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Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Feb 13, 2018 · 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 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 1
    Credit Suisse Energy Summit Gary Heminger, Chairman and CEO February 13, 2018
  2. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 2
    Executing Our Strategic Plan and Delivering Results Total Shareholder Return Since Spinoff Since 2011 spinoff we have: (6/30/2011) Returned over 13 billion to our shareholders 283% Consistently increased dividend, 26.5% CAGR since…
  3. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 3
    Delivering Significant Capital Returns for Our Shareholders Over 13 B returned to shareholders since spin 12,000 3.7 B in Dividends 9.8 B in Share Repurchases 10,000 Repurchased 35% 1.60 1.52 of Outstanding Common Shares 1,400…
  4. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 4
    Delivered on Strategic Actions Exchanged for Evaluation Completed MLP-qualifying EBITDA MUTUAL BENEFITS FOR MPC AND MPLX Clear valuation for MPCs interests in MPLX EBITDA from dropdowns and IDR exchange add substantial stable…
  5. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 5
    MPLX Unit Price Valuation on Yield Basis 75 13% MPLX Distribution per Unit 70 12% 2017 Annual Distribution 2.30 65 11% Forecast 10% Distribution 2.53 60 Growth in 2018 WTI Price (/BBL) 10% 55 Yield % 9% 50 MPLX…
  6. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 6
    Refining & Marketing 2017 Earnings Increased by 1 Billion Robust earnings power of MPCs integrated model Operated exceptionally well and captured strong crack spreads and wider crude differentials Numerous monthly records for crude…
  7. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 7
    Galveston Bay Refinery Achievements Since February 2013 Acquisition Improved Environmental Advanced Operational Lowered Operating & Safety Performance Excellence Costs 80% reduction in environmental Reduced total cash operating 33…
  8. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 8
    Speedway Delivered Record Performance in 2017 6th straight year of record results 2nd consecutive year of 1 B annual EBITDA Results driven by: Strong earnings from light product sales Increase of 1.2% in same-store merchandise…
  9. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 9
    2017 MPLX Accomplishments Record financial results delivering 2 billion of adjusted EBITDA in 2017 Record volume growth across the gathering and processing business 20 consecutive quarters of increased cash distributions representing…
  10. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 10
    MPLX Delivering Consistent Growth in EBITDA and DCF 625 1.50 569 1.40 538 500 Coverage Ratio x 474 375 423 1.30 391 375 351 302 250 1.20 442 445 387 354 301 318 285 125 236 1.10 0 1.00 1Q16 2Q16 3Q16 4Q16…
  11. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 11
    Positive Market Fundamentals Encouraged by a more balanced supply and demand environment Supportive of crude oil and refined product prices throughout the year Distillate demand expected to benefit from increased commercial activity…
  12. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 12
    Key Strategies MPLX Grow EBITDA by expanding services and geographic footprint across the hydrocarbon value chain Focused on Marcellus, Utica, Permian and STACK basins Develop new assets and replace third-party services used by MPC…
  13. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 13
    2018 Capital Outlook MPC excluding MPLX 1.6 B Refining & Marketing (R&M): 950 MM 24% Maintenance: 550 MM 60% Refining & MPLX Marketing Speedway: 530 MM Other: 100 MM MPLX 2.4 B 13% Growth: 2.2 B Speedway 3% Maintenance: 190…
  14. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 14
    2018 Refining & Marketing Capital Plan 400 MM of growth capital with estimated returns greater than 20% Well-positioned to benefit from IMO in 2020 Incremental Distillate Further planned investments include: (MBPD) STAR Program -…
  15. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 15
    Heavy Oil Upgrading Capacity in PADD 3 MPC Garyville and Galveston Bay Refineries Top Ranked Galveston Bay refinery Garyville refinery Heavy Oil Upgrading Capacity Crude Throughput Capacity Source: PennWell Knowledge Center…
  16. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 16
    Speedway Industry Leader with Significant Growth Opportunities 1 in EBITDA/store/month vs. public peers 30 Peer Median = 23 M 20 M 10 0 Speedway Murphy USA Couche-Tard Sunoco Casey's Planned investment of 530 MM in…
  17. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 17
    MPLX Priorities for 2018 Deliver attractive returns for unitholders 2018 Organic Growth Capital Plan of 2.2 B Forecast 10% year-over-year distribution growth Expand portfolio of organic growth projects 5% Utica Financing strategy…
  18. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 18
    Natural Gas Supply Growth Forecast Marcellus/Utica Basin is the Leading Growth Play 45% of total U.S. growth is expected to occur in Northeast Total U.S. natural gas supply is Marcellus/Utica forecast to grow by 38 Bcf/d from 2017…
