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Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Apr 30, 2015 · 22 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. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 1
    First Quarter 2015 Earnings Conference Call and Webcast April 30, 2015
  2. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 2
    Highlights Reported record first-quarter earnings of 891 million Converted over 400 of the 1,245 retail sites to the Speedway brand since acquisition Authorized the sale of MPCs marine assets to MPLX Returned 345 million of capital…
  3. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 3
    1Q 2015 Earnings* 1Q 2015 1Q 2014 Earnings 891 MM 199 MM Earnings per Diluted Share 3.24 0.67 Earnings Earnings per Diluted Share 3,000 10 8.78 2,524 2,500 8 798 2.86 /Share 2,000 6 MM 1,500 672 2.36 4 1,000 855…
  4. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 4
    Earnings* 1Q 2015 vs. 1Q 2014 Variance Analysis 1,400 110 50 1,200 954 (5) (35) 1,000 891 800 (378) (4) MM 600 400 199 200 0 1Q 2014 Refining & Speedway Pipeline Items not Interest and Income Noncontrolling 1Q 2015…
  5. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 5
    Refining and Marketing Segment Income 1Q 2015 vs. 1Q 2014 Variance Analysis 1,600 503 1,400 1,316 1,200 (93) 96 1,000 68 66 449 (104) MM 800 (31) 600 400 362 200 0 1Q 2014 *LLS *Sweet/ *LLS/WTI *LLS *Market Other…
  6. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 6
    Speedway Segment Income 1Q 2015 vs. 1Q 2014 Variance Analysis 200 22 180 168 70 160 (18) 140 120 MM 100 36 80 60 58 40 20 0 1Q 2014 Acquired Locations* Light Product Merchandise Other 1Q 2015 Gross Margin Gross…
  7. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 7
    Pipeline Transportation Segment Income 1Q 2015 vs. 1Q 2014 Variance Analysis 80 4 72 70 (2) 67 (7) 60 50 MM 40 30 20 10 0 1Q 2014 Transportation Pipeline Operating Expenses & 1Q 2015 Revenue Affiliates Other 8
  8. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 8
    Total Company Cash Flow 1Q 2015 3,000 103 1,245 2,500 (55) (431) 67 2,078 2,000 (136) (209) 1,494 MM 1,500 1,000 500 0 12/31/14 Operating Working Long-term Cash Capital Dividends Share Other 3/31/15 Cash Cash Flow…
  9. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 9
    Select Balance Sheet/Cash-Flow Data (MM) 2015 2014 1Q 4Q 3Q 2Q As of quarter ended: Cash and cash equivalents 2,078 1,494 1,854 2,125 Total debt 6,743 6,637 6,264 3,638 Equity 11,980 11,390 11,266 11,037 Debt-to-total-capital…
  10. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 10
    Focused Return of Capital to Shareholders LTM Ended 3/31/15 8,000 7,000 6,000 2,772 Hess Retail Acquisition 5,000 Dividends and share MM repurchases 1.6x of 4,000 Dividends and share Adj. Free Cash Flow*** repurchases*…
  11. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 11
    2Q 2015 Outlook Other Total Corporate Turnaround Depreciation Other Crude Charge/ Total Percent of WTI- Direct and Other and Major and Manufacturing Throughput* Feedstocks Throughput* priced Crude Operating Unallocated Maintenance…
  12. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 12
    Appendix 13
  13. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 13
    Capital Expenditures & Investments (MM) 2015 1Q 2015 Budget Refining & Marketing (R&M) 1,042 182 Midstream included in R&M 234 47 Speedway 452 45 Pipeline Transportation 659 81 Corporate and Other 140 21 Total Capital…
  14. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 14
    Reconciliation Adjusted Free Cash Flow to Net Cash Provided by Operations (MM) 2014 2015 (For the Quarter) 2Q 3Q 4Q 1Q Net cash provided by operating activities 878 1,078 388 1,190 Additions to property, plant and equipment (302)…
  15. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 15
    Earnings (MM unless otherwise noted) 2014 2015 1Q 2Q 3Q 4Q 1Q Refining & Marketing segment income 362 1,260 971 1,016 1,316 Speedway segment income 58 94 119 273 168 Pipeline Transportation segment income 72 81 69 58 67…
  16. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 16
    Reconciliation EBITDA to Net Income Attributable to MPC (MM) 2013 2014 2015 3Q 4Q 1Q 2Q 3Q 4Q 1Q Net Income attributable to MPC 168 626 199 855 672 798 891 Less: Net interest and other financial inco income (costs) (47) (39) (46)…
  17. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 17
    Reconciliation EBITDA to Net Income Attributable to MPC (MM) 1Q 2015 Acquired locations EBITDA* 68 Legacy Speedway EBITDA 163 Speedway segment EBITDA 231 Refining & Marketing segment EBITDA 1,583 Pipeline Transportation segment…
  18. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 18
    Cash Provided from Operations Before Changes in Working Capital Reconciliation to Net Cash Provided by Operations (MM) 2014 2015 (For the Quarter) 2Q 3Q 4Q 1Q Net cash provided by operations 878 1,078 388 1,190 Less changes in…
  19. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 19
    Refining and Marketing Segment Income 1Q 2015 vs. 4Q 2014 Variance Analysis 2,500 162 2,000 16 50 127 686 1,500 233 1,316 MM (37) 1,016 1,000 (937) 500 0 4Q 2014 *LLS *Sweet/ *LLS/WTI *LLS *Market Other Direct Other…
  20. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 20
    Refining & Marketing Indicative Gross Margin 1Q 2015 3,000 214 2,691 2,500 58 82 126 596 2,000 1,615 MM 1,500 (1,078) 1,316 (297) 1,000 500 0 *LLS *Sweet/ *LLS/WTI *LLS *Market Other R&M Direct Other R&M 6-3-2-1 Sour…
  21. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 21
    MPLX Distributions and Sales Proceeds to MPC* 30 24.1 19.7 20.7 20 16.6 17.5 18.5 MM 15.1 15.8 10 9.8 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 LP Distributions GP Distributions, including IDRs MPC Proceeds from MPLX…
  22. Q1 2015 EARNINGS CALL – Marathon Petroleum Corporation – slide 22

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