Investor Presentation. June 2013

Transcription

1 1 Investor Presentation June 2013

2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding both MPC and MPLX. These forward-looking statements relate to, among other things, MPC s current expectations, estimates and projections concerning MPC s and MPLX s business and operations. You can identify forward-looking statements by words such as anticipate, believe, estimate, expect, forecast, project, could, may, should, would, will or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company s control and are difficult to predict. Factors that could cause MPC s actual results to differ materially from those in the forward-looking statements include: the availability and pricing of crude oil and other feedstocks; slower growth in domestic and Canadian crude supply; completion of pipeline capacity to areas outside the U.S. Midwest; the reliability of processing units and other equipment; MPC s ability to successfully implement growth opportunities; MPC s ability to successfully achieve the strategic and financial objectives related to the acquisition of the Galveston Bay refinery and related assets, including achieving the projected synergies and the acquisition being accretive to its earnings; impacts from MPC s repurchases of its shares of common stock under its stock repurchase authorization, including the timing and amounts of any common stock repurchases; other risk factors inherent to MPC s industry; and the factors set forth under the heading Risk Factors in MPC s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC. Factors that could cause MPLX s actual results to differ materially from those in the forward-looking statements include: the adequacy of MPLX s capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute its business plan; completion of pipeline capacity by MPLX s competitors; disruptions due to equipment interruption or failure; the suspension, reduction or termination of MPC s obligations under its commercial agreements; MPLX s ability to successfully implement its growth strategy, whether through organic growth or acquisitions; its ability to fully realize the strategic benefits of the purchase of an additional 5 percent interest in MPLX Pipe Line Holdings LP; other risk factors inherent to MPLX s industry; and the factors set forth under the heading Risk Factors in MPLX s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC. Factors that could cause MPC s and MPLX s actual results to differ materially from those in the forward-looking statements include: the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; volatility in and/or degradation of market and industry conditions; consumer demand for refined products; transportation logistics; and state and federal environmental, economic, health and safety, energy and other policies and regulations, including any changes to such policies and regulations. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here, in MPC s Form 10-K or in MPLX s Form 10-K could also have material adverse effects on results. 2

3 Strategic Vision Achieve top tier safety/environmental performance Grow enterprise value Expand platform for MPLX growth Deliver top quartile refining performance Increase Speedway and Marathon brand assured sales volumes Deliver profitable Speedway growth Goal: Top Quartile Total Shareholder Return 3

4 Deliver Top Tier Safety Performance Record safety performance across our operations in 2012 World-class safety performance for DHOUP Continue industry leadership on preventive maintenance Achieve Top Tier Safety/Environmental Performance 4

5 Grow Enterprise Value Earnings growth Strong dividend, growing over the long term Sustained share repurchase program Valuation re-rate/uplift Grow Enterprise Value 5

6 Through Cycle Earnings MPC vs. Competitors (Pre-Tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput) 20 $/BBL MPC Peer Company 0-5 MPC s Rank Companies Ranked* March YTD Preliminary 4 8 *Current companies ranked: BP, PSX, CVX, HFC, MPC, TSO, VLO, XOM Source: Company Reports Grow Enterprise Value 6

7 Grow Enterprise Value $2.46 billion of capital returned to shareholders since 7/1/11 as of 3/31/13 $2.2 billion share repurchase authorization outstanding as of 3/31/13 Op Income and EBITDA Growth Cumulative Returns to Shareholders 7,000 6,000 5,347 6,342 3,000 2,500 $2.46 B $MM 5,000 4,000 3,000 3,745 4,636 $MM 2,000 1,500 2,000 1, ,324 1,011 1,952 1, Q Q Q Q Q Q Q Income from Operations EBITDA(1) 1 Dividends Share repurchases 1 Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC. Source: Company Reports Top Quartile Shareholder Returns 7

8 Grow Enterprise Value Total Shareholder Return of 93% for 2012, 43% for % Cumulative Total Shareholder Return by Year 93% 80% 67% 60% 40% 31% 36% 43% 20% 0% Q Q Q Q Q Top Quartile Shareholder Returns 8

9 Growth Drivers 9

10 MPC has Created an Industry-Leading MLP Focus on Fee-Based Businesses Unit Price Pursue Organic Growth Opportunities 35 Grow Through Acquisitions and Drop-downs Maintain Safe and Reliable Operations 20 10/25/12 11/05/12 11/12/12 11/19/12 11/27/12 12/04/12 12/11/12 12/18/12 12/26/12 01/03/13 01/10/13 01/17/13 01/24/13 01/31/13 02/07/13 02/14/13 02/22/13 03/01/13 03/08/13 03/15/13 03/22/13 04/01/13 04/08/13 04/15/13 04/22/13 04/29/13 05/06/13 05/13/13 05/20/13 05/28/13 06/04/13 06/11/13 06/18/13 06/25/13 Grow MPLX 10

11 Acquisition of Galveston Bay Assets 451 MBPCD (475 MBPSD) high complexity refinery, Nelson Complexity Index of 15.3 Attractive base cash purchase price of ~$598 million Potential $700 million earnout over six year period Closed February 1, 2013; financed with cash on hand Estimated incremental annual EBITDA based on: Prices: ~$1,200 million 2011 Prices: ~$700 million Generated ~$150 million of EBITDA in 1Q 2013 Deliver Top Quartile Refining Performance 11

12 Detroit Heavy Oil Upgrade Project Increased heavy oil capacity from 20,000 BPCD to 100,000 BPCD 28,000 BPCD delayed Coker 36,000 BPCD Distillate Hydrotreater (DHT) Crude capacity increased ~14,000 BPCD Discounted Canadian crude Investment: $2.2 billion* project Estimated incremental annual EBITDA based on: Prices: ~$200 million 2011 Prices: ~$350 million Generated ~$100 million of EBITDA in 1Q 2013 Operated at design capacity 1Q 2013 *Excludes capitalized interest Deliver Top Quartile Refining Performance 12

13 Garyville Major Expansion (GME) Project Garyville, LA refinery is last grassroots refinery built in the U.S. (1976) Base Garyville refinery, 2008 Solomon survey Best U.S. cash cost operating expense Second-best U.S. Energy Intensity Index GME Project completed in late significantly expanded crude oil refining capacity and improved Garyville s overall fixed cash cost by ~20% per barrel Garyville is the 3 rd largest refinery in U.S. at 522,000 BPCD Deliver Top Quartile Refining Performance 13

