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Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Feb 23, 2016 · 73 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. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 1
    Credit Suisse Energy Summit Gary Heminger, President and CEO February 23, 2016
  2. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 2
    Our Priorities for Value Creation Strategic Objective How We Get There Maintain top tier safety and Continued focus on safety and environmental environmental performance stewardship license to operate Return free cash flow to…
  3. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 3
    Balanced Approach to Returning Capital and Investment Investing in the Since July 2011 Business* Share 7.2 B returned to shareholders Repurchases through repurchases, 7.2 B representing 28% of shares outstanding 13.8 B Five…
  4. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 4
    Fundamentals of MPCs Business MPCs fully integrated system provides optionality and flexibility Perform well in volatile markets MPC has strategically located assets Gasoline demand continues to be strong, supported by low prices…
  5. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 5
    Refining Increasing EBITDA and Driving Value Increasing EBITDA through process improvements Optimizing Galveston Bay and Texas City operations Investing in Galveston Bay Increasing distillate yield and conversion capacity…
  6. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 6
    South Texas Asset Repositioning (STAR) Program Creating a World-Class Refining Complex 2.0 B of total investment Investment 2,000 270 IRR 26% 1,500 580 Increase residual oil (resid) processing MM 1,000 Expand resid…
  7. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 7
    Galveston Bay Process Improvements and Synergies* 700 EBITDA Improvement Process improvements Unit optimization 600 Improved unit yields 500 Bottlenecks removed Catalyst changes 400 MM 300 Synergy capture Crude…
  8. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 8
    Reaching Higher-Value Markets Increasing Finished Product Export Capacity Export Capacity 600 510 500 115 395 400 365 30 345 20 320 MBD 300 200 100 0 2013 2014 2015 2016E 2019E Base Garyville Galveston Bay 9
  9. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 9
    Speedway Provides Stable Cash Flows Top tier performer in convenience store industry 1 in EBITDA/store/month vs. public peers Accelerating growth through organic projects Filling in existing markets Commercial fueling lane network…
  10. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 10
    Maintain Financial Flexibility Through Cycle Maintain an investment grade credit profile Optimize capital spend Disciplined entity-wide capital allocation process 2016 capital expenditure forecast reduced by 1.2 billion Continual…
  11. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 11
    MPC Consolidated 2016 Revised Capital Outlook 4,500 4.2 B 4,000 (100) 3,500 (650) 3.0 B 3,000 (400) (50) (20) MM 2,500 2,000 1,500 1,000 500 0 2016 Capital Refining & MPLX** Midstream*** Speedway Corporate and…
  12. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 12
    MPLX 2016 Revised Capital Outlook 2,000 1.7 B 2016 revised capital outlook 1,500 Growth 800 MM - 1.2 B Maintenance 61 MM 1.1 B MM 1,000 Reduced 2016 midpoint by 650 MM 500 Continue to optimize growth capital investments…
  13. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 13
    MPLX Outlook Supported by Forecasted Production Growth YoY Gross Gas Production Growth by Region (MMcf/d) 10,000 MPLX assets in 8,000 prolific Northeast History Forecast shale plays 6,000 Moderated volume 4,000 growth in light…
  14. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 14
    Supporting MPLXs Distribution Growth Targeting a 12-15% growth rate in 2016, double digit distribution growth for 2017 Sale of marine business to MPLX in 2Q 2016 (120 MM of annual EBITDA) Supportive valuation of not greater than 6x…
  15. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 15
    MPLX Enhances MPCs Value MarkWest Energy merger Adds scale and diversity to MPC Adds high quality natural gas and NGL assets in prolific shale regions Significant commercial synergies and opportunities across value chain Near…
  16. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 16
    Driving Top Tier Financial Performance Through Sustainable Competitive Advantages Fully integrated system provides optionality and flexibility Strategically located assets Value of MPLX Consistent and reliable operator Sustained…
  17. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 17
    Appendix 18
  18. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 18
    Fully Integrated Downstream System Refining and Marketing Seven-plant refining system with 1.8 MMBPCD capacity One biodiesel facility and interest in three ethanol facilities One of the largest wholesale suppliers in our market area…
  19. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 19
    U.S. Refiners have a Sustained Export Advantage Access to lower cost feedstocks Low cost natural gas 2014 Large, complex refineries Region Utilization Rate High utilization rates North America 88% Sophisticated workforce MPC 95%…
