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UBS MLP Conference – MPLX Lp

MPLX Lp · Jan 14, 2015 · 86 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. UBS MLP Conference – MPLX Lp – slide 1
    UBS MLP Conference January13-14, 2015
  2. UBS MLP Conference – MPLX Lp – slide 2
    Key Investment Highlights Committed to significant acceleration of MPLXs distribution growth rate Strategic relationship with sponsor Marathon Petroleum Corporation (MPC) Substantial portfolio of MLP-qualifying assets held by…
  3. UBS MLP Conference – MPLX Lp – slide 3
    Substantial Acceleration of MPLX Growth Announced plans to substantially accelerate the growth of MPLX Acquired additional 30.5% interest in MPLX Pipe Line Holdings on December 1, 2014 for 800 MM (represents 10.0x multiple of NTM…
  4. UBS MLP Conference – MPLX Lp – slide 4
    Substantial Acceleration of MPLX Growth Grow MPLX to 450 MM of run-rate EBITDA (December 2015 annualized), Adjusted EBITDA attributable to MPLX from current 160 MM run-rate 500 450 (3Q 2014 annualized) 400 Accelerate MPLXs annual…
  5. UBS MLP Conference – MPLX Lp – slide 5
    Strategic Relationship with Sponsor Marathon Petroleum Fortune 25 company Investment grade credit profile Fourth largest U.S. refiner Largest in Midwest 2013 Revenues and other income: 100.3 B 2013 Net income attributable to MPC:…
  6. UBS MLP Conference – MPLX Lp – slide 6
    Focused and Integrated Network Refineries Biodiesel/Ethanol Facilities Marketing Area Refineries Terminals Pipelines Ethanol Facility Biodiesel Facility Connecting Pipelines Light Product Terminals Asphalt Terminals…
  7. UBS MLP Conference – MPLX Lp – slide 7
    MPC and MPLX Strategically Located Assets Strategically located near emerging Bakken Williston shale plays Basin Appalachian Marcellus, Utica, New Albany, Antrim, Basin Michigan Antrim Basin and Illinois Basin in…
  8. UBS MLP Conference – MPLX Lp – slide 8
    MPLX Assets are Integral to MPC 9
  9. UBS MLP Conference – MPLX Lp – slide 9
    Other Major MPLX Assets Pipeline Tank Farm Storage Assets Both crude oil and products located in Patoka, Wood River and Martinsville, IL and Lebanon, IN Approximately 3.3 MM barrels of available capacity Tank Farm Storage Wood…
  10. UBS MLP Conference – MPLX Lp – slide 10
    High-quality, Well-maintained Asset Base MPLX continually invests in the maintenance and integrity of its assets Uses a patented integrity management program to enhance pipeline safety and reliability Top-tier reputation and active…
  11. UBS MLP Conference – MPLX Lp – slide 11
    Stable and Predictable Cash Flows Revenue Customer Mix1 MPLXs assets consist of fee-based pipeline systems and storage assets 11% 55 14% MM MPC has historically accounted for over 65 MM 85% of the volumes shipped on MPLXs 366 MM…
  12. UBS MLP Conference – MPLX Lp – slide 12
    MPCs Currently Identified Eligible MLP EBITDA Sources of 1.6 B Retained by MPC 5,400 miles of additional crude and products pipelines Pipelines Owns, leases or has an ownership interest in these pipelines 0.5% of MPLX Pipe Line…
  13. UBS MLP Conference – MPLX Lp – slide 13
    MPC Increasing Midstream Growth Investments 1,200 Southern Access Extension 1,000 Sandpiper Condensate Splitters 800 Midstream Infrastructure* MM 600 400 200 0 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E…
  14. UBS MLP Conference – MPLX Lp – slide 14
    MPC Investing in Significant Growth Projects North Dakota System (Sandpiper) Logistics equity investment MPC Length, size: 610 Mile, 24/30 + North Dakota Classic System and Bakken Pipeline U.S. Canadian Capacity: 580 MBD…
