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National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp

MPLX Lp · May 22, 2014 · 83 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 1
    National Association of Publicly Traded Partnerships 2014 MLP Investor Conference May 22, 2014
  2. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 2
    MPLX Key Investment Highlights Strategic relationship with Marathon Petroleum Corporation (MPC) Well-positioned assets High-quality, well-maintained asset base Stable and predictable cash flows Visibility to significant growth…
  3. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 3
    Strategic Relationship with Sponsor Marathon Petroleum Fortune 50 company Investment grade credit profile Fourth largest U.S. refiner Largest in Midwest 2013 Revenues and other income: 100.3 billion 2013 Net income attributable to…
  4. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 4
    MPC Integrated System Refineries Marketing Area Refineries Terminals Pipelines Connecting Pipelines Light Product Terminals Asphalt Terminals Inland Water Terminals Coastal Water Terminals Inland Water Terminals…
  5. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 5
    MPC and MPLX Strategically Located Assets Strategically located near emerging Bakken Williston shale plays Basin Appalachian Marcellus, Utica, New Albany, Antrim, Basin Michigan Antrim Basin and Illinois Basin in…
  6. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 6
    MPLX Assets are Integral to MPC 7
  7. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 7
    Other Major MPLX Assets Pipeline Tank Farm Storage Assets Both crude oil and products located in Patoka, Wood River and Martinsville, IL and Lebanon, IN Approximately 3.3 million barrels of available capacity Tank Farm Storage…
  8. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 8
    High-Quality, Well-Maintained Asset Base MPLX continually invests in the maintenance and integrity of its assets Uses a patented integrity management program to enhance pipeline safety and reliability Top-tier reputation and active…
  9. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 9
    Stable and Predictable Cash Flows Revenue Customer Mix1 MPLXs assets consist of fee-based pipeline systems and storage assets 11% 55 14% MM MPC has historically accounted for over 65 MM 85% of the volumes shipped on MPLXs 366 MM…
  10. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 10
    MPC Retained Midstream EBITDA of 800 MM Additional Midstream Assets Retained by MPC 5,400 miles of additional crude and products pipelines Pipelines Owns, leases or has an ownership interest in these pipelines 44% of MPLX Pipe Line…
  11. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 11
    MPC Increasing Midstream Growth Investments 1,200 Southern Access Extension 1,000 Sandpiper Condensate Splitters 800 Midstream Infrastructure* MM 600 400 200 0 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E…
  12. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 12
    MPC Investing in Significant Growth Projects North Dakota System (Sandpiper) Logistics equity opportunity MPC Length, size: 610 Mile, 24/30 + North Dakota Classic System and Bakken Pipeline U.S. Canadian Capacity: 580 MBD…
  13. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 13
    MPC Investing in Significant Growth Projects Southern Access Extension (SAX) Logistics equity opportunity MPC Length, size: 165 Mile, 24 Capacity: 300 MBD Canadian In-Service: 2Q 2015 MPC Investment: 250 MM MPC Equity: 35% Bakken…
  14. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 14
    Leveraging Existing MPC Assets Utica Shale Strategy Expand refinery processing capacity to leverage geographic advantage Condensate splitters at Canton and Catlettsburg Increases total crude plus condensate processing capacity to 60…
  15. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 15
    MPLX Developing a Comprehensive Utica System Proposed MPLX To Toledo, Detroit, Chicago and Canada Cornerstone Pipeline Pa. investment Youngstown 140 MM Canton Capacity Midland 25+ MBD Lima Wellsville Steubenville M3,…
  16. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 16
    Investing in Significant Growth Projects 2.2 B investment with potential annual EBITDA of up to 300 MM MPC Projects Timing Investment MM North Dakota Pipelines Equity Option 2016 1,200 Condensate Splitters 2013-2015 250 SAX Equity…
  17. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 17
    MPLX Strong Financial Flexibility to Manage and Grow Asset Base As of (MM except ratio data) 3/31/14 Cash and cash equivalents 40.6 Total assets 1,193.7 Long-term debt* 280.4 Total equity 821.1 Consolidated total debt to…
