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Analyst and Investor Day – MPLX Lp

MPLX Lp · Dec 4, 2013 · 98 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. Analyst and Investor Day – MPLX Lp – slide 1
  2. Analyst and Investor Day – MPLX Lp – slide 2
    Meeting Agenda Welcome and Introductions Pam Beall Strategic Overview Gary Heminger Macro Outlook Mike Palmer Midstream/MPLX Garry Peiffer Speedway Tony Kenney Refining Rich Bedell Financial Overview Don Templin Summary and…
  3. Analyst and Investor Day – MPLX Lp – slide 3
    Other MPC Attendees George Shaffner Tom Kelley Tim Griffith Senior Vice President Senior Vice President Vice President Transportation and Marketing Finance and Treasurer Logistics Beth Hunter Geri Ewing Manager Manager…
  4. Analyst and Investor Day – MPLX Lp – slide 4
    Gary Heminger President and Chief Executive Officer
  5. Analyst and Investor Day – MPLX Lp – slide 5
    Our Priorities 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…
  6. Analyst and Investor Day – MPLX Lp – slide 6
    Demonstrating Our Corporate Values The foundation for all that we do Health and Safety Environmental Stewardship Product Stewardship Honesty and Integrity Corporate Citizenship Diversity and Inclusion Strategic Macro…
  7. Analyst and Investor Day – MPLX Lp – slide 7
    Maintaining Top Tier Performance Safety and Environmental OSHA Recordable Rate Days Away Rate 0.70 Per 200,000 hours 0.58 MPC Industry MPC Industry 0.50 Per 200,000 hours 0.44 0.44 0.16 0.13 0.12 0.61 0.08 0.09 0.50…
  8. Analyst and Investor Day – MPLX Lp – slide 8
    Building on our 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…
  9. Analyst and Investor Day – MPLX Lp – slide 9
    Delivering Peer Leading Return of Capital Last twelve months 16 14.7 14 12 10 9.1 8.7 Percent 12.3 7.7 8 2.2 6.4 6 6.7 5.2 4.3 3.8 4 2 2.4 2.6 2.0 2.7 2.6 0 MPC HFC TSO PSX VLO Dividend Yield Special Dividend Yield…
  10. Analyst and Investor Day – MPLX Lp – slide 10
    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 4 5 2 7 3 3 1 3 3 2 0 -5…
  11. Analyst and Investor Day – MPLX Lp – slide 11
    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…
  12. Analyst and Investor Day – MPLX Lp – slide 12
    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 in…
  13. Analyst and Investor Day – MPLX Lp – slide 13
    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…
  14. Analyst and Investor Day – MPLX Lp – slide 14
    Mike Palmer Senior Vice President, Supply, Distribution and Planning
  15. Analyst and Investor Day – MPLX Lp – slide 15
    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…
  16. Analyst and Investor Day – MPLX Lp – slide 16
    Growing Global Product Demand Distillate and 120 2012 Actual Forecast gasoline demand Compounded Annual continues to rise 100 Growth Rates 2025 vs. 2012 Fuel oil continues +1.4% to be phased out 80 Other -2.4% due to…
  17. Analyst and Investor Day – MPLX Lp – slide 17
    Growing U.S. Distillate Demand Overall U.S. demand remains flat Distillate demand 12 2012 Actual Forecast growth outpaces Compounded Annual other products 10 Growth Rates 2025 vs. 2012 Gasoline Gasoline will be -0.3% 8…
  18. Analyst and Investor Day – MPLX Lp – slide 18
    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…
  19. Analyst and Investor Day – MPLX Lp – slide 19
    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 Henry Hub USGC 6 1% UK NBP Index Netherlands…
  20. Analyst and Investor Day – MPLX Lp – slide 20
    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…
  21. Analyst and Investor Day – MPLX Lp – slide 21
    Rising MPC Finished Product Exports 250 200 150 MBD 100 50 0 2010 2011 2012 2013 2013 Sept 3Q YTD Strategic Macro Midstream/ Speedway Refining Financial Summary 22 Overview Outlook MPLX Overview Q&A
  22. Analyst and Investor Day – MPLX Lp – slide 22
    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…
  23. Analyst and Investor Day – MPLX Lp – slide 23
    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…
  24. Analyst and Investor Day – MPLX Lp – slide 24
    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 Strategic Macro…
  25. Analyst and Investor Day – MPLX Lp – slide 25