  15. UBS MLP Conference – MPLX Lp – slide 15
    MPC Investing in Significant Growth Projects Southern Access Extension (SAX) Logistics equity investment MPC Length, size: 165 Mile, 24 Canadian Capacity: 300 MBD In-Service: Late 2015 MPC Investment: 305 MM Bakken MPC Equity: 35%…
  16. UBS MLP Conference – MPLX Lp – slide 16
    MPLX/MPC Utica Build-Out Connectivity 17
  17. UBS MLP Conference – MPLX Lp – slide 17
    MPLX Developing a Comprehensive Utica System Cornerstone Pipeline and Additional Opportunities Non-binding open season supports 12-inch pipeline, 16-inch option Capital estimates vary subject to binding open season results East and…
  18. UBS MLP Conference – MPLX Lp – slide 18
    Investing in Significant Growth Projects 2.3 B investment with potential annual EBITDA of up to 300 MM MPC Projects Timing Investment MM North Dakota System Equity 2017 1,200 Condensate Splitters 2013-2015 250 Southern Access…
  19. UBS MLP Conference – MPLX Lp – slide 19
    MPLX Strong Financial Flexibility to Manage and Grow Asset Base As of (MM except ratio data) 9/30/14 Cash and cash equivalents 32.2 Total assets 1,194.3 Long-term debt(a) 265.0 Total equity 833.3 Consolidated total debt to…
  20. UBS MLP Conference – MPLX Lp – slide 20
    Distribution Growth per Unit 1st acquisition 2nd acquisition 3rd acquisition IPO 5/1/2013 3/1/2014 12/1/2014 10/31/2012 100 MM 310 MM 800 MM 0.36 0.34 0.32 0.30 /Unit 0.28 0.3575 0.3425 0.26 0.3275 0.3125 0.2975…
  21. UBS MLP Conference – MPLX Lp – slide 21
    MPC Drop-down Strategy Considerations MPC created MPLX to grow midstream business and create a funding mechanism for strategic opportunities MPLX investors highly value a consistent, long-term growth strategy Committed to…
  22. UBS MLP Conference – MPLX Lp – slide 22
    Our Priorities for Our Investors 80 Maintain Safe and Reliable Operations Unit Price 70 Sustain Long-term Distribution Growth; Mid-20% for 60 the Next Five Years 50 Focus on Fee-Based Businesses 40 Pursue Organic Growth…
  23. UBS MLP Conference – MPLX Lp – slide 23
    Appendix
  24. UBS MLP Conference – MPLX Lp – slide 24
    Financial Performance Attributable to MPLX Adjusted EBITDA 50 43.8 40 39.9 40.2 30.5 28.9 30 25.1 26.7 MM 20 18.2 10 0 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Distributable Cash Flow 40 37.3 36.2 33.4 31.0 30 27.9…
  25. UBS MLP Conference – MPLX Lp – slide 25
    Net Income 3Q 2014 vs. 3Q 2013 Variance Analysis 70 60 7.1 1.9 11.1 50 (5.9) (7.5) 43.1 40 39.2 (2.3) (0.5) MM 30 29.1 (14.0) 20 10 0 3Q 2013 Volume Tariffs Volumes Other Cost of G&A Other 3Q 2014 MPC 3Q 2014 (100%…
  26. UBS MLP Conference – MPLX Lp – slide 26
    Deficiency Payment Effect Example for illustrative purposes only Quarter Quarter Quarter Quarter Quarter Quarter Quarter (MM) 1 2 3 4 5 6 7 Quarterly deficiency payment 2 5 3 5 - - - Use or expiration of credit (on or before) - - - -…
  27. UBS MLP Conference – MPLX Lp – slide 27
    MPLX and MPC are Aligned MPLX Organizational Structure MPC views MPLX as integral to Marathon Petroleum Corporation and Affiliates its operations and is aligned (NYSE: MPC) with its success and 100.0% incentivized to grow MPLX…
  28. UBS MLP Conference – MPLX Lp – slide 28
    Incentive Distribution Rights 3Q 2014 distribution of 0.3575/unit is in Third Target Distribution tier 29
  29. UBS MLP Conference – MPLX Lp – slide 29
    Crude Oil Pipeline Systems Overview MPC Min. Diameter Length Capacity Initial Term Commitment Crude Oil Pipeline System (Inches) (Miles) (MBPD)1 (Years) (MBPD)1 Patoka to Lima 20 / 22 302 249 10 40 Catlettsburg and Robinson 20 / 24…
  30. UBS MLP Conference – MPLX Lp – slide 30