  18. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 18
    Distribution Growth per Unit IPO 1st drop 2nd drop 10/31/2012 5/1/2013 3/1/2014 100 MM 310 MM 0.32 0.30 0.28 /Unit 0.3275 0.26 0.3125 0.2975 0.24 0.2850 0.2625* 0.2725 (MQD) 0.22 0.20 4Q12 1Q13 2Q13 3Q13 4Q13…
  19. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 19
    MPC Drop-down Strategy Considerations MPC created MPLX to grow midstream business and create a funding mechanism for strategic opportunities MPLX investors highly value a consistent, long-term growth strategy Ratable drops maximize…
  20. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 20
    Our Priorities for Our Investors 60 Maintain Safe and Reliable Operations 55 Unit Price 50 Sustain Long-term Distribution Growth 45 40 Focus on Fee-Based Businesses 35 Pursue Organic Growth 30 Opportunities 25 IPO Grow…
  21. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 21
    MPLX Key Investment Highlights Strategic relationship with Marathon Petroleum Corporation (MPC) Well-positioned assets High-quality, well-maintained asset base Stable and predictable cash flows Visibility to significant growth…
  22. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 22
    Appendix
  23. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 23
    MPLX Financial Performance Adjusted EBITDA* 43.8 45 30.5 28.9 35 26.7 25.1 25 18.2 MM 15 5 -5 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Distributable Cash Flow* 37.7 40 31.1 30 28.0 27.2 28.3 MM 20 16.7 10 0 4Q12 1Q13…
  24. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 24
    MPLX Net Income 1Q 2014 vs. 1Q 2013 Variance Analysis 70 60 7.1 (2.0) 0.9 1.7 (2.4) (1.5) 55.7 (21.5) 16.6 50 40 35.3 MM 34.2 30 20 10 0 1Q 2013 Deferred Tariffs Volumes Other Cost of G&A Other 1Q 2014 MPC 1Q 2014…
  25. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 25
    Deficiency Payment Effect Example for illustrative purposes only Quarter Quarter Quarter Quarter Quarter Quarter Quarter (MM) 1 2 3 4 5 6 7 Quarterly deficiency payment 2 5 3 5 - - - Use or expiration of credit (on or before) - - - -…
  26. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 26
    MPLX and MPC are Aligned MPLX Organizational Structure Marathon Petroleum MPC views MPLX as integral to Corporation and Affiliates (NYSE: MPC) its operations and is aligned with its success and 100.0% 71.6% incentivized to grow…
  27. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 27
    Incentive Distribution Rights Marginal Percentage Total Quarterly Distribution Interest in Distributions Per Unit Target Amount Unitholders General Partner Minimum Quarterly Distribution 0.2625 98.0% 2.0% First Target Distribution…
  28. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 28
    Crude Oil Pipeline Systems Overview MPC Min. Diameter Length Capacity Initial Term Commitment Crude Oil Pipeline System (Inches) (miles) (MBPD)1 (Years) (MBPD)1 Patoka to Lima 20 / 22 302 249 10 40 Catlettsburg and Robinson 20 / 24…
  29. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 29
    Crude Oil Pipeline Systems Overview MPC Refineries MPLX Crude Pipelines 3rd-Party Pipelines Joint Interest/MPC Ownership MPC Active Crude Pipelines 30
  30. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 30
    Patoka to Lima Crude System 76 miles of 20-inch pipeline extending from Patoka, IL to Martinsville, IL 226 miles of 22-inch pipeline extending from Martinsville to Lima, OH Includes related breakout tankage at MPC Refineries MPLX…
  31. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 31
    Catlettsburg and Robinson Crude System Primary pipelines supplying crude oil for MPC's Catlettsburg, KY and Robinson, IL refineries Patoka to Catlettsburg System 140 miles of 20-inch pipeline from Patoka to Owensboro, KY 266 miles…
  32. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 32
    Detroit Crude System Samaria to Detroit 44 miles of 16-inch pipeline extending from Samaria, MI to MPC's Detroit refinery System includes a tank farm and crude oil truck offloading facility located in Samaria Current capacity of 140…
  33. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 33
    Wood River to Patoka Crude System Wood River to Patoka System 57 miles of 22-inch pipeline extending from Wood River, IL to Patoka Current capacity of 223 MBPD Roxanna to Patoka System 58 miles of 12-inch pipeline extending from…
  34. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 34
    Midwest Product Pipelines Overview MPC Refineries MPLX Crude Pipelines 3rd-Party Pipelines Joint Interest/MPC Ownership MPC Active Crude Pipelines 35
