Credit Suisse Energy Summit

Transcription

1 Credit Suisse Energy Summit Gary Heminger, Chairman and CEO February 13, 2018

2 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation ( MPC ) and MPLX LP ( MPLX ). These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations of MPC and MPLX, including strategic initiatives and our value creation plans. You can identify forward-looking statements by words such as anticipate, believe, design, estimate, expect, forecast, goal, guidance, imply, intend, objective, opportunity, outlook, plan, position, pursue, prospective, predict, project, potential, seek, strategy, target, 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 companies control and are difficult to predict. Factors that could cause MPC s actual results to differ materially from those implied in the forwardlooking statements include: our ability to achieve the strategic and other objectives related to the strategic initiatives discussed herein; our ability to manage disruptions in credit markets or changes to our credit rating; adverse changes in laws including with respect to tax and regulatory matters; changes to the expected construction costs and timing of projects; continued/further volatility in and/or degradation of market and industry conditions; the availability and pricing of crude oil and other feedstocks; slower growth in domestic and Canadian crude supply; the effects of the lifting of the U.S. crude oil export ban; completion of pipeline capacity to areas outside the U.S. Midwest; consumer demand for refined products; transportation logistics; the reliability of processing units and other equipment; MPC s ability to successfully implement growth opportunities; the impact of adverse market conditions affecting MPC s and MPLX s midstream businesses; modifications to MPLX earnings and distribution growth objectives, and other risks described below with respect to MPLX; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; adverse results in litigation; changes to MPC s capital budget; 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 Dec. 31, 2016, filed with Securities and Exchange Commission (SEC). Factors that could cause MPLX s actual results to differ materially from those implied in the forward-looking statements include: negative capital market conditions, including an increase of the current yield on common units, adversely affecting MPLX s ability to meet its distribution growth guidance; our ability to achieve the strategic and other objectives related to the strategic initiatives discussed herein and other proposed transactions; adverse changes in laws including with respect to tax and regulatory matters; the adequacy of MPLX s capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and access to debt on commercially reasonable terms, and the ability to successfully execute its business plans and growth strategy; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions; changes to the expected construction costs and timing of projects; completion of midstream infrastructure by competitors; disruptions due to equipment interruption or failure, including electrical shortages and power grid failures; the suspension, reduction or termination of MPC s obligations under MPLX s commercial agreements; modifications to earnings and distribution growth objectives; our ability to manage disruptions in credit markets or changes to our credit rating; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations and/or enforcement actions initiated thereunder; adverse results in litigation; changes to MPLX's capital budget; 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 Dec. 31, 2016, filed with the SEC. 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 forwardlooking statements. Copies of MPC s Form 10-K are available on the SEC website, MPC s website at or by contacting MPC s Investor Relations office. Copies of MPLX s Form 10-K are available on the SEC website, MPLX s website at or by contacting MPLX s Investor Relations office. Non-GAAP Financial Measures EBITDA, Adjusted EBITDA, distributable cash flow, distribution coverage ratio and Speedway total margin are non-gaap financial measures provided in this presentation. Reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. These non-gaap financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPC or MPLX, net cash provided by operating activities, Speedway income from operations or other financial measures prepared in accordance with GAAP. Distribution coverage ratio is the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared. Certain EBITDA forecasts were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not available and, therefore, reconciliations of these non-gaap financial measures to the nearest GAAP financial measures have not been provided. 2

3 Executing Our Strategic Plan and Delivering Results Total Shareholder Return Since Spinoff (6/30/2011) 283% 162% 231% (1) (2) MPC Peer Group Refining Peers 141% S&P 500 Since 2011 spinoff we have: Returned over $13 billion to our shareholders Consistently increased dividend, 26.5% CAGR since spin Announced 15% dividend increase in January 2018 to $0.46/share Executed transformative growth strategy for MPLX growing LP distribution per unit by 131% (18.3% CAGR) since 2012 Aggressively executed value-creating actions: Executed IPO of MPLX Galveston Bay acquisition Hess Retail acquisition MPLX merger with MarkWest Dropdowns to MPLX projected to generate ~$1.4 billion of annual EBITDA Exchange of GP economic interests for MPLX common units Source: Nasdaq as of February 2, 2018 (1) Peer Group represents average TSR of BP, Chevron, ExxonMobil, HollyFrontier, Phillips 66, Royal Dutch Shell, Andeavor (formerly Tesoro) and Valero (2) Refining Peers represents average TSR of HollyFrontier, PBF Energy, Phillips 66, Andeavor (formerly Tesoro) and Valero 3

4 Delivering Significant Capital Returns for Our Shareholders Over $13 B returned to shareholders since spin ~3.7 B in Dividends 12,000 ~9.8 B in Share Repurchases $0.23 $160 $0.60 $407 $0.77 $484 $0.92 $524 $1.14 $613 $1.36 $ ,000 $1.52 1,400 8,000 1,200 1,000 6,000 $ , , $1,350 Repurchased ~35% of Outstanding Common Shares $4,143 $6,274 $7,239 $7,436 $9, Dividends ($/Share) Total Dividends ($MM) Cumulative Share Repurchases ($MM) 4

5 Delivered on Strategic Actions MLP-qualifying EBITDA Exchanged for Evaluation Completed MUTUAL BENEFITS FOR MPC AND MPLX Clear valuation for MPC s interests in MPLX After-tax cash proceeds are expected to fund return of capital to shareholders consistent with maintaining an investment-grade credit profile Distributions from MPLX are fundamental elements of MPC s discretionary free cash flow and capital resources EBITDA from dropdowns and IDR exchange add substantial stable cash flow and transform MPLX into ~$30 billion market-cap diversified MLP, with a greater share of earnings from the logistics & storage business Simplifies MPLX ownership structure and improves MPLX cost of capital by eliminating IDRs MPLX extraordinarily well-positioned to deliver long-term sustainable growth for all unitholders, including MPC 5

