Slide 1: First Quarter 2022 Earnings Conference Call
First Quarter 2022 Earnings Conference Call May 3, 2022 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 Stable and growing business Committed to return of capital Advancing several organic growth projects focused on expansions and de-bottlenecking Evaluating low-carbon opportunities 3
Slide 4: Challenging Ourselves to Lead in Sustainable Energy
Challenging Ourselves to Lead in Sustainable Energy Expanded Current Target Tangible Pathway to Reduce Methane Emissions from Existing Assets LDAR Target: Reduce MPLX G&P methane Leak Detection 75% emissions intensity 50% by 2025 and and Repair 75% by 2030 from 2016 levels Implementing LDAR and Repl
Slide 5: Logistics & Storage Segment
Logistics & Storage Segment 1,000 896 8 904 Stable, fee-based cash flows with MVCs 800 1Q22 overall volumes and % change: 600 vs. 1Q21 $MM Crude Pipelines: 3.4 MMBPD 3% 400 Product Pipelines: 2.0 MMBPD 5% 200 Terminals: 2.9 MMBPD 13% 0 1Q21 L&S 1Q22 L&S Adjusted EBITDA Adjusted EBITDA 5
Slide 6: Gathering & Processing Segment
Gathering & Processing Segment Primarily due to higher NGL prices 33 489 456 400 1Q22 overall volumes and % change: vs. 1Q21 Gathering: 5.3 Bcf/d 4% Processing: 8.3 Bcf/d (1)% $MM Fractionation: 526 MBPD (6)% 200 1Q22 Marcellus volumes and % change: vs. 1Q21 Gathering: 1.3 Bcf/d 1% Processing:
Slide 7: 1Q 2022 Financial Highlights
1Q 2022 Financial Highlights Adjusted EBITDA(a) 2021 2022 Distributable Cash Flow(a) 2021 2022 1,393 1,500 1,500 1,352 1,210 1,137 1,000 1,000 $MM $MM 500 500 0 0 1Q 1Q Three Months Ended Mar 31 ($MM except ratio data) 2021 2022 Distributions Paid $754 $758 Distribution Coverage Ratio (b) 1.56x 1.65
Slide 8: Appendix
MPL Appendix
Slide 9: Strong Balance Sheet
Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 4.5x $ Millions YE20 YE21 1Q22 (unless otherwise noted) 4.0x Consolidated Total Debt(b) 20,536 20,359 20,431 3.5x LTM Adj. EBITDA 5,211 5,560 5,601 3.0x 2017 2018 2019 2020 2021 Consolidated Total Debt to Adj. 3.9x 3.7x 3.7x Debt Maturities –
Slide 10: Gathering & Processing Segment
Gathering & Processing Segment Region Processed and Fractionated Volumes 1Q22 Processed Volumes(a) 1Q22 Fractionated Volumes(a) Capacity at Utilization Capacity at Utilization of Average Average End of of Available End of Available Area Volume Area Volume Quarter Capacity Quarter Capacity (MMcf/d) (
Slide 11: Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 1Q 2022 1Q 2021 Net income 833 748 Provision for income taxes 5 1 Interest and other financial costs 222 225 Income from operations 1,060 974 Depreciation and amortization 313 329 Income from equity method investments (99
Slide 12: Reconciliation of Adjusted EBITDA and Distributable Cash from Operating Activities
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities ($MM) 1Q 2022 1Q 2021 Net cash provided by operating activities 1,125 1,124 Changes in working capital items 118 37 All other, net (45) (15) Gain on extinguishment of debt - (12) Net interest and
Slide 13: Segment Adjusted EBITDA to Net Income
Reconciliation of Segment Adjusted EBITDA to Net Income ($MM) 1Q 2022 1Q 2021 L&S segment adjusted EBITDA attributable to MPLX LP 904 896 G&P segment adjusted EBITDA attributable to MPLX LP 489 456 Adjusted EBITDA attributable to MPLX LP 1,393 1,352 Depreciation and amortization (313) (329) Interest
Slide 14: Capital Expenditures
Reconciliation of Capital Expenditures ($MM) 1Q 2022 1Q 2021 Capital Expenditures Growth capital expenditures 148 71 Investments in unconsolidated affiliates 110 35 Capitalized interest (2) (5) Total growth capital expenditures 256 101 Maintenance capital expenditures 24 18 Maintenance capital reimb
Slide 15: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (FCF) and Free Cash Flow After Distributions ($MM) 1Q 2022 1Q 2021 Net cash provided by operating activities(a) 1,125 1,124 Adjustments to reconcile net cash provided by operating activities to free cash flow: Net cash use
Slide 16: LTM Net Income (Loss) to Adjusted EBITDA
Reconciliation of LTM Net Income (Loss) to Adjusted EBITDA ($MM) 1Q 2022 YE 2021 YE 2020 LTM Net income (loss) 3,197 3,112 (687) LTM Net income (loss) to adjusted EBITDA adjustments 2,404 2,448 5,898 LTM Adjusted EBITDA attributable to MPLX LP 5,601 5,560 5,211 Consolidated total debt(a) 20,431 20,3