14 $3.9 Billion* Garyville Major Expansion 1/1/2013 1/1/ MBPCD Crude Capacity 190 MBPCD Gasoline 95 MBPCD Diesel 18th Largest U.S. refinery 1/1/ MBPCD Crude Capacity 290 MBPCD Gasoline 175 MBPCD Diesel Fourth Largest U.S. refinery 1/1/ MBPCD Crude Capacity 300 MBPCD Gasoline 185 MBPCD Diesel Third Largest U.S. refinery 1/1/ MBPCD Crude Capacity 305 MBPCD Gasoline 215 MBPCD Diesel Third Largest U.S. refinery 522 MBPCD Crude Capacity 320 MBPCD Gasoline 230 MBPCD Diesel Third Largest U.S. refinery Cumulative crude capacity increases (180 MBPCD) (208 MBPCD) (234 MBPCD) (266 MBPCD) *Excludes capitalized interest Deliver Top Quartile Refining Performance 14

15 Supply Dynamics 15

16 Significant Growth in North American Crude Oil Supply Canadian +1,800 MBD Total Growth ,920 MBD Bakken +840 MBD Permian Basin +460 MBD Detroit Canton Robinson Catlettsburg Utica +120 MBD Eagle Ford +700 MBD Texas City Galveston Bay Garyville MPC Refinery Sources: CAPP and MPC Estimates Deliver Top Quartile Refining Performance 16

17 Balance in Refining Network Canton (Ohio) 80,000 Catlettsburg (Ky.) 240,000 Detroit (Mich.) 120,000 Robinson (Ill.) 206,000 Midwest Capacity 646,000 BPCD Galveston Bay (Texas) 451,000 Texas City (Texas) 80,000 Garyville (La.) 522,000 Total 1,699,000 Texas Capacity 531,000 BPCD Louisiana Capacity 522,000 BPCD Source: Oil & Gas Journal As of Feb. 1, 2013 Deliver Top Quartile Refining Performance 17

18 MPC Well Positioned to Capture Oil Sands Economics Hardisty ~$7.35/BBL Hardisty to USGC ~$5.50/BBL Hardisty to Detroit Detroit Value vs. USGC Refineries for Canadian Heavy Processing $BBL Wood River Chicago Patoka Laid-In Crude Cost 1.85 Higher Product Value 2.20* Total Advantage 4.05 Cushing ~$1.95/BBL Houston to Chicago * Includes $0.25 time value of money to ship a light product barrel from Houston to Chicago Houston Port Arthur St. James Deliver Top Quartile Refining Performance 18

19 Transportation Costs Set Crude Differentials Bakken $4.60 $16.75 $16.00 $10.35 Patoka Eagle Ford St. James Excludes gathering and truck transportation costs (up to ~$5.25/BBL) Sources: MPC Estimates based on publically available information, OPIS, and Argus Media. Deliver Top Quartile Refining Performance 19

20 MPC Well Positioned for Utica Shale Options Multiple Transportation Options Crude Oil Gathering System Canton Wellsville Truck, Barge, Pipeline Canton Refinery - 80 MBPCD Condensate Capacity: MBPCD Light Crude Oil Capacity: ~40 MBPCD Catlettsburg Refinery MBPCD Condensate Capacity: MBPCD Light Crude Oil Capacity: ~115 MBPCD Robinson Refinery MBPCD Condensate Capacity: MBPCD To Robinson Catlettsburg MPC Refinery MPC Terminal MPC Pipeline Barge Route Light Crude Oil Capacity: ~100 MBPCD Deliver Top Quartile Refining Performance 20

21 Distribution & Marketing 21

22 U.S. Distillate Exports Continue to Grow Thousand b/d 800 Other U.S. Distillate Exports 1200 Central & South America 1000 Mexico Netherlands Source: U.S. Energy Information Administration Total U.S. distillate exports averaged 1 MMBPD in 2012 compared to 138 MBPD in 2005 ~60% of the total U.S. distillate exports were to Latin America Growing regional demand and the closing of refineries in Aruba and St. Croix, Virgin Islands, and the disarray in Venezuela s refining have supported Latin American export demand from U.S. sources More than 1 MMBPD of Europe s refining capacity has closed or will be closing since This has opened up additional opportunities for U.S. exports 22

23 Diesel and Gasoline Export Success Currently selling gas and diesel export cargos via term and spot transactions Value added relative to domestic pipeline sales Product quality premium No RIN obligation Optimize export logistics MBPD Exports * Diesel Gas *Through 3/31/13 Note: Excludes Asphalt Deliver Top Quartile Refining Performance 23

24 Extensive Retail Network Provides Assured Sales 78 Speedway Brand As of 3/31/ * 308 * 139 * * 260 *Retail marketing assignments related to ~ 1,200 additional BP brand locations acquired February 1, 2013 primarily in these states Speedway Fourth largest U.S.-owned/ operated c-store chain ~1,460 stores ~2 million customers/day Located in eight states Marathon brand Independent entrepreneurs ~5,000 branded locations Located in 17 states Increase Speedway and Marathon Brand Assured Sales Volume 24

25 Speedway Sales Stable Merchandise Margin B Gallons $B Light Product Volume (1.2) (0.9) (Same Store % inside bars) Merchandise Sales (Same Store % inside bars) Attributable to Minnesota assets sold on December 1, 2010 MM$ 1,400 1,200 1, Light Product and Merchandise Gross Margin Merchandise Profitable Speedway Growth Light Product

26 Increase Marathon Brand Assured Sales Volume Millions of Gallons 5,000 4,000 3,000 2,000 1,000 Light Product Sales 0 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Increase Speedway and Marathon Brand Assured Sales Volume 26

27 2013 Value Drivers Growth of MPLX Galveston Bay refinery Detroit Heavy Oil Upgrade Project Profitable Speedway growth 2013 $1.6 billion capital investments* Capital return to shareholders Strong dividend, growing over the long term Continuing share repurchases as of March 31, 2013, $2.2 billion authorization remaining *Excludes purchase price of Galveston Bay refinery and related assets Goal: Top Quartile Total Shareholder Return 27

28 Appendix 28

29 Fully Integrated Downstream System Marketing Area Refineries Connecting Pipelines Light Product Terminals Asphalt Terminals Water Terminals Tank Farms Butane Cavern Refining and Marketing Seven-plant refining system with ~1.7 MMBPCD capacity One of the largest wholesale suppliers in our market area One of the largest producers of asphalt in the U.S. ~5,000 Marathon brand retail outlets across 17 states ~1,200 retail outlet contract assignments through jobbers primarily in FL, TN, MS and AL Owns/operates 65 light product terminals and 21 asphalt terminals, while utilizing third-party terminals at 61 light product and 10 asphalt locations 15 inland waterway towboats with 177 owned barges and 14 leased barges, ~1,970 owned/ leased railcars, 146 owned transport trucks Speedway (Retail) ~1,460 locations in eight Midwestern states 4 th largest U.S. owned/operated c-store chain Serves ~2 million customers on a daily basis Pipeline Transportation Owns, leases or has interest in ~8,300 mi. of pipelines One of the largest petroleum pipeline companies in U.S. Part ownership in non-operated pipelines includes LOOP, Capline, Explorer, LOCAP, Maumee and Wolverine As of Feb. 1, 2013 Barge Dock 29