6 MPLX Unit Price Valuation on Yield Basis WTI Price ($/BBL) $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 (1) 7.27% (1) 6.53% 13% 12% 11% 10% 9% 8% 7% 6% 5% Yield % MPLX Distribution per Unit 2017 Annual Distribution $2.30 Forecast 10% Distribution Growth in 2018 MPLX Valuation on Yield Basis (2) Yield $2.53 Implied MPLX Unit Price 6.50% $ % $ % $45.95 $25 4% 5.00% $50.55 WTI ($/BBL) MPLX Yield % AMZ Yield % (1) MPLX and AMZ respective yields as of 1/31/2018 (2) Assumes 2018 distribution growth guidance of 10% over 2017 Source: Bloomberg 6

7 Refining & Marketing 2017 Earnings Increased by ~$1 Billion Robust earnings power of MPC s integrated model Operated exceptionally well and captured strong crack spreads and wider crude differentials Numerous monthly records for crude throughput and gasoline and distillate production Second largest U.S. refiner on crude throughput basis representing ~10% of U.S. refining capacity Galveston Bay and Garyville are the 2nd and 3rd largest refineries, respectively Advantaged geographic footprint in the Midwest and Gulf Coast 7

8 Galveston Bay Refinery Achievements Since February 2013 Acquisition Improved Environmental & Safety Performance Advanced Operational Excellence 80% reduction in environmental incidents 33 monthly process-unit rate records in 2017 alone Average yearly process safety incidents reduced by 50% Unplanned downtime cut in half Lowered Operating Costs Reduced total cash operating expenses over 20% Reduced fixed operating, turnaround and routine maintenance costs 8

9 Speedway Delivered Record Performance in th straight year of record results 2 nd consecutive year of ~$1 B annual EBITDA Results driven by: Strong earnings from light product sales Increase of 1.2% in same-store merchandise sales Lower operating expenses Contributions from travel center joint venture Reinforces strategic value of this high performing, stable cash-flow business 9

10 2017 MPLX Accomplishments Record financial results delivering $2 billion of adjusted EBITDA in 2017 Record volume growth across the gathering and processing business 20 consecutive quarters of increased cash distributions representing an ~18.3% CAGR since % distribution growth in 2017 with a strong coverage ratio of 1.28x and leverage ratio of 3.6x Strategic actions transformed the partnership into a ~$30 billion market-cap diversified MLP with an improved cost of capital MPLX extraordinarily well-positioned to deliver long-term sustainable growth for all unitholders, including MPC 10

11 MPLX Delivering Consistent Growth in EBITDA and DCF $302 $236 $391 $375 $351 $285 $301 $318 $423 $354 $474 $387 $538 $569 $442 $ Coverage Ratio x 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Annual Coverage Ratio Distributable Cash Flow (DCF) ($MM) Adjusted EBITDA attributable to MPLX LP ($MM)

12 Positive Market Fundamentals Encouraged by a more balanced supply and demand environment Supportive of crude oil and refined product prices throughout the year Distillate demand expected to benefit from increased commercial activity Gasoline demand expected to be similar to 2017 Creates a very productive backdrop for refining margins and expected to generate meaningful midstream development opportunities for MPLX Expect favorable crude oil differentials for Canadian and WTI-based crudes Demand from export markets is expected to remain robust U.S. refining remains globally competitive Sustained export advantage due to low-cost natural gas and highcomplexity refineries U.S. gasoline exports have become a mainstay alongside diesel exports 12

13 Key Strategies MPLX Grow EBITDA by expanding services and geographic footprint across the hydrocarbon value chain Focused on Marcellus, Utica, Permian and STACK basins Develop new assets and replace third-party services used by MPC Optimize the portfolio to improve earnings on existing assets Speedway Aggressively grow the business and build upon industry-leading position through construction of new store locations, remodeling and rebuilding existing locations Expand presence by opportunistically acquiring high quality stores in new and existing markets Refining & Marketing Optimize Galveston Bay refinery, which includes the South Texas Asset Repositioning Project ( STAR ) Upgrade residual fuel oils to higher value products and increase distillate production Continually advance MPC s crude supply and product clearing logistics flexibility including exports 13

14 2018 Capital Outlook 60% MPLX 24% Refining & Marketing MPC excluding MPLX ~$1.6 B Refining & Marketing (R&M): $950 MM Maintenance: ~$550 MM Speedway: $530 MM Other: $100 MM 3% Other 13% Speedway MPLX ~$2.4 B Growth: ~$2.2 B Maintenance: $190 MM Excludes any potential future acquisitions 14

15 2018 Refining & Marketing Capital Plan ~$400 MM of growth capital with estimated returns greater than 20% Well-positioned to benefit from IMO in 2020 Further planned investments include: STAR Program - complete in phases between Garyville Coker Expansion est. completion Garyville diesel maximization - complete in phases between Additional projects in development Resid Reduction (MBPD) Incremental Distillate (MBPD) (1) Past Investments Planned Investment (1) Investments placed in service between

16 Heavy Oil Upgrading Capacity in PADD 3 MPC Garyville and Galveston Bay Refineries Top Ranked Galveston Bay refinery Heavy Oil Upgrading Capacity Garyville refinery Crude Throughput Capacity Source: PennWell Knowledge Center Companies include ANDV, BP, CVX, HFC, MPC, PBF, PSX, VLO and XOM 16

