Slide 1: First-Quarter 2020 Earnings Conference Call
First-Quarter 2020 Earnings Conference Call May 5, 2020
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: Prudent Capital Discipline
Prudent Capital Discipline 2020 capital spend 2020 Growth Capital Plan (Illustrative)(b) target(a) reduced by over $700 million $2.6 B Growth: Over $600 MM reduction to ~$900 MM ~$2.0 B Maintenance: $100 MM reduction ~50% ~25% ~$1.5 B ~25% to ~$150 MM ~25% ~75% ~$900 MM Projected 2020 operating
Slide 4: Targeting Positive Free Cash Flow
Targeting Positive Free Cash Flow Disciplined Approach and Long-term Focus 2019 The Path to Increased Cash Flow 2021 EBITDA ~$5.1 B(a) EBITDA – Continued Growth DCF ~$4.1 B(a) DCF – Continued Growth Distributions Growth Capital Growth Capital Distributions ~$3.0 B(b) ~$2.6 B(c) ~$1 B Positive Free C
Slide 5: Logistics & Storage: Earnings Diversity & Protection
Logistics & Storage: Earnings Diversity & Protection Logistics & Storage (L&S) 2019 MPLX EBITDA ~2/3 of EBITDA Refining Logistics (RL) + Fuels Distribution (FD): ~$5.1 B ~$3.3 B – ~$1.4 B EBITDA(a) – RL fee-for-capacity – FD highly stable with MVC(b) L&S Terminals 66% + Marine Terminals and Mari
Slide 6: Gathering & Processing: Regions & Customers
Gathering & Processing: Regions & Customers Gathering & Processing (G&P) 2019 MPLX EBITDA ~1/3 of EBITDA ~$5.1 B ~$1.8 B Regional Processing MVCs(b) – Marcellus ~74% – Other Northeast ~25% – Southwest ~5% G&P Marcellus L&S – Mid-Con ~35% 34% 66% Other Northeast Largest customers in Northeast Sou
Slide 7: Responsible Corporate Leadership
Responsible Corporate Leadership Earned U.S. EPA 32 OSHA VPP sites COVID-19 support Energy STAR Including three Transport fleet moved a mobile clinic to the El Paso Airport Challenge Awards new sites in 2019: to provide medical relief Donated meals to first responders and In 2019: St. Elmo, IL Aspha
Slide 8: First-Quarter Highlights
First-Quarter Highlights Reported adjusted EBITDA attributable to MPLX of $1.3 billion Generated $1.0 billion in net cash provided by operating activities and reported distribution coverage of 1.44x Announced 2020 business response to COVID-19 environment: – Over $700 million of capital spend
Slide 9: Logistics & Storage Segment
Logistics & Storage Segment Pipeline throughputs averaged 5.1 MMBPD – Increase of ~2% year-over-year Terminalling throughputs averaged 3.0 MMBPD – Decrease of ~8% year-over-year MEXIC O Progressing Permian long-haul Wink-to-Webster crude oil and Whistler natural gas pipelines (a) MPLX Owned an
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment 1Q20 Processed Volumes(a) Capacity at Utilization of 1Q20 Overall volumes and % change: End of Average Available Area Volume vs. 1Q19 Quarter (MMcf/d) Capacity (MMcf/d) (%)(b) Gathering: 5.8 Bcf/d (3)% Marcellus 6,172 5,522 90% Processing: 8.8 Bcf/d 3% Utica 1,325 64
Slide 11: 1Q 2020 Financial Highlights
1Q 2020 Financial Highlights Adjusted EBITDA(a) Distributable Cash Flow(a) 2,000 2019 2020 2,000 2019 2020 1,263 1,294 1,021 1,078 $MM $MM 1,000 1,000 0 0 1Q 1Q Three Months Segment Adjusted EBITDA(a) ($MM) Ended Mar 31 2019 2020 Logistics and Storage 828 872 Gathering and Processing 435 422 (a) Adj
Slide 12: 1Q 2020 vs. 1Q 2019 Adjusted EBITDA