    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…
  26. Analyst and Investor Day – MPLX Lp – slide 26
    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…
  27. Analyst and Investor Day – MPLX Lp – slide 27
    Ongoing Volatile Crude Spreads vs. WTI 25 20 15 10 5 Mars 0 Maya /BBL -5 WCS -10 LLS -15 NDL -20 Brent -25 -30 -35 Nov-12 Mar-13 May-13 Sep-13 Mar-12 May-12 Sep-12 Feb-13 Jul-13…
  28. Analyst and Investor Day – MPLX Lp – slide 28
    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,…
  29. Analyst and Investor Day – MPLX Lp – slide 29
    Ongoing High Marginal Rail Cost 10-12 Bakken 14-16 15-16 12-14 13-15 WTI Cushing, OK Legend Rail St. James, LA LLS All costs shown as /BBL Sources: MPC, publicly available Information Strategic Macro Midstream/…
  30. Analyst and Investor Day – MPLX Lp – slide 30
    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…
  31. Analyst and Investor Day – MPLX Lp – slide 31
    Creating Crude/Condensate Advantage Canada +3,575 MBD Bakken +840 MBD Sandpiper Southern Access Extension Patoka, IL Robinson Light Crude Enhancements MPC Refinery Production volumes are 2025 estimates vs. 2012…
  32. Analyst and Investor Day – MPLX Lp – slide 32
    Creating Crude/Condensate Advantage Canada +3,575 MBD Bakken +840 MBD Sandpiper Southern Access Extension Patoka, IL Robinson Light Crude Enhancements Permian +620 MBD MPC Refinery Eagle Ford +690 MBD…
  33. Analyst and Investor Day – MPLX Lp – slide 33
    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…
  34. Analyst and Investor Day – MPLX Lp – slide 34
    Garry Peiffer MPC Executive Vice President and MPLX President
  35. Analyst and Investor Day – MPLX Lp – slide 35
    MPLX Larger and More Valuable Part of MPCs Business Sustain long-term growth Significant midstream/MPLX logistics growth underway Unlock value of MPC existing logistics assets via MPLX Strategic Macro Midstream/ Speedway Refining…
  36. Analyst and Investor Day – MPLX Lp – slide 36
    Industry Leading MLP and Ready to Run 45 Focus on Fee-Based Businesses 40 Unit Price Pursue Organic Growth 35 Opportunities 30 Grow Through Acquisitions and Drop-downs 25 IPO Maintain Safe and Reliable 20 Operations…
  37. Analyst and Investor Day – MPLX Lp – slide 37
    Increasing Midstream Growth Investments 1,200 Midstream Infrastructure* 1,000 Condensate Splitters 800 MM 600 400 200 0 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E *Includes MPLX spend, midstream investments…
  38. Analyst and Investor Day – MPLX Lp – slide 38
    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 In-Service:…
  39. Analyst and Investor Day – MPLX Lp – slide 39
    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…
  40. Analyst and Investor Day – MPLX Lp – slide 40
    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…
  41. Analyst and Investor Day – MPLX Lp – slide 41
    Developing a Comprehensive Utica System To Toledo, Detroit, Chicago and Canada Proposed Cornerstone Pipeline investment Pa. 140 MM Youngstown Capacity Canton Midland 25+ MBD Wellsville Lima Steubenville Timing M3, Leesville…
  42. Analyst and Investor Day – MPLX Lp – slide 42
    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…
  43. Analyst and Investor Day – MPLX Lp – slide 43
    Current Retained Midstream EBITDA of 800 MM Additional Midstream Assets Retained by MPC Over 5,000 miles of additional crude and products pipelines Pipelines Owns, leases or has an ownership interest in these pipelines 44% of MPLX…
  44. Analyst and Investor Day – MPLX Lp – slide 44
    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 value…
  45. Analyst and Investor Day – MPLX Lp – slide 45
    Outlook for Continued Organic Growth MPLX 2014 Adjusted EBITDA* 160 140 MM (MM, except 120 where noted) 2013E 2014E Min Max Min Max 100 Adjusted 80 102 108 130 145 EBITDA* 2013E 2014E DCF* 100 106 100 115 Distributable…
  46. Analyst and Investor Day – MPLX Lp – slide 46
    MPLX Summary MPLX will be MPCs primary midstream growth vehicle Large portfolio of fee-based growth projects that will be immediately accretive to distributable cash flow Clear line of sight to MPC midstream asset portfolio to support…