30 $MM Strong Profile 7,000 6,000 5,000 4,000 3,000 2,000 1, MPC has Strong Earnings and Cash Flow, Investment Grade Credit Profile Historical Financial Summary 1,324 1,011 1,952 3,745 4,636 5,347 6, Income from Operations EBITDA(1) Financial Policies Committed to Investment Grade profile Rating Agency S&P Moody s Current MPC Rating BBB/A-2 (Stable) Baa2/P2 (Positive) Maintain strong access to liquidity, with cash balance, 5-year revolver and access to CP markets Maintain prudent capitalization and leverage statistics throughout the refining cycle Capitalization $MM 3/31/13 Actual Balance Sheet Cash 4,737 Total Debt Outstanding 3,416 Equity 12,412 Total Capitalization 15,828 (1) Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC. (2) Based on LTM EBITDA of $6,599 MM. Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC. Total Debt/LTM EBITDA (2) 0.5x Debt to Total Capital Ratio 22% Source: Company Reports Committed to Investment Grade Credit Profile 30

31 Balanced Return Executing on Commitment to Total Shareholder Return Base dividend increased 75% since July 1, 2011 $1.78 billion share repurchases Total shareholder return of 93% for Cumulative Total Shareholder Return Cumulative Return of Capital 100% 80% 60% 40% 20% 31% 36% 67% 93% $MM 3,000 2,500 2,000 1,500 1, $2.46 B 0% Q Q Q Q Q Q Q Q Q Q Q Dividends Share repurchases 31

32 Balanced Return Focused Return of Capital to Shareholders Millions $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Free Cash Flow** $3,286 Net cash provided by operations $6,224 $1,367 $1,919 $2,938 LTM Ended 3/31/13 42% of Free Cash Flow** Dividends and share repurchases* Change in cash and all other Cash capital expenditures and acquisitions *$436 MM dividends plus $931 MM share repurchases **Cash flow provided by operations less cash capital expenditures and acquisitions 32

33 MPC Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate 38% 62% PADD II PADD III 54% 46% Sour Crude Sweet Crude As of 2/1/13 Through 3/31/13 Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales) ~50% Assured Sales ~50% Wholesale and Other Sales Through 3/31/13 Balanced and Diversified Portfolio 33

34 MPC Relative Refining Position 3,000 2,000 1,000 U.S. Crude Refining Capacity (1) # of U.S. Refineries (1) (MBCD) (#) 2,097 1,950 1,808 1, Valero Exxon Phillips MPC Shell BP Chevron Citgo Tesoro HFC 0 Valero Phillips Exxon Tesoro MPC Shell BP Chevron HFC Citgo (MBCD) Average Crude Capacity of (NCI) Nelson Complexity Index (1) U.S. Refineries (1) Exxon Citgo MPC BP Chevron Valero Phillips Shell (1) MPC data as of 1/1/2013 plus Galveston Bay acquisition. Other company data as reported in the O&GJ 2012 Worldwide Refining Survey, published on 12/3/2012. Owned interest of joint ventures are included in company statistics: Phillips includes 50% WRB, Exxon includes 50% Chalmette, BP includes 50% BP-Husky Toledo, Shell includes 50% Deer Park and Motiva. HollyFrontier data based on company presentations. Tesoro HFC 5.0 Chevron Exxon HFC Citgo MPC Phillips Valero Shell BP Tesoro Majors and Integrateds MPC Independent Refiners 34

35 Refinery Capacity BPCD NCI* Garyville 522, Galveston Bay 451, Catlettsburg 240, Robinson 206, Detroit 120, Texas City 80, Canton 80, Total 1,699, ** The Nelson Complexity Index is a construction cost-based measurement used to describe the investment cost of a refinery in terms of the process operations being conducted. It is basically the ratio of the process investment downstream of the crude unit to the investment of the crude unit itself. This index has many limitations as an indicator of value and is not necessarily a useful tool in predicting profitability. There is no consideration for operating, maintenance or energy efficiencies and no consideration of non-process assets such as tanks, docks, etc. Likewise it does not consider the ability to take advantage of market related feedstock opportunities. *Nelson Complexity Index calculated per Oil and Gas Journal NCI Formula **Weighted Average NCI Source: MPC Data. Capacities as of January 1,

36 Positive Fundamentals U.S. Gulf Coast Offshore Imports Domestic crude oil cannot be exported without a permit, therefore domestic crude oil must be priced to back out imports Virtually all of the light sweet imports will be displaced in 2013 Other imports will be displaced as U.S. crude oil production increases Sources: DOE/EIA, MPC estimates Rising North America Crude Oil Production Backs Out Waterborne Imports 36

37 Positive Fundamentals CAPP Western Canada Crude Supply Forecast Annual Growth from ,000 7,000 MBPD Light Supply 24 Heavy Supply 184 6,000 5,000 MBPD 4,000 3,000 2,000 1, *Oil Sands Heavy includes some volumes of upgraded heavy sour crude oil and bitumen blended with diluent or upgraded crude oil. Source: Canadian Association of Petroleum Producers Growing Supply from America s Largest Trading Partner 37

38 Positive Fundamentals Midwest Refineries Opportunity Current North Dakota Production: ~780 MBPD Canada 2012 Year-end: 770 MBPD 2011 Year-end: 535 MBPD 2010 Year-end: 344 MBPD 2008 Year-end: 202 MBPD Montana North Dakota South Dakota 2020 Production Forecast: Up to 1,500 MBPD Pipeline takeaway capacity has not kept pace with growth Rail transportation has filled the gap Current Railed Volume: ~625 MBPD Current Loading Capacity: ~850 MBPD 2014 Projected Loading Capacity: ~970 MBPD Sources: ND Oil & Gas Div., NDPA, MPC Estimate Bakken Production Increasing Rapidly 38

39 Positive Industry Trends Growing North American Production MMBD US Crude & Condensate US NGL Sources: DOE/EIA, Canadian Association of Petroleum Producers, MPC Estimates Canada Oil Sands, Crude & Condensate Resource plays dominate U.S. output growth. Conventional production (Alaska, offshore, California, other legacy production) struggles to sustain output NGL output growth is mostly associated with wet gas shale areas U.S. liquid volume gains are concentrated in PADDs II - IV (mid-continent) Canada oil sands account for all of its gains, concentrated in Alberta New transportation investments will be required to move production to market U.S. and Canadian Liquids Production Increases 45% from 2012 to

40 Eagle Ford Shale Texas City and Galveston Bay Refinery Opportunity Eagle Ford is a very light (40-50 API), sweet crude (0.2% sulfur) Currently being trucked to markets Pipelines are being built Dock facilities are in operation and continue to be built to make it a waterborne crude to capture Brent/LLS pricing as opposed to WTI basis Crude oil production rapidly expanding Currently: 559 MBPD 2012 Annual Average: 448 MBPD 2011 Annual Average: 208 MBPD 2010 Annual Average: 34 MBPD 2009 Annual Average: 3 MBPD 2015 (projected): 950 MBPD Source: MPC Estimate Eagle Ford Production Increasing Rapidly Graph Source: EIA 40