  35. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 35
    Gulf Coast Product Pipelines Overview MPC Refineries MPLX Product Pipelines Joint Interest/MPC Ownership 3rd-Party Product Pipelines 36
  36. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 36
    Product Pipeline Systems Overview MPC Min. Diameter Length Capacity Initial Term Commitment Product Pipeline System (Inches) (Miles) (MBPD) (Years) (MBPD) Garyville to Zachary 20 70 389 10 300 Zachary Connect 36 2 -NA- 1 10 80 Texas…
  37. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 37
    Garyville Products System Primary pathway for the distribution of refined products from the Garyville, LA refinery Garyville to Zachary 70 miles of 20-inch pipeline extending from MPC's Garyville refinery to either the Plantation…
  38. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 38
    Texas City Products System Primary pathway for the distribution of refined products from MPC's Texas City refinery Texas City to Pasadena 39 miles of 16-inch pipeline extending from refineries owned by MPC and 3rd parties in Texas…
  39. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 39
    Ohio River Pipe Line (ORPL) Products Systems System of single and bi-directional pipelines that connect MPC's Canton and Catlettsburg refineries with MPC and third-party terminals Current combined capacity of 241 MBPD MPC minimum…
  40. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 40
    Robinson Products System 1,173 miles of owned/leased pipelines connecting MPC's Robinson and third-party refineries and terminals in IL, KY and IN Current combined capacity of 548 MBPD MPC Refineries MPLX Product Pipelines…
  41. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 41
    Other Major MPLX Assets MPC's commitments account for total annual revenue of 34 MM from these Other major assets Neal, W.Va., Butane Storage Cavern Capacity of 1 MMBBL with an initial 10-year term Connected to MPCs Catlettsburg, KY…
  42. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 42
    MPC Fully Integrated Downstream System Refining and Marketing Seven-plant refining system with 1.7 MMBPCD capacity One of the largest wholesale suppliers in our market area One of the largest producers of asphalt in the U.S. 5,200…
  43. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 43
    MPC 2014 Value Drivers Top-tier safety and environmental performance Capital return to shareholders Strong and growing dividend Share repurchase program 2014 2.4 B capital investments Growth of Midstream/MPLX Speedway growth…
  44. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 44
    MPC Demonstrating Corporate Values The foundation for all that we do Health and Safety Environmental Stewardship Honesty and Integrity Corporate Citizenship Diversity and Inclusion 45
  45. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 45
    MPC Focused Return of Capital to Shareholders 6.4x free cash flow LTM LTM Ended 3/31/14 6,000 5,000 Dividends and share repurchases* 4,000 6.4x of Cash capital expenditures, 3,542 Free Cash MM acquisitions and 3,000 Flow**…
  46. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 46
    MPC Delivering Peer Leading Return of Capital Last twelve months* 18.0 16.0 15.4 14.0 12.0 10.0 Percent 8.9 8.8 13.3 8.0 2.0 7.7 6.0 6.5 4.8 4.3 5.9 4.0 2.6 2.0 2.1 2.6 2.4 1.8 2.2 0.0 MPC HFC PSX TSO VLO…
  47. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 47
    MPC Performing Consistently in the Top Tier Engine behind MPCs focus on capital returns Operating Income Per Barrel of Crude Throughput** 20 MPCs Rank 15 Competitor Range 1 2 10 /BBL 2 5 1 1 3 2 5 2 7 3 3 3 7 3 1 2 0…
  48. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 48
    MPC Allocating Capital in the Past Predominately focused on refining Segment Capital Expenditures* Segment EBITDA** 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 MM MM 3,000 3,000 2,000 2,000 1,000 1,000 0 0 2007 2008…
  49. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 49
    MPC Allocating Capital in the Future Drive growth in more stable cash flow and higher value businesses Sandpiper Pipeline Midstream/MPLX Southern Access Extension Aggressive growth Pipeline Utica Speedway Organic growth Growth…
  50. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 50
    MPC Allocating Capital to Higher Valued Businesses 2012 2016 Capital Investment Profile 4,000 3,500 3,000 2,500 MM 2,000 1,500 1,000 500 0 2012 2013* 2014E 2015E 2016E Refining and Marketing, excluding Midstream…
  51. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 51
