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Q1 2018 Earnings Presentation – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Apr 30, 2018 · 23 slides

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Slides

  1. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 1
    First-Quarter 2018 Earnings April 30, 2018 1
  2. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 2
    First-Quarter Highlights Reported first-quarter earnings of 37 million, or 0.08 per diluted share, and income from operations of 440 million Reported record Midstream segment income from operations of 567 million, largely driven by…
  3. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 3
    First-Quarter 2018 Earnings 1Q 2018 1Q 2017 Earnings* 37 MM 30 MM Earnings per Diluted Share* 0.08 0.06 Earnings* Earnings per Diluted Share* 3,500 3,432 6.70 7 3,000 6 2,500 2,016 5 /Share 4.09 MM 2,000 4 1,500 3…
  4. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 4
    Earnings* 1Q 2018 vs. 1Q 2017 Variance Analysis 200 258 Feb. 1 Dropdown: (6) 19 181 MM 150 (34) 100 MM 50 37 30 Feb. 1 Dropdown: (181) MM (127) 0 -50 (63) (40) -100 1Q 2017 Refining & Speedway Midstream** Items…
  5. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 5
    Refining & Marketing Segment Income 1Q 2018 vs. 1Q 2017 Variance Analysis 150 89 100 135 50 (41) 73 9 MM 0 -50 (100) (7) Feb. 1 Dropdown: 68 MM (70) Crude 66 -100 Product (61) Volumetric (12) -150 (221) (133) 1Q…
  6. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 6
    Speedway Segment Income 1Q 2018 vs. 1Q 2017 Variance Analysis 160 140 135 (1) (1) 120 (21) 100 95 (15) (2) MM 80 60 40 20 0 1Q 2017 Light Product Merchandise Operating Depreciation Other 1Q 2018 Margin Margin…
  7. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 7
    Midstream Segment Income 1Q 2018 vs. 1Q 2017 Variance Analysis 700 292 600 567 Feb. 1 Dropdown: 181 MM (34) 500 400 MM 309 300 200 100 0 1Q 2017 MPLX* MPC Retained Equity and Other 1Q 2018 Affiliates* *In the 1Q…
  8. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 8
    Total Consolidated Cash Flow 1Q 2018 8,000 4,293 7,000 6,000 (796) 5,000 23 4,657 (1,546) (195) 796 MM 4,000 3,015 3,000 (933) 2,000 1,000 0 12/31/2017 Operating Working Net Debt Cash Capital Return of…
  9. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 9
    Liquidity and Capitalization/Select Cash-Flow Data MPC MPLX MPC As of March 31, 2018 Excluding Consolidated Adjustments(a) MPLX (MM except ratio data) Debt 17,258 11,862 5,396 Mezzanine equity 1,000 1,000 - Equity 18,863 8,385…
  10. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 10
    2Q 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* Operating…
  11. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 11
    Appendix 13
  12. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 12
    2018 Capital Outlook Excluding Potential Future Acquisitions 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 Growth 2.2 B…
  13. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 13
    Capital Expenditures & Investments (MM) 1Q 2018 2018 Outlook Refining & Marketing (R&M) 191 950 Speedway 39 530 Midstream, including MPLX 482 2,405 Corporate and Other 18 85 Total Capital Expenditures & Investments(a) 730…
  14. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 14
    Earnings 2017 2018 (MM unless otherwise noted) (a)We adopted Accounting Standards 1Q 2Q 3Q 4Q 1Q Update 2017-07, Retirement Benefits Presentation of Pension and Refining & Marketing segment income (loss) (70) 562 1,097 732 (133)…
  15. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 15
    Reconciliation Adjusted EBITDA to Net Income Attributable to MPC 2017 2018 (MM) LTM 2Q 3Q 4Q 1Q Net Income attributable to MPC 483 903 2,016 37 3,439 Add: Net interest and other financial costs 158 156 159 183 656 Net income…
  16. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 16
    Reconciliation Adjusted EBITDA Related to MPLX to MPLX Net Income 2017 2018 (MM) LTM 2Q 3Q 4Q 1Q MPLX Net Income 191 217 241 423 1,072 Add: Net interest and other financial costs 87 93 96 130 406 Provision (benefit) for…
  17. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 17
    Cash Provided from Operations Before Changes in Working Capital Reconciliation to Net Cash Provided by Operations 2017 2018 (MM) 2Q 3Q 4Q 1Q Net cash provided by (used in) operations(a) 853 1,906 2,745 (137) Less changes in…
  18. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 18
    Reconciliation of Refining & Marketing Margin to Refining & Marketing Income (Loss) from Operations (MM) 1Q 2018 1Q 2017 Refining & Marketing loss from operations (133) (70) Plus (Less): Refinery direct operating costs(a) 1,081…
  19. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 19
    Reconciliation of Speedway Total Margin to Speedway Income from Operations (MM) 1Q 2018 1Q 2017 (a)Speedway gasoline and distillate margin is defined as the price paid by consumers less the cost of refined products, including…
  20. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 20
    Refining & Marketing Segment Income 1Q 2018 vs. 4Q 2017 Variance Analysis 850 750 732 650 550 84 Crude (79) 450 Product 14 350 (309) Volumetric (113) (128) MM 250 (47) Feb. 1 Dropdown: (51) (249) MM 150 25 50 (178)…
  21. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 21
    Refining & Marketing Indicative Margin 1Q 2018 2,000 313 1,814 122 1,500 628 (41) (11) Crude (373) Product 478 Volumetric 208 1,000 803 MM 500 (1,318) 0 (629) (133) -500 *LLS **Sweet/ **LLS/WTI **LLS **Market Other…
  22. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 22
    MPLX Distributions and Sales Proceeds to MPC* 200 171 150 132 150 91 99 102 114 MM 100 69 73 50 27 32 35 10 15 16 16 18 18 20 20 24 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17…
  23. Q1 2018 Earnings Presentation – Marathon Petroleum Corporation – slide 23
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