41 U.S./Canada Key Existing and Planned Pipelines Burnaby Trans Mountain Edmonton Hardisty Anacortes Regina Cromer Clearbrook Superior Sarnia Montreal Portland MBPD Pipeline Estimated Completion* 540 Keystone Current 96 Pegasus Current 170 Platte Current 190 Spearhead Current Seaway Phase 1 Seaway Phase 2 Seaway Phase 3 Ho-Ho Reversal 1 Ho-Ho Reversal 2 Current Current 2H 2014 Current 4Q Keystone Gulf Coast 2H Gulf Coast Access 1Q Line 9 Mid Keystone XL 2H 2015 TBD Southern Access Extension (SAX) Early ETP Mid 2015 Casper Steele City Gulf Coast Access Cushing Seaway Houston Freeport *As of June 30, 2013 Flanagan SAX ETP Ho-Ho Chicago Mustang Patoka St James Houma Wood River MPC Refineries Keystone Planned Keystone XL & GC Pegasus Spearhead Planned Seaway Expansion Planned Ho-Ho Reversal Planned Gulf Coast Access Planned ETP Planned SAX Planned Line 9 Reversal 41

42 Indicative Transportation Costs Bakken Indicative Pipeline Costs Bakken to Patoka (1) $/BBL Pipeline to Patoka 3.60 Indicative Rail Costs Bakken to U.S. East Coast (1) $/BBL Railcar Loading 1.50 Patoka *Pipeline to MPC Refineries 1.00 Total 4.60 *Up to $1.00 additional tariff to deliver to a MPC Midwest refinery Rail Transportation 9.00 Railcar Lease 3.00 Railcar Unloading 1.50 Barge Loading.75 Barge Transportation 1.00 Indicative Rail Costs Bakken to St. James (1) $/BBL Total Eagle Ford St. James Railcar Loading 1.50 Rail Transportation Railcar Lease 3.00 Indicative Shipping Costs S. Texas to U.S. East Coast $/BBL Pipeline to Houston 1.50 Railcar Unloading 1.50 Shipping Transportation 8.85 Total Total (1) Excludes gathering and truck transportation costs (up to ~$5.25/BBL) Sources: MPC Estimates based on publically available information, OPIS, and Argus Media. 42

43 Options Detroit Logistics #2 2 Enbridge #1 Enbridge Canadian crude via multiple routes Virtually all world crudes available via pipelines from USGC All gasoline production sold in regional market #3 Platte/Keystone Chicago Stockbridge Samaria Lima Detroit Wood River Patoka #4 #5 Capline Mid Valley Strategically Located for Multiple Crude Supply Routes 43

44 Attractive Midwest/PADD II Demand exceeds refining capacity in PADD II Net imported ~13% of petroleum demand into PADD II, primarily from PADD III in 2012 Enhances margin opportunities Transportation premium embedded in PADD II gasoline prices Higher refinery utilization rates Relatively leaner product stocks Access to Canadian crude Well positioned for Utica crude PADD V 80% 60% 40% 20% 0% PADD IV 7% 21% 38% PADD II PADD III Percentage of Crude Oil Capacity by PADD 62% 50% 4% 18% PADD I PADD II PADD III PADD IV PADD V Industry Distribution Source: MPC, DOE, as of 2/1/2013 Source: MPC Estimate Largest Midwest Exposure of All Major Refining Competitors MPC PADD I 44

45 Capturing Value MPC Well Positioned Benefits of Retail Integration Ratable sales Optimized operations Refining Pipeline Terminal Biofuels blending base load Supply dislocation flexibility Reduced credit risk (Speedway) Speedway Marketing Area Light Product Terminals Refineries Inland Water Terminals Connecting Pipelines Coastal Water Terminals Fully Integrated Downstream Business 45

46 Speedway vs. Public Peers 2012 M Gal/Store/Month 300 Light Product Sales Public C-Store Average Independent Refiners Average $M/Store/Month Source: Company Reports Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Tesoro Delek Western Refining Public C-Store Average 14.7 Light Product Margin 31.2 Independent Refiners Average 23.7 Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Tesoro Delek Western Refining #2 in Light Product Unit Sales Volume 46

47 Speedway vs. Public Peers 2012 $M/Store/Month Merchandise Sales Public C-Store Average Independent Refiners Average 93.5 $M/Store/Month Source: Company Reports Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Tesoro Delek Western Refining Public C-Store Average 40.6 Merchandise Margin 45.5 Independent Refiners Average 22.2 Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Tesoro Delek Western Refining #1 in Merchandise Unit Sales 47

48 Gasoline Vehicle Fuel Efficiencies Miles Per Gallon Adjusted On-road New Autos (Model Year) Adjusted On-road New Light Trucks (Model Year) New Automobiles (Model Year) New Light Trucks (Model Year) Adjusted Total On-road Vehicle Fleet Sources: DOT, MPC Economics 48

49 2013 Significant Capital Projects Upgrade Galveston Bay refinery Speedway expansion Garyville diesel projects Utica Shale projects Condensate splitters Wellsville terminal Patoka to Catlettsburg pipeline upgrade Robinson unicracker revamp Garyville gasoline and diesel export Catlettsburg vacuum cut-point project 49

50 Market Indicators Used in Project EBITDA Calculations West Texas Intermediate crack spread Light Louisiana Sweet crack spread Arab Light crack spread Arab Medium crack spread Light Louisiana Sweet crack spread LLS to Lloyd Differential

51 Annual Price and Margin Sensitivities $ Millions (After Tax) LLS Crack Spread* Sensitivity ~$425 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$225 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$75 (per $1.00/barrel change) Refined Product Wholesale Margin Sensitivity ~$200 (per $0.01/gallon change) Speedway Refined Product Margin Sensitivity ~$20 (per $0.01/gallon change) Natural Gas Price Sensitivity ~140 (per $1.00/MMbtu change in Henry Hub) *Weighted 38% Chicago and 62% USGC LLS crack spreads and assumes all other differentials and pricing relationships remain unchanged **Light Louisiana Sweet (prompt) - [Delivered cost of sour crudes: Arab Light + Kuwait + Maya + Western Canadian Select + Mars] ***Assumes 20% of crude throughput volumes are WTI-based domestic crudes 51

