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MLP and Energy Infrastructure Conference – MPLX Lp

MPLX Lp · May 15, 2019 · 43 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. MLP and Energy Infrastructure Conference – MPLX Lp – slide 1
    2019 MLP & Energy Infrastructure Conference May 15, 2019
  2. MLP and Energy Infrastructure Conference – MPLX Lp – slide 2
    Additional Information Additional Information and Where to Find It In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE…
  3. MLP and Energy Infrastructure Conference – MPLX Lp – slide 3
    MPLX Agreement to Acquire ANDX 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…
  4. MLP and Energy Infrastructure Conference – MPLX Lp – slide 4
    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…
  5. MLP and Energy Infrastructure Conference – MPLX Lp – slide 5
    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
  6. MLP and Energy Infrastructure Conference – MPLX Lp – slide 6
    Key Investment Highlights Diversified large-cap MLP positioned to deliver attractive returns over the long term Logistics & Expanding third-party business and delivering industry solutions Storage Supports extensive operations of…
  7. MLP and Energy Infrastructure Conference – MPLX Lp – slide 7
    Compelling Investment Opportunity 1.60 Attractive returns for unitholders 3,700 3,600 3,500 3,475 3,400 10% distribution growth in 2018 3,300 3,200 3,100 1.50 3,000 Expect 0.01 per unit increase each quarter…
  8. MLP and Energy Infrastructure Conference – MPLX Lp – slide 8
    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…
  9. MLP and Energy Infrastructure Conference – MPLX Lp – slide 9
    Capturing The Full Midstream Value Chain Feedstock Acquisition Inbound Logistics Refining & Processing Outbound Logistics Marketing & Retail Diversification enhances opportunities for revenue capture Integration enables capture…
  10. MLP and Energy Infrastructure Conference – MPLX Lp – slide 10
    U.S. Production Growth Creates Midstream Opportunities Strong production growth in crude, natural gas, and natural gas liquids will require additional infrastructure to link supply to global demand markets. Pipelines, processing,…
  11. MLP and Energy Infrastructure Conference – MPLX Lp – slide 11
    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…
  12. MLP and Energy Infrastructure Conference – MPLX Lp – slide 12
    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…
  13. MLP and Energy Infrastructure Conference – MPLX Lp – slide 13
    2 Permian Crude Pipelines Investments in long-haul pipelines generate stable, fee-based midstream income and also help lower feedstock costs tor MPC refineries Gray Oak Pipeline MPC, Diamondback Energy, PSXP 850 mile, 30-inch diameter…
  14. MLP and Energy Infrastructure Conference – MPLX Lp – slide 14
    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 BANGL Pipeline (Belvieu…
  15. MLP and Energy Infrastructure Conference – MPLX Lp – slide 15
    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…
  16. MLP and Energy Infrastructure Conference – MPLX Lp – slide 16
    4 Mt. Airy Export Terminal Strategically located on Mississippi River in close proximity to several refineries, including MPCs Garyville refinery 4 MMBBL of third-party leased storage capacity, capability to expand storage capacity…
  17. MLP and Energy Infrastructure Conference – MPLX Lp – slide 17
    Capline Reversal Swordfish - LOOP Competitive full-service solution Capline 40 crude oil pipeline from Patoka, IL, to St. James, LA Reversed service planned for September 2020 Swordfish Pipeline Proposed crude oil pipeline from St.…
  18. MLP and Energy Infrastructure Conference – MPLX Lp – slide 18
    Marcellus/Utica: Footprint Continues to Deliver Marcellus/Utica continues to be the largest natural OH PA gas basin in the U.S. Current producer demand Bluestone supports our buildout of incremental infrastructure: Hopedale Harmon…
  19. MLP and Energy Infrastructure Conference – MPLX Lp – slide 19
    Logistics & Storage Segment Overview High-quality, well-maintained assets that are integral to MPC Transports, stores, distributes and markets crude oil and refined petroleum products Stable cash flows with fee-based revenues and…
  20. MLP and Energy Infrastructure Conference – MPLX Lp – slide 20
    Logistics & Storage Segment Reported 1Q19 adj. EBITDA of 559 million, which increased 12% year-over-year after adjusting for the impact of dropdowns Pipeline throughputs averaged 3.41 Headquarters MMBPD, 11% increase over 1Q18…
  21. MLP and Energy Infrastructure Conference – MPLX Lp – slide 21
    Fuels Distribution Overview Extensive Range of Scheduling and Marketing Services that Support MPCs Refining and Marketing Operations Services Description Scheduling Annual EBITDA 600 MM Supply and demand balancing Third-party…
  22. MLP and Energy Infrastructure Conference – MPLX Lp – slide 22
    Crude Oil Pipelines Strategically positioned to support diverse and flexible crude oil supply Owns, leases, operates, or has interest in: Crude Oil Pipeline Joint-Interest Ownership: 4,500 miles of crude oil pipelines Bakken Pipeline…
