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Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation

Marathon Petroleum Corporation · Feb 2, 2021 · 36 slides

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Slides

  1. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 1
    Fourth Quarter 2020 Conference Call February 2, 2021
  2. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 2
    New Executive Additions Maryann Mannen Brian Davis EVP and Chief Financial Officer EVP and Chief Commercial Officer Strengthening our financial and Enhancing our commercial focus competitive position and performance 3
  3. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 3
    MPC: Short-Term Strategic Focus 1 2 3 Strengthen Improve Competitive Position Commercial Lower Cost of our Assets Performance Structure Achieve best-in-class Leverage cost, operating, and advantaged raw Strict capital financial…
  4. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 4
    Business Update Progressing Speedway sale; committed to debt reduction and capital return Repositioning the portfolio Dickinson ramping operations Advancing Martinez feedstock discussions Expanding commercial focus Continuing…
  5. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 5
    Priorities for Speedway Proceeds 21 Billion Enhance: Core Liquidity 4.5B Add 1B cash to balance sheet Taxes Reduce: MPC Standalone Debt Appropriate leverage no less than 5B 16.5B Solid investment grade credit profile Net…
  6. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 6
    Lowering the Cost Structure 2,000 Refining Operating Costs 300 Corporate Costs 1,750 Millions Millions 1,500 200 1,250 1,000 100 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 2019 2020 2020 2020 2020 2019 2020 2020 2020 2020…
  7. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 7
    Strict Capital Discipline MPC Capital (a) excl. MPLX Continued focus on capital 3,066 3,000 discipline Growth in renewables portfolio Millions MPC capital reduced 43% from 2,000 2019 to 2020, another 20% from 1,748…
  8. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 8
    Fourth Quarter Highlights Millions (unless otherwise noted) 4Q20 Adjusted Loss per Share (/share) (a) (0.94) Adjusted EBITDA 907 Pre-tax Adjustments 851 Dividends 377 (a) Based on weighted average diluted shares 9
  9. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 9
    Adjusted EBITDA to Net Income 4Q 2020 vs. 3Q 2020 Adjusted EBITDA Reconciliation to Net Income 2,000 851 1,600 1,200 Millions 1,006 24 22 907 492 -79 -66 800 Discontinued 426 Operations Discontinued -963…
  10. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 10
    Refining & Marketing 4Q 2020 vs. 3Q 2020 0 R&M Adjusted EBITDA includes Direct Dealer -200 results (133 MM in 3Q, 119 MM in 4Q) Millions -400 82% utilization during the quarter (excluding idled facilities) -600 -623 -36…
  11. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 11
    Midstream 4Q 2020 vs. 3Q 2020 Through-cycle EBITDA 1,500 stability 1,295 25 1,317 -3 Continued progress on 1,000 reducing operating expenses Millions Fee-based with volume protections across 500 businesses Continued…
  12. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 12
    Speedway - Discontinued Operations 4Q 2020 vs. 3Q 2020 600 Fuel and merchandise 492 impacted by COVID-19 8 426 case escalation and -42 8 400 seasonality -40 Millions Year-over-year growth in same 200 store merchandise…
  13. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 13
    Total Consolidated Cash Flow 4Q 2020 Discontinued 2,000 Continuing Operations Operations 804 1,500 -506 Millions 1,000 144 716 -344 Disc. Ops 380 555 500 MPC -120 -63 Disc. Ops MPLX -224 Continuing -377 Operations…
  14. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 14
    Financial Discipline: 2021 Capital Outlook 2021 MPC Capital Outlook Capital Spending, MM excluding MPLX 2021 2020 Outlook 18% Refining & Marketing 1,170 1,050 R&M Maintenance Growth Ongoing Projects 644 450 3% Growth…
  15. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 15
    First-Quarter 2021 Outlook Other Crude Total Depreciation Charge/ Sweet Sour Operating Distribution Turnaround Throughput Throughput and Feedstocks Crude Crude Cost (b) Cost (c) Costs (a) (a) Amortization Throughput (a) /BBL of…
  16. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 16
    Commitment to Corporate Social Responsibility Environment Social Governance Investing in Renewables portfolio Committed to Board of Directors 92% Diversity & Inclusion independent and 33% diverse Targeting 30% GHG emissions New…
  17. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 17
    Questions & Answers Strategic Overview
  18. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 18
    Appendix 19
  19. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 19