52 Galveston Bay Complements MPC s Integrated System Refinery 451,000 BPCD (475,000 BPSD) refinery Nelson Complexity Index: 15.3 Significant recent investments Excellent crude optionality Substantial products logistics opportunities Advantageous petrochemical configuration Cogen Facility 1040 megawatts of electrical capacity and 4.6 million lbs/hr steam Supplies power and steam to the refinery Light Product Terminals Nashville, TN Charlotte, NC Selma, NC Jacksonville, FL Pipelines More than 100 miles of NGL pipelines consisting of three intrastate systems originating at the refinery 50 MBPD gasoline shipper history on Colonial Pipeline Refinery and Cogen Refinery Terminal Light Product Terminals MPC Operations Inland Water Terminal Primary Retail Assignment Region Coastal Water Terminal Connecting Pipelines Retail Assignments ~61 MBPD of BP brand gasoline contracts ~1,200 locations As of Feb. 1,

53 Enhancing Earnings Galveston Bay Asset Transaction Indicative Purchase Price Comparison TSO-Carson (8/2012) $16 MPC-Galveston Bay without earnout $21 Alon-Bakersfield (6/2010) $66 PBF-Del City (6/2010) Delta-Trainer (4/2012) MPC-Galveston Bay with earnout* $109 $122 $123 PBF-Paulsboro (12/2010) $151 VLO-Meraux (10/2011) VLO-Pembroke (3/2011) $218 $241 PBF-Toledo (12/2010) without earnout PBF-Toledo (12/2010) with earnout** $290 $381 $0 $100 $200 $300 $400 Price per refinery complexity barrel *Galveston Bay is based on a $148 MM net refinery purchase price and full $700 MM earnout. See appendix for calculation ** PBF-Toledo is based on a $400 MM net refinery purchase price and $125 MM earnout Sources: MPC calculations based on transaction announcements and OGJ data (barrels per calendar day) 53

54 Enhancing Earnings Galveston Bay Asset Acquisition Projected Synergies and Capital Investments (Millions) Projected Incremental Synergies EBITDA Projected Synergy Capital Investments $160 $160 $120 $120 $80 $80 $40 $40 $0 2013E 2014E 2015E 2016E 2017E+ $0 2013E 2014E 2015E 2016E EBITDA Synergies of ~$440 MM thru 2017, ~$130 MM annually thereafter Feedstock optimization Florida and export optimization Refinery processing opportunities Total Synergy Investments of ~$170 MM Dock upgrades Storage tank additions and connectivity 54

55 Galveston Bay Projected Sustaining Capital* $MM E 2014E 2015E 2016E 2017E 2018E 2019E Refinery All Other *Excludes synergy and other value accretive investments 55

56 Galveston Bay Transaction Product Logistics Opportunities Flexible product placement Domestic and export opportunities Synergies with MPC s Texas City and Garyville refineries and MPC logistics Midwest Southeast Pasadena Zachary Garyville Texas City Exports to Mexico/SA/Europe Florida 56 56

57 Galveston Bay Marketing Assets and Integration Integrated acquisition includes Assignment of branded-jobber contracts representing ~1,200 BP retail sites ~61 MBPD of gasoline sales Locations primarily in FL, MS, TN and AL BP trademark to be used during transition process Strategic step in retail growth Nearly doubles branded site count in Southeast Complementary to recent regional growth Partnership opportunity with premier Southeast jobbers Opportunity to expand relationship with existing Marathon jobbers 57

58 Galveston Bay Assets Expected Accretive Transaction (MM unless otherwise indicated) MPC Base EBITDA - analyst 2013 consensus estimates (1) $ 4,759 $ 4,759 Assets acquired EBITDA using pricing (2)(4) 1,200 Assets acquired EBITDA using 2011 pricing (2)(5) 700 Total EBITDA $ 5,959 $ 5,459 Improvement 25% 15% MPC Base Net Income - analyst 2013 consensus estimates $ 2,425 $ 2,425 Assets acquired Net Income using pricing (2)(4) 650 Assets acquired Net Income using 2011 pricing (2)(5) 325 Total Net Income $ 3,075 $ 2,750 MPC Base EPS (3) $7.11 $7.11 MPC + Assets acquired EPS (3) $9.02 $8.06 Accretion 27% 13% (1) Consensus estimates as of October 4, 2012 (2) Based on MPC 2013 operating estimates and applicable historical price information (3) Assumes 341 million shares outstanding (4) Argus Sour Crude Price Index (ASCI) crack spread of $15.10 used as pricing metric for (5) ASCI crack spread of $11.57 used as pricing metric for

59 Galveston Bay Assets Cash Purchase Price Including Full Earnout* Base cash purchase price (millions) $ 598 Full earnout 700 Total purchase price with full earnout $ 1,298 Less: Cogen facility (290) Less: Terminals and other logistics assets (120) Less: Retail marketing (40) Estimated Net Refining Asset Price $ 848 (Excludes ~$900 MM initial inventory purchase) EBITDA multiple 1.1x - 1.9x Capacity (MBPCD) 451 Nelson Complexity Index 15.3 Estimated Price per Capacity BBL $ 1,880 Estimated Price per Complexity BBL $ 123 *Based on original estimate as of 10/8/

60 1Q 2013 Earnings* 1Q Q 2012 Earnings $725 MM $596 MM Earnings per Diluted Share $2.17 $1.70 Millions $4,000 $3,000 $2,000 $1,000 $0 Adjusted Earnings $/Share $12 $10 $8 $6 $4 $2 $0 3, , Adjusted Earnings per Diluted Share Q 2Q 3Q 4Q *References to Earnings refer to Net Income attributable to MPC 60

61 Earnings* 1Q 2013 vs. 1Q 2012 Variance Analysis $900 $800 $700 $ (14) (40) (5) 725 Millions $500 $400 $300 $200 $100 $0 1Q 2012 Refining & Marketing Speedway Pipeline Transportation Interest & Other Income Taxes Noncontrolling Interests 1Q 2013 *References to Earnings refer to Net Income attributable to MPC 61

62 Refining & Marketing Segment Income 1Q 2013 vs. 1Q 2012 Variance Analysis $2,000 Millions $1,500 $1, (116) 38 (287) (27) (13) 1,105 $500 $0 1Q 2012 *LLS Crack *Sweet/ Sour Diff. *LLS /WTI Spread *LLS Prompt vs. Delivered *Market Structure Direct Operating Costs Other Gross Margin Other 1Q 2013 *Based on market indicators using actual volumes 62

63 Speedway Segment Income 1Q 2013 vs. 1Q 2012 Variance Analysis $80 $ (8) 67 Millions $60 $50 $40 $30 50 $20 $10 $0 1Q 2012 Light Product Gross Margin Merchandise Gross Margin Other 1Q

64 Pipeline Transportation Segment Income 1Q 2013 vs. 1Q 2012 Variance Analysis $80 $ (8) (6) (3) 51 Millions $40 42 $20 $0 1Q 2012 Trans. Revenue Pipeline Affiliates Mechanical Integrity Depreciation Other 1Q

