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First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation

Marathon Petroleum Corporation · May 4, 2021 · 31 slides

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Slides

  1. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 1
    First Quarter 2021 Earnings Conference Call May 4, 2021 1
  2. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 2
    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…
  3. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 3
    Business Update 21 billion Speedway sale close to completion Progressing commitment to capital return and strengthening the balance sheet Repositioning the portfolio - Martinez renewables facility progress - Advancing projects…
  4. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 4
    Priorities for Speedway Proceeds 21 Billion Enhance: Core Liquidity 4.5B Taxes Reduce: MPC Standalone Debt Appropriate leverage Solid investment grade credit profile 16.5B Net Proceeds Return: Capital to Shareholders Share…
  5. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 5
    Lowering the Cost Structure Refining Operating Costs Corporate Costs ( / Barrel) ( Millions) 6 200 5 4 100 4Q 1Q 2Q 3Q 4Q 1Q (a) 4Q 1Q 2Q 3Q 4Q 1Q 2019 2020 2020 2020 2020 2021 2019 2020 2020 2020 2020 2021 Reduced…
  6. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 6
    Commitment to ESG Environment Social Governance 30% reduction in Transparent reporting: GHG Scope 1 & 2 Human Rights Policy included TCFD, SASB, GRI, CDP emissions intensity by 2030 in sustainability reporting Compensation…
  7. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 7
    First Quarter Highlights Millions (unless otherwise noted) 1Q21 Adjusted Loss per Share (/share) (a) (0.20) Adjusted EBITDA 1,552 Cash from Continuing Operations, excluding Working Capital 613 Dividends 379 (a) Based on…
  8. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 8
    Adjusted EBITDA to Net Income 1Q 2021 vs. 4Q 2020 Adjusted EBITDA Reconciliation to Net Income 2,000 725 9 1,600 1,552 5 332 -94 Discontinued -70 Operations 1,200 Millions 907 800 426 1,220 Discontinued Continuing…
  9. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 9
    Refining & Marketing 1Q 2021 vs. 4Q 2020 27 23 69 Refining margin 0 9 recovery across all 162 regions -200 225 Millions 83% utilization during the quarter -400 233 Continued execution -600 on cost control -702…
  10. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 10
    Midstream 1Q 2021 vs. 4Q 2020 1,500 13 1,322 Through-cycle EBITDA 1,317 -8 stability 1,000 Continued progress on Millions reducing operating expenses 500 Continued progress on organic growth projects 0 4Q 2020 MPLX…
  11. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 11
    Speedway - Discontinued Operations 1Q 2021 vs. 4Q 2020 426 400 Fuel and merchandise 11 volumes impacted by usual -67 332 -28 -10 seasonality Millions 200 Same store merchandise sales up 7% year-over-year Fuel margins…
  12. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 12
    Total Consolidated Cash Flow 1Q 2021 Discontinued 2,000 Continuing Operations Operations MPC 975 MPLX -110 1,500 865 613 Millions 1,000 189 -379 758 -348 180 -87 Disc. Ops 555 500 Disc. Ops -355 -475 Continuing…
  13. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 13
    Second-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…
  14. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 14
    Questions & Answers
  15. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 15
    Appendix 16
  16. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 16
    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…
  17. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 17
    Sustainability & Climate Perspectives Reports Recognitions Included in Dow Jones Sustainability Index for North America Lower Carbon Intensity EPA ENERGY STAR Partner of the Year Sustained Excellence Award Increase Renewable…
  18. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 18
    Manageable Leverage and Maturities Debt-to-LTM Adj. EBITDA (a) 2.5x 34x Millions 2.0x YE19 YE20 1Q21 (unless otherwise noted) 1.5x Total Debt (excl. MPLX) 9,125 11,575 12,555 1.0x 0.5x LTM Adj. EBITDA (excl. MPLX) 5,506 (1,454)…
  19. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 19
    Capitalization and Select Balance Sheet Data MPC MPLX MPC Excluding As of March 31, 2021 Consolidated Adjustments (a) MPLX (MM except ratio data) Total Debt 32,609 20,054 12,555 Total Equity(b) 29,479 10,194 19,285…
  20. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 20
    Refining & Marketing Segment Loss 1Q 2021 3,000 82 2,346 321 114 0 2,000 1,829 Volume 274 Product 474 Millions Crude -666 1,000 -1,188 -31 -598 0 -1,197 62 -590 -1,000 Blended Sweet Sour Market Other R&M Margin…
  21. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 21
    Refining & Marketing Margins Market vs. Realized 2,500 196 2,346 2,263 Total system capture of 104%, key factors included: -113 2,000 Favorable pricing of non- transportation fuels relative to Millions index 1,500…
  22. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 22
    Refining & Marketing Segment Loss 1Q 2021 vs. 4Q 2020 Variance Analysis 0 -500 69 9 871 37 305 9 -598 -41 -46 -31 Millions -1,000 -201 Volume 81 Product - 311 -1,500 Crude 29 -1,579 -2,000 4Q 2020 Blended Sour…
  23. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 23
    Income Summary for Operations 2020 2021 (MM unless otherwise noted) 1Q 2Q 3Q 4Q 1Q (a) Corporate reflects corporate costs that Refining & Marketing segment income (loss) (497) (1,544) (1,569) (1,579) (598) are no longer allocated to…
  24. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 24
    Reconciliation Net Loss Attributable to MPC to Adjusted Net Loss Attributable to MPC (a) Income taxes for adjusted earnings was calculated by applying a combined federal (MM) 1Q21 1Q20 and state statutory tax rate of 24% to the…
  25. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 25
    Reconciliation Net Income (Loss) Attributable to MPC to Adjusted EBITDA and LTM Adjusted Pro Forma EBITDA (MM) 2Q20 3Q20 4Q20 1Q21 LTM Net Income (loss) attributable to MPC 9 (886) 285 (242) (834) Add: Net interest and other financial…
  26. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 26
    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…
  27. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 27
    Reconciliation MPLX Net Income to Adjusted EBITDA Related to MPLX (MM) 2Q20 3Q20 4Q20 1Q21 LTM MPLX Net Income 655 674 700 748 2,777 Add: Net interest and other financial costs 223 224 219 225 891 Provision for income taxes - 1…
  28. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 28
    Reconciliation Cash Provided by Operations to Continuing Operating Cash Flow Before Changes in Working Capital 2021 (MM) 1Q Cash provided by operating activities from continuing operations 265 Less changes: Current receivables…
  29. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 29
    Reconciliation Segment Income (Loss) from Operations to Segment Adjusted EBITDA and Adjusted EBITDA 2020 2021 (MM) 1Q 2Q 3Q 4Q 1Q Refining & Marketing Segment Segment income (loss) from operations (497) (1,544) (1,569) (1,579) (598)…
  30. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 30
    Reconciliation Refining & Marketing Loss from Operations to Refining & Marketing Margin 2020 2021 (MM) 1Q 2Q 3Q 4Q 1Q (a) LCM inventory valuation adjustments are excluded from Refining & Marketing income Refining & Marketing loss…
  31. First Quarter 2021 Earnings Presentation – Marathon Petroleum Corporation – slide 31
    Reconciliation Income from Discontinued Operations to Speedway Total Margin 2020 2021 (MM) 1Q 2Q 3Q 4Q 1Q (a) LCM inventory valuation adjustments Income from Discontinued Operations 338 406 438 405 307 are excluded from Speedway…

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