17 Speedway Industry Leader with Significant Growth Opportunities #1 in EBITDA/store/month vs. public peers $M $30 $20 $10 Peer Median = $23 M $0 Speedway Murphy USA Couche-Tard Sunoco Casey's Planned investment of $530 MM in 2018; significant increase of $150 MM over 2017 Focus on expanding food service sales and margin on remodels and rebuilds Target growth opportunities in existing and contiguous markets Sources: 2016 /2017 Company Reports, excludes asset gains/losses 17

18 MPLX Priorities for 2018 Deliver attractive returns for unitholders Forecast ~10% year-over-year distribution growth Expand portfolio of organic growth projects Financing strategy Maintain investment grade credit profile Sustain strong coverage ratio 1.2x or higher Fund ~$2.2 B organic growth capital with retained cash and debt Issued $5.5 B of senior notes in 1Q 2018 Anticipate no issuance of public equity to fund organic growth capital Execution of robust organic growth capital plan Eleven additional plants expected to be complete by end of 2018; ~1.5 Bcf/d processing capacity and ~100 MBPD fractionation capacity 2018 Organic Growth Capital Plan of ~$2.2 B ~60% Marcellus ~5% Utica Excludes any potential future acquisitions ~20% Southwest (including Permian and STACK) ~15% Logistics & Storage 18

19 Natural Gas Supply Growth Forecast Marcellus/Utica Basin is the Leading Growth Play ~45% of total U.S. growth is expected to occur in Northeast Total U.S. natural gas supply is forecast to grow by ~38 Bcf/d from 2017 to 2030 MPLX well-positioned as largest processor in Northeast with growing backlog of projects in Marcellus/Utica and other prolific basins Permian 11.2 Bcf/d Eagle Ford Anadarko 2.8 Bcf/d 3.2 Bcf/d 6.5 Bcf/d Haynesville Marcellus/Utica 16.9 Bcf/d Rest of U.S Bcfd Incremental Natural Gas Production Growth from 2017 to 2030 Source: PIRA North American Natural Gas 2017 Client Seminar, 2017, 2018 by S&P Global Platts 19

20 Our Priorities for Value Creation Maintain Top-tier Safety and Environmental performance Increase MPLX EBITDA through Attractive Midstream investments Aggressively Grow industry-leading Speedway retail business Enhance Margins for our Refining operations Consistent Capital Return to Shareholders 20

21 Appendix 21

22 Strong Operational Performance and Responsible Corporate Leadership 75% MPC has earned MPC facilities received from the American Chemistry Council 56 Certificates of Excellence 3 Honor of the Environmental Protection Agency s Energy Star recognitions awarded to refineries. That s despite owning and operating just 10% of total U.S. refining capacity. 7 Certificates of MPC manages 21 certified wildlife habitats consisting of 1,327 Achievement Mechanical Availability* Percentage of Combined Unit Capacity MPC facilities have earned the federal Occupational Safety and Health Administration s Highest Voluntary Protection Program status. Certificates of *Rated capacity of all MPC operations, less lost capacity due to planned and unplanned outages, divided by rated capacity. MPC has placed in the top 20% of companies in the EPA s Smartway Transport Partnerships, which recognizes the best-preforming freight carriers for carbon efficiency. acres. 22

23 2017 Citizenship Report Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer This year marks Marathon Petroleum Corporation s 130th year of providing the most affordable, reliable and plentiful energy the world has ever known. Our diversification into the natural gas business through our logistics partnership, MPLX LP, positions us well for a future in which the world s need for energy continues to grow. Petroleum and natural gas are the energy sources that make modern life possible, and we are proud to play a prominent role in bringing them to the world. Our manufacturing processes are cleaner and safer than ever. At the same time, as the world s energy needs rise, alternative energy sources like wind and solar are often portrayed as virtually free of trade-offs. It s fortunate, then, that the World Bank has studied the matter and pointed out in a report this year that wind, solar and other energy technologies routinely called clean, are actually significantly MORE material intensive in their composition than current traditional fossil-fuel-based energy supply systems. But reports like this annual Citizenship Report and our Perspectives on ClimateRelated Scenarios published this year and available on our website are critical to truly understanding the choices we re making. Transparency about how we manage the risks in our business can bring society closer to making informed decisions about a future of abundant energy, a clean and safe environment, and prosperity for as much of mankind as possible. Available on marathonpetroleum.com under Corporate Citizenship tab 23

24 Perspectives on Climate-Related Scenarios Report Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer and Introduction section While we focus on providing you the returns you expect on your investment, we also look to safeguard the long-term success of your company, understanding that the products we produce will continue to be a critical component of modern life for the foreseeable future. We believe the disclosures made in our Annual Report on Form 10-K, our annual Citizenship Report and this report are aligned with the main principles outlined in the recommendations of the TCFD and demonstrate MPC s resilience to potential climate-related risks. With this report, we have enhanced our disclosures respecting our governance, risk management, strategy and metrics related to the subject of climate change. We are also including the results of a stress-test of our business against the International Energy Agency s (IEA's) hypothetical 450 Scenario and New Policies Scenario. Available on marathonpetroleum.com under Corporate Citizenship tab 24

25 Operating Income per Barrel of Crude Throughput* 20 MPC s Rank $/BBL MPC s Rank during periods of strong West Coast margins** Competitor Range Companies Ranked*** *Adjusted domestic operating income per barrel of crude oil throughput. Operating income represents income before taxes with adjustments made to remove certain items, such as the gain/loss on asset sales and certain asset and goodwill impairment expenses **West Coast crack exceeded blended USGC/Chicago by >$15/BBL ***Current companies ranked since 2015: ANDV, BP, CVX, HFC, MPC, PBF, PSX, VLO, XOM Source: Company Reports September YTD 9 25

