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Barclays MLP Corporate Access Day – MPLX Lp

MPLX Lp · Mar 4, 2015 · 84 slides

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Slides

  1. Barclays MLP Corporate Access Day – MPLX Lp – slide 1
    Barclays MLP Corporate Access Day March 4, 2015
  2. Barclays MLP Corporate Access Day – MPLX Lp – slide 2
    Key Investment Highlights Announced plans to substantially accelerate the growth of MPLX Accelerated growth supports significant increase in distribution growth rate Substantial portfolio of MLP-qualifying assets held by sponsor…
  3. Barclays MLP Corporate Access Day – MPLX Lp – slide 3
    Substantial Acceleration of MPLX Growth Acquired additional 30.5% interest in MPLX Pipe Line Holdings on December 1, 2014 for 800 MM (represents 10.0x multiple of NTM EBITDA) Distributable cash flow growth supports accelerated…
  4. Barclays MLP Corporate Access Day – MPLX Lp – slide 4
    Substantial Acceleration of MPLX Growth Adjusted EBITDA Attributable to MPLX 500 450 450 MM of run-rate Adjusted EBITDA by 400 end of 2015 2x 4Q 2014 EBITDA Annual LP distribution growth rate to average 300 Annualized mid-20%…
  5. Barclays MLP Corporate Access Day – 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 2014 Revenues and other income: 98.1 B 2014 Net income attributable to MPC:…
  6. Barclays MLP Corporate Access Day – MPLX Lp – slide 6
    MPCs Focused and Integrated Network Marketing Area Refineries Biodiesel/Ethanol Facilities MPC Refineries Light Product Terminals MPC owned and Part-owned Third Party Asphalt/Heavy Oil Terminals MPC Owned Third Party Water…
  7. Barclays MLP Corporate Access Day – MPLX Lp – slide 7
    MPC and MPLX Strategically Located Assets Strategically located near Bakken Williston emerging shale plays Basin Appalachian Marcellus, Utica, New Albany, Michigan Antrim Basin Basin Devonian (Ohio) Antrim, and Illinois Basin…
  8. Barclays MLP Corporate Access Day – MPLX Lp – slide 8
    MPLX Assets are Integral to MPC 9
  9. Barclays MLP Corporate Access Day – 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 Wood River, IL Barge Dock…
  10. Barclays MLP Corporate Access Day – MPLX Lp – slide 10
    High-quality, Well-maintained Asset Base Certifications, Initiatives and Industry Partnerships MPLX continually invests in the maintenance and integrity of its assets Uses a patented integrity management program to enhance pipeline…
  11. Barclays MLP Corporate Access Day – MPLX Lp – slide 11
    Significant Capital Plan 2015 Capital Plan 260 MM Major growth projects Maintenance Cornerstone Pipeline and Utica build-out 38 MM Patoka to Lima capacity expansion Robinson butane cavern Maintenance capital 16% of 2014…
  12. Barclays MLP Corporate Access Day – MPLX Lp – slide 12
    Stable and Predictable Cash Flows 2014 Revenue Customer Mix MPLXs assets consist of fee-based pipeline 9% systems and storage assets 48 20% MM 112 MPC has historically accounted for over 85% MM of the volumes shipped on MPLXs…
  13. Barclays MLP Corporate Access Day – MPLX Lp – slide 13
    MPCs Currently Identified Eligible MLP EBITDA Sources of 1.6 B Retained by MPC 5,400 miles of additional crude and products pipelines Owns, leases or has an ownership interest in these pipelines Pipelines 0.5% of MPLX Pipe Line…
  14. Barclays MLP Corporate Access Day – 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 In-Service:…
  15. Barclays MLP Corporate Access Day – MPLX Lp – slide 15
    MPC Investing in Significant Growth Projects Southern Access Extension (SAX) Logistics equity investment MPC Length, size: 165 Mile, 24 Capacity: 300 MBD Canadian In-Service: Late 2015 MPC Investment: 305 MM MPC Equity: 35% Bakken…
  16. Barclays MLP Corporate Access Day – MPLX Lp – slide 16