  19. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 19
    Our Priorities for Value Creation Maintain Top-tier Safety and Environmental performance Increase MPLX EBITDA through Attractive Midstream investments Aggressively Grow industry-leading Speedway retail business Enhance Margins…
  20. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 20
    Appendix 21
  21. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 21
    Strong Operational Performance and Responsible Corporate Leadership MPC facilities received from the American Chemistry Council 75% MPC has earned 56 Certificates of Excellence 3 Certificates of Honor 7 Certificates of…
  22. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 22
    2017 Citizenship Report Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer This year marks Marathon Petroleum Corporations 130th year of providing the most affordable, reliable and plentiful…
  23. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 23
    Perspectives on Climate-Related Scenarios Report Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer and Introduction section While we focus on providing you the returns you expect on your…
  24. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 24
    Operating Income per Barrel of Crude Throughput* MPCs Rank 20 MPCs Rank during periods of strong West Coast margins** 15 Competitor Range 1 2 10 2 5 /BBL 1 3 6 1 3 2 3 5 2 7 3 3 3 3 1 3 2 0 -5 1998 1999 2000 2001…
  25. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 25
    Strong Liquidity and Capitalization Provides financial flexibility to fund growth projects and pursue business strategies MPC Committed to maintaining investment MPC MPLX As of December 31, 2017 Excluding Consolidated…
  26. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 26
    Illustrative Impact to Refining & Marketing Segment Fuels Distribution and Refinery Logistics Dropdown Direct Operating Costs to exclude costs related to refining logistics assets Other R&M Expenses to include fees paid to MPLX…
  27. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 27
    First-Quarter 2018 Outlook Other Total Corporate Percent of Sour Crude Oil Turnaround Depreciation Other Crude Charge/ Total Direct and Other WTI-priced Throughput and Major and Manufacturing Throughput* Feedstocks Throughput*…
  28. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 28
    MPLX Key Investment Highlights Diversified 30 billion market-cap MLP positioned to deliver attractive returns over the long term - forecast distribution growth of 10% for 2018 Largest processor and fractionator in the Marcellus/Utica…
  29. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 29
    About MPLX Growth-oriented, diversified MLP with high-quality, strategically located assets with leading midstream position Two primary businesses Logistics & Storage includes transportation, storage and distribution of crude oil,…
  30. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 30
    MPLX Organic Growth Capital Projects Gathering and Processing Segment Est. Completion Est. Completion Processing and Fractionation Shale Resource Capacity Gathering Date Date Sherwood IX Processing Plant(b) Marcellus 200 MMcf/d In…
  31. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 31
    MPLX Organic Growth Capital Projects Logistics and Storage Segment Est. Completion Projects Description Date Increasing pipeline capacity to 360 MBPD; provides crude sourcing Ozark Pipeline Expansion Mid-2018 optionality to Midwest…
  32. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 32
    MPLX Logistics & Storage Segment Overview High-quality, well-maintained assets that are integral to MPC Owns, leases, operates, or has interest in 4,500 miles of crude oil pipelines and 5,500 miles of Headquarters product pipelines…
  33. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 33
    MPLX Refining Logistics Overview Integrated Tank Farm Assets Supporting MPCs Operations Tanks Racks 56 MMBBL storage Multiple rail and truck loading racks Docks Gasoline Blending & Associated Piping Handle ocean- and…
  34. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 34
    MPLX Fuels Distribution Overview Extensive Range of Scheduling and Marketing Services that Support MPCs Refining and Marketing Operations Services Description Scheduling Supply and demand balancing Annual EBITDA 600 MM Third-party…
  35. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 35
    MPLX Gathering & Processing Segment Overview Ethane Raw Gathering Propane Processing Mixed Fractionation NGL Natural Gas and Normal Butane Plants NGLs Facilities Products Isobutane Production Compression Natural Gasoline Gathering…
  36. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 36
    MPLX Marcellus/Utica Capacity Building Infrastructure to Support Processing & Fractionation Volume Growth Marcellus/Utica Processing Capacity 8 2018 plan increases processing capacity by 21% to 7 bcf/d Currently 65% of processing…
  37. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 37
    MPLX Marcellus/Utica Overview 3.8 Bcf/d Gathering, 6.0 Bcf/d Processing & 531 MBPD C2+ Fractionation Capacity HOPEDALE FRACTIONATION COMPLEX BLUESTONE COMPLEX PENNSYLVANIA HARMON CREEK COMPLEX (currently under construction) OHIO…