26 Strong Liquidity and Capitalization Provides financial flexibility to fund growth projects and pursue business strategies Committed to maintaining investment grade credit profiles at MPC and MPLX Substantial available liquidity at MPC and MPLX MPC excluding MPLX metrics provided as consolidated metrics are less useful given both the size of the partnership and its capital structure Debt to LTM Adjusted EBITDA with MPLX LP distributions gives credit to MPC for MPLX distributions comparable to partially owned equity method investments As of December 31, 2017 ($MM except ratio data) MPC Consolidated MPLX Adjustments (a) Liquidity Summary MPLX MPC Cash and cash equivalents 5 3,006 MPC Excluding MPLX Debt 12,946 6,946 6,000 Mezzanine equity 1,000 1,000 - Equity 20,828 8,379 12,449 Total capitalization 34,774 16,325 18,449 Debt-to-capital ratio (book) 37% - 33% Cash and cash equivalents 3, ,006 Debt to LTM Adjusted EBITDA (b) 2.2x - 1.4x Debt to LTM Adjusted EBITDA, w/ MPLX LP distributions (b) N/A - 1.3x Revolvers (net of outstanding letters of credit) 1,742 3,500 (a) Adjustments made to exclude MPLX debt (all non-recourse) and the public portion of MPLX equity (b) Calculated using face value of total debt and adjusted EBITDA. Refer to appendix for reconciliation Accounts receivable facility Credit Agreement with MPC Total liquidity 1,861 7,256 26

27 Illustrative Impact to Refining & Marketing Segment Fuels Distribution and Refinery Logistics Dropdown Direct Operating Costs to exclude costs related to refining logistics assets Other R&M Expenses to include fees paid to MPLX for fuels distribution services and refinery logistics assets; corresponding income to be reflected in Midstream segment No change to R&M Margin Net annual increase in total R&M expenses of ~$1 B expected; corresponding income to be reflected in Midstream segment 27

28 First-Quarter 2018 Outlook Crude Throughput* Other Charge/ Feedstocks Throughput* Total Throughput* Percent of WTI-priced Crude Sour Crude Oil Throughput Percentage Turnaround and Major Maintenance Depreciation and Amortization Other Manufacturing Cost** Total Direct Operating Costs Corporate and Other Unallocated Items*** in MBPD Refinery Direct Operating Costs ($/BBL of total throughput) Projected 1Q Q 2017 GC Region 1, ,225 17% 61% $3.25 $1.10 $3.85 $8.20 MW Region % 37% $1.15 $1.85 $4.20 $7.20 MPC Total 1, ,900 28% 51% $2.50 $1.40 $4.00 $7.90 $90 MM GC Region ,072 4% 84% $4.31 $1.35 $4.62 $10.28 MW Region % 45% $0.98 $1.93 $4.50 $7.41 MPC Total 1, ,708 15% 67% $3.10 $1.63 $4.72 $9.45 $82 MM 1Q 2018 projections in the table above for Total Direct Operating Costs have been adjusted for the February 1 dropdown While guidance is not provided for Other R&M expenses, for 1Q 2018 we expect a net increase of ~$230 MM resulting from the February 1 dropdown, including fees paid to MPLX 1Q 2017 has not been recast for the February 1, 2018 dropdown *Region throughput data includes inter-refinery transfers, but MPC totals exclude transfers **Includes utilities, labor, routine maintenance and other operating costs ***Actuals have been recast in connection with the contribution of certain terminal, pipeline and storage assets to MPLX on March 1,

29 MPLX Key Investment Highlights Diversified ~$30 billion market-cap MLP positioned to deliver attractive returns over the long term - forecast distribution growth of ~10% for 2018 Gathering & Processing Logistics & Storage Stable Cash Flows Competitive Cost of Capital Largest processor and fractionator in the Marcellus/Utica basins Strong footprint in STACK play and growing presence in Permian basin Robust capital plan for 2018 adds 11 plants and ~1.5 Bcf/d processing and ~100 MBPD fractionation capacity Expanding third-party business and delivering industry solutions Supports extensive operations of second-largest U.S. refiner including fuels distribution services Substantial fee-based income with limited commodity exposure Long-term relationships with diverse set of producer customers Transportation and storage agreements with sponsor MPC Visibility to growth through robust portfolio of organic projects and strong coverage ratio Elimination of IDR burden improves MPLX cost of capital Anticipate no issuance of public equity to fund organic growth capital in

30 About MPLX As of Feb. 1, 2018 Growth-oriented, diversified MLP with high-quality, strategically located assets with leading midstream position Two primary businesses Logistics & Storage includes transportation, storage and distribution of crude oil, refined petroleum products and other hydrocarbon-based products and fuels distribution services to MPC Gathering & Processing includes gathering, processing, and transportation of natural gas and the gathering, transportation, fractionation, storage and marketing of NGLs Investment grade credit profile with strong financial flexibility MPC as sponsor has interests aligned with MPLX MPLX assets are integral to MPC Growing stable cash flows through continued investment in midstream infrastructure ~64% ownership of the outstanding MPLX common units MPLX Pipelines: Owned & Operated Cavern Barge Dock MPLX Interest Pipelines: Operated by Others MarkWest Complex MPLX Operated Pipelines: Owned by Others MPLX Refining Logistics Assets MPLX Terminals: Owned and Part-owned MPC Refineries 30