    Expecting Attractive Crude Spreads MPC Outlook* Brent/WTI Spread 7-12/BBL, wider at times LLS/WTI Spread 5-10/BBL, transportation/quality based 3-5/BBL, domestic light sweet crude Brent/LLS surplus Competes with WTI and LLS,…
  52. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 52
    Cushing Inventory vs. PADD 3 Inventory 60 2Q13 3Q13 4Q13 1Q14 275 55 250 50 225 MMB, Cushing MMB, PADD 3 45 200 40 175 35 150 30 125 25 100 Jul-12 Jul-13 Jun-12 Jun-13 Nov-12 Nov-13 Apr-12…
  53. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 53
    Growing Global Product Demand Compounded Annual Growth Rates 2030 vs. 2013 2013 Distillate and gasoline 120 Actual Forecast demand continues to 100 rise +1.2% Other Fuel oil continues 80 -1.6% to be phased out due Fuel Oil…
  54. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 54
    Growing U.S. Distillate Demand Overall U.S. demand remains flat 2013 Compounded 10 Annual Distillate demand Actual Forecast Growth Rates 2030 vs. 2013 growth outpaces other 9 Gasoline -0.3% products 8 Gasoline ex ethanol -0.4%…
  55. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 55
    Growing Gulf Coast Export Capabilities Added new 500,000 barrel export Export Capacity 500 475 tank at Garyville in 2013 450 400 350 Low cost, high return dock 350 320 expansions at Garyville and 300 Galveston Bay in design…
  56. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 56
    Rising MPC Finished Product Exports 250 200 150 MBD 100 50 0 2010 2011 2012 2013 1Q 2014 57
  57. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 57
    Rising North American Production 2013 25 Actual Forecast 20 Canada 15 MMBD 10 U.S. 5 0 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Sources: EIA, CAPP, MPC 58
  58. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 58
    Growing Crude Oil/Condensate Supply North Dakota 2013 1,800 1,600 1,400 1,200 MBD 1,000 800 600 Total Growth 400 Canada 2013 2030 200 +6,055 MBD 0 Actual Forecast +2,549 MBD Actual Forecast 1990 1995 2000 2005 2010 2015…
  59. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 59
    Refining Capacity in Advantaged Regions 100% in PADDs II and III Canadian Bakken 100% Utica 80% PADD IV PADD II 60% PADD V 40% PADD I 20% PADD III 0% Permian Basin Eagle Ford MPC VLO HFC PSX TSO Gulf of Mexico PADD PADDI…
  60. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 60
    Compelling Advantage for Pipeline and Marine Canadian 10-12 Bakken 4 14-16 15-16 2 5 12-14 Chicago, IL 5-6 Patoka, IL 6-7 5 13-15 WTI Cushing, OK Legend Rail 10 Pipeline Marine 2 St. James, LA Houston, TX LLS…
  61. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 61
    MPC Creating Crude/Condensate Advantage Canada +2,549 MBD Cornerstone Pipeline Bakken Condensate Splitter +829 MBD Truck Unload Expansion Sandpiper Utica +106 MBD Southern Access Extension Patoka, IL Wellsville Barge…
  62. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 62
    U.S./Canada Key Existing and Planned Pipelines Edmonton Trans Hardisty Mountain Burnaby Anacortes Regina Cromer Clearbrook Montreal Superior Portland Estimated Sarnia MBPD Pipeline Completion 540 Keystone Current 215…
  63. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 63
    MPC Balance in Refining Network Canton (Ohio) 80,000 Catlettsburg (Ky.) 242,000 Detroit (Mich.) 123,000 Midwest Capacity 657,000 BPCD Robinson (Ill.) 212,000 Galveston Bay (Texas) 451,000 Texas City (Texas) 84,000 Garyville (La.)…
  64. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 64
    MPC Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 62% PADD II 51% Sour Crude PADD III 49% Sweet Crude 38% As of March 31, 2014 As of March 31 , 2014 Assured Sales of Gasoline Production (Speedway…
  65. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 65
    MPC Increasing Light Sweet Crude and Condensate Capacity Condensate splitters Canton: 25 MBD 4Q 2014 completion Condensate Processing Opportunity Catlettsburg: 35 MBD Ultra- New Light Naphtha to Gasoline Blending Sweet Fractionator…
  66. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 66
    MPC Leveraging Existing Capacity to Run Light Sweet Crude Reforming Capacity Reformer capacity captures full 30 value of light crude processing 25 Percent of Crude Capacity 20 Industry Average 15 Additional value added…
  67. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 67
    MPC Evaluating Garyville Resid Hydrocracker Project Conversion opportunity - leverages favorable market dynamics 130 MM sanctioned for front- end engineering and design Increases ULSD production by 28 MBD and decreases gas oil…
  68. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 68