    MPLX/MPC Utica Build-Out Connectivity 17
  17. Barclays MLP Corporate Access Day – 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 Binding open season underway Capital estimates vary subject to binding…
  18. Barclays MLP Corporate Access Day – MPLX Lp – slide 18
    MPLX Strong Financial Flexibility to Manage and Grow Asset Base As of (MM except ratio data) 12/31/14 Cash and cash equivalents 27.3 Total assets 1,214.5 Long-term debt(a) 644.8 Total equity 463.7 Consolidated total debt to…
  19. Barclays MLP Corporate Access Day – MPLX Lp – slide 19
    Distribution Growth per Unit IPO 1st acquisition 2nd acquisition 3rd acquisition 10/31/12 5/1/13 100 MM 3/1/14 310 MM 12/1/14 800 MM 0.40 0.38 0.36 0.34 0.32 /Unit 0.30 0.3825 0.28 0.3575 0.3425 0.26 0.3275 0.3125…
  20. Barclays MLP Corporate Access Day – MPLX Lp – slide 20
    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 significant…
  21. Barclays MLP Corporate Access Day – MPLX Lp – slide 21
    Our Priorities for Investors Maintain Safe and Reliable 90 Operations 80 Sustain Long-term Unit Price Distribution Growth; Mid 20% for 70 the Next Five Years 60 Focus on Fee-Based Businesses 50 40 IPO Pursue Organic Growth…
  22. Barclays MLP Corporate Access Day – MPLX Lp – slide 22
    Appendix 23
  23. Barclays MLP Corporate Access Day – MPLX Lp – slide 23
    Financial Performance Attributable to MPLX Adjusted EBITDA 50 43.8 42.4 39.9 40.2 40 30.5 28.9 30 MM 25.1 26.7 20 18.2 10 0 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Distributable Cash Flow 40 37.3 36.2 31.0 32.9 32.1…
  24. Barclays MLP Corporate Access Day – MPLX Lp – slide 24
    Net Income 4Q 2014 vs. 4Q 2013 Variance Analysis 60 2.3 0.6 50 6.8 3.8 (5.7) 40 36.8 36.4 (4.4) (1.9) (1.9) MM 30 29.2 (7.2) 20 10 0 4Q 2013 Deferred Tariffs Volumes Other Cost of G&A Interest and Other 4Q 2014 MPC…
  25. Barclays MLP Corporate Access Day – MPLX Lp – slide 25
    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) - -…
  26. Barclays MLP Corporate Access Day – MPLX Lp – slide 26
    MPLX and MPC are Aligned MPLX Organizational Structure Marathon Petroleum Corporation and Affiliates MPC views MPLX as integral to its (NYSE: MPC) operations and is aligned with its 100.0% ownership 69.5% Public success and…
  27. Barclays MLP Corporate Access Day – MPLX Lp – slide 27
    Incentive Distribution Rights 4Q 2014 distribution of 0.3825/unit is in Third Target Distribution tier 28
  28. Barclays MLP Corporate Access Day – MPLX Lp – slide 28
    Crude Oil Pipeline Systems Overview MPC Min. Diameter Length Capacity Initial Term Commitment Crude Oil Pipeline System (Inches) (Miles) (MBPD)a (Years) (MBPD) Patoka to Lima 20 / 22 302 249 10 40 Catlettsburg and Robinson 20 / 24…
  29. Barclays MLP Corporate Access Day – MPLX Lp – slide 29
    Crude Oil Pipeline Systems Overview 30
  30. Barclays MLP Corporate Access Day – MPLX Lp – slide 30
    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…
  31. Barclays MLP Corporate Access Day – MPLX Lp – slide 31
    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…
  32. Barclays MLP Corporate Access Day – MPLX Lp – slide 32
    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 117…
  33. Barclays MLP Corporate Access Day – MPLX Lp – slide 33
    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…
  34. Barclays MLP Corporate Access Day – MPLX Lp – slide 34
    Midwest Product Pipelines Overview 35
  35. Barclays MLP Corporate Access Day – MPLX Lp – slide 35
    Gulf Coast Product Pipelines Overview 36
  36. Barclays MLP Corporate Access Day – MPLX Lp – slide 36
    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- a 10 80 Texas…
  37. Barclays MLP Corporate Access Day – MPLX Lp – slide 37
