Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Corporate Update (November 2011)
71 slides from Marathon Petroleum's corporate update, November 2011
Slide 1: Business Update
Business Update November 2011 Marathon (IN\\ Petroleum Corporation
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 proj
Slide 3: Spin-off Details
Spin-off Details ® On January 13, 2011, Marathon’s Board of Directors announced they had approved plans for moving forward with the spin-off of the Downstream business ® Results in two strong, highly focused energy companies = Marathon Oil Corporation (MRO) = Marathon Petroleum Corporation (MPC) @ T
Slide 4: Marathon's Pre-Spin Business Segments
Marathon’s Pre-Spin Business Segments Exploration & Production Refining, Marketing and Transportation Integrated Gas Oil Sands Mining
Slide 5: Marathon Petroleum Corporation (MPC)
Marathon Petroleum Corporation (MPC) Focused and Integrated Operations Flexibility to Achieve Peer-leading Results I F Refineries Connecting Pipelines {ll Terminals Speedway Brand Marketing Inland Water Coastal Water iy Terminals od Terminals [4 Marketing Area
Slide 6: MPC Key Highlights
MPC Key Highlights @ Strong credit profile and liquidity ®@ Fully integrated downstream system @ Strong competitive positioning versus peer group @ Impressive safety and environmental record @ Strategically located in Midwest/PADD Il and USGC/PADD Ill regions ™ Extensive midstream network and retail
Slide 7: MPC Strong Credit Profile and Liquidity
MPC Strong Credit Profile and Liquidity Historical Financial Summary Year Ended 2009 Income from Operations 1,011 654 1,855 Net Income 623 449 1,215 Capitalization 9 Mo. Ended Sept. 30 Total Debt Outstanding® 3,299 Stockholders’ Equity 10,049 Total Capitalization 13,348 Total Debt/LTM EBITDA\) 0.6x.
Slide 8: Fully Integrated Downstream System
Fully Integrated Downstream System Refining and Marketing ® Six-plant refining network with 1,142,000 barrels per day of crude oil refining capacity @ One of the largest wholesale suppliers of gasoline and distillate within our market areas ® One of the largest producers of asphalt in the U.S. @ = ~
Slide 9: 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 larathon Bra 17% i ‘Speedway —a_— 13% = wale — +233 MBD purchased for resale 1,356 MBD * * Refinery yields Note: All the above include the results of the Minnesota assets which were sold effe
Slide 10: MPC Relative Refining Position
MPC Relative Refining Position (MBD) U.S. Crude Refining Capacity (#) # of U.S. Refineries 3,000 15 2,000 10 1,000 823 755 675 665 ee ¢€ 9 Vv € = 2 2 2 ° ° c ow w = c ° ° gfe eee sss = § $$$ $e 2 8 3 § & § £3 & 26 0 € & FS 3 Xs 2 = eo 3c § w ce) $ ” re) Lae 6 a (MBD) Average Crude Capacity of (NCI)
Slide 11: Impressive Safety and Environmental Record
Impressive Safety and Environmental Record Safety OSHA Recordable Incident Rate (Employee and Contractor History) Environmental Days Away Rate (Employee and Contractor History) 200 | 167 "WNitaia: 1.00 0.97 i 0.73 0.80 0.50 — 0.50 0.45 i 0.53 | 0.12 0,09 0.09 13 0.10 0.08 012 493 gal . eee eee eee 2
Slide 12: Garyville Major Expansion (GME) Project
Garyville Major Expansion (GME) Project = » bal H Garyville, LA refinery is last grassroots refinery built in the U.S. (1976) @ Base Garyville refinery, 2008 Solomon survey = Best U.S. cash cost operating expense = Second-best U.S. Energy Intensity Index B® $3.9 billion, excluding capitalized intere
