Isomerization Cumene Coke (Short Tons per Day) '?) Sulfur (Long Tons per Day) (3) Asphalt PADD (1) As of January 1, 2011 | 88 14,
Slide 51: Texas City
Texas City Crude Vacuum Distillation Coking Catalytic Cracking Catalytic Reforming Catalytic Hydrocracking Catalytic Hydrotreating Alkylation Polymerization / Dimerization Aromatics Isomerization Cumene Coke (Short Tons per Day) (?) Sulfur (Long Tons per Day) (3) Asphalt PADD (1) As of January 1, 20
Slide 52: Key to Success
Key to Success ®@ Safety and Environmental Focus
Slide 53: Safety Focus
Safety Focus ™@ MPC’s goal to have all six refineries in OSHA’s Voluntary Protection Program (VPP) = Top safety programs and performance are minimum requirement = VPP Star Refineries — Detroit, Michigan B — Garyville, Louisiana “ — Robinson, Illinois Voluntary Protection Programs An OSHA Cooperative
Slide 54: Safety Performance Trend
Safety Performance Trend OSHA Recordable Rate 2006 2007 2008 2009 2010 2011 YTD mm6-Plant =—NPRA Average 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2011 YTD — Through August
Slide 55: Environmental Performance
Environmental Performance 300 250 N fo) fo) Pounds/MB Throughput = b 3° a oO oO 5 fo) Avg 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 99/00 Excludes St. Paul Park Refinery (A)
Slide 56: Key to Success
Key to Success ® Operational Excellence = High Mechanical Availability = High Energy Efficiency = Competitive Operating Costs
Slide 57: Key to Success
Key to Success @ Integrated System = Operational and Logistical Flexibility = Niche Refining Advantages
Slide 58: Lower 48 States Shale Plays
Be al ve a = EL Ss "a Lower 48 states shale plays oie Sy Shale Plays —_ to North American eeeae . Bakken*™* Source Energy information Administration based on date from various published studies Updated: May 9, 2011 FT
Slide 59: Refining Performance Metrics: Keys to Operating Excellence
Refining Performance Metrics: Keys to Operating Excellence MPC Total Refining Price Advantaged Crudes” L oO Ww wm Percent of Price Advantaged Crude N Ww a ros) N o 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 () Canadian Heavy and WTI price based crudes (A)
Slide 60: Growth Projects
Growth Projects Garyville Expansion Detroit Heavy Oil Upgrade Project Building on the Advantaged Location for Best in Class Refinery Low Cost Crudes
Slide 61: $3.9 Billion Garyville Major Expansion
$3.9 Billion* Garyville Major Expansion 12/31/2008 12/31/2010 @ 256 MBD Crude Capacity ™@ 464 MBD Crude Capacity @ 190 MBD Gasoline @ 300 MBD Gasoline m@ 95 MBD Diesel ™@ 185 MBD Diesel ™@ 18th Largest U.S. refinery ™ 3rd Largest U.S. refinery * Excludes capitalized interest Enhancing Last Grassroot
Slide 62: Garyville Configuration
Garyville Configuration Advantages @ GME: 28 API gravity crude, no bottoms ™ Combined refinery can: = Make asphalt and/or #6 oil = Reduce bottoms with lighter crude slate @ Stainless metallurgy = Allows processing of high TAN crudes Wide Variety of Potential Feedstocks (BA)
Slide 63: Synergies with Existing Refinery
™@ New hydrocracker " Optimizes cracker feed with FCC o Increases diesel yield " Flexibility between distillate and gasoline ® Two platformers a Allows optimum operation o Resolves reformer shortfall a Increased low RVP gasoline production ™ New kerosene hydrotreater " Option to re-enter jet market
Slide 64: Garyville: World-class Refinery, Worldwide Options
Garyville: World-class Refinery — Worldwide Options Blue Water Logistics ™ New dock increased capacity by 40% @ Supply Florida while increasing’éxports ® In addition to products, supports opportunity crudes, feedstocks and blendstocks Brown Water Logistics @ Import heavy Canadian Crudes = Allows mov
Slide 65: Detroit Heavy Oil Upgrade Project
Detroit Heavy Oil Upgrade Project ™@ Positioned to capitalize on Canadian oil sands production ™@ Increases heavy oil capacity an additional 80,000 BD, including “difficult to process” Canadian crudes ™ Crude capacity increases ~15,000 BD ™ 28,000 BD delayed coker and 36,000 BD distillate hydrotreat
Slide 66: Detroit Heavy Oil Upgrade Project
Detroit Heavy Oil Upgrade Project Pre-expansion ™@ 106 MBD Crude Capacity @ 20 MBD Heavy Crude @ ~32 MBD Diesel ™@ ~61 MBD Gasoline Enhancing Value Thru Lower Crude Costs Post-expansion 120 MBD Crude Capacity 100 MBD Heavy Crude ~34 MBD Diesel ~69 MBD Gasoline +60 MPC Employees +75 Contractors
Slide 67: WCS vs. LLS and WCS vs. WTI & Syncrude Average
WCS vs. LLS and WCS vs. WTI & Syncrude Average 1,000 ) Hypothetical Annual Pre-tax Feedstock Savings* 800 - s 600. = 575 400 - 411 “ | 0. : : : : 2008 2009 2010 2011** WCS vs. LLS Price Steric | ($22.94) ($12.20) ($17.37) ‘| ($33.14) WCS vs. LLS Tariff Differential $3.30 $3.30 $3.30 $3.30 Net Feedst
Slide 68: Options...Detroit Logistics
Options...Detroit Logistics ® Canadian crude via three routes ey | @ Virtually all world crudes via owned pipelines from USGC , = ® All gasoline production sold in local market Strategically Located for Inputs / Outputs (BA)
