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Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp

MPLX Lp · Mar 5, 2014 · 71 slides

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Slides

  1. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 1
    Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event March 5, 2014
  2. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 2
    Our Priorities for Our Investors 50 Maintain Safe and Reliable Operations 45 Unit Price Sustain Long-term Distribution Growth; 15-20% for at Least the Next 40 Several Years 35 Focus on Fee-Based Businesses 30 Pursue Organic…
  3. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 3
    MPC Increasing Midstream Growth Investments 1,200 Midstream Infrastructure* 1,000 Condensate Splitters 800 MM 600 400 200 0 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E *Includes MPLX spend, midstream…
  4. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 4
    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 Canadian Bakken Pipeline U.S. Capacity: 580 MBD…
  5. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 5
    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…
  6. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 6
    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…
  7. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 7
    Developing a Comprehensive Utica System Proposed MPLX Cornerstone Pipeline To Toledo, Detroit, Chicago and Canada investment Pa. 140 MM Youngstown Capacity Canton Midland 25+ MBD Wellsville Lima Steubenville Timing M3,…
  8. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 8
    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…
  9. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 9
    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…
  10. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 10
    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…
  11. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 11
    Appendix
  12. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 12
    Distribution Growth per Unit IPO 1st drop 10/2012 5/2013 0.32 0.30 5.0% Growth 4.4% Growth 0.28 4.6% Growth /Unit 3.8% Growth 0.26 0.3125 0.2975 0.24 0.2850 0.2725 0.2625* 0.22 0.20 4Q12 1Q13 2Q13 3Q13 4Q13…
  13. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 13
    Financial Performance Adjusted EBITDA* 40 30.5 28.9 30 25.1 26.7 MM 20 18.2 10 0 4Q12 1Q13 2Q13 3Q13 4Q13 Distributable Cash Flow* 40 31.1 30 28.0 27.2 28.3 MM 20 16.7 10 0 4Q12 1Q13 2Q13 3Q13 4Q13…
  14. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 14
    Net Income Variance Analysis - 4Q 2013 Actual vs. 4Q 2013 Estimated per S-1 50 (16.4) 7.0 45 38.5 3.3 (1.7) 40 36.8 (16.6) 6.1 35 30 MM 25 20.2 20 15 10 5 0 4Q 2013 Tariffs Volumes Other Cost of Other 4Q 2013 MPC…
  15. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 15
    Adjusted EBITDA and Distributable Cash Flow Actual Estimated Actual Estimated (MM except ratio data) 4Q 2013 4Q 2013* 2013 2013* Adjusted EBITDA 49.7 49.6 197.3 197.0 Less: Adjusted EBITDA attributable to MPC-retained interest 20.8…
  16. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 16
    Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income Actual Estimated Actual Estimated (MM) 4Q 2013 4Q 2013* 2013 2013* Net income 36.8 38.5 146.1 152.4 Less: Net income attributable to MPC-retained interest 16.6…
  17. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 17
    Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income (MM) 4Q 2012* 1Q 2013 2Q 2013 3Q 2013 Net income 26.3 35.3 34.8 39.2 Less: Net income attributable to MPC-retained interest 13.2 17.7 16.2 17.7 Net income…
  18. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 18
    Strong Financial Flexibility to Manage and Grow Asset Base As of (MM except ratio data) 12/31/13 Cash and cash equivalents 54.1 Total assets 1,208.5 Long-term debt* 10.5 Total equity 1,114.1 Consolidated total debt to…
  19. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 19
    Pipeline Throughput Agreements Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/132 Term Diameter Commitment3 Throughput4 Weighted Average MPC Min. Asset (Years) (Inches) (MBPD) (MBPD) Tariff ( / BBL) Revenue (MM) Crude Systems Patoka…
  20. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 20
    Deficiency Payment Effect Example for illustrative purposes only Quarter Quarter Quarter Quarter Quarter Quarter Quarter 1 2 3 4 5 6 7 (MM) Quarterly deficiency payment 2 5 3 5 - - - Use or expiration of credit (on or before) -…
  21. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 21
    Crude Oil Pipeline Systems Overview MPC Refineries MPLX Crude Pipelines 3rd-Party Pipelines Joint Interest/MPC Ownership MPC Active Crude Pipelines 22
  22. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 22
    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 / 22 302 290 10 40 Catlettsburg and Robinson 20 / 24…
  23. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 23