    Crude Oil Pipeline Systems Overview 31
  31. UBS MLP Conference – MPLX Lp – slide 31
    Patoka to Lima Crude System 76 miles of 20-inch pipeline extending from Patoka, IL to Martinsville, IL 226 miles of 22-inch pipeline extending from Martinsville to Lima, OH Includes related breakout tankage at Martinsville From…
  32. UBS MLP Conference – MPLX Lp – slide 32
    Catlettsburg and Robinson Crude System Primary pipelines supplying crude oil for MPC's Catlettsburg, KY and Robinson, IL refineries Patoka to Catlettsburg System 140 miles of 20-inch pipeline from Patoka to Owensboro, KY 266 miles…
  33. UBS MLP Conference – MPLX Lp – slide 33
    Detroit Crude System Samaria to Detroit 44 miles of 16-inch pipeline extending from Samaria, MI to MPC's Detroit refinery System includes a tank farm and crude oil truck offloading facility located in Samaria Current capacity of 140…
  34. UBS MLP Conference – MPLX Lp – slide 34
    Wood River to Patoka Crude System Wood River to Patoka System 57 miles of 22-inch pipeline extending from Wood River, IL to Patoka Current capacity of 215 MBPD Roxanna to Patoka System 58 miles of 12-inch pipeline extending from…
  35. UBS MLP Conference – MPLX Lp – slide 35
    Midwest Product Pipelines Overview 36
  36. UBS MLP Conference – MPLX Lp – slide 36
    Gulf Coast Product Pipelines Overview 37
  37. UBS MLP Conference – MPLX Lp – slide 37
    Product Pipeline Systems Overview MPC Min. Diameter Length Capacity Initial Term Commitment Product Pipeline System (Inches) (Miles) (MBPD) (Years) (MBPD) Garyville to Zachary 20 70 389 10 300 Zachary Connect 36 2 -NA- 1 10 80 Texas…
  38. UBS MLP Conference – MPLX Lp – slide 38
    Garyville Products System Primary pathway for the distribution of refined products from the Garyville, LA refinery Garyville to Zachary 70 miles of 20-inch pipeline extending from MPC's Garyville refinery to either the Plantation…
  39. UBS MLP Conference – MPLX Lp – slide 39
    Texas City Products System Primary pathway for the distribution of refined products from MPC's Texas City refinery Texas City to Pasadena 39 miles of 16-inch pipeline extending from refineries owned by MPC and third parties in…
  40. UBS MLP Conference – MPLX Lp – slide 40
    Ohio River Pipe Line (ORPL) Products Systems System of single and bi-directional pipelines that connect MPC's Canton and Catlettsburg refineries with MPC and third-party terminals Current combined capacity of 242 MBPD MPC minimum…
  41. UBS MLP Conference – MPLX Lp – slide 41
    Robinson Products System 1,173 miles of owned/leased pipelines connecting MPC's Robinson and third-party refineries and terminals in IL, KY and IN Current combined capacity of 554 MBPD Initial MPC minimum throughput commitment…
  42. UBS MLP Conference – MPLX Lp – slide 42
    Other Major MPLX Assets MPC's commitments account for total annual revenue of 34 MM from these Other major assets Neal, W.Va., Butane Storage Cavern Capacity of 1 MMBBL with an initial 10-year term Connected to MPCs Catlettsburg, KY…
  43. UBS MLP Conference – MPLX Lp – slide 43
    MPC Fully Integrated Downstream System Refining and Marketing Seven-plant refining system with 1.7 MMBPCD capacity One biodiesel facility and interest in three ethanol facilities One of the largest wholesale suppliers in our market…
  44. UBS MLP Conference – MPLX Lp – slide 44
    MPC 2014 Value Drivers Top-tier safety and environmental performance Accelerate growth of Midstream/MPLX Capital return to shareholders Strong and growing dividend Share repurchase program 2014 2.4 B capital investments* Speedway…
  45. UBS MLP Conference – MPLX Lp – slide 45