65 Total Company Cash Flow 1Q 2013 $8,000 Millions $7,000 $6,000 $5,000 $4,000 $3,000 4,860 1,046 1,033 (1,688) (116) (431) 33 4,737 $2,000 $1,000 $0 12/31/12 Cash Balance Operating Cash Flow before Working Capital Working Capital Cash Capital Expenditures and Acquisitions Dividends Paid Share Repurchases Other 3/31/13 Cash Balance 65

66 Select Balance Sheet/Cash Flow Data ($MM) As of quarter ended: Q Q Q Q Cash and cash equivalents 4,737 4,860 3,387 1,895 Total debt 3,416 3,361 3,349 3,335 Equity 12,412 12,105 11,467 10,326 Debt-to-total-capital ratio 22% 22% 23% 24% Last Twelve Months (LTM) EBITDA 6,599 6,342 4,942 4,787 Debt to LTM EBITDA 0.5x 0.5x 0.7x 0.7x Quarter to date: Cash provided from operations 2,079 2,043 1, Cash provided from operations before changes in working capital 1,046 1,124 1,320 1,368 66

67 2Q 2013 Outlook Projected 2Q Q 2012 Crude throughput 1.70 MMBD 1.21 MMBD Total throughput 1.90 MMBD 1.34 MMBD Percent of WTI-priced crude 22% 28% Direct operating costs in Refining & Marketing gross margin*: Planned turnaround and major maintenance $1.00 $0.88 Depreciation & amortization Other manufacturing cost** Total $6.15 $5.32 Corporate and other unallocated items $75 million $92 million * Per barrel of total throughput ** Includes utilities, labor, routine maintenance and other operating costs 67

68 Reconciliation Earnings to Adjusted Earnings* ($MM) Q 2Q 3Q 4Q 1Q Earnings , Pension settlement expenses** MN asset sale settlement gain** (117) Adjusted Earnings , * References to Earnings refer to Net Income attributable to MPC ** Net of tax 68

69 Reconciliation Free Cash Flow to Net Cash Provided from Operations ($MM) (Quarter to date) 2Q 3Q 4Q 1Q Net cash provided from operating activities 269 1,833 2,043 2,079 Additions to property, plant and equipment (326) (331) (403) (195) Acquisitions* (163) (27) - (1,493) Free cash flow (220) 1,475 1, Last twelve months free cash flow 3,286 * Represents cash paid, including inventory 69

70 Income ($MM unless otherwise noted) Q 2Q 3Q 4Q 1Q Refining & Marketing segment income Speedway segment income Pipeline Transportation segment income , , , , Corporate and other unallocated items (79) (92) (74) (91) (67) Pension settlement expenses - (83) (33) (8) - MN asset sale settlement gain Income from operations 956 1,307 1,895 1,189 1,156 Net interest and other financing income (costs) (22) (17) (25) (45) (45) Income before income taxes 934 1,290 1,870 1,144 1,108 Income tax provision Net income , Less net income attributable to noncontrolling interests Net income attributable to MPC , Effective tax rate 36% 37% 35% 34% 34% 70

71 EBITDA Reconciliation to Net Income (Loss) Attributable to MPC ($MM) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Net Income (Loss) attributable to MPC ,133 (75) , Less: Related party net interest and other financial income Less: Net interest and other financial income (costs) Add: Net income attributable to noncontrolling interest Add: Provision (benefit) for income taxes (14) (12) (14) (10) (15) (22) (22) (17) (26) (45) (48) (105) Add: Depreciation and amortization EBITDA 1,324 1,952 1,035 1,543 1, ,186 1,543 2,141 1,472 1,443 Last Twelve Months EBITDA 4,636 4,787 4,787 4,942 6,342 6,599 71

72 Cash Provided from Operations Before Changes in Working Capital Reconciliation to Cash Provided from Operations ($MM) (Quarter to date) 2Q 3Q 4Q 1Q Net cash provided from operations 269 1,833 2,043 2,079 Less changes in working capital: Changes in current receivables 1,159 (393) 491 (884) Changes in inventories (665) (517) Changes in current accounts payable and accrued liabilities (1,690) 862 (63) 2,491 Changes in the fair value of derivative instruments 97 (98) 51 (57) Total changes in working capital (1,099) ,033 Cash provided from operations before changes in working capital 1,368 1,320 1,124 1,046 72

73 Capital Expenditures & Investments* ($MM) 2013 Budget 1Q 2013 Refining & Marketing 1, Speedway Pipeline Transportation Corporate and Other Subtotal 1, Capitalized Interest 43 4 Total Capital Expenditures & Investments 1, *Excludes $1.38 billion in capital expenditures and investments attributable to the acquisition of the Galveston Bay refinery and related assets 73

74 MPC Crude Slate 100% 80% Other Sweet 60% 40% Other Sour WTI Based 20% 0% Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 74

75 Refining & Marketing Indicative Gross Margin 1Q 2013 $2,500 $2, (22) 65 (959) Millions $1,500 $1, ,340 (235) 1, $500 $0 *LLS Crack *Sweet/ Sour Diff. *LLS/WTI Spread *LLS Prompt vs. Delivered *Market Structure Direct Operating Costs Other Gross Margin R&M Gross Margin Other R&M Segment Income *Based on market indicators using actual volumes 75

76 MPLX Summary of Key Investment Highlights Robust Growth Opportunities Attractive organic growth prospects augmented with tariff and volume increases Potential for significant growth through acquisitions alongside, and/or from, MPC; MPC has a very substantial portfolio of logistics assets, including its retained 49% interest in MPLX Pipe Line Holdings LP Strategic Relationship with MPC MPLX's assets are highly integral to MPC's refining and marketing network MPC provides MPLX with significant growth opportunities and a stable base of cash flows Stable and Predictable Cash Flows MPLX is expected to generate stable and predictable cash flows supported by a combination of long-term transportation agreements (linked to FERC based tariff rates) and storage agreements High-Quality, Well-Maintained Asset Base Majority owner and operator of one of the largest networks of pipeline systems in the U.S. based on total annual volumes delivered Assets are well maintained through focused maintenance and capex program Strategically Located Assets Primarily located in the Midwest and U.S. Gulf Coast, which are near emerging shale plays such as the Marcellus, Utica, New Albany, Antrim and Illinois Basin Financial Flexibility Attractive coverage ratio, combined with ample liquidity and no initial leverage, provides a strong foundation to execute MPLX's growth strategy Experienced Management Team Includes many of MPC s most senior officers, who average over 25 years of experience in the energy industry and operational experience with our assets 76

77 Creating Value MPLX Offering Summary Issuer Sponsor MPLX LP Marathon Petroleum Corporation Exchange / Ticker NYSE / MPLX Estimated Distribution Coverage 1.10x Expected Tax Shield 80% for the period from the IPO until December 31, 2015 Use of Net Proceeds $203 million to MPC $192 million to pre-fund certain expansion capital expenditures $10 million to MPLX for general partnership needs $33 million for underwriting discounts, financing costs and other formation costs Initial Offering Upsized Final Offering Common Units Offered (with shoe) 15.0 million (17.3 million) 17.3 million (19.9 million) Proposed Valuation Range Yield based on $1.05 annualized MQD $ $21.00 per unit 5.00% % $22.00 per unit 4.77% Offering Size (Base Offering Before Overallotment) Offering Size (After Overallotment Exercised) $285 $315 million $381 million $328 $362 million $438 million 77