    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…
  38. Barclays MLP Corporate Access Day – MPLX Lp – slide 38
    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 Texas…
  39. Barclays MLP Corporate Access Day – MPLX Lp – slide 39
    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 244 MBPD MPC minimum…
  40. Barclays MLP Corporate Access Day – MPLX Lp – slide 40
    Robinson Products System 1,171 miles of owned/leased pipelines connecting MPC's Robinson and third-party refineries and terminals in IL, KY and IN Current combined capacity of 548 MBPD Initial MPC minimum throughput commitment term…
  41. Barclays MLP Corporate Access Day – MPLX Lp – slide 41
    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 Neal Butane Cavern Connected to…
  42. Barclays MLP Corporate Access Day – MPLX Lp – slide 42
    Capital Expenditures & Investments (MM) 2015 MPC Plan Refining & Marketing (R&M) 1,042 Midstream included in R&M 234 Speedway 452 Pipeline Transportation* 659 Corporate and Other 140 Total Capital Expenditures & Investments 2,527…
  43. Barclays MLP Corporate Access Day – MPLX Lp – slide 43
    MPCs 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. Barclays MLP Corporate Access Day – MPLX Lp – slide 44
    MPC 2015 Value Drivers Top-tier safety and environmental performance Accelerate growth of Midstream/MPLX Capital return to shareholders Strong and growing dividend Share repurchase program Speedway Hess integration Increasing…
  45. Barclays MLP Corporate Access Day – MPLX Lp – slide 45
    MPC Focused Return of Capital to Shareholders LTM Ended 12/31/14 8,000 7,000 6,000 2,775 Hess Retail Acquisition 5,000 MM 4,000 Dividends and share 2.7x of Free Cash Flow*** repurchases* 2,655 999 Free Cash 3,000 Flow,…
  46. Barclays MLP Corporate Access Day – MPLX Lp – slide 46
    MPC Delivering Peer Leading Return of Capital Twelve months ended December 31, 2014 12.0% 10.7% 10.0% 8.5% 8.5% 8.0% 1.5% 7.6% 6.7% 6.0% 8.6% 5.2% 6.5% 4.3% 4.0% 4.4% 2.0% 2.1% 2.7% 2.4% 2.0% 2.3% 0.0% MPC HFC PSX TSO…
  47. Barclays MLP Corporate Access Day – 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 3 1 2 5 2 7 3 3 3 3 3 1 2…
  48. Barclays MLP Corporate Access Day – MPLX Lp – slide 48
    MPC Growing Higher Valued and Stable Cash-Flow Businesses Historical Mid-Cycle EBITDA* Future Mid-Cycle EBITDA Midstream Pipeline Transportation Speedway Speedway A More Diversified Portfolio R&M R&M *2007-2014 average.…
  49. Barclays MLP Corporate Access Day – MPLX Lp – slide 49
    MPC Allocating Capital to Higher Valued Businesses 2012 2015 Capital Investment Profile 3,000 2,500 2,000 MM 1,500 1,000 500 0 2012 2013 2014 2015E Refining & Marketing, excluding Midstream Midstream Pipeline…
  50. Barclays MLP Corporate Access Day – MPLX Lp – slide 50
    Growing Global Product Demand Compounded Annual 120 Growth Rates Actual Forecast 2030 vs. 2014 100 +1.2% Other Distillate and gasoline 80 Other -1.1% Fuel Oil demand continues to Fuel Oil MMBD 60 rise Distillate +1.3%…
  51. Barclays MLP Corporate Access Day – MPLX Lp – slide 51
    U.S. Refined Product Demand Compounded Annual 10 Growth Rates 9 Actual Forecast 2020 vs. 2014 Distillate demand -0.3% 8 Gasoline growth outpaces other -0.4% 7 Gasoline ex ethanol products 6 Gasoline will be MMBD 5…
  52. Barclays MLP Corporate Access Day – MPLX Lp – slide 52
    Capitalizing on Global Growth in Diesel Demand Distillate Production 700 600 Garyville +35 MBD ULSD in 2014-16 MBD 500 232 MM investment 400 300 45% ROI 2012 2013 2014 2015E 2016E 2017E Galveston Bay +9 MBD ULSD in 2015…
  53. Barclays MLP Corporate Access Day – MPLX Lp – slide 53
    Crude Oil Inventory Impacting Differentials PADD 3 Crude Stocks Cushing Crude Stocks 220 57 210 47 200 190 MMB MMB 37 180 170 27 160 150 17 Source: EIA 54