1Q 2020 vs. 1Q 2019 Adjusted EBITDA 1,400 1,263 44 (13) 1,294 1,200 G&P G&P 422 1,000 435 800 $MM 600 L&S L&S 2Q 2018 828 872 400 vs. 2Q 200 2017 0 Variance Analysis 1Q 2019 Adjusted EBITDA Attributable to MPLX (a) Logistics & Storage Gathering & Processing 1Q 2020 Adjusted EBITDA Attributable to MP
Slide 13: Financial and Balance Sheet Highlights
Financial and Balance Sheet Highlights As of ($MM except ratio data) 3/31/20 Cash and cash equivalents 57 Total assets 37,006 Total debt(a) 20,471 Redeemable preferred units 968 Total equity 13,356 First Quarter 2020 distribution coverage(b) 1.44x Leverage(c) 4.1x Remaining capacity available under
Slide 14: Appendix
MPLy Appendix 14
Slide 15: Gathering & Processing Segment: Sub-Region Processed Volumes
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 16: Organic Growth Capital Projects: Logistics & Storage
Organic Growth Capital Projects Logistics & Storage Segment Est. Projects Description Completion Date Mt. Airy Terminal Expansion Constructing 2nd 120 MBPD dock and incremental storage 3Q20 Utica Butane Expansion Expansion for transportation of butanes from Utica to Robinson and Lima 3Q20 W2W Pipeli
Slide 17: Organic Growth Capital Projects: Gathering & Processing
Organic Growth Capital Projects Gathering & Processing Segment Est. Processing and Fractionation Shale Resource Capacity Completion Date Omega 2 Processing Plant Cana-Woodford 180 MMcf/d 2Q20 Hopedale 5 C3+ Fractionation Marcellus & Utica 80,000 BPD 2Q20 Preakness Processing Plant Delaware 200 MMcf/
Slide 18: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x 4.5x 3.0x $ Millions YE18 YE19 1Q20 (unless otherwise noted) 1.5x 0.0x Consolidated Debt 13,856 20,713 20,864 2015 2016 2017 2018 2019 2020 Debt Maturities – Next 10 Years LTM Pro forma Adj. EBITDA 3,567 5,104 5,135 3.0 Consolidated debt
Slide 19: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 1Q 2020 1Q 2019 Net (loss) income (2,716) 689 (Benefit) provision for income taxes - (1) Amortization of deferred financing costs 14 7 Net interest and other financial costs 216 217 (Loss) income from operations (2,486) 9
Slide 20: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 1Q 2020 1Q 2019 Net cash provided by operating activities 1,009 853 Changes in working capital items 112 196 All other, net (30) (15) Non-cash equity-based compensation 5 7 Net gain (loss) o
Slide 21: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2020 1Q 2019 YTD 2019 L&S segment adjusted EBITDA attributable to MPLX LP 872 828 3,351 (including predecessor results) G&P segment adjusted EBITDA attributable to MPLX LP 422 435 1,753 (including predecessor results) Adjusted EBITDA a
Slide 22: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 1Q 2020 1Q 2019 Capital Expenditures Maintenance 34 37 Maintenance reimbursements (14) (7) Growth 284 467 Growth reimbursements - (5) Total capital expenditures 304 492 Less: Increase (decrease) in capital accruals (61) (71) Additions to property, plant a
Slide 23: Reconciliation of LTM Net Income to LTM Pro Forma Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA ($MM) 1Q 2020 1Q 2019 LTM Net (loss) income (1,943) 1,920 LTM Net income to adjusted EBITDA adjustments 6,641 1,725 LTM Adjusted EBITDA attributable to MPLX LP 4,698 3,645 LTM Pro forma/Predecessor adjustments for acquisitions
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