Slide 1: Second Quarter 2024 Earnings Conference Call
Second Quarter 2024 Earnings Conference Call August 6, 2024 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measurements
Forward‐Looking Statements and Non-GAAP Financial Measurements 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, fi
Slide 3: Business Update
Business Update ▪ Growing Adjusted EBITDA & DCF Distributable Adj. EBITDA Cash Flow ▪ Investing to drive cash flow growth $1.65B $1.4B ▪ Committed to capital return to unitholders Adj. Free Return of Cash Flow Capital ▪ Preakness II processing plant began operations $1.45B $949M Leverage Distributio
Slide 4: Steadily Growing Business: Growth Projects & Projected In-Service Dates
Steadily Growing Business L&S 2022 & Prior ⚫ Whistler Pipeline (2.0 Bcf/d, 30% owner(a)) Growth Projects & Projected In-Service Dates ⚫ BANGL Pipeline (125 MBD, 45% owner(b)) ⚫ Permian Gathering System Expansion (100% owner) ⚫ Bakken Gathering System Expansion (100% owner) G&P ⚫ Torñado II (200 MMcf
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment ▪ Higher rates including growth from equity affiliates ▪ 2Q24 overall volumes and % change: vs. 2Q23 Crude Pipelines: 4.0 MMBPD 3% Product Pipelines: 2.1 MMBPD (2)% Terminals: 3.2 MMBPD 1% 5
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment ▪ Increased volumes, including contributions from recently acquired assets ▪ Offset by higher operating expenses as well as a gain on sale of assets which occurred in the second quarter of 2023 ▪ 2Q24 overall volumes and % change: vs. 2Q23 Gathering: 6.6 Bcf/d 7% Proce
Slide 7: 2Q 2024 Financial Highlights
2Q 2024 Financial Highlights 2023 2024 2023 2024 +8% YoY +7% YoY Three Months Ended June 30, 2023 2024 Distributions Declared ($/unit) $0.775 $0.850 Distribution Coverage(a) 1.7x 1.6x Adjusted Free Cash Flow(b)(c) ($MM) $1,162 $1,448 Total Capital Returned to Unitholders(d) ($MM) $799 $949 See appen
Slide 8: Sustainability Highlights
Sustainability Highlights (a) Methane emissions were calculated based on the EPA’s Mandatory Greenhouse Gas Reporting Program in 40 CFR Part 98. See our most recent Perspectives on Climate-Related Scenarios report on our website for additional information on how we calculate GHG intensity and CO2e r
Slide 9: History of Strong Financial Performance
History of Strong Financial Performance High-return capital projects driving steady cash flow growth support disciplined reinvestment and capital return to unitholders See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow. (a) Attributable to MPLX LP
Slide 10: Appendix
Appendix 10
Slide 11: Blackcomb Pipeline
Blackcomb Pipeline ▪ Expands MPLX's natural gas value chain ▪ Provides needed natural gas takeaway capacity for Permian shippers ▪ Advances MPLX’s wellhead-to-water strategy ▪ Leverages the WPC Joint Venture(b) as a platform for growth ▪ MPLX owns ~34% of Blackcomb(c) ▪ 42” pipeline with 2.5 Bcf/d c
Slide 12: Strong Balance Sheet
Strong Balance Sheet Consolidated Total Debt to LTM Adj. EBITDA $ Millions YE22 YE23 2Q24 (unless otherwise noted) Consolidated Total Debt(a) 20,108 20,706 22,356 LTM Adj. EBITDA 5,775 6,269 6,507 Consolidated Total Debt to LTM 3.5x 3.3x 3.4x Adj. EBITDA ▪ Issued $1.65 billion of 5.50% senior notes
Slide 13: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 2Q24 Processed Volumes(a) 2Q24 Fractionated Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area Volume Available of Quarter Area of Quarter Volume Available (MBPD) Capacity (%) (MMcf/d)
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income ($MM) 2Q 2024 2Q 2023 FY 2023 FY 2022 FY 2021 FY 2020 Net income/(loss) 1,186 942 3,966 3,978 3,112 (687) Provision for income taxes 2 — 11 8 1 2 Net interest and other financial costs 231 233 923 925 879 896 Income from o
Slide 15: Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities ($MM) 2Q 2024 2Q 2023 FY 2023 FY 2022 FY 2021 FY 2020 Net cash provided by operating activities 1,565 1,437 5,397 5,019 4,911 4,521 Changes in working capital items (166) (156) (169) (128) (1
Slide 16: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 2Q 2024 2Q 2023 L&S segment adjusted EBITDA attributable to MPLX LP 1,129 1,022 G&P segment adjusted EBITDA attributable to MPLX LP 524 509 Adjusted EBITDA attributable to MPLX LP 1,653 1,531 Depreciation and amortization (320) (310) Net
Slide 17: Reconciliation of Net Cash from Operating Activities 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 ($MM) 2Q 2024 2Q 2023 Net cash provided by operating activities (a) 1,565 1,437 Adjustments to reconcile net cash provided by operating activities to adjusted
Slide 18: Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to LTM Adjusted EBITDA ($MM) 2Q 2024 YE 2023 YE 2022 YE 2021 YE 2020 LTM Net income (loss) 4,273 3,966 3,978 3,112 (687) Provision for income taxes 13 11 8 1 2 Net interest and other financial costs 913 923 925 879 896 LTM income from operations 5,199 4,900 4,