    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…
  24. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 24
    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…
  25. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 25
    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…
  26. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 26
    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…
  27. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 27
    Midwest Product Pipelines Overview MPC Refineries MPLX Crude Pipelines 3rd-Party Pipelines Joint Interest/MPC Ownership MPC Active Crude Pipelines 28
  28. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 28
    Gulf Coast Product Pipelines Overview MPC Refineries MPLX Product Pipelines Joint Interest/MPC Ownership 3rd-Party Product Pipelines 29
  29. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 29
    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…
  30. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 30
    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…
  31. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 31
    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 Valero in Texas City,…
  32. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 32
    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 242 MBPD Combined…
  33. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 33
    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 545 MBPD MPC Refineries MPLX Product Pipelines…
  34. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 34
    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…
  35. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 35
    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…
  36. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 36
    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…
  37. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 37
    Marathon Petroleum Statistics at a Glance Fortune 50 company Established in 1887 Fourth largest U.S. refiner Largest in Midwest 2013 Revenues and other income: 100.3 billion 2013 Net income attributable to MPC: 2.11 billion…
  38. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 38
    MPC Priorities for Investors Maintain top-tier safety and environmental performance Sustain our focus on shareholder returns Balance capital returns with value-enhancing investments Grow higher valued and stable cash flow businesses…
  39. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 39
    MPC Demonstrating Corporate Values The foundation for all that we do Health and Safety Environmental Stewardship Product Stewardship Honesty and Integrity Corporate Citizenship Diversity and Inclusion 40
  40. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 40
    MPC Building on Reputation Sustained capital returns and value-enhancing investments 100 Third 2 B share MPC Price Performance repurchase authorized 90 Second 2 B share Completed Detroit repurchase authorized 80 Heavy Oil Upgrade…
  41. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 41
    MPC Focused Return of Capital to Shareholders 5.9x free cash flow LTM LTM Ended 12/31/13 7,000 6,000 Dividends and share 5,000 repurchases* 5.9x of 3,277 Free Cash Flow** 4,000 Cash capital expenditures, MM acquisitions…
  42. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 42
    MPC Delivering Peer Leading Return of Capital Last 12 months ended 12/31/13 16% 14.6% 14% 12% 10% 8.9% 8.3% 8.0% 8% 12.6% 2.1% 6% 5.6% 6.1% 4.2% 6.3% 4% 3.4% 2% 2.0% 2.6% 2.2% 2.2% 1.7% 0% MPC HFC PSX TSO VLO…
  43. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 43
    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 1 3 3 2 0 -5…
  44. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 44
    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…
  45. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 45
    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…
  46. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 46
    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…
  47. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 47
    MPC Providing More Stable Cash Flow Future Mid-Cycle EBITDA Midstream Speedway Historical Mid-Cycle EBITDA* Other Pipeline Transportation Speedway R&M R&M *2007-2012 average. Non-GAAP disclosure, see appendix for…
  48. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 48
    MPC Favorable Market Backdrop Global and domestic product demand Global product demand still growing U.S. distillate demand outpaces other products Global and domestic refining U.S. refining advantage will continue Product exports…
  49. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 49
    Growing Global Product Demand Distillate and 120 2012 Actual Forecast gasoline Compounded Annual Growth Rates 100 demand 2025 vs. 2012 +1.4% continues to rise 80 Other -2.4% Fuel oil MMBD Fuel Oil continues to be 60…
  50. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 50
