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Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Oct 31, 2016 · 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. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 1
    Third Quarter 2016 Earnings Conference Call and Webcast as supplemented on October 31, 2016
  2. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 2
    Highlights Announced strategic initiatives to enhance shareholder value Aggressive dropdown strategy Highlighting the value of the general partner interest Review of segment reporting Reported third-quarter earnings of 145 million,…
  3. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 3
    3Q 2016 Earnings* 3Q 2016 3Q 2015 Earnings* 145 MM 948 MM Earnings per Diluted Share** 0.27 1.76 Earnings* Earnings per Diluted Share** 3,000 2,852 6 187 5.26 2,500 5 0.35 948 2,000 4 1.76 /Share MM 1,500 3 826 1.51…
  4. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 4
    Earnings* 3Q 2016 vs. 3Q 2015 Variance Analysis 1,200 1,000 948 800 600 400 MM 446 200 145 165 6 (64) 0 -200 (123) (1,128) (34) (71) -400 3Q 2015 Refining & Speedway Midstream** Items not Impairment Interest and Income…
  5. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 5
    Refining and Marketing Segment Income 3Q 2016 vs. 3Q 2015 Variance Analysis 1,600 1,434 1,400 1,200 1,000 79 MM 800 1 32 (711) (69) 600 400 38 306 200 (463) (35) 0 *3Q 2015 **LLS **Sweet/ **LLS/WTI **LLS **Market Other…
  6. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 6
    Speedway Segment Income 3Q 2016 vs. 3Q 2015 Variance Analysis 300 250 243 28 209 200 (8) (54) MM 150 100 50 0 3Q 2015 Light Product Merchandise Other 3Q 2016 Gross Margin Gross Margin 7
  7. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 7
    Midstream Segment Income 3Q 2016 vs. 3Q 2015 Variance Analysis 300 16 258 250 121 200 MM 150 27 100 93 1 50 0 *3Q 2015 Revenue Equity Affiliates MarkWest Operating Expenses 3Q 2016 and Other *We changed our…
  8. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 8
    Total Company Cash Flow 3Q 2016 3,000 1,071 2,500 2,000 (666) 1,754 1,500 (516) MM 184 1,000 48 709 (785) (241) 500 (140) 0 6/30/2016 Operating Working Net Debt Cash Capital Issuance of Return of Distributions to Other…
  9. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 9
    Liquidity and Capitalization/Select Cash-Flow Data MPC MPC MPLX As of September 30, 2016 Excluding Consolidated Adjustments(a) (MM except ratio data) MPLX Debt 10,566 4,412 6,154 Mezzanine equity 1,000 1,000 - Equity 19,957…
  10. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 10
    4Q 2016 Outlook Other Total Corporate Turnaround Depreciation Other Crude Charge/ Total Sour Crude Oil Direct and Other and Major and Manufacturing Throughput* Feedstocks Throughput* Throughput Operating Unallocated Maintenance…
  11. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 11
    Appendix 12
  12. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 12
    Expanding Cash Flow Distributions from MPLX Illustrative Example of Growing GP / IDR Cash Flows with Announced Dropdowns* GP Cash Flows Based on Drop Multiple Illustrative 2017E 2018E 2019E Value (MM) 6.0x 8.0x 6.0x 8.0x 6.0x…
  13. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 13
    Dropdowns Generate Significant Proceeds to MPC Illustrative Example of Drop Proceeds Range Various Amounts of Equity Issued to MPC* 3,500 3,500 3,500 3,500 3,500 3,000 2,450 2,450 1,750 1,750 2,500 2,000 1,225 MM 1,500…
  14. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 14
    Capital Expenditures & Investments (MM) 2016 Revised 3Q 2016 YTD Plan Refining & Marketing (R&M) 1,045 230 682 Midstream R&M(a) 125 37 106 Total Refining & Marketing Segment 1,170 267 788 Speedway 310 71 191 Midstream,…
  15. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 15
    Sustaining Capital Returns Since Spin Cumulative Return of Capital Since July 1, 2011 12,000 10.1 B 10,000 8,000 MM 6,000 4,000 2,000 0 Dividends Share repurchases 16
  16. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 16
    Earnings (MM unless otherwise noted) 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q Refining & Marketing segment income* 1,292 1,181 1,434 179 (62) 1,080 306 Speedway segment income** 168 127 243 135 167 193 209 Midstream segment income 90 103 93 94…
  17. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 17
    Reconciliation Pro Forma Adjusted EBITDA to Pro Forma Net Income Attributable to MPC (MM) 2015 2016 LTM 4Q 1Q 2Q 3Q Pro Forma Net Income attributable to MPC(a) 225 1 801 145 1,172 Less: Net interest and other financial income…
  18. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 18
    Reconciliation Pro Forma Adjusted EBITDA related to MPLX to Pro Forma MPLX Net Income (MM) 2015 2016 LTM 4Q 1Q 2Q 3Q Pro Forma MPLX Net Income(a) 104 (37) 20 143 230 Less: Net interest and other financial income (costs) (67)…
  19. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 19
    Cash Provided from Operations Before Changes in Working Capital Reconciliation to Net Cash Provided by Operations (MM) 2015 2016 (For the Quarter) 4Q 1Q 2Q 3Q Net cash provided by operations 808 327 2,263 405 Less changes in…
  20. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 20
    Refining and Marketing Segment Income 3Q 2016 vs. 2Q 2016 Variance Analysis 1,400 115 1,200 3 1,080 (58) (6) 1,000 (69) 800 MM 600 (360) 400 (283) 9 306 200 (125) 0 2Q 2016 *LLS *Sweet/ *LLS/WTI *LLS *Market Lower of…
  21. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 21
    Refining and Marketing Indicative Gross Margin 3Q 2016 2,500 108 607 52 2,000 (5) 1,906 (287) 1,500 1,431 MM 1,000 500 (1,249) 306 (351) 0 *LLS *Sweet/ *LLS/WTI *LLS *Market Other R&M Direct Other R&M 6-3-2-1 Sour…
  22. Q3 2016 Earnings Conference Call – Marathon Petroleum Corporation – slide 22
    MPLX Distributions and Sales Proceeds to MPC* 100 91 69 73 MM 50 35 24 27 32 16 16 18 18 20 20 10 15 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 LP Distributions GP Distributions, including…

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