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Q3 2020 Earnings Presentation – MPLX Lp

MPLX Lp · Nov 2, 2020 · 22 slides

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Slides

  1. Q3 2020 Earnings Presentation – MPLX Lp – slide 1
    Third-Quarter 2020 Earnings Conference Call November 2, 2020
  2. Q3 2020 Earnings Presentation – MPLX Lp – slide 2
    Stable Cash Flows Stable, fee based cash flows with Historical Quarterly Adjusted EBITDA minimum volume commitments ( Billions) 1.32 1.29 1.33 On-track to reduce 2020 forecasted 1.23 operating expenses by 200 million 0.47 0.42…
  3. Q3 2020 Earnings Presentation – MPLX Lp – slide 3
    Continued Capital Discipline On-track to achieve forecasted Growth Capital(b) 2020 reduction targets: Reducing net maintenance capital 2.4 B 2.6 B spending by 100 million to approximately 150 million 55% Reducing growth…
  4. Q3 2020 Earnings Presentation – MPLX Lp – slide 4
    Focus on Sustainability and Corporate Leadership Environment Social Governance Committed to Improving Energy Efficiency Diversity & Inclusion Transparency in reporting: TCFD, SASB, GRI, CDP Established new Human Received 2 ENERGY…
  5. Q3 2020 Earnings Presentation – MPLX Lp – slide 5
    Recently Published Sustainability & Climate Perspectives Reports Recognitions Included in Dow Jones Sustainability Index for North America Lower Carbon Intensity EPA ENERGY STAR Partner of the Year 3rd straight year with Sustained…
  6. Q3 2020 Earnings Presentation – MPLX Lp – slide 6
    Third-Quarter Highlights Millions (unless otherwise noted) 3Q20 Adjusted EBITDA 1,335 Distributable Cash Flow 1,067 Distribution coverage ratio(a) 1.44x Leverage(b) 4.0x Refinanced 3 billion of debt at attractive rates…
  7. Q3 2020 Earnings Presentation – MPLX Lp – slide 7
    Logistics & Storage Segment Pipeline throughputs averaged 4.7 MMBPD Decrease of 10% year-over-year Terminalling throughputs averaged 2.7 MMBPD Decrease of 18% year-over-year Lower volumes offset by reduced operating expenses…
  8. Q3 2020 Earnings Presentation – MPLX Lp – slide 8
    Gathering & Processing Segment 3Q20 Processed Volumes(a) Capacity at Utilization of 3Q20 Overall volumes and % change: End of Average Available Area Volume vs. 3Q19 Quarter (MMcf/d) Capacity (MMcf/d) (%)(b) Gathering: 5.4…
  9. Q3 2020 Earnings Presentation – MPLX Lp – slide 9
    3Q 2020 Financial Highlights Adjusted EBITDA(a) Distributable Cash Flow(a) 4,500 2019 2020 3,500 2019 2020 3,055 3,172 4,000 3,785 3,856 3,000 3,500 2,500 3,000 2,000 MM 2,500 MM 2,000 1,500 1,500 1,273 1,335 1,027…
  10. Q3 2020 Earnings Presentation – MPLX Lp – slide 10
    3Q 2020 vs. 3Q 2019 Adjusted EBITDA 1,400 1,273 44 18 1,335 1,200 G&P G&P 1,000 424 442 800 MM 600 L&S L&S 2Q 2018 849 893 400 vs. 2Q 200 2017 0 Variance Analysis 3Q 2019 Adjusted EBITDA Attributable to MPLX (a)…
  11. Q3 2020 Earnings Presentation – MPLX Lp – slide 11
    Financial and Balance Sheet Highlights As of (MM except ratio data) 9/30/20 Cash and cash equivalents 28 Total assets 36,662 Total debt(a) 20,349 Redeemable preferred units 968 Total equity 13,095 Third Quarter 2020…
  12. Q3 2020 Earnings Presentation – MPLX Lp – slide 12
    Appendix 13
  13. Q3 2020 Earnings Presentation – MPLX Lp – slide 13
    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…
  14. Q3 2020 Earnings Presentation – MPLX Lp – slide 14
    Organic Growth Capital Projects Logistics & Storage Segment Est. Projects Description Completion Date Mt. Airy Terminal Expansion Constructing 2nd 120 MBPD dock and incremental storage In Service Utica Butane Expansion Expansion…
  15. Q3 2020 Earnings Presentation – MPLX Lp – slide 15
    Organic Growth Capital Projects Gathering & Processing Segment Est. Processing and Fractionation Shale Resource Capacity Completion Date Hopedale 5 C3+ Fractionation Marcellus & Utica 80,000 BPD In Service Smithburg 1 Processing…
  16. Q3 2020 Earnings Presentation – MPLX Lp – slide 16
    Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x Millions YE18 YE19 3Q20 (unless otherwise noted) 4.5x 3.0x Consolidated Debt 13,856 20,713 20,757 1.5x LTM Pro forma Adj. EBITDA 3,567 5,104 5,175 0.0x 2015 2016…
  17. Q3 2020 Earnings Presentation – MPLX Lp – slide 17
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 3Q QTD 3Q QTD 3Q YTD 3Q YTD 4Q YTD (MM) 2020 2019 2020 2019 2019 Net income (loss) 674 689 (1,387) 2,035 1,462 Provision (benefit) for income taxes 1 4 1 2 -…
  18. Q3 2020 Earnings Presentation – MPLX Lp – slide 18
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (MM) 3Q QTD 2020 3Q QTD 2019 3Q YTD 2020 3Q YTD 2019 4Q YTD 2019 Net cash provided by operating activities 1,222 1,036 3,336 2,990…
  19. Q3 2020 Earnings Presentation – MPLX Lp – slide 19
    Reconciliation of Segment Adjusted EBITDA to Net Income 3Q QTD 2Q QTD 1Q QTD 4Q QTD 3Q QTD 3Q YTD 3Q YTD (MM) 2020 2020 2020 2019 2019 2020 2019 L&S segment adjusted EBITDA attributable to MPLX LP 893 839 872 853 849 2,604 2,498…
  20. Q3 2020 Earnings Presentation – MPLX Lp – slide 20
    Reconciliation of Capital Expenditures 3Q QTD 3Q QTD 3Q YTD 3Q YTD 4Q YTD 4Q YTD (MM) 2020 2019 2020 2019 2019 2018 Capital Expenditures Maintenance 41 75 108 174 262 175 Maintenance reimbursements (11) (18) (31) (34) (53) (8)…
  21. Q3 2020 Earnings Presentation – MPLX Lp – slide 21
    Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA (MM) 3Q 2020 4Q 2019 3Q 2019 4Q 2018 LTM Net (loss) income (1,960) 1,462 2,126 1,834 LTM Net income to adjusted EBITDA adjustments 7,135 2,872 1,908 1,641…
  22. Q3 2020 Earnings Presentation – MPLX Lp – slide 22
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