Slide 1: Second Quarter 2023 Earnings Conference Call
Second Quarter 2023 Earnings Conference Call August 1, 2023 1
Slide 2: Forward-Looking Statements
Forward‐Looking Statements This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, including with r
Slide 3: Business Update
Business Update Distributable ▪ Record Adj. EBITDA & DCF Adj. EBITDA Cash Flow ▪ Investing for growth, underpinned $1.5B $1.3B by strict capital discipline Adj. Free Return of Cash Flow Capital ▪ Maintaining a strong balance sheet $1.2B $0.8B Leverage Distribution ▪ Committed to capital return Ratio
Slide 4: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy Methane Emissions Biodiversity MPLX G&P Focus Areas for Methane Reductions Continuing to Drive Energy Intensity Target Right-of-Way Target Efficiency Improvements 2030 Goal 2025 Goal 2025 Goal Progress(b) In 2022, four terminals achieved the U.S. P
Slide 5: Steadily Growing Business
Steadily Growing Business L&S ⚫ Wink to Webster (W2W) Pipeline (1.5 MMBD, 15% owner) Distributable Cash Flow 2021 & Prior Growth Projects & Projected In-Service Dates ⚫ Whistler Pipeline (2.0 Bcf/d, 38% owner) YTD 2023 ⚫ BANGL Pipeline (125 MBD, 25% owner) +6% over G&P ⚫ Smithburg I (200 MMcf/d, 50%
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment ▪ Higher rates and growth in total throughputs ▪ 2Q23 overall volumes and % change: vs. 2Q22 Crude Pipelines: 3.8 MMBPD 4% Product Pipelines: 2.1 MMBPD (6)% Terminals: 3.2 MMBPD 3% 6
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment ▪ Higher volumes and throughput fees offset by lower natural gas liquids prices ▪ 2Q23 overall volumes and % change: vs. 2Q22 Gathering: 6.2 Bcf/d 9% Processing: 8.9 Bcf/d 6% Fractionation: 583 MBPD 9% ▪ 2Q23 Marcellus volumes and % change: vs. 2Q22 Gathering: 1.3 Bcf/
Slide 8: 2Q 2023 Financial Highlights
2Q 2023 Financial Highlights Adjusted EBITDA 2022 2023 Distributable Cash Flow 2022 2023 1,531 +5% YoY 1,315 +6% YoY $MM 1,457 1,237 $MM 2Q 2Q Three Months Ended Jun 30 2022 2023 Distributions Declared ($/unit) $0.705 $0.775 Distribution Coverage Ratio 1.7x 1.7x Adjusted Free Cash Flow(a) ($MM) $1,3
Slide 9: Appendix
MPLy Appendix
Slide 10: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to 4.5x LTM Adj. EBITDA $ Millions YE21 YE22 2Q23 (unless otherwise noted) 4.0x Consolidated Total Debt(a) 20,359 20,108 20,707 3.5x LTM Adj. EBITDA 5,560 5,775 5,975 3.0x 2019 2020 2021 2022 Consolidated Total Debt to 3.7x 3.5x 3.5x Debt Maturities – Thr
Slide 11: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 2Q23 Processed Volumes(a) 2Q23 Fractionated Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area of Quarter Volume Available Area of Quarter Volume Available (MBPD) Capacity (%) (MMcf/d)
Slide 12: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 2Q 2023 2Q 2022 2Q 2023 2Q 2022 YTD YTD Net income 942 884 1,894 1,717 Provision for income taxes — — 1 5 Interest and other financial costs 233 233 476 455 Income from operations 1,175 1,117 2,371 2,177 Depreciation and
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 2Q 2023 2Q 2022 2Q 2023 2Q 2022 YTD YTD Net cash provided by operating activities 1,437 1,487 2,664 2,612 Changes in working capital items (160) (266) (112) (148) All other, net 6 9 (3) (36)
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) FY 2022 FY 2021 FY 2020 FY 2019 Net income/(loss) 3,978 3,112 (687) 1,462 Provision for income taxes 8 1 2 — Interest and other financial costs 925 879 896 915 Income from operations 4,911 3,992 211 2,377 Depreciation and
Slide 15: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) FY 2022 FY 2021 FY 2020 FY 2019 Net cash provided by operating activities 5,019 4,911 4,521 4,082 Changes in working capital items (121) (157) (201) 110 All other, net (34) (26) (3) (9) Loss
Slide 16: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 2Q 2023 2Q 2022 L&S segment adjusted EBITDA attributable to MPLX LP 1,022 966 G&P segment adjusted EBITDA attributable to MPLX LP 509 491 Adjusted EBITDA attributable to MPLX LP 1,531 1,457 Depreciation and amortization (310) (310) Intere
Slide 17: Capital Expenditures
Capital Expenditures ($MM) 2Q 2023 2Q 2022 Capital Expenditures Growth capital expenditures 227 130 Growth capital reimbursements(a) (47) (21) Investments in unconsolidated affiliates 26 46 Capitalized interest (3) (3) Total growth capital expenditures 203 152 Maintenance capital expenditures 26 46
Slide 18: Reconciliation of Net Cash from Operations to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (FCF) and Adjusted Free Cash Flow After Distributions ($MM) 2Q 2023 2Q 2022 Net cash provided by operating activities (a) 1,437 1,487 Adjustments to reconcile net cash provided by operating activities to adjusted
Slide 19: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) 2Q 2023 YE 2022 YE 2021 YE 2020 YE 2019 LTM Net income (loss) 4,155 3,978 3,112 (687) 1,462 Provision for income taxes 4 8 1 2 — Interest and other financial costs 946 925 879 896 915 LTM income from operations 5,105 4,911 3,992 21