Slide 13: 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 ® = Inaddition to products, suppot Brown Water Logistics Pipelines Logistics opportunity crudes, feedstock: blendstocks Import heavy Canadian Crudes Allows
Slide 14: Midwest/PADD II Net Short Supply Position
Midwest/PADD II Net Short Supply Position Enhances Margin Opportunities @ Theincremental 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 PADDs ™
Slide 15: CAPP Western Canada Crude Supply Forecast
CAPP Western Canada Crude Supply Forecast Annual Growth from 2010 - 2025 thousand barrels per day MBD Light Supply 16 6,000 Heavy Supply 154 Actual Forecast 5,000 4,000 3,000 Oil Sands Heavy* 2,000 1,000 Conventional Light U 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 and bitumen blended
Slide 16: MPC Well Positioned to Capture Oil Sands Economics
MPC Well Positioned to Capture Oil Sands Economics Advantaged Location Should Lead to Higher Relative Profitability lardisty ~$5.50/BBL Hardisty to $7.35/BBL Detroit Hardisty to USGC Detroit Value vs. USGC Refineries for Canadian Heavy Processing SBBL Laid-In Crude Cost 1.85 Cushingi Higher Product
Slide 17: 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 hydrotreater
Slide 18: 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 vw 400 411 0 : - “1 2008 2009 2010 2011** WCS vs. LLS Price Steet | (822.94) ($12.20) ($17.37) _| ($33.90) WCS vs. LLS Tariff ssa $3.30 $3.30 $3.30 $3.30 Net Feedstock Savings} ($19.64
Slide 19: Strategy — Maximize "Price Advantaged" Crude Oil
Strategy — Maximize “Price Advantaged”’ Crude Oil Eagle Ford Shale Gulf of Mexico Opportunity Crude Oils
Slide 20: Price Advantaged Crudes Continue to Increase
Price Advantaged Crudes Continue to Increase 100% MPC Crude Slate (0) 90% 80% @ Other Sweet 70% ™ Other Sour 60% ae @ Canadian Heavy 40% @ WTI Based 30% 20% ; - 10% 28% 30% 33% 35% ‘0 0% 3Q10 4Q10 1Q11 2Q11 3Q11
Slide 21: Lower States Shale Plays
Lower 48 States Shale Plays Bakken*™* Williston Basin Current plays Prospective plays Stacked plays Shallowest/ youngest — Intermediate depth age — Deepest oldest ‘Source: Energy Information Administration based on data from various published studies. Updated: May 9, 2011 PE
Slide 22: Pipeline and barge logistics
® Pipeline and barge logistics = Enables refineries to operate as single system ® Destination choice in product markets = Efficiency, flexibility, speed ® Terminal network ® Critical mass in key markets = Key to E-10 expansion = Speedway transport li Refineries m= Connecting Pipelines MJ Terminals I
Slide 23: Midstream Competitive Advantage
Midstream Competitive Advantage MPC's Logistical Assets vs. Peers MPC's Midwest Refined Products Logistics System Sunoco/ Valero Tesoro Sun Logistics Pipeline Volume 2,372 (Bp) * Pipeline Miles * 3,532 676 868 5,336 Terminals 83 N.R. 18 42 Transports 122 NLR. Operate None for proprietary products tr
Slide 24: MPC's Extensive Retail Network
MPC's Extensive Retail Network Industry-Leading Retail Operation Speedway Brand Store counts as of 9/30/11 (M) il * Speedway + 4 largest U.S. owned/operated c-store chain * About 1,375 stores * ~2.0 million customers/day * Located in 7 states * Marathon branded gasoline * Independent entrepreneurs ¢