    MPC 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…
  46. UBS MLP Conference – MPLX Lp – slide 46
    MPC Delivering Peer Leading Return of Capital Last twelve months* 12.0% 10.0% 10.0% 8.3% 8.3% 8.0% 7.9% 1.4% 6.0% 8.0% 5.9% 6.4% 5.6% 4.3% 4.0% 3.9% 2.0% 2.6% 2.3% 2.0% 1.9% 2.0% 0.0% MPC HFC TSO PSX VLO Dividend…
  47. UBS MLP Conference – MPLX Lp – slide 47
    MPC Performing Consistently in the Top Tier Engine behind MPCs focus on capital returns Operating Income Per Barrel of Crude Throughput** 20 MPCs Rank 15 Competitor Range 1 2 10 /BBL 2 5 1 1 2 5 5 3 2 7 3 3 3 3 1 2 0…
  48. UBS MLP Conference – MPLX Lp – slide 48
    MPC Growing Higher Valued and Stable Cash Flow Businesses Future Mid-Cycle EBITDA Midstream Speedway Historical Mid-Cycle EBITDA* Pipeline Transportation Speedway R&M R&M *2007-2013 average. Non-GAAP disclosure, see…
  49. UBS MLP Conference – MPLX Lp – slide 49
    MPC Allocating Capital to Higher Valued Businesses 2012 2016 Capital Investment Profile 4,000 3,500 3,000 2,500 MM 2,000 1,500 1,000 500 0 2012 2013 2014E 2015E 2016E Refining and Marketing, excluding Midstream…
  50. UBS MLP Conference – MPLX Lp – slide 50
    Expecting Attractive Crude Spreads MPC Outlook* Brent/WTI Spread 7-12/BBL, wider at times LLS/WTI Spread 5-10/BBL, transportation/quality based 3-5/BBL, domestic light sweet crude Brent/LLS surplus Competes with WTI and LLS,…
  51. UBS MLP Conference – MPLX Lp – slide 51
    Growing Global Product Demand Compounded Annual Growth Rates 2030 vs. 2013 2013 Distillate and gasoline 120 Actual Forecast demand continues to 100 rise +1.2% Other Fuel oil continues 80 -1.6% to decline on Fuel Oil MMBD…
  52. UBS MLP Conference – MPLX Lp – slide 52
    Growing U.S. Distillate Demand Overall U.S. demand remains flat 2013 Compounded 10 Annual Distillate demand Actual Forecast Growth Rates 2030 vs. 2013 growth outpaces other 9 Gasoline -0.3% products 8 Gasoline ex ethanol -0.4%…
  53. UBS MLP Conference – MPLX Lp – slide 53
    MPC Growing Gulf Coast Export Capabilities Added new 500,000 barrel export 550 Export Capacity 510 tank at Garyville in 2013 500 450 Galveston Bay in 2015 395 400 +30 MBD ULSD 350 320 40% ROI 300 MBD Garyville in 2015 250…
  54. UBS MLP Conference – MPLX Lp – slide 54
    Rising MPC Finished Product Exports 300 250 200 MBD 150 100 50 0 2010 2011 2012 2013 Sept 30, 2014 YTD 55
  55. UBS MLP Conference – MPLX Lp – slide 55
    Rising North American Production 2013 25 Actual Forecast 20 Canada 15 MMBD 10 U.S. 5 0 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Sources: EIA, CAPP, MPC 56
  56. UBS MLP Conference – MPLX Lp – slide 56
    Growing Crude Oil/Condensate Supply North Dakota 2013 1,800 1,600 1,400 1,200 MBD 1,000 800 600 Total Growth 400 Canada 2013 2030 200 +6,055 MBD 0 Actual Forecast +2,549 MBD Actual Forecast 1990 1995 2000 2005 2010 2015…
  57. UBS MLP Conference – MPLX Lp – slide 57
    U.S. Shale Oil Production Under Different Price Scenarios U.S. Shale Crude and Condensate Production (MMBD) 9.5 9.0 120 8.5 8.0 7.5 100 7.0 6.5 6.0 90 5.5 MMBD 5.0 4.5 80 4.0 3.5 3.0 70 2.5 2.0 60 1.5 1.0 0.5…
  58. UBS MLP Conference – MPLX Lp – slide 58
    Much of OPEC Depends on High Crude Prices OPEC Fiscal Breakevens (/BBL) 160 140 120 100 80 2010 2012 60 2014 40 20 0 Source: Apicorp 59
  59. UBS MLP Conference – MPLX Lp – slide 59
    Refining Capacity in Advantaged Regions 100% in PADDs II and III Canadian Bakken 100% Utica 80% PADD IV PADD II 60% PADD V 40% PADD I 20% PADD III 0% Permian Basin Eagle Ford MPC VLO HFC PSX TSO Gulf of Mexico PADD PADDI…
  60. UBS MLP Conference – MPLX Lp – slide 60