78 Creating Value MPC has Created an Industry-Leading MLP MPLX s Primary Business Strategies Focus on Fee-Based Businesses Pursue Organic Growth Opportunities Grow Through Acquisitions and Drop-downs Maintain Safe and Reliable Operations Generate stable cash flows by providing primarily fee-based midstream services to MPC and third parties Mitigate volatility in cash flows by entering into long-term transportation and storage agreements and by minimizing direct exposure to commodity prices Increase pipeline systems revenue by developing organic investment opportunities through growth in: MPC s operations Third-party activity Acquire complementary assets from third parties, within current geographic footprint, as well as new areas May also pursue acquisitions cooperatively with MPC Significant drop-down potential from MPC Provide safe, reliable and efficient services another key to stable cash flows Committed to maintaining and improving the reliability and efficiency of operations 78

79 MPC and MPLX are Aligned 2.0% GP interest MPLX Organizational Structure* Marathon Petroleum Corporation and Affiliates (NYSE: MPC) 100.0% ownership interest MPLX GP LLC (our General Partner) 71.6% LP interest MPLX LP (NYSE: MPLX) r (the Partnership ) Public 26.4% LP interest MPC views MPLX as integral to its operations and is aligned with its success and incentivized to grow MPLX MPLX assets consist of a 56% interest in Pipe Line Holdings as well as 100% ownership in the Neal, W.Va., Butane Cavern 44.0% limited partner interest 100.0% ownership interest MPLX Operations LLC 56.0% GP interest 100.0% ownership interest MPC retains the remaining 44% interest in Pipe Line Holdings 100.0% ownership interest MPLX Pipe Line Holdings LP ( Pipe Line Holdings ) 100.0% ownership interest MPLX Terminal and Storage LLC MPC also owns 71.6% LP interest and 100.0% of MPLX s GP interest and IDRs Marathon Pipe Line LLC ( MPL ) Ohio River Pipe Line LLC ( ORPL ) *As of May 1,

80 MPLX s Assets are Integral to MPC Marathon Pipe Line LLC and Ohio River Pipe Line LLC comprise one of the largest networks of pipeline systems in the U.S. based on total volume delivered 1,004 miles of common carrier crude oil pipelines 1,902 miles of common carrier products pipelines Inclusive of 230 miles of longterm leased and operated pipelines The ~1 million barrel Neal, W.Va., butane storage cavern adjacent to MPC s Catlettsburg refinery is wholly owned and operated by MPLX As of Feb. 1,

81 MPC Relationship Provides Robust Growth Opportunities for MPLX Logistics infrastructure is extremely important to MPC's success MPC intends to use MPLX as the primary growth vehicle for its midstream logistics business MPLX can pursue acquisitions directly from MPC MPLX can pursue third-party acquisitions independently and/or in cooperation with MPC MPC Midstream Assets Remaining 44% interest in MPLX's pipeline assets Over 5,000 miles of additional crude and products pipelines Owns, leases or has an ownership interest in these pipelines Owned and operated terminals: 65 light product and 21 asphalt 275 transport loading racks 146 owned transport trucks ~1,970 owned or leased railcars One of the largest private inland bulk liquid barge fleets in the U.S. consisting of 15 owned inland waterway towboats, and 177 owned and 14 leased barges 81

82 MPLX Stable and Predictable Cash Flows MPLX s assets consist of fee-based pipeline systems and storage assets MPC has historically accounted for 85%+ of the volumes shipped on MPLX s pipelines MPC has entered into multiple long-term transportation and storage agreements with MPLX Terms of up to 10 years Pipeline tariffs linked to FERC-based rates Indexed storage fees 2013 EBITDA estimate represents a ~59% increase over 2011 pro forma EBITDA Increase underpinned by FERC-based tariffs and volume growth Capital projects pre-funded and supported by MPC Notes: Tank Storage 1 Estimate for the twelve months ending December 31, 2013 Operating and Mgmt. Fees 2 Includes revenues generated under Transportation and Storage agreements with MPC 3 Volumes shipped under joint tariff agreements are accounted for as third party for GAAP purposes, but represent MPC barrels shipped 16% Revenue Customer Mix 1 11% $81 MM $55 MM MPC Committed² ³ Third Party $364 MM MPC = 89% 73% MPC Additional³ Revenue Product / Asset Mix 1 4% 3% 4% Crude Transportation $232 MM $216 MM 46% 43% Products Transportation Cavern Storage 82

83 MPLX: Assets for an MLP Historical crude and product volumes have been extremely stable with low variability despite material changes in the broader commodity price environment Butane cavern and storage facilities generate stable and ratable (capacity based) fees Throughput and storage agreements with MPC provide cash flow visibility and predictability 2013 total throughput is projected to be 12.8% over 2011 pro forma throughput Crude Throughput (MBPD) Products % MPC 80% 81% 84% 81% 80% 79% % MPC 92% 91% 90% 93% 94% 95% 1,500 1,500 1, ,041 1,190 1, , ,031 1, , Est. 12 Mo. Ending 12/31/ Est. 12 Mo. Ending 12/31/13 Note: 1 Crude volumes in light equivalent barrels MPC Throughput 1 Third-Party Throughput 83

84 MPLX Strategically Located Assets MPLX operates all of its assets Assets are primarily located throughout the Midwest and U.S. Gulf Coast In 2011, these regions collectively comprised ~72% and ~48% of total U.S. crude distillation capacity and finished products demand, respectively Existing capability to transport Canadian crude PADD II Refining Capacity (MBPCD) 1 Marathon Petroleum Corporation 646 BP Phillips Flint Hills Resources (Koch) 322 Valero 287 HollyFrontier 258 ExxonMobil 238 Husky Energy Source: MPC Sources: MPC, Oil & Gas Journal Notes: 1 Refiners with PADD II capacities of less than 200 MBPCD excluded from list; aggregate additional capacity of ~950 MBPCD 2 Includes 50% share of BP / Husky Toledo s total capacity 3 Includes 50% share of Wood River s total capacity MPC has the Largest Refining Capacity in PADD II 84