Slide 69: Options...Operational Flexibility
eal ° Options...Operational Flexibi ® No significant production increase ® Ability to vary asphalt production @ Shift asphalt production to other Midwest refineries Expands Ability to Optimize Midwest Refining System
Slide 70: MPC Feedstock Flexibility
MPC Feedstock Flexibility* Increasing Coking Capacity 160 140 120 — 100 - 2 80 = 60 40 - 20 0 1 2009 2010 2011 2012 2013 * Excludes St. Paul Park Refinery Coking capacity leads to lower feedstock costs (A) ee
Slide 71: MPC Increasing Diesel Production
MPC Increasing Diesel Production* 400 375 350 325 300 . 27 A i i 250 263! 2003 2004 2005 2006 2007 2008 2009 2010 * Excludes St. Paul Park Refinery MBCD (A)
Slide 72: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 73: Transportation & Logistics: MPC's Midstream
Transportation & Logistics — MPC’s Midstream @ 2,200 employees Pipeline Transportation Inland/Blue Water Marine Terminal Services Product Truck Movements Rail Movements Facilities Engineering ®@ Six different lines of business ™@ Marathon Pipe Line LLC * #1in 2010 volume delivered * 6,100 miles oper
Slide 74: Pipeline and Barge Logistics
Pipeline and barge logistics Focused on optimal refinery crude supply and product placement Destination choice in product markets Efficiency, flexibility, speed Terminal network Critical mass in key markets Key to E-10 expansion Speedway transport fi" Refineries == Connecting Pipelines @ Terminals l
Slide 75: Midstream Competitive Advantage
Midstream Competitive Advantage MPC's Logistical Assets vs. Peers MPC's Midwest Refined Products Logistics System Sunoco/ my MPL oar 7 3 Lane HURON : Valero Tesoro Sun 2 —— Other Pipelines. Logistics!) = L SEES Pipeline Volume 2,172 (MBD) * Pipeline Miles * 3,532 676 868 5,336 Terminals 83 NLR. 18 4
Slide 76: Transportation and Logistics: Pipeline
Transportation and Logistics: Pipeline —— MPC Interest; Operated by MPC ———~—=- MPC Interest; Operated by Others —— Pipelines Used by MPC Pipeline Barrels Handled (MBD) 2008 2009 2010 Crude Oil Trunk Lines") 1,216 1,113 1,204 Refined Products Trunk Lines 960 953 968 Total 2,176 2,066 2,172 (For all
Slide 77: Options...Louisiana Offshore Oil Port
Options...Louisiana Offshore Oil Port @ 51% Interest ® Provides VLCC shipping economics Louisiana G @ Large storage/blending capability = Mix & match crudes — Optimizes metallurgy = Capitalize on crude market dislocations = Blend crudes twice — At LOOP — Again at Garyville
Slide 78: Terminals: Transport and Marine
Terminals: Transport and Marine ™@ 62 owned and operated and 45 third-party light product terminals (gasoline, diesel, kerosene, jet fuel) @ 21 owned or operated and 12 leased heavy oil, coke and asphalt terminals! @ 122 owned transport trucks and 263 transport loading racks Light Product Terminals
Slide 79: Ethanol Blending Advantages and Opportunities
Ethanol Blending Advantages and Opportunities ™ Midwest Ethanol System Provides Competitive Advantage = Ethanol blends at a 10% rate into gasoline system wide = Adiverse ethanol supply network = Equity interest at Clymers, Indiana (35% ownership) and Greenville, Ohio (50% ownership) allows: integrat
Slide 80: Meeting Agenda
Meeting Agenda Welcome Pamela K. M. Beall Vice President — Investor Relations and Government & Public Affairs Economic Outlook Thomas P. Barney Chief Economist Downstream Strategy Gary R. Heminger President and Chief Executive Officer Financial Overview Donald C. Templin Senior Vice President and Ch
Slide 81: Overview of Operating Statistics: Sources of Crude Oil Refined
Slide 82: CAPP Western Canada Crude Supply Forecast
Slide 83: Dynamic Landscape: Canadian Crude, Present Supply
Slide 84: Dynamic Landscape: Canadian Crude, Proposed Supply
Slide 85: MPC Tactical Options: Keystone Pipeline
Slide 86: MPC Tactical Options: Keystone XL Pipeline
Slide 87: Options...Cushing
Slide 88: Bakken Production: North Dakota Light (NDL)
Slide 89: Options...Eagle Ford Shale
Slide 90: Options...Utica Shale
Slide 91: Options...Domestic Production
Slide 92: Options...Garyville New Crudes
Slide 93: Meeting Agenda
Slide 94: Marketing: Broad and Diverse Presence
Slide 95: MPC Gasoline Overview
Slide 96: Wholesale Overview
Slide 97: Brand Overview
Slide 98: Brand Overview: Consistent Growth Vehicle
Slide 99: The Pantry: Strategic Drivers
Slide 100: Asphalt Overview
Slide 101: Meeting Agenda
Slide 102: Slide 102
Slide 103: Benefits of Retail Integration
Slide 104: Speedway vs. Public Company C-Stores - 2010
Slide 105: Speedway vs. NACS
Slide 106: Speedway
Slide 107: Speedy Rewards Loyalty Program
Slide 108: Speedway Brand Value
Slide 109: Benefits of Company Owned & Operated Retail
Slide 110: Speedway Strategic Focus
Slide 111: Meeting Agenda
Slide 112: MPC Strategy
Slide 113: MPC: Best in Class Refiner