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2Q 2020 Earnings Presentation – MPLX Lp

MPLX Lp · Aug 3, 2020 · 25 slides

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Slides

  1. 2Q 2020 Earnings Presentation – MPLX Lp – slide 1
    Second-Quarter 2020 Earnings Conference Call August 3, 2020
  2. 2Q 2020 Earnings Presentation – MPLX Lp – slide 2
    Targeting Positive Free Cash Flow Disciplined Approach and Long-term Focus 2019 The Path to Increased Cash Flow 2021 EBITDA 5.1 B(a) EBITDA Continued Growth DCF 4.1 B(a) DCF Continued Growth Distributions Growth Capital Growth…
  3. 2Q 2020 Earnings Presentation – MPLX Lp – slide 3
    Stable Cash Flows Historical Quarterly Adjusted EBITDA Significant progress on reducing ( Billions)(a) forecasted operating expenses 1.3 1.3 1.3 1.2 Stable, fee based cash flows with 0.4 0.5 0.4 0.4 minimum volume commitments…
  4. 2Q 2020 Earnings Presentation – MPLX Lp – slide 4
    Continued Capital Discipline 2020 capital spend target(a) on- Growth Capital(b) track to be reduced by over 700 million 2.6 B 2.4 B Reducing net maintenance capital spending by 100 million to approximately 150 million 55% 75%…
  5. 2Q 2020 Earnings Presentation – MPLX Lp – slide 5
    Focus on Sustainability and Corporate Leadership Environment Social Governance Committed to Improving Energy Efficiency Diversity & Inclusion Transparency in reporting through TCFD and SASB Established new Human Received 2 ENERGY…
  6. 2Q 2020 Earnings Presentation – MPLX Lp – slide 6
    Second-Quarter Highlights Reported adjusted EBITDA attributable to MPLX of 1.2 billion Generated 1.1 billion in net cash provided by operating activities and reported distribution coverage of 1.39x Maintained quarterly…
  7. 2Q 2020 Earnings Presentation – MPLX Lp – slide 7
    Logistics & Storage Segment Pipeline throughputs averaged 4.3 MMBPD Decrease of 15% year-over-year Terminalling throughputs averaged 2.4 MMBPD Decrease of 26% year-over-year Lower volumes offset by reduced operating expenses…
  8. 2Q 2020 Earnings Presentation – MPLX Lp – slide 8
    Gathering & Processing Segment 2Q20 Processed Volumes(a) Capacity at Utilization of 2Q20 Overall volumes and % change: End of Average Available Area Volume vs. 2Q19 Quarter (MMcf/d) Capacity (MMcf/d) (%)(b) Gathering: 5.5…
  9. 2Q 2020 Earnings Presentation – MPLX Lp – slide 9
    2Q 2020 Financial Highlights Adjusted EBITDA(a) Distributable Cash Flow(a) 3,000 2019 2020 2,500 2019 2020 2,512 2,521 2,500 1,966 2,043 2,000 2,000 1,500 MM MM 1,500 1,249 1,227 975 996 1,000 1,000 500 500 0 0…
  10. 2Q 2020 Earnings Presentation – MPLX Lp – slide 10
    2Q 2020 vs. 2Q 2019 Adjusted EBITDA 1,400 1,249 18 (40) 1,227 1,200 G&P G&P 1,000 428 388 800 MM 600 L&S L&S 2Q 2018 821 839 400 vs. 2Q 200 2017 0 Variance Analysis 2Q 2019 Adjusted EBITDA Attributable to MPLX…
  11. 2Q 2020 Earnings Presentation – MPLX Lp – slide 11
    Financial and Balance Sheet Highlights As of (MM except ratio data) 6/30/20 Cash and cash equivalents 67 Total assets 37,022 Total debt(a) 20,559 Redeemable preferred units 968 Total equity 13,262 Second Quarter 2020…
  12. 2Q 2020 Earnings Presentation – MPLX Lp – slide 12
    Appendix 13
  13. 2Q 2020 Earnings Presentation – MPLX Lp – slide 13