31 MPLX Organic Growth Capital Projects Gathering and Processing Segment Processing and Fractionation Shale Resource Capacity Est. Completion Date Gathering Est. Completion Date Sherwood IX Processing Plant (b) Marcellus 200 MMcf/d In Service Houston I Processing Plant (c) Marcellus 200 MMcf/d 1Q18 Argo Processing Plant Delaware 200 MMcf/d 1Q18 Omega Processing Plant Cana-Woodford 75 MMcf/d Mid-2018 Majorsville VII Processing Plant Marcellus 200 MMcf/d 3Q18 Sherwood X Processing Plant (b) Marcellus 200 MMcf/d 3Q18 Sherwood C2 Fractionation Marcellus 20,000 BPD 3Q18 Sherwood XI Processing Plant (b) Marcellus 200 MMcf/d 4Q18 Harmon Creek Processing Plant Marcellus 200 MMcf/d 4Q18 Marcellus/Utica Rich- and Dry-Gas Gathering (a) Western Oklahoma - STACK Rich-Gas and Oil Gathering Ongoing Ongoing Harmon Creek C2 Fractionation Marcellus 20,000 BPD 4Q18 Hopedale IV C3+ Fractionation Marcellus & Utica 60,000 BPD 4Q18 NGL Pipeline Expansions Northeast & Southwest N/A Ongoing (a) Utica Rich- and Dry-Gas Gathering is a joint venture between MarkWest Utica EMG s and Summit Midstream LLC. Dry-Gas Gathering in the Utica Shale is completed through a joint venture with MarkWest and EMG. (b) Sherwood Midstream investment (c) Replacement of existing Houston 35 MMcf/d plant 31

32 MPLX Organic Growth Capital Projects Logistics and Storage Segment Projects Ozark Pipeline Expansion Description Increasing pipeline capacity to 360 MBPD; provides crude sourcing optionality to Midwest refineries Est. Completion Date Mid-2018 Wood River-to-Patoka Pipeline Expansion Robinson Butane Cavern Increasing pipeline capacity to 360 MBPD; provides crude sourcing optionality to Midwest refineries Displaces MPC s third-party storage services and optimizes butane handling Mid Q18 Texas City Tank Farm MPC and third-party logistics solution 3Q18 Patoka Tank Farm MPC and third-party logistics solution 4Q18 Marine Fleet Expansion Displaces MPC s third-party barges and supports increased demand 2018/

33 MPLX Logistics & Storage Segment Overview High-quality, well-maintained assets that are integral to MPC Owns, leases, operates, or has interest in ~4,500 miles of crude oil pipelines and ~5,500 miles of product pipelines and supporting assets 62 light product terminals with ~24 million barrels of storage capacity 18 inland waterway towboats and more than 200 tank barges moving refined products and crude oil Refining Logistics assets consisting of tanks with storage capacity of ~56 million barrels as well as refinery docks, loading racks, and associated piping Provides fuels distribution services to MPC Stable cash flows with fee-based revenues and minimal direct commodity exposure Headquarters MPLX Pipelines: Owned & Operated MPLX Interest Pipelines: Operated by Others MPLX Operated Pipelines: Owned by Others MPLX Refining Logistics Assets MPLX Terminals: Owned and Part-owned Barge Dock Cavern MPC Refineries As of Feb. 1,

34 MPLX Refining Logistics Overview Integrated Tank Farm Assets Supporting MPC s Operations Tanks Racks ~56 MMBBL storage Multiple rail and truck loading racks Docks Handle ocean- and river-going vessels at Gulf Coast refineries and asphalt barges at Detroit refinery Gasoline Blending & Associated Piping Piping to connect process units, tank farms, terminals Annual EBITDA ~$400 MM Fee for Capacity Arrangement 34

35 MPLX Fuels Distribution Overview Extensive Range of Scheduling and Marketing Services that Support MPC s Refining and Marketing Operations Services Description Scheduling Supply and demand balancing Third-party exchange, terminaling and storage Bulk purchases and sale of products Product movements coordination Products and intermediates inventory Annual EBITDA ~$600 MM Supported by MPLX logistics assets no additional maintenance capital Marketing Services Customer identification, evaluation and set-up Marketing analytics and forecasting Sale of products Product marketing through multiple channels of distribution Different from other Fuels Distribution models No title to inventory Margin risk stays with MPC 100% fee for services 35

36 MPLX Gathering & Processing Segment Overview Raw Natural Gas Production Gathering and Compression We are well-positioned in the most prolific and attractive basins Largest processor and fractionator in the Marcellus/Utica basins Strong footprint in STACK play and growing presence in Permian basin ~45% of total U.S. natural gas production growth is expected to occur in Northeast Top-rated midstream service provider since 2006 as determined by independent research provider Primarily fee-based business with highly diverse customer base and established long-term contracts (1) Includes condensate stabilization capacity. (2) Includes processing capacity of non-operated joint venture. Processing Plants Mixed NGLs Gathering Capacity (~5.9 Bcf/d) ~65% ~35% Processing Capacity (~8.2 Bcf/d) (2) Fractionation Facilities ~75% ~20% (2) NGL Products Ethane Propane Normal Butane Isobutane Natural Gasoline C2 + Fractionation Capacity (~610 MBPD) (1) ~5% ~90% ~5% ~5% Marcellus/Utica Southwest Southern Appalachia 36

37 MPLX Marcellus/Utica Capacity Building Infrastructure to Support Processing & Fractionation Volume Growth MBPD Bcf/d Marcellus/Utica Processing Capacity 2018 plan increases processing capacity by 21% to ~7 bcf/d E Marcellus/Utica Fractionation Capacity 2018 plan increases fractionation capacity by 19% to ~631 MBPD Currently ~ 65% of processing capacity in the Marcellus/Utica Basin 2017 plant completions Sherwood VII (in service 1Q17) Sherwood VIII (in service 3Q17) 2018 expected plant completions Harmon Creek Sherwood IX Houston I Sherwood X Majorsville VII Sherwood XI Currently ~ 60% of fractionation capacity in the Marcellus/Utica Basin 2017 plant completions Hopedale III C3+ (in service 1Q17) Bluestone C2 (in service 3Q17) Majorsville II C2 (in service 4Q17) E Throughput Year-End Capacity Note: 2013 through 2015 include MarkWest volumes prior to acquisition by MPLX 2018 expected plant completions Harmon Creek C2 Sherwood C2 Hopedale IV C3+ 37