  54. Barclays MLP Corporate Access Day – MPLX Lp – slide 54
    Forward Curves /BBL /BBL /BBL Forward curves show some price recovery, but not a return to 100/BBL Forward values for the Brent-WTI differential are favorable Sources: CME, ICE, futures as of Feb. 13, 2015 55
  55. Barclays MLP Corporate Access Day – MPLX Lp – slide 55
    Sustaining U.S. Refining Advantage International Fuel Cost Comparison 20 15 /MMBtu 10 5 0 Henry Hub (NYMEX prompt price) European Natural Gas (Avg Import Border Price)* Japanese Liquefied Natural Gas (Import Price)*…
  56. Barclays MLP Corporate Access Day – MPLX Lp – slide 56
    U.S. Gross Refined Product Exports Increasing 4.0 3.5 Gasolines 3.0 Kero-Jet Diesels 2.5 MMBD Product Exports 2.0 1.5 1.0 0.5 0.0 Source: U.S. Energy Information Administration *Through November 2014 57
  57. Barclays MLP Corporate Access Day – MPLX Lp – slide 57
    Growing Gulf Coast Export Capabilities Export investments totaling 120 MM Added new 500,000 barrel export tank Export Capacity 600 at Garyville in 2013 510 500 Galveston Bay in 2015 395 +30 MBD ULSD 400 345 320 MBD 40% ROI…
  58. Barclays MLP Corporate Access Day – MPLX Lp – slide 58
    Rising MPC Finished Product Exports 300 250 200 MBD 150 100 50 0 2010 2011 2012 2013 2014 59
  59. Barclays MLP Corporate Access Day – MPLX Lp – slide 59
    Rising North American Crude & NGLs Production 25 2014 Actual Forecast 20 Canada 15 MMBD 10 5 U.S. 0 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Sources: EIA, CAPP, MPC 60
  60. Barclays MLP Corporate Access Day – MPLX Lp – slide 60
    Growing Crude Oil Supply 1,800 2014 5,000 2014 150 2014 1,500 North Dakota Texas 125 Ohio 4,000 1,200 100 3,000 MBD MBD 900 75 MBD 2,000 600 50 300 1,000 25 Actual Forecast Actual Forecast Actual Forecast 0 0 0…
  61. Barclays MLP Corporate Access Day – MPLX Lp – slide 61
    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% 0% PADD III MPC VLO HFC PSX TSO PADD II PADD III PADD I PADD IV PADD V Permian Basin…
  62. Barclays MLP Corporate Access Day – MPLX Lp – slide 62
    Compelling Advantage for Pipeline and Marine All costs shown as /BBL Pipeline costs exclude any storage or transfer fees and line loss Sources: MPC, publicly available information 63
  63. Barclays MLP Corporate Access Day – MPLX Lp – slide 63
    MPC Creating Crude/Condensate Advantage Source: MPC 64
  64. Barclays MLP Corporate Access Day – MPLX Lp – slide 64
    U.S./Canada Key Existing and Planned Pipelines In Service MBPD Pipeline Date 300 Line 9 Reversal 2015 300 SAX 2015 200 Diamond 2016 450 Dakota Access 2016 450 ETCO 2016 (Trunkline Conversion) 225-375 Sandpiper 2017 300…
  65. Barclays MLP Corporate Access Day – MPLX Lp – slide 65
    MPC Balance in Refining Network Canton (Ohio) 90,000 Catlettsburg (Ky.) 242,000 Midwest Capacity Detroit (Mich.) 130,000 674,000 BPCD Robinson (Ill.) 212,000 Galveston Bay 451,000 (Texas) Texas City (Texas) 84,000 Garyville…
  66. Barclays MLP Corporate Access Day – MPLX Lp – slide 66
    MPC Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 61% PADD II Sour Crude 52% 48% 39% PADD III Sweet Crude As of December 31, 2014 December 31, 2014 YTD Assured Sales of Gasoline Production…
  67. Barclays MLP Corporate Access Day – MPLX Lp – slide 67
    MPC Increasing Light Sweet Crude and Condensate Capacity Condensate splitters Condensate Processing Opportunity Canton: 25 MBD Light Naphtha to Gasoline Blending Completed 4Q 2014 Ultra-Sweet New Heavy Naphtha to Reforming…
  68. Barclays MLP Corporate Access Day – MPLX Lp – slide 68
    MPC Leveraging Existing Capacity to Run Light Sweet Crude 30 Reforming Capacity % of Crude Capacity 25 48% sweet crude oil throughput 20 Industry 2014 versus 68% sweet crude oil capacity Average 15 Reformer capacity captures…