  20. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 20
    Distillate Also Leads U.S. Domestic Petroleum Fuels Demand 10 Compounded Actual Forecast Annual Gasoline demand 9 Growth Rates Gasoline declines due to corporate 8 Gasoline ex ethanol -0.8% average fuel economy 7 -0.9% (CAFE)…
  21. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 21
    Distillate Leading World Liquids Demand Annual Average 120 Volumetric Growth (MBD) Actual Forecast 2014 vs. 2025 Average product 100 demand growth +446 of 1.1 MMBD in 80 Other -91 2016-2017 MMBD 60 Resid Distillate remains…
  22. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 22
    Shale Crudes Strengthen Octane Market U.S. summer octane values were strong Lighter crude runs produce more light naphtha, increasing demand for octane Shale crudes yield a lower quality reformer feed Octane generation capacity…
  23. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 23
    North American Production is Resilient 16 Actual Forecast 14 Shale production growth has 12 Canada slowed 10 Continued drilling with MMBD 8 improved efficiency has offset U.S. Shale 6 steep initial shale declines 4…
  24. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 24
    Shale Producers Improving Efficiency 700 Shale producers becoming 600 more efficient in low price environment 500 Producers are benefiting from: 400 BOED Reduced services costs 300 (20-30%) 200 High grading acreage…
  25. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 25
    U.S. Natural Gas Production Growth Largely from Shale 18 Actual Forecast 16 U.S. natural gas supply to grow by 3.3 MMBOED 14 (18 BCFD) by 2030 12 2015 production was 370 MMBOED 10 Shale Gas MBOED (2.0 BCFD) above forecast…
  26. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 26
    U.S. NGL Volume Growth Creates a Need for Incremental Infrastructure 7 Actual Forecast 2015 NGL production was up 6 Rejected 250 MBD from March 2015s Ethane forecast 5 Supply growth will be slowed but not derailed by lower 4 Purity…
  27. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 27
    U.S. Natural Gas and NGL Trade Flows Changing Paradigm shift from U.S. Northeast being a significant importer to a significant exporter Driven by Marcellus and Utica production growth Infrastructure continuing to build out to…
  28. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 28
    Returning Capital to Shareholders Through Share Repurchases Cumulative Share Repurchases Since July 2011 8,000 10 B share 6,000 repurchases authorized 7.24 B returned MM 4,000 to shareholders through repurchases 2,000 28% of…
  29. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 29
    Returning Capital to Shareholders Through Dividends 0.35 +28% 350 0.32 0.30 300 +19% 0.25 0.25 +20% 250 0.21 +40% /Share 0.20 200 MM 0.175 171 170 170 +25% 141 138 136 136 0.15 129 126 123 122 150 0.125 119 116…
  30. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 30
    Growing More Stable Cash-Flow Business Segments Speedway Corporate 2016 Capital Outlook 3.0 B & Other 3% MPC 1.9 B 10% Refining & Marketing, excluding Refining Midstream 1,045 MM MPLX Sustaining 23% Capital Midstream* 440 MM 36%…
  31. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 31
    Galveston Bay-Texas City World-Class Refining Complex Integrated Galveston Bay-Texas City Refinery Post-STAR Galveston BPCD Unless Noted Bay* Crude 585,000 Vacuum Distillation 225,200 Residual Hydrocracking 94,300 Coking 29,800…
  32. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 32
    Refining Increasing EBITDA Through Continuous Process Improvements Low or no investment projects Refining Process Improvements* 1,000 Focus on technical excellence 800 Margin Improvement Improvements in process unit 600…
  33. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 33
    Capitalizing on Growing U.S. Finished Product Exports Gross U.S. Finished Product Exports MPC Finished Product Exports 1,800 350 1,600 300 1,400 250 1,200 MBD 200 MBD 1,000 800 150 600 100 400 50 200 0 0…
  34. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 34
    Producing Higher-Value Products Investments of 360 MM contribute 130 MM EBITDA Fluid Catalytic Cracking (FCC) projects Increase alkylate and light products Garyville FCC/Alky 2016 Investment: 220 MM IRR 27% Detroit FCC 2018…
  35. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 35
    Enhancing Refining Margins Robinson light crude processing project +30 MBD light crude 140 MM investment 30% ROI, 2016 est. completion Galveston Bay export capacity expansion +30 MBD ULSD 40% ROI, 2016 est. completion +115 MBD…
  36. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 36
    Balance in Refining Network BPCD NCI Canton (Ohio) 93,000 7.8 Catlettsburg (Ky.) 273,000 9.2 Detroit (Mich.) 132,000 9.7 Midwest Capacity 710,000 BPCD Robinson (Ill.) 212,000 10.5 Galveston Bay (Texas) 459,000 13.5 Texas City…
  37. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 37
    MPCs Value of Integration 3,500 Crude 3,000 RIN Price Decline Flexible refining Distortion system 2,500 Large retail MM presence 2,000 Extensive logistics with considerable 1,500 optionality 1,000 1Q12 2Q12 3Q12…