  38. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 38
    MPLX Northeast Operations Well-Positioned in Ethane Market Ethane demand growing as exports and steam cracker development continues Ohio Pennsylvania in Gulf Coast and Northeast Bluestone MPLX well-positioned to support producer…
  39. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 39
    Major Residue Gas Takeaway Expansion Projects Originate at MPLX Facilities New takeaway pipelines expected to improve Northeast basis differentials MPLX processing complexes: Access to all major gas residue gas takeaway pipelines…
  40. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 40
    MPLX Gathering & Processing Segment Marcellus & Utica Operations Processed Volumes(a) Achieved record 4Q 2017 volumes Available Average Gathered volumes of 2.7 Bcf/d Utilization Area Capacity Volume (%)(b) Processed volumes of 5.2…
  41. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 41
    MPLX Gathering & Processing Segment Marcellus & Utica Fractionation Commenced operations of second Fractionated Volumes(a) de-ethanization plant at Majorsville Available Average Utilization Area Capacity Volume Achieved record 4Q…
  42. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 42
    MPLX Considerable Scale in the Southwest 2.1 Bcf/d Gathering, 1.5 Bcf/d Processing & 29 MBPD C2+ Fractionation Capacity Western Oklahoma Processing Oklahoma Southeast Oklahoma Processing* 425MMcf/d 112MMcf/d Gathering Gathering…
  43. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 43
    MPLX Expanding Southwest Position to Support Growing Production in High Performance Resource Plays Cana-Woodford Arkoma-Woodford Permian Hidalgo Complex 200 MMcf/d Permian Arapaho Complex Hickory Hills Basin Plant Blaine…
  44. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 44
    MPLX Gathering & Processing Segment Southwest Operations Achieved record 4Q 2017 volumes Processed Volumes(a) Gathered volumes of 1.5 Bcf/d Available Average Utilization Area Capacity Volume Processed volumes of 1.4 Bcf/d (MMcf/d)…
  45. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 45
    MPLX Gathering & Processing Contract Structure Durable long-term partnerships across leading basins Durable, long-term partnerships across leading basins Marcellus Utica Southwest Resource Play Marcellus, Upper Devonian Utica…
  46. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 46
    MPLX Strong Financial Flexibility to Manage and Grow Asset Base Committed to maintaining investment (MM except ratio data) As of grade credit profile 12/31/17 Cash and cash equivalents 5 1.9 B of available liquidity at year end…
  47. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 47
    MPLX Long-term Value Objectives Deliver Sustainable Distribution Growth rate that provides attractive total unitholder returns Increase EBITDA through attractive investments and optimization of existing assets Execute and expand…
  48. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 48
    MPC and MPLXs Long-term Strategic Linkage MPLX was created in 2012 to grow MPCs midstream platform Assets and services provided by MPLX are integral to MPCs operations and MPC is MPLXs largest customer Earnings streams for…
  49. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 49
    Speedway Retail Network 64 235 12 305 116 123 311 489 60 Conn. Del. 1 4 Speedway 147 62 Mass. 109 Largest company-owned 42 277 N.J. 71 and -operated c-store chain 52 R.I. 19 4 east of the Mississippi 2,740 locations…
  50. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 50
    Speedy Rewards Loyalty Program Highly successful loyalty program Customers earn points on every purchase Customers redeem points for free merchandise and fuel discounts Averaged 6 million active Speedy Rewards members in 2017,…
  51. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 51
    Speedway Private Label Products Higher Sales Promotes and Margins Brand Awareness and Loyalty Better Value Proposition Differentiation for Consumers from Competitors 52
  52. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 52
    Speedway Strong and Consistent Growth Gasoline and Distillate Sales Volume 8,000 Merchandise Sales/Margin MM Gallons 5,000 30 6,000 6,038 6,094 5,007 4,893 5,799 4,879 4,000 29 4,000 3,942 2,000 3,146 3,611 28…
  53. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 53
    Balance in Refining Network BPCD NCI Canton (Ohio) 93,000 7.9 Catlettsburg (Ky.) 277,000 9.2 Detroit (Mich.) 139,000 9.7 Midwest Capacity 754,000 BPCD Robinson (Ill.) 245,000 9.5 Galveston Bay (Texas) 571,000 11.9 Garyville…
  54. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 54
    Key Strengths Balanced Operations During 2017 Crude Oil Refining Capacity Crude Slate 60% PADD II 59% Sour Crude 40% PADD III 41% Sweet Crude Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract…
  55. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 55
    U. S. Crude Inventory Surplus Largely Gone Crude Inventories Crude Days of Supply + Exports 550 34 32 500 30 450 28 MMB Days 26 400 24 350 22 20 300 18 M M Nov Sep Oct Jun Jan Feb Jul Aug Apr…