Slide 25: Benefits of Retail Integration
Benefits of Retail Integration @ Ratable sales ® Optimized operations = Refining = Pipeline = Terminal ® Biofuels blending base load ® Supply dislocation flexibility @ Reduced credit risk (Speedway) Refineries Connecting Pipelines (lll Terminals Fully Integrated Downstream Business Whemy ste eee von
Slide 26: Speedway vs. Public Company C-Stores - 2010
Speedway vs. Public Company C-Stores - 2010 Light Product Sales Merchandise Sales 200 » 176.2 200 > 170.6 = 2 = 134.9 g 150 116.9 eee 120.0 = 105.5 102.0 3 Sia = 100 74.1 ‘p 100 85.5 3 a 2 = 50 & 50 g 3 = Oo. 0 Speedway Casey's Couche- Pantry Susser Speedway Casey's Couche- Pantry Susser Tard Tard 2
Slide 27: Speedway vs. NACS
Speedway vs. NACS* 200 176.2 LightProduct Sales 47, 4 200 Merchandise Sales s 170.6 162.9 i= a 123.1 € 150 127.5 e s 5 100 > 100 xg 8 we 50 ® 50 “4 = = 5 7 oO Speedway NACS Average NACS Top Speedway NACS Average NACS Top Quartile Average Quartile Average 25 21.6 EBITDA") 21.7 20 Operating Income <£
Slide 28: Speedway Sales and Margin
Speedway Sales and Margin 4 Light Product Volume 600 Light Product Gross Margin 3.22 3.23 3.30 434 » 3 “- 398 6 2.19 5 400 333 = 2 = 280 9 = = “ 200 1 (4.7) 1.0 Si (1.4) 13.50 10.30 12.07 12.77 0 0 2008 2009 2010 2011* 2008 2009 2010 2011* (Same Store % inside bars) (Cents per gallon inside bars) 4
Slide 29: Speedy Rewards Loyalty Program
Speedy Rewards Loyalty Program ao Increasing Membership w Active Members (MM) nN 1 2005 2006 2007 2008 2009 2010 2011* Industry leading loyalty program Customers earn points on every purchase Customers redeem points for free merchandise and fuel discounts 3.8 MM active Speedy Rewards members Heavy v
Slide 30: Speedway Brand Value
Speedway Brand Value $5.6 Record contributions to 2 $4.0 cae a Children’s Miracle & S 3.0 Children’s Network S $2.0 - Fi Miracle Network 16] Hospitals Sng 2007 2008 2009 2010 Top Retail Gasoline Brand in the U.S. for past 3 consecutive years. EquiTrend, Harris Interactive Voted #1 in Customer Satisf
Slide 31: Benefits of Company Owned & Operated Retail
Benefits of Company Owned & Operated Retail ® Infrastructure and Scalability B® Leverage Brand Equity @ Loyalty Program— Speedy Rewards ® Consistent Execution @ Speed to Market @ Company Structure B® Growth Oriented @ People Enhancing Downstream Value
Slide 32: Speedway Strategic Focus
Speedway Strategic Focus B® Safety & Environmental Responsibility ®@ Market Share Growth ™ Customer Service/Retail Mentality BH Optimization of Supply Chain @ Growth Platform = Organic = Acquisitions = Partnerships B® Continue to execute efficiently & competitively M Leverage Technology Value Creati
Slide 33: Diversified Income Stream
Diversified Income Stream 2009 Segment Income 2010 Segment Income from Operations from Operations Pipeline Transportation Pipeline Transportation $172MM Refining & $183 MM 21% Marketing 14% $452 MM 54% Refining & Marketing Speedway $293 MM a uM 23% Speedway $212 MM 25% 2011* Segment Income from Oper
Slide 34: MPC vs. Competitors
MPC vs. Competitors (Pre-Tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput) 15. 7 10 + a om 35 ae wa 0 - + 5 - 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 pls MPC's Rank 3 3 2 i 2 3 7 2 1 s 3 1 5g 1 Companies Ranked* 12 11 aa 9 10 10 9 & & 9 9 & & &