    Compelling Advantage for Pipeline and Marine Canadian 10-12 Bakken 4 14-16 15-16 2 6 12-14 Chicago, IL Utica 5-6 Patoka, IL 6-7 13-15 5 5-6 WTI Cushing, OK Legend Rail 10 Pipeline Marine 2 St. James, LA Houston,…
  61. UBS MLP Conference – MPLX Lp – slide 61
    MPC Creating Crude/Condensate Advantage Canada Cornerstone Pipeline Bakken Condensate Splitter Truck Unload Expansion Sandpiper Utica Southern Access Extension Patoka, IL Wellsville Barge Condensate Splitter Robinson…
  62. UBS MLP Conference – MPLX Lp – slide 62
    U.S./Canada Key Existing and Planned Pipelines Northern Edmonton Gateway Hardisty Trans Mountain Burnaby Anacortes Estimated MBPD Pipeline Completion Clearbrook Superior Montreal Portland 540 Keystone Current 190 Spearhead…
  63. UBS MLP Conference – MPLX Lp – slide 63
    MPC Balance in Refining Network Canton (Ohio) 80,000 Catlettsburg (Ky.) 242,000 Detroit (Mich.) 123,000 Midwest Capacity 657,000 BPCD Robinson (Ill.) 212,000 Galveston Bay (Texas) 451,000 Texas City (Texas) 84,000 Garyville (La.)…
  64. UBS MLP Conference – MPLX Lp – slide 64
    MPC Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 62% PADD II Sour Crude 52% 48% PADD III Sweet Crude 38% As of September 30, 2014 September 30, 2014 YTD Assured Sales of Gasoline Production…
  65. UBS MLP Conference – MPLX Lp – slide 65
    MPC Increasing Light Sweet Crude and Condensate Capacity Condensate splitters Canton: 25 MBD 4Q 2014 completion Condensate Processing Opportunity Catlettsburg: 35 MBD Ultra- New Light Naphtha to Gasoline Blending Sweet Fractionator…
  66. UBS MLP Conference – MPLX Lp – slide 66
    MPC Leveraging Existing Capacity to Run Light Sweet Crude 48% sweet crude oil throughput 30 Reforming Capacity Sept. 2014 YTD versus 65% sweet 25 Percent of Crude Capacity crude oil capacity 20 Industry Average Reformer…
  67. UBS MLP Conference – MPLX Lp – slide 67
    MPC Evaluating Garyville Resid Hydrocracker Project Conversion opportunity - leverages favorable market dynamics 130 MM sanctioned for front- end engineering and design Increases ULSD production by 28 MBD and decreases gas oil…
  68. UBS MLP Conference – MPLX Lp – slide 68
    MPC Garyville Resid Hydrocracker Project Increase production of ULSD and refinery intermediates Feeds MBPD Vacuum Resid 63 FCC Slurry 7 Hydrogen LPG to Sales Hydrogen (mmscfd) 110 Naphtha to Reformer Slurry Resid Products MBPD…
  69. UBS MLP Conference – MPLX Lp – slide 69
    MPC Galveston Bay Sustaining expenditures trending lower 1,000 800 600 MM 400 200 0 2013 2013E 2014E 2014E 2015E 2015E 2016E 2016E Original Capital Original Major Maintenance Current Capital Current Major…
  70. UBS MLP Conference – MPLX Lp – slide 70
    MPC Galveston Bay Long-term opportunities Revamp crude and vacuum units Optimize for future crude availability Improve distillate recovery Add hydrotreating capacity Move to 100% ULSD Idle the smallest and oldest FCC Expand…
  71. UBS MLP Conference – MPLX Lp – slide 71
    Market Indicators Used in MPC Garyville Resid Hydrocracker Project EBITDA Calculations 2012 2014-2020 ULSD (USGC; /BBL) 128.14 136.33 No. 6, 3.0% S Fuel Oil (USGC; /BBL) 99.32 94.48 LLS (St. James, LA; /BBL) 111.67 114.82 Natural Gas…
  72. UBS MLP Conference – MPLX Lp – slide 72
    Acquisition of Hess Retail - Transaction Overview Hess Retail acquisition included: 1,245 company operated locations Transport fleet with capacity to transport 1 B gal/yr Pipeline shipper history in various pipelines, including 40…
  73. UBS MLP Conference – MPLX Lp – slide 73