85 MPLX Strategically Located Assets (Continued) MPLX s assets and a large number of MPC's retained assets are in the heart of the Midwest infrastructure build-out Strategically located near emerging shale plays Marcellus, Utica, New Albany, Antrim, and Illinois Basin in Pennsylvania, Ohio, Indiana, Michigan, and Illinois MPC is currently transporting crude oil and feedstocks from the Utica play MPLX is continuing to evaluate growth opportunities in the Utica and other shale plays Bakken Williston Basin Excello-Mulky Woodford Mississippian Lime Anadarko Basin Barnett Ft. Worth Basin Western Gulf Eagle Ford Pearsall Forest City Basin Cherokee Platform Ardmore Basin Fayetteville Arkoma Basin Floyd- Neal Haynesville- Bossier Shale Plays Source: EIA TX-LA-MS Salt Basin Current Plays Prospective Plays Basins Michigan Basin Illinois Basin Antrim New Albany Chattanooga Black Warrior Basin Tuscaloosa Valley & Ridge Province Conasauga Appalachian Basin Stacked Plays Shallowest / Youngest Intermediate Depth / Age Deepest / Oldest MPC Refineries Devonian (Ohio) Marcellus Utica 85

86 MPLX 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 industry involvement Certifications, Initiatives and Industry Partnerships 2013 Capex Budget 1 (16% of 2013E EBITDA) (16% of 2013E EBITDA) Maintenance $33 MM Expansion $109 MM 1 Capex budget represents both MPC and MPLX portions of capital budget Quality Assets and Top Tier Reputation 86

87 MPLX Operations Deliver Top Tier Safety Performance Patented integrity management program fully compliant with DOT regulations State of the art in-line assessment practices Leading control room management practices Industry leader in helping to improve Damage Prevention practices 87

88 MPLX Conservative Coverage with Predictable and Growing Distributions Stable historical results and strong growth going forward Predictable cash flows underpinned by MPC throughput and storage agreements, as well as historical usage pattern Attractive distribution coverage post-ipo of 1.10x Cash retained after distribution will be used to manage operations and help organically grow asset base Revenue and Other Income ($MM) Capline / Maumee pipeline systems and Other items¹ PF 12 Mo. Ending Historical Predecessor 6/30/ Est. 12 Mo. Ending 12/31/13 Estimated Twelve Months Ending 12/31/2013 ($ in millions, unless otherwise noted) Adj. EBITDA $197.0 Less: Adj. EBITDA attributable to MPC's retained interest in Pipe Line Holdings 92.2 Adj. EBITDA attributable to MPLX LP $104.8 Note: 1 In connection with the IPO, reflects the elimination of activity related to two pipelines that were not contributed to MPLX, reduction in revenues associated with lower rate incentive tariffs, payments received from MPC for volume shipments below minimum committed volumes, recognition of revenues from storage agreements, and fees earned under management services and operating agreements executed with MPC Less: Net Cash Interest Paid 1.2 Income Taxes Paid 0.1 Maintenance capital expenditures 16.4 Expansion capital expenditures 55.4 Add: Offering proceeds retained to fund expansion capital expenditures 55.4 Distributable Cash Flow $87.1 Distributions to Common Units 38.8 Distributions to Subordinated Units 38.8 Distributions to GP / IDR 1.6 Total Annualized Distributions $79.2 Initial Coverage Ratio 1.10x 88

89 MPLX Adjusted EBITDA Bridge Analysis ($MM) (49.9) (13.5) (10.8) (1.3 ) (92.2) (44.5) (44.5) PF Adjustments ¹ Pro Forma 2011 Tariffs Volumes Other Revenue and Income Cost of revenues Purchases from related parties G&A Other Taxes Total Estimated MPLX (12/31/13) MPC Retained Interest Note: 1 Includes the following: elimination of activity related to minority undivided joint interests in two crude oil pipelines included in the Predecessor that were not contributed to the Partnership; other revenue which reflects adjustments due to lower incentive tariff in the pipeline transportation services agreement with MPC for shipments of volumes in excess of minimum committed volumes on the Garyville products system and certain pipelines within the ORPL system; recognition of incremental revenues under the storage services agreements and incremental fees earned under management services and operating agreements executed with MPC in connection with the initial public offering; and, G&A and employee services agreements which reflects the effect of transferring the Predecessor s employees to MPC and having employee services provided to the Partnership by MPC pursuant to an employee services agreement executed in connection with the initial public offering and incremental G&A expenses for corporate services and executive officers provided by MPC pursuant to the omnibus agreement Estimated MPLX LP (12/31/13) 89

90 MPLX Pipeline Throughput Agreements Initial MPC Min MPC Est. 12 Mo. Ended 12/31/13 Term Diameter Commitment Throughput Weighted Average MPC Min. Asset (Years) (Inches) (MBPD) (MBPD) Tariff ($/BBL) Revenue ($MM) Crude Systems Patoka to Lima 10 20" / 22" $0.52 $7.6 Catlettsburg and Robinson 10 20" / 24" / 20" $0.74 $101.4 Detroit 10 16" / 16" $0.23 $12.8 Wood River to Patoka 5 22" / 12" $0.20 $10.5 Wood River Barge Dock $1.32 $19.2 Total $151.5 Products Systems Garyville to Zachary 10 20" $0.55 $59.8 Zachary Connect 10 36" $0.04 $1.3 Texas City to Pasadena 10 16" $0.27 $7.9 Pasadena Connect 10 30" / 36" $0.07 $1.5 Ohio River Pipe Line (ORPL) 10 6" / 8" / 10" / 14" $1.25 $58.2 Robinson 10 10" / 12" / 16" $0.65 $49.9 Louisville Airport -NA- 8" / 6" -NA- -NA- -NA- -NA- Total $178.6 Initial MPC Min MPC Est. 12 Mo. Ended 12/31/13 Term Commitment Capacity Leased Weighted Average MPC Min. Asset (Years) (MBBLS) (MBBLS) Fees ($ /BBL/month) Revenue ($MM) Agreements Neal, W.Va. Butane Storage Cavern 10 1,000 -NA- $1.25 $15.0 Tank Farms¹ 3 3,293 3,293 $0.48 $19.0 Total -- 4,293 3, $34.0 Note: 1 Tank Farms include the Patoka, Wood River, and Martinsville, IL, and Lebanon, IN tank farms 90

91 Experienced MPLX Management Team Management team includes MPC executive officers with an average 25 years of experience with MPLX's assets Gary R. Heminger Years Experience Position at MPC Position at MPLX Industry With MPC President and Chairman of the Board and Chief Executive Officer Chief Executive Officer Garry L. Peiffer Executive VP, Corporate Planning and Investor & Government Relations Director and President Donald C. Templin Senior VP and Chief Financial Officer Director, VP and Chief Financial Officer 11 1 George P. Shaffner Senior VP, Transportation and Logistics VP and Chief Operating Officer Pamela K. M. Beall VP, Investor Relations and VP, Investor Relations Government & Public Affairs Michael G. Braddock VP and Controller VP and Controller Timothy T. Griffith VP, Finance and Treasurer VP and Treasurer 1 1 J. Michael Wilder VP, General Counsel and Secretary VP, General Counsel and Secretary Craig O. Pierson President, Marathon Pipe Line LLC VP, Operations