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3Q 2018 Earnings – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Nov 1, 2018 · 23 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. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 1
    Third-Quarter 2018 Earnings November 1, 2018
  2. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 2
    Opening Comments Reported third-quarter earnings of 737 million or 1.62 per share Focus on operational excellence and disciplined capital strategy 3.2 billion returned to shareholders through the third quarter Closed Andeavor…
  3. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 3
    Third-Quarter Highlights Reported third-quarter earnings of 737 million, or 1.62 per diluted share, and income from operations of 1,403 million Refining & Marketing: segment income from operations of 666 million, driven by 97 percent…
  4. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 4
    Speedway Conversion Retail has converted roughly 90 stores to Speedway in October and expect to complete approximately 200 sites by the end of 2018 5
  5. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 5
    Third-Quarter 2018 Earnings 3Q 2018 3Q 2017 Earnings* 737 MM 903 MM Earnings per Diluted Share* 1.62 1.77 Earnings* Earnings per Diluted Share* 3.92 2,000 1,829 4 1,500 1,416 1.62 737 3 2.73 /Share MM 1,000 903 2…
  6. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 6
    Earnings* 3Q 2018 vs. 3Q 2017 Variance Analysis 1,000 903 900 193 800 324 737 700 (20) (103) 600 (82) MM 500 400 (431) (47) 300 200 100 0 3Q 2017 Refining & Speedway Midstream** Items not Interest and Income…
  7. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 7
    Refining & Marketing Segment Income 3Q 2018 vs. 3Q 2017 Variance Analysis 1,600 1,400 102 283 (33) 1,200 1,097 (166) (36) 1,000 (51) MM (111) Crude (53) 800 Product (47) Volumetric 64 666 600 (419) 400 200 0 3Q…
  8. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 8
    Speedway Segment Income 3Q 2018 vs. 3Q 2017 Variance Analysis 250 208 10 200 (16) (28) 161 150 (8) (5) MM 100 50 0 3Q 2017 Light Product Merchandise Operating Depreciation Other 3Q 2018 Margin Margin Expense*…
  9. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 9
    Midstream Segment Income 3Q 2018 vs. 3Q 2017 Variance Analysis 800 361 700 679 (37) 600 500 MM 400 355 300 200 100 0 3Q 2017 MPLX*,** MPC Retained Equity and Other 3Q 2018 Affiliates** *Results related to refining…
  10. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 10
    Total Consolidated Cash Flow 3Q 2018 8,000 994 7,000 1,590 6,000 (408) 4,999 (1,406) 31 4,992 5,000 (607) (201) MM 4,000 3,000 2,000 1,000 0 6/30/2018 Operating Working Net Debt Cash Capital Return of Net…
  11. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 11
    Capitalization and Select Cash-Flow Data MPC MPC MPLX As of September 30, 2018 Excluding Consolidated Adjustments(a) (MM except ratio data) MPLX Debt 18,449 12,890 5,559 Mezzanine equity 1,003 1,003 - Equity 19,031 8,367 10,664…
  12. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 12
    Illustrative 2018 Capital Forecast We intend to provide 4th quarter and 2019 guidance at our Investor Day in December as well as provide preliminary reporting framework ( MM) Previous(a) Current(a) MPC (excluding MPLX) 1,600 1,600…
  13. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 13
    Appendix 14
  14. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 14
    Earnings 2017 2018 (a)OnFebruary 1, 2018, we contributed (MM unless otherwise noted) certain refining logistics assets and fuels 4Q 1Q 2Q 3Q distribution services to MPLX. The results of these businesses are reported Refining &…
  15. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 15
    Reconciliation Adjusted EBITDA to Net Income Attributable to MPC 2017 2018 (MM) LTM 4Q 1Q 2Q 3Q Net Income attributable to MPC 2,016 37 1,055 737 3,845 Add: Net interest and other financial costs 209 183 195 240 827 Net income…
  16. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 16
    Reconciliation Adjusted EBITDA Related to MPLX to MPLX Net Income 2017 2018 (MM) LTM 4Q 1Q 2Q 3Q MPLX Net Income 241 423 456 516 1,636 Add: Net interest and other financial costs 96 130 151 153 530 Provision (benefit) for…
  17. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 17
    Cash Provided from Operations Before Changes in Working Capital Reconciliation to Net Cash Provided by Operations 2017 2018 (MM) 4Q 1Q 2Q 3Q Net cash provided by (used in) operations(a) 2,745 (137) 2,386 1,182 Less changes in…
  18. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 18
    Reconciliation of Refining & Marketing Margin to Refining & Marketing Income from Operations (MM) 3Q 2018 3Q 2017 Refining & Marketing income from operations 666 1,097 Plus: Refinery direct operating costs(a) 992 933 Refinery…
  19. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 19
    Reconciliation of Speedway Total Margin to Speedway Income from Operations (a)Speedway gasoline and distillate margin is (MM) 3Q 2018 3Q 2017 defined as the price paid by consumers less the cost of refined products, including…
  20. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 20
    Refining & Marketing Segment Income 3Q 2018 vs. 2Q 2018 Variance Analysis 1,300 206 1,200 1,100 1,025 (88) (13) (42) 1,000 900 (125) 800 (130) 666 MM 700 Crude (106) 600 Product (42) (159) (8) 500 Volumetric 18 400 300…
  21. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 21
    Refining & Marketing Indicative Margin 3Q 2018 3,000 251 2,663 237 9 2,500 804 (138) Crude (436) 2,000 Product 369 Volumetric 318 1,500 MM 1,500 (1,233) 1,000 666 500 (764) 0 *LLS **Sweet/ **LLS/WTI **LLS **Market…
  22. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 22
    MPLX Distributions and Sales Proceeds to MPC* 300 288 316 200 171 MM 132 150 91 99 102 114 100 69 73 16 20 24 27 32 35 10 15 16 18 18 20 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16…
  23. 3Q 2018 Earnings – Marathon Petroleum Corporation – slide 23
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