    Logistics & Storage: Earnings Diversity & Protection Logistics & Storage (L&S) 2019 MPLX EBITDA 2/3 of EBITDA Refining Logistics (RL) + Fuels Distribution (FD): 5.1 B 3.3 B 1.4 B EBITDA(a) RL fee-for-capacity FD highly stable with…
  14. 2Q 2020 Earnings Presentation – MPLX Lp – slide 14
    Gathering & Processing: Regions & Customers Gathering & Processing (G&P) 2019 MPLX EBITDA 1/3 of EBITDA 5.1 B 1.8 B Regional Processing MVCs(b) Marcellus 74% Other Northeast 25% Southwest 5% G&P L&S Marcellus Mid-Con 35% 34%…
  15. 2Q 2020 Earnings Presentation – MPLX Lp – slide 15
    Gathering & Processing Segment Sub-Region 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…
  16. 2Q 2020 Earnings Presentation – MPLX Lp – slide 16
    Organic Growth Capital Projects Logistics & Storage Segment Est. Projects Description Completion Date Mt. Airy Terminal Expansion Constructing 2nd 120 MBPD dock and incremental storage 3Q20 Utica Butane Expansion Expansion for…
  17. 2Q 2020 Earnings Presentation – MPLX Lp – slide 17
    Organic Growth Capital Projects Gathering & Processing Segment Est. Processing and Fractionation Shale Resource Capacity Completion Date Omega 2 Processing Plant Cana-Woodford 180 MMcf/d In Service Hopedale 5 C3+ Fractionation…
  18. 2Q 2020 Earnings Presentation – MPLX Lp – slide 18
    Strong Balance Sheet Consolidated Debt to Adj. EBITDA(a) 6.0x 4.5x 3.0x Millions YE18 YE19 2Q20 (unless otherwise noted) 1.5x 0.0x Consolidated Debt 13,856 20,713 20,938 2015 2016 2017 2018 2019 2020 Debt Maturities Next…
  19. 2Q 2020 Earnings Presentation – MPLX Lp – slide 19
    Published 2019 Sustainability Report Highlights Recognitions 20% reduction in GHG intensity Included in Dow Jones Sustainability since 2014 Index for North America 470 million investment converting EPA Energy Star Partner of the…
  20. 2Q 2020 Earnings Presentation – MPLX Lp – slide 20
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income 2Q QTD 2Q QTD 2Q YTD 2Q YTD 4Q YTD (MM) 2020 2019 2020 2019 2019 Net income (loss) 655 657 (2,061) 1,346 1,462 Provision (benefit) for income taxes - (1) -…
  21. 2Q 2020 Earnings Presentation – MPLX Lp – slide 21
    Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (MM) 2Q QTD 2020 2Q QTD 2019 2Q YTD 2020 2Q YTD 2019 4Q YTD 2019 Net cash provided by operating activities 1,105 1,101 2,114 1,954…
  22. 2Q 2020 Earnings Presentation – MPLX Lp – slide 22
    Reconciliation of Segment Adjusted EBITDA to Net Income 2Q QTD 1Q QTD 4Q QTD 3Q QTD 2Q QTD 2Q YTD 2Q YTD (MM) 2020 2020 2019 2019 2019 2020 2019 L&S segment adjusted EBITDA attributable to MPLX 839 872 853 849 821 1,711 1,649 LP…
  23. 2Q 2020 Earnings Presentation – MPLX Lp – slide 23
    Reconciliation of Capital Expenditures 2Q QTD 2Q QTD 2Q YTD 2Q YTD 4Q YTD 4Q YTD (MM) 2020 2019 2020 2019 2019 2018 Capital Expenditures Maintenance 33 62 67 99 262 175 Maintenance reimbursements (6) (9) (20) (16) (53) (8) Growth…
  24. 2Q 2020 Earnings Presentation – MPLX Lp – slide 24
    Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA (MM) 2Q 2020 4Q 2019 2Q 2019 4Q 2018 LTM Net (loss) income (1,945) 1,462 1,952 1,834 LTM Net income to adjusted EBITDA adjustments 6,950 2,872 1,746 1,641…
  25. 2Q 2020 Earnings Presentation – MPLX Lp – slide 25
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