38 MPLX Marcellus/Utica Overview 3.8 Bcf/d Gathering, 6.0 Bcf/d Processing & 531 MBPD C2+ Fractionation Capacity HOPEDALE FRACTIONATION COMPLEX PENNSYLVANIA OHIO BLUESTONE COMPLEX HARMON CREEK COMPLEX (currently under construction) HOUSTON COMPLEX MarkWest Joint Venture with EMG OHIO CONDENSATE MarkWest Joint Venture with Summit Midstream CADIZ & SENECA COMPLEXES MarkWest Joint Venture with EMG MAJORSVILLE COMPLEX SHERWOOD COMPLEX MOBLEY COMPLEX Gathering System Marcellus Complex Utica Complex NGL Pipeline Purity Ethane Pipeline WEST VIRGINIA ATEX Express Pipeline TEPPCO Product Pipeline Mariner West Pipeline Mariner East Pipeline 38

39 MPLX Northeast Operations Well-Positioned in Ethane Market Ethane demand growing as exports and steam cracker development continues in Gulf Coast and Northeast MPLX well-positioned to support producer customers rich-gas development with extensive distributed de-ethanization system Based on current utilization, MPLX can support the production of an additional ~80 MBPD of purity ethane with existing assets Opportunity to invest to support Northeast ethane recovery PTT Global Chemical Proposed Steam Cracker Seneca Ohio Harmon Creek Cadiz Pennsylvania Majorsville Mobley Sherwood West Virginia Houston Bluestone Shell Chemical Planned Steam Cracker MPLX De-ethanization Facility MPLX Processing Complex MPLX Planned De-ethanization Facility Steam Cracker Planned Steam Cracker Proposed MPLX Ethane Pipeline ATEX Pipeline Mariner West Pipeline Mariner East 1 Pipeline 39

40 Major Residue Gas Takeaway Expansion Projects Originate at MPLX Facilities New takeaway pipelines expected to improve Northeast basis differentials MPLX processing complexes: Access to all major gas residue gas takeaway pipelines Provide multiple options with significant excess residue capacity Ability to bring mass and synergies to new residue gas pipelines Critical new projects designed to serve our complexes include: Rover, Leach/Rayne Xpress, Ohio Valley Connector, Mountaineer Express and Mountain Valley Pipeline Marcellus Complex Utica Complex 40

41 MPLX Gathering & Processing Segment Marcellus & Utica Operations Achieved record 4Q 2017 volumes Gathered volumes of ~2.7 Bcf/d Processed volumes of ~5.2 Bcf/d Achieved significant full-year volume increases over 2016 Gathered volumes increased ~19% Processed volumes increased ~14% Initiated start up of Sherwood IX at year end Area Processed Volumes (a) Available Capacity (MMcf/d) Average Volume (MMcf/d) (a) Includes amounts related to unconsolidated equity method investments on a 100% basis (b) Based on weighted average number of days plant(s) in service. Excludes periods of maintenance (c) Processing capacity excludes Sherwood IX plant which was commissioned in late December Utilization (%) (b) Marcellus 4,520 4,203 93% Houston % Majorsville 1, % Mobley % Sherwood (c) 1,600 1, % Bluestone % Utica 1, % Cadiz % Seneca % 4Q 2017 Total 5,845 5,194 89% 3Q 2017 Total 5,845 4,986 85% 41

42 MPLX Gathering & Processing Segment Marcellus & Utica Fractionation Commenced operations of second de-ethanization plant at Majorsville Achieved record 4Q 2017 fractionated volumes of ~389 MBPD Achieved ~19% growth in full-year fractionated volumes over 2016 Area Fractionated Volumes (a) Available Capacity (MBPD) (b) Average Volume (MBPD) Utilization (%) (c) 4Q17 Total C % 4Q17 Total C % 3Q17 Total C % 3Q17 Total C % (a) Includes amounts related to unconsolidated equity method investments on a 100% basis (b) Excludes Cibus Ranch condensate facility (c) Based on weighted average number of days plant(s) in service. Excludes periods of maintenance 42

43 MPLX Considerable Scale in the Southwest 2.1 Bcf/d Gathering, 1.5 Bcf/d Processing & 29 MBPD C2+ Fractionation Capacity Western Oklahoma Processing 425MMcf/d Gathering 585MMcf/d Gulf Coast Processing 142MMcf/d Fractionation 29,000BPD Permian Processing 200MMcf/d Oklahoma Texas Southeast Oklahoma Processing* 112MMcf/d Gathering 755MMcf/d *Represents 40% of processing capacity through the Partnership s Centrahoma JV with Targa Resources Corp. East Texas Processing 600MMcf/d Gathering 680MMcf/d 43

44 MPLX Expanding Southwest Position to Support Growing Production in High Performance Resource Plays Cana-Woodford Arkoma-Woodford Permian Roger Mills Arapaho Complex Blaine Kingfisher Dewey Rich-gas Newfield pipeline STACK area of operations Custer Caddo Washita Canadian Hickory Hills Plant Tupelo Plant Hidalgo Complex 200 MMcf/d Argo Complex 200 MMcf/d Q Delaware Basin Permian Basin Beckham Buffalo Creek Complex Grady McClain Comanche Garvin Woodford Play Meramec Play Stephens Began construction of 75 MMcf/d processing plant in STACK shale (Omega) expected to be in service in mid-2018 Full connectivity to 435 MMcf/d of processing capacity via a 60-mile high-pressure rich-gas pipeline Constructing rich-gas and crude oil gathering systems with related storage and logistics facilities Investment in two processing plants through our Centrahoma joint venture with Targa Resources These Southeast Oklahoma plants, Hickory Hills and Tupelo, will add 270 million cubic feet per day of natural gas processing capacity and are expected to contribute earnings in 4Q 2018 MPLX will maintain 40% ownership in the expanded joint venture Hidalgo processing plant in Culberson County, Texas, placed in service in 2Q 2016, currently operating at near 100% utilization Began construction of 200 MMcf/d processing plant in Delaware Basin (Argo) expected to be in service in 1Q