Slide 35: 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 Donnelly & Co Gary R. Heminger President and CEO — MPC Donna A. James Corporate Directo
Slide 36: 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 37: MPC — Best in Class Refiner
MPC — Best in Class Refiner @ Well positioned versus peers @ Strong balance sheet ® Experienced and focused management team ® Enhanced flexibility to pursue tailored strategies @ Expanded growth opportunities ® Improved investor focus Focused on Shareholder Value
Slide 38: Appendix
Appendix
Slide 39: 3Q 2011 Earnings
3Q 2011 Earnings $856 MM PN / \ 3Q 2010 / ‘3a 2011 Net Income $277MM_ $1,133 MM Net Income per Diluted Share $0.77 $3.16 Adjusted Net Income Adjusted Net Income per Diluted Share $3,000 B4Q 832 $8 m4Q #302 $2,000 =2Q 910 $6 4 =2Q #1Q é 4 2 $1,000 - VEE} g : = 277 Bw S2- nF $o +— ; a $0 + -$1,000 - 5
Slide 40: Net Income
Net Income 3Q 2011 vs. 3Q 2010 Variance Analysis $2,000 ~ 1,359 (20) 17 (51) (449) —w —— a $1,500 - Pa 13433 6 2 $1,000 = $500 ~ 277 ie) | LJ . ; 3Q2010 Refiningand Speedway Pipeline Other Income Taxes 3Q2011 Marketing Transportation (Pre-tax)
Slide 41: Refining and Marketing Segment Income
Refining and Marketing Segment Income 3Q 2011 vs. 3Q 2010 Variance Analysis $1,800 | 1,376 (17) 1,711 $1,600 - $1,400 - $1,200 ~ $1,000 $800 $600 — $400 352 SO | Millions 3Q2010 R&M Gross Margin Other 3Q2011
Slide 42: Refining & Marketing Segment Income & Market Indicators
Refining & Marketing Segment Income & Market Indicators $2,000 mm Segment Income ——Total Throughputs ——R&M Refined Products Sold 2,000 FI 3 $1,600 Hy < $1,200 1,500 H a = gs ne 1,000 32 == $400 ok i $0 500 & 3 $400 % -$800 0 £ 1Q 2010 2Q 2010 3Q2010 4Q 2010 1Q2011 2Q2011 3Q 2011 Selected Market and
Slide 43: Speedway Segment Income
Speedway Segment Income 3Q 2011 vs. 3Q 2010 Variance Analysis $120 ~ 105* (17) $100 - (3) $80 - S60 - Millions $40 - $20 — SO - 3Q2010 Minnesota Asset Sale Other 3Q2011 * Includes 166 convenience stores and 67 franchise stores sold as part of the Minnesota refinery and related assets in December 201
Slide 44: Pipeline Transportation Segment Income
Pipeline Transportation Segment Income 3Q 2011 vs. 3Q 2010 Variance Analysis $80 5 28 (7) sea | ne) — 56 ra & $40 - 39 = $20 - go 4 3Q 2010 Maintenance & Equity Affiliates Other 3Q2011 Impairment Expense
Slide 45: Total Company Cash Flow
Total Company Cash Flow 3Q 2011 $4,000 - 238 (317) 1481 $3,000 - iz (71) 4 2,957 wo 6 2 $2,000 - = 1,622 $1,000 - so. — | 06/30/11 Operating Working Cash Capital Dividends Paid Other 09/30/11 Cash Cash Flow Capital Expenditures Cash Balance before and Balance Working Investments Capital —
Slide 46: Select Balance Sheet/Cash Flow Data
Select Balance Sheet/Cash Flow Data ($ Millions unless otherwise noted) 2011 2011 2Q 3Q As of quarter ended: Cash and cash equivalents 1,622 2,957 Total debt* 3,274 3,299 Cash-adjusted total debt 1,652 342 Stockholders’ equity 8,977 10,049 Cash-adjusted debt to capital ratio 16% 3% Year to date: Net
Slide 47: Income
Income ($ Millions unless otherwise noted) Pra [a [sa [va [na [20 | 20] 590 352 303 Refining and Marketing segment income (loss) (445) 802 1,260 1,711 Speedway segment income 40 83 105 65 33 80 85 Pipeline Transportation segment income 44 48 39 52 51 54 56 Total segment income (loss) (361) 721 496 4