    Conversion Plans for Former Hess Stores 2014-2017 Conversion to Speedway: 181 MM 500 Stores by Dec. 2015 505 Stores by Dec. 2016 Remodel Capital: 240 MM Maintenance Capital: 150 MM Largest conversion in companys history…
  74. UBS MLP Conference – MPLX Lp – slide 74
    Transformative Transaction for MPC and Speedway Accelerates strategy to grow higher valued and stable cash flow businesses Provides larger integrated platform for growth in new markets Meaningfully expands scale and provides multiple…
  75. UBS MLP Conference – MPLX Lp – slide 75
    Enhances Strategic Value for MPCs Integrated System Refined Product Placement Opportunities Incremental 200 MBPD of refined products placement capacity, increases assured gasoline sales to 75% of production Incremental supply of MPC…
  76. UBS MLP Conference – MPLX Lp – slide 76
    Growing More Predictable Merchandise Margin Speedway Total Light Product Volume and Margin Total Merchandise Sales and Margin 3,200 600 3,200 1,000 3,000 3,000 900 MM Gallons MM Margin MM Margin 500 MM Sales 2,800 2,800…
  77. UBS MLP Conference – MPLX Lp – slide 77
    Synergies and Marketing Enhancements Will Drive Value Operating and G&A expense synergies of 75 MM Integrated light product supply savings of 45 MM Additional sales uplift and merchandise margin enhancement of 70 MM Expedited…
  78. UBS MLP Conference – MPLX Lp – slide 78
    Speedway and Hess Side-by-Side Comparison Speedway generates an incremental 17,300 of merchandise margin per store per month 250 MM of additional annual merchandise margin potential across Hess Retail Hess1 Speedway2 Company…
  79. UBS MLP Conference – MPLX Lp – slide 79
    Focus on Improving Light Product Breakeven 13 12.39 11 Each 1.00 cent per Total Expenses Merchandise Margin gallon improvement LPBE = 9 Light Product Volume = 30 MM annual Light Product Breakeven (cpg) pretax earnings…
  80. UBS MLP Conference – MPLX Lp – slide 80
    Capital Expenditures & Investments (MM) 2014 MPC Budget 3Q 2014 YTD Refining & Marketing (R&M) 864 445 Midstream included in R&M 348 232 Speedway 327 153 Pipeline Transportation* 760 418 Corporate and Other 133 60 Total Capital…
  81. UBS MLP Conference – MPLX Lp – slide 81
    MPC Annual Price and Margin Sensitivities MM (After Tax) LLS 6-3-2-1 Crack Spread* Sensitivity 450 (per 1.00/barrel change) Sweet/Sour Differential** Sensitivity 200 (per 1.00/barrel change) LLS-WTI Spread*** Sensitivity 85 (per…
  82. UBS MLP Conference – MPLX Lp – slide 82
    MPLX Adjusted EBITDA Reconciliation from Net Income 3Q 2014 Dec. 2015 (MM) 2013 Annualized Annualized Net income 146 172 305 Less: Net income attributable to MPC- 68 56 1 retained interest Net income attributable to MPLX LP 78…
  83. UBS MLP Conference – MPLX Lp – slide 83
    MPLX Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income (MM) 4Q 2012* 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 Net income 26.3 35.3 34.8 39.2 36.8 55.7 42.9 43.1 Less: Net income attributable to…
  84. UBS MLP Conference – MPLX Lp – slide 84
    MPC EBITDA Reconciliation to Net Income Attributable to MPC (MM) 2007 2008 2009 2010 2011 2012 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net income attributable to MPC 2,262 1,215 449 623 2,389 3,389 725 593 168 626 199 855 672 Less: Net…
  85. UBS MLP Conference – MPLX Lp – slide 85
    Reconciliation MPC 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)…
  86. UBS MLP Conference – MPLX Lp – slide 86
    EBITDA Reconciliation to Net Income for Hess (MM) 2013* 2017E Net Income 47 138 Less: Net interest and other financial income (costs) (12) - Add: Provision for income taxes 22 78 Add: Depreciation and amortization 94 149…

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