45 MPLX Gathering & Processing Segment Southwest Operations Achieved record 4Q 2017 volumes Gathered volumes of ~1.5 Bcf/d Processed volumes of ~1.4 Bcf/d Achieved 8% growth in full-year processed volumes over 2016 Argo processing plant in Permian basin expected to be placed in service in 1Q 2018 Investing in two processing plants in Southeast Oklahoma through Centrahoma JV Area Processed Volumes (a) Available Capacity (MMcf/d) Average Volume (MMcf/d) Utilization (%) (b) West Texas (c) % East Texas % Western OK % Southeast OK (d) % Gulf Coast % 4Q 2017 Total (d) 1,613 1,373 85% 3Q 2017 Total (d) 1,654 1,331 80% (a) Includes amounts related to unconsolidated equity method investments on a 100% basis (b) Based on weighted average number of days plant(s) in service. Excludes periods of maintenance (c) West Texas is composed of the Hidalgo plant in the Delaware Basin (d) Includes Centrahoma volumes sent to third parties. Processing capacity and utilization based on the higher of the partnership s portion of Centrahoma JV or the average volume processed 45

46 MPLX Gathering & Processing Contract Structure Durable long-term partnerships across leading basins Durable, long-term partnerships across leading basins Marcellus Utica Southwest Resource Play Marcellus, Upper Devonian Utica Haynesville, Cotton Valley, Woodford, Anadarko Basin, Granite Wash, Cana-Woodford, Permian, Eagle Ford Producers 14 including Range, Antero, EQT, CNX, Southwestern, Rex and others 7 including Antero, Gulfport, Ascent, Rice, PDC and others 140 including Newfield, Devon, BP, Cimarex, Chevron, PetroQuest and others Contract Structure Long-term agreements initially years, which contain renewal provisions Volume Protection (MVCs) 76% of 2017 capacity contains minimum volume commitments Long-term agreements initially years, which contain renewal provisions 27% of 2017 capacity contains minimum volume commitments Long-term agreements initially years, which contain renewal provisions 18% of 2017 capacity contains minimum volume commitments Area Dedications 4.1 MM acres 3.9 MM acres 2.0 MM acres Inflation Protection Yes Yes Yes 46

47 MPLX Strong Financial Flexibility to Manage and Grow Asset Base Committed to maintaining investment grade credit profile ~$1.9 B of available liquidity at year end No public equity issuance in 4Q 2017 Anticipate no issuance of public equity to fund 2018 organic growth capital of ~$2.2 B Recent actions $4.1 B 364-day term-loan facility funded at closing of dropdown transaction in February 2018 Issued $5.5 B of public notes in February 2018 to repay 364-day term-loan facility and MPC intercompany loan, as well as other purposes ($MM except ratio data) As of 12/31/17 Cash and cash equivalents 5 Total assets 19,500 Total debt (a) 7,332 Redeemable preferred units 1,000 Total equity 9,973 Consolidated total debt to LTM pro forma adjusted EBITDA ratio (b) 3.6x Remaining capacity available under $2.25 B revolving credit agreement 1,742 Remaining capacity available under $500 MM credit agreement with MPC (a) Total debt includes $386 MM of outstanding intercompany borrowings classified in current liabilities as of December 31, 2017 (b) Calculated using face value total debt and LTM pro forma adjusted EBITDA, which is pro forma for acquisitions. Face value total debt includes approximately $416 MM of unamortized discount and debt issuance costs as of December 31,

48 MPLX Long-term Value Objectives Deliver Sustainable Distribution Growth rate that provides attractive total unitholder returns Increase EBITDA through attractive investments and optimization of existing assets Execute and expand Robust Portfolio of Organic Growth Projects in support of producer customers and overall energy infrastructure build-out Maintain Investment Grade Credit profile Become Consolidator in midstream space 48

49 MPC and MPLX s Long-term Strategic Linkage MPLX was created in 2012 to grow MPC s midstream platform Assets and services provided by MPLX are integral to MPC s operations and MPC is MPLX s largest customer Earnings streams for assets/businesses sold to MPLX have effectively been converted into distribution streams Distributions from MPLX are fundamental elements of MPC s discretionary free cash flow and capital resources LP unitholders including MPC benefit from continued growth in DCF and distributions from MPLX MPC expects to hold MPLX units permanently 49

50 Speedway Retail Network Conn. 1 Del. 4 Mass. 109 N.J. 71 R.I. 19 Speedway Largest company-owned and -operated c-store chain east of the Mississippi ~2,740 locations in 21 states 241 As of Dec. 31,

51 Speedy Rewards Loyalty Program Highly successful loyalty program Customers earn points on every purchase Customers redeem points for free merchandise and fuel discounts Averaged ~ 6 million active Speedy Rewards members in 2017, and continues to grow as we attract new members in the markets we serve Heavy vendor support due to one-on-one marketing capabilities Upgrade to Speedy Rewards Pay Card and use of alternate ID Speedy Rewards MasterCard that is a Speedy Rewards card and MasterCard all in one Partnerships provide additional value to members 51

52 Speedway Private Label Products Higher Sales and Margins Promotes Brand Awareness and Loyalty Better Value Proposition for Consumers Differentiation from Competitors 52