Slide 48: EBITDA Reconciliation to Net Income
EBITDA Reconciliation to Net Income ($ Millions unless otherwise noted) pia | za | sa] aa | ia | 2a | 30 | 792 532 481 Refining and Marketing segment EBITDA (266) 981 1,436 1,890 Speedway segment EBITDA 69 111 131 93 59 108 113 Pipeline Transportation segment EBITDA 56 58 67 64 62 65 68 Total Segmen
Slide 49: Reconciliation
Reconciliation Net Income to Adjusted Net Income ($ Millions) rer eae evel meer ee Net Income (289) 1133 Impairments 17 Pension settlement 3 Income tax law changes 26 17 Adjusted Net Income (263) 422 277 233 529 819 | 1,133
Slide 50: EBITDA Reconciliation to Net Income
EBITDA Reconciliation to Net Income Year Ended 9 Mo. Ended Sept 30 2010 Net Income 2,694 623 449 1,215 2,464 393 = been —e net interest and other 48 24 45 6 35 11 ee nei and other financial (42) (12) (14) 4 (39) (9) Add: Provision for income taxes 1,566 400 236 670 1,435 269 Add: Depreciation and am
Slide 51: Financial Overview: Segment EBITDA
Financial Overview: Segment EBITDA YTD 2011 Refining and Marketing 4,307 1,539 950 1,819 Speedway 280 404 343 408 Pipeline Transportation 195 245 213 221 Total Segment EBITDA 4,782 2,188 1,506 2,448 Items not allocated to segments (218) (236) (182) 13 Total EBITDA 4,564 1,952 1,324 2,461 Note: YTD 2
Slide 52: Financial Overview: Capital Expenditures & Investments
Financial Overview: Capital Expenditures’ & Investments YTD 2011 Refining and Marketing 600 961 2,241 2,665 Speedway* 121 84 49 61 Pipeline Transportation 69 24 55 167 Corporate** 104 104 240 124 Total 894 1,173 2,585 3,017 (1) Includes changes in accruals. "Includes $74 million acquisition of 23 co
Slide 53: 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) LLS/WTI Spread*** Sensitivity =$65 (per $1.00/barrel change) Refined Product Wholesale Margin Sensi
Slide 54: MPC Financing Structure
MPC Financing Structure H 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% M@ S2 billion new 4-year revolving credit facility M@ =S1 billion 3-year trade receivables securitization facility ™ $2.957 bill
Slide 55: Refining: 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 — Isom
Slide 56: Refining: Refinery Unit and Production Capacity - Catlettsburg
Refining: Refin Catlettsburg 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) A
Slide 57: Refinery Unit and Production Capacity
Crude 206,000 Vacuum Distillation 68,000 Coking 27,600 j.. 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) 1,4
Slide 58: Refining: Refinery Unit and Production Capacity - Detroit
ge Refining: Refinery Unit and Production Capacity 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 = Cume
Slide 59: Canton
Canton Crude Vacuum Distillation Coking Catalytic Cracking Catalytic Reforming Catalytic Hydrocracking Catalytic Hydrotreating Alkylation Polymerization / Dimerization Aromatics Isomerization Cumene Coke (Short Tons per Day) (2) Sulfur (Long Tons per Day) (3) 88 Asphalt 14,100 PADD 2 (1) As of Janua
Slide 60: Refining: Refinery Unit and Production Capacity - Texas City
£ Refining: Refinery Unit and Produ Texas City a tion 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 (Lon
Slide 61: Dynamic Landscape: Canadian Crude - Present Supply
Dynamic Landscape: Canadian Crude Present Supply Edmonton Mountain Burnaby met Enbridge auoyshay Portland Salt Lake City LI" MPC Refineries ===> Enbridge Mainline = NewConstruction Port Arthur