  38. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 38
    Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 60% PADD II Sour Crude 55% 40% PADD III 45% Sweet Crude As of Dec. 31, 2015 4Q 2015 Assured Sales of Gasoline Production (Speedway + Brand +…
  39. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 39
    Speedway: Pursuing Attractive and Accretive Acquisitions Leverage MPCs supply and logistical network Increase assured sales Optimize terminal utilization Fill market voids in Speedway footprint High quality assets Continue focus…
  40. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 40
    Capitalizing on Diesel Demand Growth Trucking remains a dominant mode of transportation U.S. freight volumes expected to increase by 29% Diesel demand growth expected to outpace gasoline Build out commercial fueling lane network…
  41. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 41
    Following Through on Goals for Acquired Locations Earnings Opportunities (Original Guidance) Invest 570 MM in conversions, 400 70 remodels and maintenance 300 45 MM 40 200 Convert 1,245 stores to Speedway 35 365 100 brand…
  42. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 42
    Focus on Improving Light Product Breakeven 13 12.39 11 Each 1.00 cent per gallon improvement Light Product Breakeven (cpg) 9 = 30 MM annual pretax earnings Total Expenses 7 7.13 LPBE = Merchandise Margin Light Product…
  43. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 43
    Exceeding Expected Synergies Synergies and Marketing Enhancements 250 225 200 190 149 155 150 MM 120 100 75 47 50 20 0 2014E 2014 2015E 2015E 2016E 2016E 2017E 2017E Guidance* Speedway Synergies R&M Synergies *Based…
  44. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 44
    MPLX and MPC are Aligned MPLX Organizational Structure MPC views MPLX as integral to its Marathon Petroleum Corporation and Affiliates operations and is aligned with its (NYSE: MPC) success and incentivized to grow MPLX 100%…
  45. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 45
    Leveraging Strengths Across the Hydrocarbon Value Chain Crude Oil and Refined Products Natural Gas and NGLs Refining Gathering Logistics Processing Fuels Distribution Fractionation Large and growing The right assets, in the…
  46. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 46
    MarkWest History 2002: IPO of MarkWest Energy Partners 2002 2006: Rapid growth in Southwest; 1 billion in acquisitions 2006 marks first No. 1 ranking in customer service 2008: MarkWest Hydrocarbon and MarkWest Energy Partners merge…
  47. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 47
    MarkWest is One of the Largest NGL and Natural Gas Midstream Service Providers Processing 75% of Total Rich-Gas Production from the Marcellus and Utica Ethane Raw Gathering Propane Natural Gas and Processing Mixed Fractionation NGL…
  48. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 48
    Gathering & Processing Growth Projects HOPEDALE FRACTIONATION COMPLEX (MarkWest & MarkWest Utica EMG shared KEYSTONE COMPLEX fractionation capacity) Bluestone I III & Sarsen I 410 MMcf/d Operational C3+ Fractionation I & II 120,000…
  49. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 49
    The Marcellus/Utica Resource Play is the Leading U.S. Natural Gas Growth Play 65 Marcellus & Utica account for over 28 Rest of U.S. Billion Cubic Feet per Day (BCF/D) Marcellus & Utica Billion Cubic Feet per Day 64 20% of total…
  50. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 50
    Overall Midstream Growth Investments of over 9 B Contributing Approximately 1.3 B EBITDA(1) MarkWest Growth Investments - Cash Flow Return Profile 24 to 36 months 7.5 B of forecasted 7.0x Cash Flow 1 B of Mid-2022 growth capital to…
  51. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 51
    Backlog of Midstream Organic Growth and Drop-down Investment Opportunities 27 - 33 B to Support Distribution Growth MPC Drop-down Capital 13 - 16 B 0.8 B (Assumes 8-10x EBITDA multiple) MPLX Organic Capital through 2018* 7.5 B…
  52. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 52
    Legacy MPLX has Attractive Organic Growth Backlog Estimated to Generate 125 MM of EBITDA 0 MPLX Organic Capital through 2018(1) 2 4 6 8 10 12 14 16 18 20 22 24 26 28 0.8 B 30 32 34 Cornerstone and Utica Build-out Pipeline and…
  53. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 53
    MarkWest has Robust Portfolio of Growth Projects Expected to Deliver 1 B of EBITDA 7.5 B Southwest Northeast MarkWest Organic Capital 2016 to 2020 (1.5 B annual run-rate) 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Organic…
  54. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 54
    Leveraging Premier Positions Across the Value Chain with Substantial Incremental Combined Opportunities 0 2 4 6 8 MarkWest/MPLX/MPC Synergistic Capital 10 12 14 16 18 20 22 24 26 6-9B 28 30 32 34 Opportunity Investment 1…
  55. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 55
    Growing MPCs Drop-down Inventory Provides Visibility to Significant Growth 0 2 4 6 8 10 12 14 16 MPC Drop-down Capital (Assumes 8-10x EBITDA multiple) 18 20 22 24 26 13 - 16 B 28 30 32 34 5,400 miles of additional pipelines…
  56. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 56