  47. Analyst and Investor Day – MPLX Lp – slide 47
    Tony Kenney President, Speedway LLC
  48. Analyst and Investor Day – MPLX Lp – slide 48
    Speedway Larger and More Valuable Part of MPCs Business Sustain top tier performance in convenience store industry Accelerate organic growth strategy Leverage integration value within MPCs Midwest infrastructure Grow very stable…
  49. Analyst and Investor Day – MPLX Lp – slide 49
    Top Tier Light Product Volume per Store Light Product Volume Public C-Store Independent Refiners w/COOP* 300 M Gal/Store/Month 250 200 177.1 150 AVG: 134.8 100 50 0 Casey's Couche-Tard Pantry Susser CST MUSA Tesoro Delek…
  50. Analyst and Investor Day – MPLX Lp – slide 50
    Top Tier Merchandise Sales per Store Merchandise Sales Public C-Store Independent Refiners w/COOP* 200 174.7 M/Store/Month 150 AVG: 106.6 100 50 0 Casey's Couche-Tard Pantry Susser CST MUSA Tesoro Delek Western Speedway…
  51. Analyst and Investor Day – MPLX Lp – slide 51
    Top Tier Total Gross Margin per Store Total Gross Margin Public C-Store Independent Refiners w/COOP* 80 76.7 M/Store/Month AVG: 55.1 60 40 20 0 Casey's Couche-Tard Pantry Susser CST MUSA Tesoro Delek Western Speedway…
  52. Analyst and Investor Day – MPLX Lp – slide 52
    Growing More Predictable Merchandise Margin 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 2,800 800…
  53. Analyst and Investor Day – MPLX Lp – slide 53
    Executing Significant Organic Growth Opportunities Capex 350 340 326 305 300 300 300 250 MM 200 150 103 100 50 0 2007-2011 2012 2013E 2014E 2015E 2016E Average Store Construction Acquisitions All Other of Stores…
  54. Analyst and Investor Day – MPLX Lp – slide 54
    Consolidating Fragmented Industry Convenience retail industry 15% viable and growing 5% 2012 sales: 700 B (2.7% increase) 5% 2012 profitability: 7 B (2.9% increase) 63% 12% Merchandise and food service driver of growth Highly…
  55. Analyst and Investor Day – MPLX Lp – slide 55
    Capturing Full Integration Value With MPCs Midwest infrastructure New Markets Key Growth Markets Organic Store Count* New 280 locations identified 63 Rebuild 230 existing candidates 302 Acquisitions Chicago 4 307 Single stores…
  56. Analyst and Investor Day – MPLX Lp – slide 56
    Growing Cash Flow Through All Cycles Segment EBITDA* 650 630 550 560 450 500 MM 482 404 424 350 381 250 2010 2011 2012 2013E 2014E 2015E 2016E *Non-GAAP disclosure, see appendix for reconciliation to Speedway segment…
  57. Analyst and Investor Day – MPLX Lp – slide 57
    Growing Stable Cash Flow Foundation set for growth Top tier industry performer Scalable technology and organizational infrastructure Industry consolidation and rationalization of assets Disciplined expense control Same store expense…
  58. Analyst and Investor Day – MPLX Lp – slide 58
    Rich Bedell Senior Vice President, Refining
  59. Analyst and Investor Day – MPLX Lp – slide 59
    Increasing Margins and Adding Value in Refining Light crude and condensate processing Distillate growth Product export growth Galveston Bay update Garyville resid hydrocracker Strategic Macro Midstream/ Speedway Refining…
  60. Analyst and Investor Day – MPLX Lp – slide 60
    Increasing Light Sweet Crude and Condensate Capacity Condensate splitters Canton: 25 MBD Catlettsburg: 35 MBD Condensate Processing Opportunity 250 MM Ultra- New Light Naphtha to Gasoline Blending Sweet Fractionator Heavy Naphtha…
  61. Analyst and Investor Day – MPLX Lp – slide 61
    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 through…
  62. Analyst and Investor Day – MPLX Lp – slide 62
    Capitalizing on Global Growth in Diesel Demand Hydrocracker expansions/revamps Distillate Production 700 Garyville +25 MBD ULSD in 2014-15 600 225 MM 500 MBD 45% ROI 400 300 Galveston Bay +9 MBD ULSD in 2015 2012 2013E…
  63. Analyst and Investor Day – MPLX Lp – slide 63
    Growing Gulf Coast Export Capabilities Export Capacity Added new 500,000 barrel 450 export tank at Garyville in 2013 400 400 350 Low cost, high return dock expansions at Garyville and 300 275 245 Galveston Bay in design phase…
  64. Analyst and Investor Day – MPLX Lp – slide 64