    MPC Garyville Resid Hydrocracker Project Increase production of ULSD and refinery intermediates Feeds MBPD Vacuum Resid 63 FCC Slurry 7 Hydrogen LPG to Sales Hydrogen (mmscfd) 110 Naphtha to Reformer Slurry Resid Products MBPD…
  69. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 69
    Market Indicators Used in MPC Garyville Resid Hydrocracker Project EBITDA Calculations 2012 2014-2020 ULSD (USGC; /BBL) 128.14 136.33 No. 6, 3.0% S Fuel Oil (USGC; /BBL) 99.32 94.48 LLS (St. James, LA; /BBL) 111.67 114.82 Natural Gas…
  70. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 70
    Growing More Predictable Merchandise Margin Speedway Total Light Product Volume and Margin Total Merchandise Sales and Margin 3,200 600 3,200 1,000 3,000 3,000 900 MM Gallons MM Margin MM Margin 500 MM Sales 2,800 2,800…
  71. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 71
    Executing Significant Organic Growth Opportunities Speedway Capex 350 340 327 296 300 300 300 250 MM 200 150 103 100 50 0 2007-2011 2012 2013 2014E 2015E 2016E Average Store Construction Acquisitions All Other of…
  72. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 72
    Growing Cash Flow Through All Cycles Speedway Segment EBITDA* 650 630 550 560 500 MM 450 487 404 424 350 381 250 2010 2011 2012 2013 2014E 2015E 2016E *Non-GAAP disclosure, see appendix for reconciliation to Speedway…
  73. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 73
    MPC Increasing Throughputs and Lowering Costs Galveston Bays first year Excellent HES record Higher refinery throughputs and lower operating costs Focused on reliability and yield improvements 38 MM margin improvements captured…
  74. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 74
    MPC Processing More Price Advantaged Crude Oil Galveston Bays first year Canadian/ Bakken Eliminated foreign sweets and increased Canadian Heavy Permian Seaway Basin Keystone XL imports Longhorn BridgeTex Permian Express…
  75. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 75
    MPC Galveston Bay Sustaining expenditures trending lower 1,000 800 600 MM 400 200 0 2013 2013E 2014E 2014E 2015E 2015E 2016E 2016E Original Capital Original Major Maintenance Current Capital Current Major…
  76. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 76
    MPC Galveston Bay Long-term opportunities Revamp crude and vacuum units Optimize for future crude availability Improve distillate recovery Add hydrotreating capacity Move to 100% ULSD Idle the smallest and oldest FCC Expand export…
  77. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 77
    MPC and Corn Ethanol 67% equity interest* in Greenville, Ohio, ethanol plant (110 MM gal/year capacity) 60% equity interest in Clymers, Indiana, ethanol plant (110 MM gal/year capacity) 43% equity interest in Albion, Michigan,…
  78. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 78
    Capital Expenditures & Investments (MM) 2014 MPC Budget 1Q 2014 Refining & Marketing (R&M) 864 143 Midstream included in R&M 348 35 Speedway 327 32 Pipeline Transportation* 760 130 Corporate and Other 133 25 Total Capital…
  79. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 79
    MPC Annual Price and Margin Sensitivities Millions (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity 450 (per 1.00/barrel change) Sweet/Sour Differential** Sensitivity 200 (per 1.00/barrel change) LLS-WTI Spread*** Sensitivity…
  80. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 80
    MPLX Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income (MM) 4Q 2012* 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 Net income 26.3 35.3 34.8 39.2 36.8 55.7 Less: Net income attributable to MPC-retained interest 13.2…
  81. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 81
    MPC EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2007 2008 2009 2010 2011 2012 2013 2014 1Q 2Q 3Q 4Q 1Q Net income attributable to MPC 2,262 1,215 449 623 2,389 3,389 725 593 168 626 199 Less: Net interest and…
  82. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 82
    Reconciliation MPC Free Cash Flow to Net Cash Provided by (Used in) Operations (MM) 2013 2014 (Quarter to date) 2Q 3Q 4Q 1Q Net cash provided by (used in) operating activities (436) 407 1,355 766 Additions to property, plant and…
  83. National Association of Publicly Traded Partnerships 2014 MLP Investor Conference – MPLX Lp – slide 83
    Reconciliation Speedway Segment EBITDA to Speedway Segment Income from Operations (MM) 2010 2011 2012 2013 2014E 2015E 2016E Speedway Segment Income from Operations 293 271 310 375 380 431 493 Plus: Depreciation and Amortization 111…

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