    Growing U.S. Distillate Demand Overall U.S. demand remains flat Distillate demand 12 2012 Actual Forecast growth outpaces Compounded Annual other products Growth Rates 10 2025 vs. 2012 Gasoline Gasoline will be 8 -0.3%…
  51. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 51
    Shuttering Vulnerable Refining Capacity Offsets a portion of capacity expansion Net Change Expansions Vulnerable Capacity 7 6 5 4 3 MMBD 2 +4.10 +4.10 +2.85 +2.85 1 +0.78 +0.78 +0.92 +0.92 +1.04 +1.04 +0.61 0 +0.61…
  52. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 52
    Sustaining U.S. Export Advantage Access to lower cost feedstocks Low cost natural gas Complex refineries 2012 Sophisticated workforce Utilization Region Rate Atlantic Basin Fuel Prices North America 87% Henry Hub USGC 6 1% UK…
  53. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 53
    Growing Total U.S. Light Product Exports 2,000 1,800 1,600 1,400 1,200 MMBD 1,000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024…
  54. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 54
    Rising MPC Finished Product Exports 250 200 150 MBD 100 50 0 2010 2011 2012 2013 55
  55. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 55
    Growing N.A. and Middle East Crude Production 30 Former Soviet Union 30 Europe 20 20 10 10 0 2005 2013 2025 0 2005 2013 2025 30 North America 20 10 30 Middle East 30 Asia 0 20 20 2005 2013 2025 10 10 0 0 2005 2013…
  56. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 56
    Ongoing Disruptions Temper Global Crude Supply Crude Oil Production Global Supply Disruptions (OPEC) 45 3.5 3.0 40 2.5 Increased 35 Disruptions Near-term Flat OPEC Production 2.0 MMBD MMBD 30 1.5 1.0 25 0.5 20 0…
  57. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 57
    Rising North American Production 2012 16 Actual Forecast 14 12 10 MMBD 8 Canada 6 4 United States 2 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Sources: EIA, CAPP, MPC 58
  58. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 58
    Growing Crude Oil/Condensate Supply North Dakota 2012 1,600 1,400 1,200 1,000 MBD 800 600 400 Canada 200 Total Growth 0 Actual Forecast +3,575 MBD 2012 2025 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 +5,860 MBD…
  59. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 59
    MPC 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…
  60. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 60
    /BBL 10 15 20 25 0 5 -35 -30 -25 -20 -15 -10 -5 Sources: MPC, Argus Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13…
  61. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 61
    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,…
  62. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 62
    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 All…
  63. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 63
    MPC Creating Crude/Condensate Advantage Canada +3,575 MBD Cornerstone Pipeline Bakken Condensate Splitter +840 MBD Truck Unload Expansion Sandpiper Utica +135 MBD Southern Access Extension Patoka, IL Wellsville Barge…
  64. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 64
    U.S./Canada Key Existing and Planned Pipelines Edmonton Trans Hardisty Mountain Burnaby Anacortes Regina Cromer Clearbrook Montreal Superior Estimated Portland MBPD Pipeline Completion Sarnia 540 Keystone Current 215 Ozark…
  65. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 65
    MPC Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 62% PADD II Sour Crude 53% PADD III 47% Sweet Crude 38% As of December 31 , 2013 As of December 31 , 2013 Assured Sales of Gasoline Production…
  66. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 66
    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…
  67. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 67
    MPC Leveraging Existing Capacity to Run Light Sweet Crude Reformer capacity captures full Reforming Capacity value of light crude processing 30 25 Percent of Crude Capacity Additional value added through 20 Industry aromatics…
  68. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 68
    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…
  69. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 69
    Capital Expenditures & Investments (MM) 2014 MPC Budget Refining & Marketing (R&M) 864 Midstream included in R&M 348 Speedway 327 Pipeline Transportation* 760 Corporate and Other 133 Total Capital Expenditures & Investments…
  70. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 70
    Segment EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2007 2008 2009 2010 2011 2012 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income attributable to MPC 2,262 1,215 449 623 2,389 596 814 1,224 755 725 593 168 626 Less: Net…
  71. Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event – MPLX Lp – slide 71
    Reconciliation MPC Free Cash Flow to Net Cash Provided by (Used in) Operations (MM) 2013 (Quarter to date) 1Q 2Q 3Q 4Q Net cash provided by (used in) operating activities 2,079 (436) 407 1,355 Additions to property, plant and…

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