    Continuous Focus on ESG Performance ISS ESG QualityScore rating of 1 Rating improved from a 3 for Social (highest score) for Social Overall Overall from August 2020 Included in 2020 Dow Jones Sustainability Index for North America…
  20. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 20
    Recently Published Sustainability & Climate Perspectives Reports Recognitions Included in Dow Jones Sustainability Index for North America Lower Carbon Intensity EPA ENERGY STAR Partner of the Year 3rd straight year with Sustained…
  21. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 21
    Manageable Leverage and Maturities Debt-to-LTM Adj. EBITDA (a) 2.0x Millions YE18 YE19 YE20 (unless otherwise noted) 1.5x 1.0x Total Debt (excl. MPLX) 9,114 9,125 11,575 0.5x LTM Adj. EBITDA (excl. MPLX) 6,893 5,506 (1,454)…
  22. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 22
    Capitalization and Select Balance Sheet Data MPC MPLX MPC Excluding As of December 31, 2020 Consolidated Adjustments(a) MPLX (MM except ratio data) Total Debt 31,714 20,139 11,575 Total Equity(b) 30,127 10,352 19,775…
  23. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 23
    Revised Reporting - Due to Speedway Sale Speedway Historical New Sale-Related Reporting Reporting Effects 3Q20 4Q20 3Q20 4Q20 3Q20 4Q20 Adj. EBITDA Adj. EBITDA Adj. EBITDA Adj. EBITDA Refining & Marketing (756) (821) 133 119…
  24. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 24
    Refining & Marketing Segment Loss 4Q 2020 2,000 283 1,726 284 45 155 -305 959 1,000 Volume 193 Product 785 Crude -695 Millions -1,197 -1,579 0 -1,000 -1,266 35 -572 -2,000 Blended Sweet Sour Market Other R&M…
  25. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 25
    Refining & Marketing Margins Market vs. Realized 2,000 Total system capture of 120%, key 1,800 factors included: 427 1,726 Direct Dealer business contributed 1,600 8% to R&M margin capture Millions 1,443 1,400 Favorable…
  26. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 26
    Refining & Marketing Segment Loss 4Q 2020 vs. 3Q 2020 Variance Analysis -500 -1,000 Volume 5 Product 312 Millions -1,500 Crude - 321 135 -1,569 43 -1,579 90 11 66 38 -4 -49 -2,000 -340 -2,500 3Q 2020 Blended…
  27. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 27
    Income Summary for Operations 2019 2020 (MM unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (a) R&M historical results include the Refining & Marketing segment income (loss) (a) (303) 1,064 989 1,106 (497) (1,544) (1,569) (1,579)…
  28. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 28
    Reconciliation Net Income Attributable to MPC to Adjusted Net Income (Loss) Attributable to MPC (MM) 4Q20 4Q19 Net income attributable to MPC 192 443 Pre-tax adjustments: (a) For the three and twelve months ended Dec. 31, 2020,…
  29. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 29
    Reconciliation Net Income (Loss) Attributable to MPC to Adjusted EBITDA and LTM Adjusted Pro Forma EBITDA (MM) 1Q20 2Q20 3Q20 4Q20 LTM Net Income (loss) attributable to MPC (9,234) 9 (886) 192 (9,919) Add: Net interest and other…
  30. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 30
    Reconciliation Net Income Attributable to MPC to EBITDA, Adjusted EBITDA and Adjusted Pro Forma EBITDA (MM) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net Income (loss) attributable to MPC 2,389 3,389 2,112 2,524 2,852 1,174…
  31. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 31
    Reconciliation MPLX Net Income (Loss) to Adjusted EBITDA Related to MPLX (MM) 1Q20 2Q20 3Q20 4Q20 LTM MPLX Net Income / (Loss) (2,716) 655 674 700 (687) Add: Net interest and other financial costs 230 223 224 219 896 Provision…
  32. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 32
    Reconciliation Cash Provided by Operations to Continuing Operating Cash Flow Before Changes in Working Capital 2020 (MM) 4Q Cash provided by operating activities from continuing operations 948 Less changes: Current receivables…
  33. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 33
    Reconciliation Segment Income (Loss) from Operations to Segment Adjusted EBITDA and Adjusted EBITDA 2019 2020 (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing Segment Segment income (loss) from operations (303) 1,064 989 1,106…
  34. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 34
    Reconciliation Refining & Marketing Income (Loss) from Operations to Refining & Marketing Margin 2019 2020 (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q R&M historical results include the results of the retained direct dealer business, due our third…
  35. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 35
    Reconciliation Income from Discontinued Operations to Speedway Total Margin 2019 2020 (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (a) LCM inventory valuation adjustments Income from Discontinued Operations(a) 143 344 344 283 338 406 438 405 are…
  36. Fourth Quarter 2020 Presentation – Marathon Petroleum Corporation – slide 36
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