  23. MLP and Energy Infrastructure Conference – MPLX Lp – slide 23
    Product Pipelines Integrated network delivering refined products to key market areas Owns, leases, operates or has interest in: 5,500 miles of product pipelines Strategically positioned to transport products from MPC refineries to MPCs…
  24. MLP and Energy Infrastructure Conference – MPLX Lp – slide 24
    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 river-going…
  25. MLP and Energy Infrastructure Conference – MPLX Lp – slide 25
    Terminal and Storage Assets Terminal and Storage Assets Facilities provide flexibility and logistics optionality Long-term, fee-based storage and terminal services agreements with MPC 62 light product terminals with 24 MMBBL of…
  26. MLP and Energy Infrastructure Conference – MPLX Lp – slide 26
    Marine Transportation Operations Highly predictable income and cash-flow stream Transports refined products and crude oil on the Ohio, Mississippi, and Illinois rivers and their tributaries and inter-coastal waterways 256 barges, 23…
  27. MLP and Energy Infrastructure Conference – MPLX Lp – slide 27
    Organic Growth Capital Projects Logistics & Storage Segment Projects Description Est. Completion Date Marine Fleet Expansion Displaces MPCs third-party barges and supports increased demand 2019 Mt. Airy Terminal Expansion…
  28. MLP and Energy Infrastructure Conference – MPLX Lp – slide 28
    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…
  29. MLP and Energy Infrastructure Conference – MPLX Lp – slide 29
    Gathering & Processing Segment Reported 1Q19 adjusted EBITDA of 1Q19 Processed Volumes(a) 371 million, which increased 15% Capacity at End Average Utilization of year-over-year Area of Quarter (MMcf/d) Volume (MMcf/d) Available…
  30. MLP and Energy Infrastructure Conference – MPLX Lp – slide 30
    Gathering & Processing Segment Processed Volumes Marcellus/Utica Processed Volumes(a) Southwest Processed Volumes(a) Utilization of Utilization of Capacity at End of Average Volume Capacity at End of Average Volume Area Available…
  31. MLP and Energy Infrastructure Conference – MPLX Lp – slide 31
    Southwest: Considerable Scale 2.1 Bcf/d Gathering, 1.7 Bcf/d Processing & 29 MBPD C2+ Fractionation Capacity Western Oklahoma Processing Oklahoma Southeast Oklahoma Processing* 500MMcf/d 112MMcf/d Gathering Gathering 585MMcf/d…
  32. MLP and Energy Infrastructure Conference – MPLX Lp – slide 32
    Expanding Position to Support Growing Production Permian Cana-Woodford Arkoma-Woodford Permian Basin Arapaho Complex Hickory Hills Plant Blaine Hidalgo Complex Dewey Kingfisher 200 MMcf/d Delaware Rich-gasNewfield Basin…
  33. MLP and Energy Infrastructure Conference – MPLX Lp – slide 33
    Recap: Gathering & Processing Contract Structure Durable long-term partnerships across leading basins Marcellus Utica Southwest Resource Play Marcellus, Upper Devonian Utica Haynesville, Cotton Valley, Woodford, Anadarko Basin, Granite…
  34. MLP and Energy Infrastructure Conference – MPLX Lp – slide 34
    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…
  35. MLP and Energy Infrastructure Conference – MPLX Lp – slide 35
    36
  36. MLP and Energy Infrastructure Conference – MPLX Lp – slide 36
    Appendix 37
  37. MLP and Energy Infrastructure Conference – MPLX Lp – slide 37
    MPLX 2019 Outlook Reconciliation Adjusted EBITDA and Distributable Cash Flow from Net Income ( billion) 2019E Net income 2.2 Depreciation and amortization 0.9 Net interest and other financial costs 0.7 Adjustment for equity…
  38. MLP and Energy Infrastructure Conference – MPLX Lp – slide 38
    ANDX 2019 Outlook Reconciliation EBITDA and Distributable Cash Flow from Net Earnings ( billion) 2019E Net earnings 0.8 Depreciation and amortization 0.4 Net interest and other financial costs 0.2 EBITDA 1.4 Adjustment for equity…
  39. MLP and Energy Infrastructure Conference – MPLX Lp – slide 39
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income (MM) 1Q 2019 YTD 2018 1Q 2018 YTD 2017 YTD 2016 Net income 509 1,834 423 836 434 Provision (benefit) for income taxes (2) 8 4 1 (12) Amortization of deferred…
  40. MLP and Energy Infrastructure Conference – MPLX Lp – slide 40
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (MM) 3/31/2019 12/31/2018 3/31/2018 12/31/2017 12/31/2016 Net cash provided by operating activities 618 2,826 450 1,907 1,491…
  41. MLP and Energy Infrastructure Conference – MPLX Lp – slide 41
    Reconciliation of Segment Adjusted EBITDA to Net Income (MM) 1Q 2019 1Q 2018 L&S segment adjusted EBITDA attributable to MPLX LP 559 437 G&P segment adjusted EBITDA attributable to MPLX LP 371 323 Adjusted EBITDA attributable to…
  42. MLP and Energy Infrastructure Conference – MPLX Lp – slide 42
    Reconciliation of Segment Adjusted EBITDA to Net Income Drop Impact 1Q 2019 (MM) Drop(a) 1Q 2019 without Drop L&S segment adjusted EBITDA attributable to MPLX LP 490 69 559 G&P segment adjusted EBITDA attributable to MPLX LP 371…
  43. MLP and Energy Infrastructure Conference – MPLX Lp – slide 43
    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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