    Increasing Throughputs and Lowering Costs Galveston Bays first 10 months Excellent HES record Higher refinery throughputs and lower operating costs Focused on reliability and yield improvements 38 MM margin improvements captured…
  65. Analyst and Investor Day – MPLX Lp – slide 65
    Processing More Price Advantaged Crude Oil Galveston Bays first 10 months Canadian/ Bakken Eliminated foreign sweets and increased Canadian Heavy Permian Basin Seaway Keystone XL imports Longhorn BridgeTex Permian Express…
  66. Analyst and Investor Day – MPLX Lp – slide 66
    Increasing Profitability Galveston Bay: significant and low cost opportunities Expecting 100 MM of Annual Projected Synergies 160 synergies in 2013 120 Synergy projects MM 80 Building inter-refinery 40 connections to Texas…
  67. Analyst and Investor Day – MPLX Lp – slide 67
    Galveston Bay Sustaining expenditures trending lower 1,000 800 600 MM 400 200 0 2013E 2013E 2014E 2014E 2015E 2015E 2016E 2016E Original Capital Original Major Maintenance Current Capital Current Major…
  68. Analyst and Investor Day – MPLX Lp – slide 68
    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 Evaluate gas oil hydrocracker options Idle the…
  69. Analyst and Investor Day – MPLX Lp – slide 69
    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 purchases…
  70. Analyst and Investor Day – MPLX Lp – slide 70
    Don Templin Senior Vice President and Chief Financial Officer
  71. Analyst and Investor Day – MPLX Lp – slide 71
    Disciplined Capital Management Strong earnings and cash flow base Attractive capital investment opportunities Shareholder-oriented approach to business investments and capital return Ongoing dividend growth and share repurchase…
  72. Analyst and Investor Day – MPLX Lp – slide 72
    Delivering Results (MM, except where noted) Thru 2011 2012 Q3 2013* Earnings** 2,389 3,389 1,486 ROCE 19% 25% 14% Dividend Increase 25% 40% 20% Share Repurchases 0 1,350 2,341 Capital Spending*** 1,323 1,460 906…
  73. Analyst and Investor Day – MPLX Lp – slide 73
    Generating Significant Cash Flow Through All Cycles Pro forma EBITDA adjusted for current configuration Pro forma EBITDA 8,000 7,000 6,000 5,000 MM 4,000 3,000 2,000 1,000 0 2008 2009 2010 2011 2012 2008 thru 2012 Mid…
  74. Analyst and Investor Day – MPLX Lp – slide 74
    Sustaining Core Liquidity Needs Minimum cash balance of 500 MM - 1.5 B Requirements Ongoing Operating Cash Flow Requirements Maintenance/Sustaining Capital Interest Payments Dividend Payments Contingent Calls on Corporate Liquidity…
  75. Analyst and Investor Day – MPLX Lp – slide 75
    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 2013E* 2014E 2015E 2016E Refining and Marketing, excluding Midstream…
  76. Analyst and Investor Day – MPLX Lp – slide 76
    Ongoing Philosophy of Capital Returns Support core liquidity requirements Target capital return of 100% of free cash flow through cycle Operating Cash Flow X Less: Maintenance Capital Expenditures Y Less: Attractive Return Profile…
  77. Analyst and Investor Day – MPLX Lp – slide 77
    Sustaining Capital Returns Since Spin Cumulative Return of Capital Since July 1, 2011 5,000 4.6 B 4,500 4,000 3,500 3,000 MM 2,500 2,000 1,500 1,000 500 0 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013…
  78. Analyst and Investor Day – MPLX Lp – slide 78
    Returning Substantial Capital 2.5x free cash flow LTM LTM Ended September 30, 2013 7,000 6,000 Dividends and share 5,000 repurchases* 247% of 3,315 Free Cash 4,000 Flow** MM Free Cash Cash capital expenditures, Flow**…
  79. Analyst and Investor Day – MPLX Lp – slide 79
    Preliminary 1Q 2014 Outlook Projected Q1 2014 Q1 2013 Crude throughput 1.55 MBD 1.43 MBD Total throughput 1.85 MBD 1.67 MBD Percent of WTI-priced crude 17% 22% Refinery direct operating costs in Refining and Marketing gross margin*:…
  80. Analyst and Investor Day – MPLX Lp – slide 80
    Further Enhancing Transparency Market data and key metrics, effective January 2014 Gross margin calculation change Exclude direct operating costs Calculate on per barrel of throughput basis Regional data for Midwest and Gulf Coast…
  81. Analyst and Investor Day – MPLX Lp – slide 81
    Gary Heminger President and Chief Executive Officer
