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2Q 2019 Earnings Presentation – MPLX Lp

MPLX Lp · Aug 1, 2019 · 19 slides

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Slides

  1. 2Q 2019 Earnings Presentation – MPLX Lp – slide 1
    Second-Quarter 2019 Earnings Conference Call August 1, 2019
  2. 2Q 2019 Earnings Presentation – MPLX Lp – slide 2
    Second-Quarter Highlights Reported adjusted EBITDA of 920 million which increased 6% year-over-year, and distributable cash flow of 741 million which provided 1.36x adjusted distribution coverage(a) and resulted in 3.9x leverage…
  3. 2Q 2019 Earnings Presentation – MPLX Lp – slide 3
    Three Strategic Initiatives 1. Streamline capex focusing on most attractive returns 2. Work with MPC on portfolio optimization, which could include asset divestitures 3. Proceeds from divestitures would be used for general…
  4. 2Q 2019 Earnings Presentation – MPLX Lp – slide 4
    Capturing Strategic Opportunities Creating an integrated Permian footprint to the Gulf Coast Gas Processing NGLs NGLs Fractionation 3 Long-Haul Gathering 1 Gas Pipelines Gas Export MPC Galveston 4 1 Oil Storage Oil 2 Oil Bay…
  5. 2Q 2019 Earnings Presentation – MPLX Lp – slide 5
    Logistics & Storage Segment Pipeline throughputs averaged 3.5 MMBPD Increase of 3% year-over-year Headquarters MPLX Pipelines(a) Terminalling throughputs averaged MPLX Pipelines under development(b) 1.5 MMBPD MPLX…
  6. 2Q 2019 Earnings Presentation – MPLX Lp – slide 6
    Gathering & Processing Segment 2Q19 Processed Volumes(a) 2Q19 volumes (% increase vs. 2Q18): Capacity at Average Utilization of Gathering: 4.9 Bcf/d 15% Area End of Quarter Volume Available (MMcf/d) (MMcf/d) Capacity (%)(b)…
  7. 2Q 2019 Earnings Presentation – MPLX Lp – slide 7
    2Q 2019 Financial Highlights Adjusted EBITDA Distributable Cash Flow 2,000 2018 2019 1,850 2,000 2018 2019 1,627 1,498 1,500 1,500 1,314 MM MM 1,000 867 920 1,000 695 741 500 500 0 0 2Q Year-to-Date 2Q…
  8. 2Q 2019 Earnings Presentation – MPLX Lp – slide 8
    2Q 2019 vs. 2Q 2018 Adjusted EBITDA 1,000 43 10 920 867 800 G&P G&P 351 341 600 MM 400 L&S L&S 569 5262Q 2018 200 vs. 2Q 2017 0 Variance 2Q 2018 Adjusted EBITDA Attributable to Logistics & Storage Gathering &…
  9. 2Q 2019 Earnings Presentation – MPLX Lp – slide 9
    Financial and Balance Sheet Highlights As of (MM except ratio data) 6/30/19 Cash and cash equivalents 7 Total assets 23,746 Total debt(a) 14,080 Redeemable preferred units 1,005 Total equity 6,869 Second quarter 2019 adjusted…
  10. 2Q 2019 Earnings Presentation – MPLX Lp – slide 10
    Appendix 11
  11. 2Q 2019 Earnings Presentation – MPLX Lp – slide 11
    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…
  12. 2Q 2019 Earnings Presentation – MPLX Lp – slide 12
    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…
  13. 2Q 2019 Earnings Presentation – MPLX Lp – slide 13
    Organic Growth Capital Projects Gathering & Processing Segment Est. Completion Est. Completion Gathering Processing and Fractionation Shale Resource Capacity Dates Date Through 2020 Marcellus/Utica Rich- and Ongoing Omega 1…
  14. 2Q 2019 Earnings Presentation – MPLX Lp – slide 14
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income (MM) 2Q 2019 2Q 2018 YTD 2019 YTD 2018 Net income 488 456 997 879 Provision (benefit) for income taxes 1 1 (1) 5 Amortization of deferred financing costs 13 15…
  15. 2Q 2019 Earnings Presentation – MPLX Lp – slide 15
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (MM) 2Q 2019 2Q 2018 YTD 2019 YTD 2018 Net cash provided by operating activities 834 840 1,452 1,290 Changes in working capital…
  16. 2Q 2019 Earnings Presentation – MPLX Lp – slide 16
    Reconciliation of Segment Adjusted EBITDA to Net Income (MM) 2Q 2019 2Q 2018 YTD 2019 YTD 2018 L&S segment adjusted EBITDA attributable to MPLX LP 569 526 1,128 963 G&P segment adjusted EBITDA attributable to MPLX LP 351 341 722…
  17. 2Q 2019 Earnings Presentation – MPLX Lp – slide 17
    Reconciliation of Segment Adjusted EBITDA to Net Income Drop Impact YTD 2019 (MM) without Drop(a) YTD 2019 Drop L&S segment adjusted EBITDA attributable to MPLX LP 1,059 69 1,128 G&P segment adjusted EBITDA attributable to MPLX…
  18. 2Q 2019 Earnings Presentation – MPLX Lp – slide 18
    Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA (MM) 2Q 2019 2Q 2018 LTM Net income 1,952 1,337 LTM Net income to adjusted EBITDA adjustments 1,746 1,989 LTM Adjusted EBITDA attributable to MPLX LP 3,698…
  19. 2Q 2019 Earnings Presentation – MPLX Lp – slide 19
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