MPLX Announces Agreement to Acquire ANDX and First-Quarter 2019 Highlights May 8, 2019
Transaction Highlights Simplified Structure. Broader Footprint. Enhancing Returns. MPLX to acquire all common units of ANDX at 1.07x blended exchange ratio representing a 1% premium to market1 1.1350x exchange ratio to ANDX public…
Simplified Organizational Structure Current1 Pro Forma1 Marathon Petroleum Corporation Marathon Petroleum Corporation (NYSE:MPC) (NYSE:MPC) Non-economic 100% GP interest Non-economic 100% GP interest Non-economic 100% GP…
Positioning MPLX For Long-Term Success 2017-2018 Completed Drop Downs 2012 and IDR IPO Buy-In 2015 2019 MarkWest Strategic Combination Combination with ANDX 6
Aligned Strategic Priorities Capture Full Enhance Grow in Leverage Financial Midstream Cash Flow Premier MPC Discipline Value Chain Stability Basins Relationship Participate across Long-haul pipelines Permian: Fosters further…
Capturing Permian Opportunities Creating an integrated footprint from Legend Crude the Permian to the Gulf Coast NGL Natural Gas 1 Gathering and processing Delaware & Midland Basins TEXAS 2 Long-haul pipelines 1 3…
1 Permian G&P Feeds Downstream Opportunities Gathering systems create significant growth opportunities in the Permian TexNew Conan Mex Gathering Preakness Torado System System Argo Apollo 1 Legend Crude pipeline To Texas…
2 Permian Crude Pipeline Wink-to-Webster Pipeline (W2W) Signed letter of intent to partner with ExxonMobil, Plains All American, and Lotus Midstream 36 mainline with 1.5 MMBPD capacity TEXAS Origins: Wink and Midland Wink…
2 Permian Natural Gas and NGL Pipelines and 3 Fractionation Whistler Residue Gas Pipeline JV with White Water Midstream and others 42 pipeline with 2.0 Bcf/d capacity Anticipate in-service early 2021 TEXAS Orla BANGL Pipeline…
4 Expanding Export Capabilities Export facilities create ability to generate third party revenue and meet global demand for crude, refined products, and NGLs Currently in service Mt. Airy, LA: acquired in 3Q18 LOOP: expansion with…
MPLX First-Quarter 2019 Highlights 13
1Q 2019 Financial Highlights Adjusted EBITDA Distributable Cash Flow 1500 2018 2019 1500 2018 2019 Capital Investments* 1000 930 1000 Declared 760 757 MM MM Distributions 619 214 500 500 543 0 0 1Q 1Q Use of…
Financial and Balance Sheet Highlights As of (MM except ratio data) 3/31/19 Cash and cash equivalents 93 Total assets 23,584 Total debt(a) 13,833 Redeemable preferred units 1,004 Total equity 6,929 Full-year distribution…
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Appendix 18
Logistics & Storage Segment Reported 1Q19 adj. EBITDA of 559 million, which increased 12% year-over- year after adjusting for the impact of dropdowns Headquarters Pipeline throughputs averaged 3.41 MPLX Pipelines: Owned &…
Gathering & Processing Segment Reported 1Q19 adjusted EBITDA of 1Q19 Processed Volumes(a) 371 million, which increased 15% Capacity at Average Utilization of year-over-year Area End of Quarter (MMcf/d) Volume (MMcf/d) Available…
Gathering & Processing Segment Processed Volumes Marcellus/Utica Processed Volumes(a) Southwest Processed Volumes(a) Capacity at End Average Utilization of Capacity at End Average Utilization of Area of Quarter Volume Available Area…
Organic Growth Capital Projects Logistics & Storage Segment Est. Completion Projects Description Date Marine Fleet Expansion Displaces MPCs third-party barges and supports increased demand 2019 Mt. Airy Terminal Expansion…
Organic Growth Capital Projects Gathering & Processing Segment Est. Completion Est. Completion Processing and Fractionation Shale Resource Capacity Gathering Date Date Omega 1 Expansion Cana-Woodford 45 MMcf/d In Service…
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income (MM) 1Q 2019 1Q 2018 (a)The Partnership makes a distinction Net income 509 423 between realized and unrealized gains Provision (benefit) for income taxes (2) 4…
Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (MM) 1Q 2019 1Q 2018 (a)The Partnership makes a distinction Net cash provided by operating activities 618 450 between realized and…
Reconciliation of Segment Adjusted EBITDA to Net Income (MM) 1Q 2019 1Q 2018 (a)The Partnership makes a distinction between realized and unrealized gains L&S segment adjusted EBITDA attributable to MPLX LP 559 437 and losses on…
Reconciliation of Segment Adjusted EBITDA to Net Income Drop Impact 1Q 2019 (a)Thedrop is the 1Q 2018 drop which (MM) without Drop(a) 1Q 2019 included the Refinery Logistics Assets Drop and Fuels Distribution services. (b)The…
Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA (MM) 1Q 2019 1Q 2018 LTM Net income 1,920 1,072 LTM Net income to adjusted EBITDA adjustments 1,725 1,269 LTM Adjusted EBITDA attributable to MPLX LP 3,645…
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