  82. Analyst and Investor Day – MPLX Lp – slide 82
    Our Priorities 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…
  83. Analyst and Investor Day – MPLX Lp – slide 83
    Strategic Macro Midstream/ Speedway Refining Financial Summary Overview Outlook MPLX Overview Q&A
  84. Analyst and Investor Day – MPLX Lp – slide 84
    Appendix 85
  85. Analyst and Investor Day – MPLX Lp – slide 85
    MPC Presenters Gary Heminger Garry Peiffer Don Templin Tony Kenney President and MPC Executive Vice President, Senior Vice President President Chief Executive Officer Corporate Planning and Investor and Chief Financial Speedway LLC…
  86. Analyst and Investor Day – MPLX Lp – slide 86
    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…
  87. Analyst and Investor Day – MPLX Lp – slide 87
    EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2007 2008 2009 2010 2011 2012 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net income attributable to MPC 2,262 1,215 449 623 2,389 596 814 1,224 755 725 593 168 Less: Net interest and other…
  88. Analyst and Investor Day – MPLX Lp – slide 88
    Estimated MPLX LP Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income (MM) 2013E 2014E Net income 137 183 Less: Net income attributable to MPC-retained interest 65 83 Net income attributable to MPLX LP 72…
  89. Analyst and Investor Day – MPLX Lp – slide 89
    Reconciliation MPC Free Cash Flow to Net Cash Provided by (Used in) Operations (MM) 2012 2013 (Quarter to date) 4Q 1Q 2Q 3Q Net cash provided by (used in) operating activities 2,043 2,079 (436) 407 Additions to property, plant and…
  90. Analyst and Investor Day – MPLX Lp – slide 90
    Reconciliation Speedway Segment EBITDA to Speedway Segment Income from Operations (MM) 2010 2011 2012 2013E 2014E 2015E 2016E Speedway Segment Income from Operations 293 271 310 371 380 431 493 Plus: Depreciation and Amortization 111…
  91. Analyst and Investor Day – MPLX Lp – slide 91
    Market Indicators Used in Project EBITDA Calculations 2012 2014 20 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 (Henry Hub, LA; /MMBTU) 2.79…
  92. Analyst and Investor Day – MPLX Lp – slide 92
    Refining: Refinery Unit and Production Capacity (1) Garyville, Louisiana BPCD Unless Noted Garyville Crude 522,000 Vacuum Distillation 265,100 Coking 86,000 Catalytic Cracking 131,100 Catalytic Reforming 121,200 Catalytic Hydrocracking…
  93. Analyst and Investor Day – MPLX Lp – slide 93
    Refining: Refinery Unit and Production Capacity (1) Galveston Bay, Texas BPCD Unless Noted Galveston Crude 451,000 Vacuum Distillation 225,200 Residual Hydrocracking 63,000 Coking 29,800 Catalytic Cracking 163,900 Catalytic Reforming…
  94. Analyst and Investor Day – MPLX Lp – slide 94
    Refining: Refinery Unit and Production Capacity (1) Catlettsburg, Kentucky BPCD Unless Noted Catlettsburg Crude 242,000 Vacuum Distillation 115,900 Coking Catalytic Cracking 98,800 Catalytic Reforming 49,900 Catalytic Hydrocracking…
  95. Analyst and Investor Day – MPLX Lp – slide 95
    Refining: Refinery Unit and Production Capacity (1) Robinson, Illinois BPCD Unless Noted Robinson Crude 212,000 Vacuum Distillation 67,900 Coking 27,600 Catalytic Cracking 51,800 Catalytic Reforming 76,500 Catalytic Hydrocracking 27,100…
  96. Analyst and Investor Day – MPLX Lp – slide 96
    Refining: Refinery Unit and Production Capacity (1) Detroit, Michigan BPCD Unless Noted Detroit Crude 123,000 Vacuum Distillation 70,300 Coking 28,000 Catalytic Cracking 35,200 Catalytic Reforming 20,400 Catalytic Hydrocracking…
  97. Analyst and Investor Day – MPLX Lp – slide 97
    Refining: Refinery Unit and Production Capacity (1) Texas City, Texas BPCD Unless Noted Texas City Crude 84,000 Vacuum Distillation Coking Catalytic Cracking 55,600 Catalytic Reforming 10,500 Catalytic Hydrocracking Catalytic…
  98. Analyst and Investor Day – MPLX Lp – slide 98
    Refining: Refinery Unit and Production Capacity (1) Canton, Ohio BPCD Unless Noted Canton Crude 80,000 Vacuum Distillation 33,300 Coking Catalytic Cracking 24,700 Catalytic Reforming 20,400 Catalytic Hydrocracking Catalytic…

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