Slide 62: Dynamic Landscape: Canadian Crude - Proposed Supply
Dynamic Landscape: Canadian Crude Proposed Supply Edmonton met Enbridge Portland auoyshay Salt Lake City MPC Refineries Enbridge Mainline Planned yD lve New Construction
Slide 63: Marathon Tactical Options: Keystone Pipeline
Marathon Tactical Options Keystone Pipeline Key Facts 5 @ Owner - TransCanada hahaa ™ Origin - Hardisty @ Destination - Wood River, Patoka, Illinois and Cushing, Oklahoma @ Diameter - 30” to Patoka; 36” from Steele City to Cushing Distance - 2,148 Miles Capital - $5.2 Billion Current Capacity - 590
Slide 64: Marathon Tactical Options: Keystone XL Pipeline
Marathon Tactical Options Keystone XL Pipeline Key Facts Owner - TransCanada Origin - Hardisty Destination - Port Arthur / Houston Diameter - 36” Distance - 1,980 Miles Capital - $7.8 Billion Status - Expect Presidential Permit Late 2011 Estimated Completion = Cushing to USGC - Late 2012 = Hardisty
Slide 65: Options...Cushing
Options...Cushing ® Cushing Pipelines/Refineries NCRA — McPherson, KS ConocoPhillips — Ponca City, OK WRB - Borger, TX Current CUSHING Capacities Pipelines Total IN 1,875 MBD Pipelines Total OUT 985 MBD STORAGE 58.6 MMBBL Gary Williams - wm egxrunio™ Wynnewood, OK
Slide 66: Hypothetical Calculation of Eagle Ford Laid-in Cost to PADD II
Hypothetical Calculation of Eagle Ford Laid-in Cost to PADD I* Cost to get Eagle Ford to pipeline hub S 3.00 Pipeline cost to Houston 1.65 Barge loading fee 0.75 Barge transportation __ 6.00 Total hypothetical laid-in cost $11.40 * Assumes completion of pipeline connection to Houston and completion
Slide 67: Bakken Production — North Dakota Light (NDL)
Bakken Production — North Dakota Light (NDL) Williston Basin B® Williston Basin Production: 590 MBD = North Dakota: 440 MBD = South Dakota: 5 MBD = Canada: 75 MBD = Montana: 70 MBD ® 2015 Williston Basin Production Forecast: Up to 1,200 MBD B® Pipeline takeaway capacity has not kept pace with growth
Slide 68: Options...Eagle Ford Shale
Options...Eagle Ford Shale @ Very light (40-50 API), sweet crude (0.2% sulfur) @ Currently being trucked to markets * Pipelines are being built = Dock facilities are being built as well to make it a “water borne” crude to capture Brent / LLS pricing as opposed to WTI basis ®@ Currently priced on WTI
Slide 69: Options...Utica Shale
Options...Utica Shale B ODNRestimates 1.31 billion barrels to 5.5 billion barrels of recoverable oil @ MPCstrategic intent - Be customer of choice ®@ Established cross organizational team to develop strategy to capture longer term opportunities mt : Bro @ MPC developing truck +f unloading project at
Slide 70: Refined Product and Crude Spreads
Refined Product and Crude Spreads $16.00 - + $8.00 $14.00 | —ULSD-LLS (left scale) ; | e700 $12.00 -—; —LLS-Mars (right scale) | $6.00 Y $10.00 — ~ $5.00 2 = | | ae = a 8.00 r -00 = a 00 | $3.00 2 5 . - $3.00 4 SPR SALE DISTORTED CRUDE SPREADS $4.00 | | $2.00 $2.00 - ] $1.00 $0.00 — T T , T T T ~ $0
Slide 71: Pipeline Transportation Segment Revenue
Pipeline Transportation Segment Revenue Generated from Third Parties J 100% 80% — 60% — 40% - 20% - 10% 12% 12% 12% os me EHH Hf T T 2007 2008 2009 2010 YTD 2011* *2011 through June (A)
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