Third Quarter 2014 Earnings Conference Call and Webcast October 30, 2014
Highlights Reported earnings of 672 million Closed Speedway acquisition of Hess retail operations Returned 442 million of capital to shareholders, including 301 million of share repurchases Announced plans to substantially accelerate…
Substantial Acceleration of MPLX Growth Grow MPLX to 450 MM of run- rate EBITDA (December 2015 Adjusted EBITDA attributable to MPLX 500 annualized), from current 160 450 MM run-rate (3Q 2014 annualized) 400 Accelerate MPLXs annual…
Substantial Acceleration of MPLX Growth Rapidly changing midstream business environment creates multiple opportunities where size matters Hess retail acquisition has expanded MPCs opportunity set and strategic options Identified…
3Q 2014 Earnings* 3Q 2014 3Q 2013 Earnings 672 MM 168 MM Earnings per Diluted Share 2.36 0.54 Earnings Earnings per Diluted Share 2,500 8 2,112 6.64 2,000 5.95 626 1,726 6 2.07 1,500 2.36 /Share MM 168 672 0.54…
Earnings* 3Q 2014 vs. 3Q 2013 Variance Analysis 1,000 17 15 744 900 (15) (3) 800 700 672 (252) (2) 600 MM 500 400 300 200 168 100 0 3Q 2013 Refining & Speedway Pipeline Items not Interest Income Noncontrolling…
Refining and Marketing Segment Income 3Q 2014 vs. 3Q 2013 Variance Analysis 1,250 548 1,000 971 (152) (22) 750 118 379 8 MM (40) (95) 500 250 227 0 3Q 2013 *LLS *Sweet/ *LLS/WTI *LLS *Market Other Direct Other 3Q…
Refining and Marketing Segment Income 3Q 2014 vs. 2Q 2014 Variance Analysis 1,500 1,260 1,250 30 34 24 20 1,000 (33) (62) 971 (229) (73) MM 750 500 250 0 2Q 2014 *LLS *Sweet/ *LLS/WTI *LLS *Market Other Direct…
Speedway Segment Income 3Q 2014 vs. 3Q 2013 Variance Analysis 160 140 11 22 119 120 (16) 102 100 MM 80 60 40 20 0 3Q 2013 Light Product Gross Merchandise Gross Other 3Q 2014 Margin Margin 10
Pipeline Transportation Segment Income 3Q 2014 vs. 3Q 2013 Variance Analysis 100 80 9 15 69 (9) 60 54 MM 40 20 0 3Q 2013 Transportation Pipeline Other 3Q 2014 Revenue Affiliates 11
Total Company Cash Flow 3Q 2014 6,000 2,608 5,000 (736) 4,000 1,010 68 MM 3,000 2,125 2,000 (2,785) 6 1,854 (141) (301) 1,000 0 6/30/14 Operating Working Long-term Cash Capital Hess Acquisition, Dividends Share…
Select Balance Sheet/Cash Flow Data (MM) 2014 2014 2014 2013 3Q 2Q 1Q 4Q As of quarter ended: Cash and cash equivalents 1,854 2,125 2,166 2,292 Total debt 6,264 3,638 3,659 3,396 Equity 11,266 11,037 10,758 11,332…
Focused Return of Capital to Shareholders LTM Ended 9/30/14 8,000 7,000 6,000 2,785 Hess Retail Acquisition 5,000 Dividends and share MM repurchases* 4,000 1.2x of 2,413 2,055 Free Investments, Excluding Hess Free Cash…
4Q 2014 Outlook Other Total Corporate Percent of Turnaround Depreciation Other Crude Charge/ Total Direct and Other WTI-priced and Major and Manufacturing Throughput* Feedstocks Throughput* Operating Unallocated Crude Maintenance…
Illustrative Value of MPC Ownership in MPLX* Illustrative Value of MPC Ownership Total Distributions to MPC based on 2019E Distributions** 25 24.8 600 557 500 20.4 20 389 GP Distributions 16.0 400 GP 15 MM 55x GP…
Appendix
MPLX LP and GP Illustrative Valuation MPC Distributions & Asset Sales Proceeds from MPLX (MM) 3Q 2013 YTD 3Q 2014 YTD GP Distributions, including IDRs 1 3 LP Distributions 40 53 Total Cash Distribution Received from MPLX 41 56 Asset…
MPCs Currently Identified Eligible MLP EBITDA Sources of 1.7 B Retained by MPC 5,400 miles of additional crude and products pipelines Pipelines Owns, leases or has an ownership interest in these pipelines 31% of MPLX Pipe Line…
Capital Expenditures & Investments* (MM) 2014 Budget 3Q 2014 2014 YTD Refining & Marketing (R&M) 864 151 445 Midstream included in R&M 348 113 232 Speedway 327 77 153 Pipeline Transportation 760 224 418 Corporate and Other 133…
MPLX Adjusted EBITDA Reconciliation from Net Income 3Q 2014 Dec. 2015 (MM) 2013 Annualized Annualized Net income 146 172 304 Less: Net income attributable to MPC- 68 56 - retained interest Net income attributable to MPLX LP 78…
Reconciliation Free Cash Flow to Net Cash Provided by Operations (MM) 2013 2014 (For the Quarter) 4Q 1Q 2Q 3Q Net cash provided by operating activities 1,355 766 878 1,078 Additions to property, plant and equipment (473) (267)…
Reconciliation EBITDA to Net Income Attributable to MPC (MM) 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net Income attributable to MPC 725 593 168 626 199 855 672 Less: Net interest and other financial income (costs) (48) (45) (47) (39) (46)…
Cash Provided from Operations Before Changes in Working Capital Reconciliation to Net Cash Provided by Operations (MM) 2013 2014 (For the Quarter) 4Q 1Q 2Q 3Q Net cash provided by operations 1,355 766 878 1,078 Less changes in…
Refining & Marketing Indicative Gross Margin 3Q 2014 3,000 501 2,516 2,500 95 19 546 2,000 (150) 1,505 MM 1,500 (1,245) 1,000 971 (300) 500 0 *LLS *Sweet/ *LLS/WTI *LLS *Market Other R&M Direct Other R&M…
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