    Butane to Alkylate (BTA) Developing Mt. Belvieu Capabilities in the Northeast: 1.5 - 2 B of Opportunity Alkylate is an ideal gasoline blending component Enhancing the gasoline that will become increasingly valuable with pending…
  57. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 57
    Northeast and Long-Haul NGL Pipeline and Related Infrastructure Development 1 1.5 B in Opportunities 1 NGL/Light Products to East Coast - Large-scale East Coast LPG export terminal - Rail/pipeline to East Coast export terminal -…
  58. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 58
    Develop Infrastructure to Support the Emerging Rogersville Shale and Other Unconventional Northeast Reservoirs Up to 1 B of Opportunities Highly prospective play in West Virginia and Kentucky MarkWest strategically positioned to…
  59. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 59
    Expanding Dry Gas Gathering in Ohio, Pa., and W.Va. with 500 MM - 1.0 B of Opportunity The Utica Shale is potentially the most economically viable dry gas play in the U.S. Existing Ohio gathering system is critical for development of…
  60. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 60
    U.S./Canada Key Existing and Planned Pipelines In Service MBPD Pipeline Date 200 Diamond 2017 450 Dakota Access 2017 450 ETCO 2017 (Trunkline Conversion) 225/375 Sandpiper 2019 300 Trans Mountain Current +590 Trans Mountain…
  61. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 61
    Opportunity Set for Investment is Expanded Multiple Funding Options - Extensive Financial Flexibility MPC Sponsor Support for MPLX Capital Sources Capital Sources Earnings Equity Earnings MLP Distribution Incubate Projects Equity…
  62. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 62
    MPCs Strong Liquidity and Capitalization Committed to maintaining investment grade credit profile and financial flexibility Operate with prudent leverage and strong liquidity throughout the refining cycle Liquidity and Capitalization…
  63. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 63
    Sustaining Core Liquidity Under All Environments 30/BBL crude price environment 4,000 Operating 800 Requirements 3,500 (Non-Discretionary Capex, Interest, 3,000 Taxes, Dividends) 2,500 MM Unexpected 2,500 4,300 Liquidity…
  64. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 64
    MPLXs Financial Flexibility to Manage and Grow Asset Base Committed to maintaining (MM except ratio data) As of investment grade credit profile 12/31/15 Cash and cash equivalents 43 Completed bond exchange in Total assets 15,677…
  65. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 65
    Generating Significant Cash Flow Through All Cycles Pro Forma EBITDA Adjusted for Current Configuration Pro Forma EBITDA 10,000 8,000 MM 6,000 4,000 2,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2008 thru 2015 Mid-…
  66. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 66
    MPC vs. Peer Companies Operating Income per Barrel Operating Income Per Barrel of Crude Throughput** 20 MPCs Rank 15 Competitor Range 1 2 10 /BBL 2 5 1 6 2 3 5 1 3 2 7 3 3 3 1 3 2 0 -5 1998 1999 2000 2001 2002 2003…
  67. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 67
    Reconciliations Speedway Segment Adjusted EBITDA to Segment Income from Operations (MM) 2011 2012 2013 2014 2015 Speedway Segment Income from Operations 271 310 375 544 673 Plus: Depreciations and Amortization 110 114 112 152 254 Plus:…
  68. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 68
    Segment EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q Net income attributable to MPC 1,215 449 623 2,389 3,389 2,112 2,524 891 826 948 187 Less: Net interest and other…
  69. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 69
    EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income attributable to MPC 199 855 672 798 891 826 948 187 Less: Net interest and other financial income (costs) (46) (48) (50) (72)…
  70. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 70
    EBITDA Reconciliation to Net Income for Hess (MM) 2013* 2017E Net Income 47 138 Less: Net interest and other financial income (costs) (12) - Add: Provision for income taxes 22 78 Add: Total depreciation and amortization 94 149…
  71. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 71
    Annual Price and Margin Sensitivities MM (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity 450 (per 1.00/barrel change) Sweet/Sour Differential** Sensitivity 220 (per 1.00/barrel change) LLS-WTI Spread*** Sensitivity 90 (per…
  72. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 72
    1Q 2016 Outlook Other Total Corporate Percent of Turnaround Depreciation Other Crude Charge/ Total Direct and Other WTI-priced and Major and Manufacturing Throughput* Feedstocks Throughput* Operating Unallocated Crude Maintenance…
  73. Credit Suisse 21st Annual Energy Summit – Marathon Petroleum Corporation – slide 73
    Market Indicators Used in Project EBITDA Calculations 2016-2020 2016-2020 Average Range REG UNL (USGC; /GAL)* 2.03 1.60 - 2.23 ULSD (USGC; /GAL)* 2.32 1.89 - 2.52 LLS (St. James, LA; /BBL) 79.47 61.80 - 87.43 Natural Gas (Henry…

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