  69. Barclays MLP Corporate Access Day – MPLX Lp – slide 69
    Galveston Bay Driving Value Integration with Texas City refinery Revamp crude and vacuum units Optimize for future crude availability Improve distillate recovery Add hydrotreating capacity Move to 100% ULSD Idle the smallest and…
  70. Barclays MLP Corporate Access Day – MPLX Lp – slide 70
    Speedway Value Total Gross Margin Mix 2011-2014 Average Top-tier performance in the convenience store industry Light Scalable technology and Product organizational infrastructure 37% Merchandise Disciplined expense control 63%…
  71. Barclays MLP Corporate Access Day – MPLX Lp – slide 71
    MPC 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…
  72. Barclays MLP Corporate Access Day – MPLX Lp – slide 72
    Conversion Plans for Former Hess Stores 2014-2017 Conversion to Speedway: 181 MM 500 Stores Remodel Capital: 240 MM by Dec. 2015 495 Stores by Dec. 2016 250 Stores by March 2015 73
  73. Barclays MLP Corporate Access Day – MPLX Lp – slide 73
    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…
  74. Barclays MLP Corporate Access Day – MPLX Lp – slide 74
    Enhances Strategic Value for MPCs Integrated System Refined Product Placement Opportunities Incremental 200 MBPD of refined products placement capacity, increases assured gasoline sales Incremental supply of MPC Gulf Coast refined…
  75. Barclays MLP Corporate Access Day – MPLX Lp – slide 75
    Synergies and Marketing Enhancements Will Drive Value for MPC 400 Earnings Opportunities 70 300 45 Operating and G&A expense MM 40 200 35 365 100 175 synergies of 75 MM 0 2013 Pro Forma Hess Form 10 WilcoHess Operating…
  76. Barclays MLP Corporate Access Day – MPLX Lp – slide 76
    Focus on Improving Light Product Breakeven 13 12.39 11 Each 1.00 cent per gallon improvement Light Product Breakeven (cpg) 9 = 30 MM annual pretax earnings Total Expenses 7 7.13 LPBE = Merchandise Margin Light Product…
  77. Barclays MLP Corporate Access Day – MPLX Lp – slide 77
    Speedway and Hess Side-by-Side Comparison Hessa Speedwayb Company Operated Sites 1,255 1,478 Fuel Sales Speedway generates an incremental 198,500 177,400 (gallons/store/month) 17,300 of merchandise margin per Fuel Margin 0.137…
  78. Barclays MLP Corporate Access Day – MPLX Lp – slide 78
    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 100 (per…
  79. Barclays MLP Corporate Access Day – MPLX Lp – slide 79
    MPLX Adjusted EBITDA Reconciliation from Net Income 4Q 2014 Dec. 2015 (MM) 2013 Annualized Annualized Net income 146 146 305 Less: Net income attributable to MPC- 68 29 1 retainretained interest Net income attributable to MPLX LP…
  80. Barclays MLP Corporate Access Day – MPLX Lp – slide 80
    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 4Q 2014 Net income 26.3 35.3 34.8 39.2 36.8 55.7 42.9 43.1 36.4 Less: Net income…
  81. Barclays MLP Corporate Access Day – MPLX Lp – slide 81
    MPC EBITDA Reconciliation to Net Income Attributable to MPC 2007 2008 2009 2010 2011 2012 2013 2014 (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income attributable to MPC 2,262 1,215 449 623 2,389 3,389 725 593 168 626 199 855 672 798 Less:…
  82. Barclays MLP Corporate Access Day – MPLX Lp – slide 82
    Reconciliation MPC Free Cash Flow to Net Cash Provided by Operations (MM) 2014 (For the Quarter) 1Q 2Q 3Q 4Q Net cash provided by operating 766 878 1,078 388 activities Additions to property, plant and (267) (302) (383) (528)…
  83. Barclays MLP Corporate Access Day – MPLX Lp – slide 83
    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 EBITDA…
  84. Barclays MLP Corporate Access Day – MPLX Lp – slide 84
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