  56. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 56
    U.S. Product Inventories Support Constructive Market Outlook Gasoline Days of Supply + Exports Distillate Days of Supply + Exports 30 36 34 28 32 26 30 Days Days 28 24 26 22 24 22 20 20 May Mar Nov Sep Oct Jan…
  57. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 57
    Gasoline Exports Enhance Utilization U.S. Total Gross Gasoline Exports Gasoline exports have expanded 1300 opportunity set for U.S. refiners 1100 Summer exports tend to be lower 900 MBD than winter as more product is 700…
  58. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 58
    U.S. Product Exports Will Help Meet Global Demand EIAs 2018 Annual Energy EIA Annual Energy Outlook Product Exports Outlook 8 Forecast Projects growth in U.S. 7 product exports including 6 gasoline, diesel and propane 5 U.S.…
  59. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 59
    U.S. Refiners Have Sustained Export Advantages Lower-cost natural gas 2016 Large, complex refineries Region Utilization Rate(1) Access to lower-cost feedstocks North America 85% High utilization rates MPC 95% Sophisticated…
  60. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 60
    Export Market Remains Robust Demand from Latin America for both diesel and MPC Export Capacity gasoline expected to remain strong (MBPD) 510 While arbitrage to Europe for diesel is not 115 395 always open, occasional opportunities…
  61. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 61
    Distillate Leading World Liquids Demand Average Annual Volumetric 120 Forecast Growth (MBPD) 2016 vs. 2030 100 +440 80 Other -100 MMBD 60 Resid +475 40 Middle Distillate 20 Gasoline +170 0 Sources: BP Statistical…
  62. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 62
    Middle Distillates Lead U.S. Domestic Petroleum Fuels Demand 10 Gasoline Forecast Compounded Annual Middle distillates (diesel + jet 9 Growth Rates fuel) expected to lead U.S. 8 -1.8% domestic fuels demand growth Gasoline ex…
  63. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 63
    Sustained Global Demand Growth Expect global oil demand Global Oil Demand 115 2.0 growth to be sustained near Global Oil & Liquids Demand (MMBD) Forecast current levels 110 YOY Demand Growth (MMBD) 1.5 Rising global…
  64. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 64
    Galveston Bay World-Class Refining Complex Galveston Bay and Texas City refineries merged into a single refining complex during 2017 Galveston Bay Unit Capacities BPCD* Crude 611,000 Resid 142,000 Catalytic…
  65. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 65
    MPC Capital Expenditures & Investments (MM) 2017 Revised 4Q 2017 2017 2018 Outlook Plan Refining & Marketing (R&M) 1,085 262 832 950 Speedway 380 160 381 530 Midstream, including MPLX(a) 2,115 488 1,756 2,405 Corporate and…
  66. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 66
    MPLX Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income (MM) 4Q 2015(4) 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Net income (loss) 42 (14) 72 194 182 187 191 217 241 (1)The Partnership makes…
  67. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 67
    MPLX Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (YTD) Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, (MM) 2015 2016 2016 2016 2016 2017 2017 2017…
  68. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 68
    MPC Reconciliation Adjusted EBITDA to Net Income Attributable to MPC (MM) 2017 LTM 1Q 2Q 3Q 4Q Net Income attributable to MPC 30 483 903 2,016 3,432 Less: Net interest and other financial income (costs) (150) (158) (157) (160)…
  69. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 69
    MPLX Reconciliation Adjusted EBITDA Related to MPLX to MPLX Net Income(a) (MM) 2017 LTM 1Q 2Q 3Q 4Q MPLX Net Income 187 191 217 241 836 Less: Net interest and other financial income (costs) (78) (87) (93) (96) (354) Add:…
  70. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 70
    Reconciliation of Speedway Total Margin to Speedway Income from Operations (MM) 2013 2014 2015 2016 2017 (a) Fourth-quarter and year-to-date 2017 margin and expenses do not reflect any results from the Speedway income from operations…
  71. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 71
    Speedway Reconciliation Segment EBITDA to Segment Income from Operations (MM) 2016 2017 Speedway Income from Operations 734 732 Plus: Depreciation and Amortization 273 275 Speedway Segment EBITDA 1,007 1,007 72
  72. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 72
    MPC Annual Price and Margin Sensitivities Refining and Marketing Segment MM (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity 590 (per 1.00/barrel change) Sweet/Sour Differential** Sensitivity 300 (per 1.00/barrel change) LLS-WTI…
  73. Credit Suisse 23rd Annual Energy Summit – Marathon Petroleum Corporation – slide 73
    MPCs Fully Integrated Downstream System Refining & Marketing Six-plant refining system with 1.9 MMBPCD capacity One biodiesel facility and interest in three ethanol facilities One of the largest wholesale suppliers in our market area…

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