Slide 1: Fourth Quarter 2022 Earnings Conference Call
Fourth Quarter 2022 Earnings Conference Call January 31, 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: 2022: Strong Financial Performance
2022: Strong Financial Performance Generated Adj. EBITDA of $5.8 billion, $5.8 up 4% year-over-year $5.0 Solid operational performance, record pipeline throughputs, and EBITDA $4.1 $ Billion growth from recent capital investments Returned over $3.5 billion of capital to unitholders $3.0 bill
Slide 4: 2023 Capital Spending Outlook and Growth Projects
2023 Capital Spending Outlook $950MM capital spending outlook: L&S Wink to Webster (W2W) Pipeline (1.5 MMBD, 15% owner) Growth Projects & Projected In-Service Dates 2021 & Prior Whistler Pipeline (2.0 Bcf/d, 38% owner) NGL Pipeline (125 MBD, 25% owner) $800MM growth capital G&P Smithburg
Slide 5: Capital Allocation Priorities
Capital Allocation Priorities Maintenance Capital Maintain safety, integrity, and reliability of our assets Base Distributions Primary return of capital tool Growth Capital Disciplined growth opportunities Incremental Return of Capital Commitment to return capital to unitholders Strong balance sheet
Slide 6: Logistics & Storage Segment
Logistics & Storage Segment 1,000 45 979 934 4Q22 overall volumes and % change: 800 vs. 4Q21 600 Crude Pipelines: 3.5 MMBPD 7% $MM Product Pipelines: 2.1 MMBPD (9)% 400 Terminals: 3.0 MMBPD 4% 200 0 4Q21 L&S 4Q22 L&S Adjusted EBITDA Adjusted EBITDA 6
Slide 7: Gathering & Processing Segment
Gathering & Processing Segment 4Q22 overall volumes and % change: 511 (36) vs. 4Q21 475 Gathering: 6.2 Bcf/d 14% Processing: 8.6 Bcf/d 1% 400 Fractionation: 583 MBPD 6% $MM 4Q22 Marcellus volumes and % change: vs. 4Q21 200 Gathering: 1.4 Bcf/d (1)% Processing: 5.5 Bcf/d (2)% Fractionation: 518 M
Slide 8: 4Q 2022 Financial Highlights
4Q 2022 Financial Highlights Adjusted EBITDA(a) 2021 2022 Distributable Cash Flow(a) 2021 2022 1,445 1,454 1,500 1,270 1,500 1,207 1,000 1,000 $MM $MM 500 500 0 0 4Q 4Q Three Months Ended Dec 31 2021 2022 Distributions Declared ($/unit) $0.705 $0.775 Distribution Coverage Ratio 1.6x 1.6x Adjusted Fr
Slide 9: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy Expanded Methane New Biodiversity MPLX G&P Focus Areas for Methane Reductions Emissions Intensity Target Right of Way Target 2030 Goal(a) Progress(b)(c) 2025 Goal Progress(c) 46% 9.5% REDUCE Pneumatic Pipeline Launchers Leak Detection Compressor Ro
Slide 10: Appendix
MPL Appendix 10
Slide 11: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA 4.5x $ Millions YE20 YE21 YE22 (unless otherwise noted) 4.0x Consolidated Total Debt(a) 20,536 20,359 20,108 3.5x LTM Adj. EBITDA 5,211 5,560 5,775 3.0x 2019 2020 2021 2022 Consolidated Total Debt to Adj. 3.9x 3.7x 3.5x Debt Maturities – Through
Slide 12: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 4Q22 Processed Volumes(a) 4Q22 Fractionated Volumes(a) Capacity at Utilization Capacity at Average Average Utilization of End of of Available End of Area Volume Area Volume Available Quarter Capacity Quarter (MMcf/d) (MBPD) Cap
Slide 13: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 4Q 2022 4Q 2021 FY 2022 FY 2021 Net income 824 838 3,978 3,112 Provision for income taxes 2 - 8 1 Interest and other financial costs 234 218 925 879 Income from operations 1,060 1,056 4,911 3,992 Depreciation and amortiza
Slide 14: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 4Q 2022 4Q 2021 FY 2022 FY 2021 Net cash provided by operating activities 1,368 1,240 5,019 4,911 Changes in working capital items (181) (14) (121) (157) All other, net 17 (15) (34) (26) Los
Slide 15: Reconciliation of Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 4Q 2022 4Q 2021 L&S segment adjusted EBITDA attributable to MPLX LP 979 934 G&P segment adjusted EBITDA attributable to MPLX LP 475 511 Adjusted EBITDA attributable to MPLX LP 1,454 1,445 Depreciation and amortization (305) (316) Interest
Slide 16: Reconciliation of Capital Expenditures
Reconciliation of Capital Expenditures ($MM) FY 2022 FY 2021 FY 2020 Capital Expenditures Growth capital expenditures 665 407 778 Growth capital reimbursements(a) (151) (35) (12) Investments in unconsolidated affiliates 217 151 266 Return of capital (11) (36) (123) Capitalized interest (8) (13) (39)
Slide 17: Reconciliation to Adjusted Free Cash Flow and After Distributions
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (FCF) and Adjusted Free Cash Flow After Distributions ($MM) 4Q 2022 4Q 2021 FY 2022 FY 2021 Net cash provided by operating activities(a) 1,368 1,240 5,019 4,911 Adjustments to reconcile net cash provided by operat
Slide 18: Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA ($MM) YE 2022 YE 2021 YE 2020 LTM Net income (loss) 3,978 3,112 (687) LTM Net income to adjusted EBITDA adjustments 1,797 2,448 5,898 LTM Adjusted EBITDA attributable to MPLX LP 5,775 5,560 5,211 Consolidated total debt(a) 20,108 20,359 20,5