53 Speedway Strong and Consistent Growth MM Gallons 8,000 6,000 4,000 2,000 0 Gasoline and Distillate Sales Volume 6,038 6,094 5,799 3,942 3, $MM 5,000 4,000 3,000 2,000 3,135 Merchandise Sales/Margin 5,007 4,879 3,611 4, Percent /Gallon Gasoline and Distillate Margin (a) , ,435 1, , Merchandise Margin $ Merchandise Sales $ Merchandise Margin Percent (a) The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volume. Excludes LCM inventory valuation charge of $25 MM in 2015 and LCM inventory valuation benefit of $25 MM in

54 Balance in Refining Network BPCD NCI Canton (Ohio) 93, Catlettsburg (Ky.) 277, Detroit (Mich.) 139, Robinson (Ill.) 245, Galveston Bay (Texas) 571, Garyville (La.) 556, Midwest Capacity 754,000 BPCD Total 1,881, * 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. Source: MPC data as reported in the Oil & Gas Journal effective Jan. 1, 2018 Texas Capacity 571,000 BPCD *Weighted Average NCI Louisiana Capacity 556,000 BPCD 54

55 Key Strengths Balanced Operations During 2017 Crude Oil Refining Capacity Crude Slate 40% 60% PADD II PADD III 59% 41% Sour Crude Sweet Crude Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales) ~70% ~30% Assured Sales Wholesale and Other Sales 55

56 U. S. Crude Inventory Surplus Largely Gone MMB Crude Inventories Jan Feb M Apr M Jun Jul Aug Sep Oct Nov Dec Days Crude Days of Supply + Exports Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Crude inventories have fallen below early 2015 levels and below 5-year average on a days of supply + exports basis Higher production, inputs, and exports have increased inventory requirements Sources: EIA, Census Note: December 2017 and January 2018 from preliminary EIA weekly data (through 2/2/18) with December 2017 exports from Census 56

57 U.S. Product Inventories Support Constructive Market Outlook Days Gasoline Days of Supply + Exports Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Days Distillate Days of Supply + Exports Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gasoline inventories starting 2018 at lowest point in past 3 years Distillate inventories starting 2018 below 2016, 2017 and 5-year average Sources: EIA, Census; Note: November and December 2017 from preliminary EIA weekly data (through 12/29/17) with September 2017 exports from Census 57

58 Gasoline Exports Enhance Utilization Gasoline exports have expanded opportunity set for U.S. refiners Summer exports tend to be lower than winter as more product is consumed domestically U.S. refinery utilization is less subject to domestic demand seasonality 4Q 2017 USGC LLS * was the highest for the quarter since 2013, due in part to higher exports and relatively low inventories MBD MMBD U.S. Total Gross Gasoline Exports J F M A M J J A S O N D U.S. Gasoline Demand Sources: EIA, Census *CBOB, ex-rvo basis 8.2 J F M A M J J A S O N D 58

59 U.S. Product Exports Will Help Meet Global Demand EIA s 2018 Annual Energy Outlook Projects growth in U.S. product exports including gasoline, diesel and propane U.S. refining expected to remain highly competitive in the future MPC views the U.S. Gulf Coast as the most competitive source for refined product exports to the Atlantic Basin, if not the world MMBD EIA Annual Energy Outlook Product Exports Forecast Net product exports Gross product exports Sources: EIA, MPC Economics 59

60 U.S. Refiners Have Sustained Export Advantages $/MMBtu Sophisticated workforce 20 Natural Gas Price Comparison European Natural Gas (World Bank)* 15 HH Spot Price (World Bank) Japanese Liquefied Natural Gas (World Bank)* 10 5 Lower-cost natural gas Large, complex refineries Access to lower-cost feedstocks High utilization rates Forecast Region 2016 Utilization Rate (1) North America 85% MPC 95% Asia 85% Middle East 85% Europe 83% Former Soviet Union 83% Latin America 72% 0 *Average import border price Africa 61% Sources: World Bank, BP Statistical Review of World Energy, MPC Economics (1) Crude oil capacity utilization 60

61 Export Market Remains Robust Demand from Latin America for both diesel and gasoline expected to remain strong While arbitrage to Europe for diesel is not always open, occasional opportunities exist Opportunities increasing for gasoline exports to Europe MPC Export Capacity (MBPD) Expanding export capacity at Galveston Bay by 115 MBPD, 2020 est. completion Base E Galveston Bay 61

62 Distillate Leading World Liquids Demand 120 Forecast Average Annual Volumetric Growth (MBPD) 2016 vs MMBD Other Resid Middle Distillate Gasoline Sources: BP Statistical Review of World Energy, MPC Economics 62

63 Middle Distillates Lead U.S. Domestic Petroleum Fuels Demand MMB 10 Gasoline Gasoline ex ethanol Distillate Jet Fuel Resid Forecast Compounded Annual Growth Rates -1.8% -2.0% 0.0% +1.6% +0.3% Middle distillates (diesel + jet fuel) expected to lead U.S. domestic fuels demand growth Primarily due to growth in freight transportation, air travel and substitution for high-sulfur bunker fuels HFO demand expected to stagnate as low cost natural gas and changing marine bunker applications limit opportunities Sources: U.S. Energy Information Administration (EIA), MPC Economics 63

64 Sustained Global Demand Growth Expect global oil demand growth to be sustained near current levels Rising global population and living standards propel fuel demand Nonfuel uses such as petrochemical feedstocks also expected to grow and become more important Global Oil & Liquids Demand (MMBD) Global Oil Demand Forecast YOY Demand Growth (MMBD) Sources: BP Statistical Review of World Energy, MPC Economics 64

65 Galveston Bay World-Class Refining Complex Galveston Bay and Texas City refineries merged into a single refining complex during 2017 Galveston Bay Unit Capacities BPCD* Crude 611,000 Resid 142,000 Catalytic Cracking/Hydrocracking 268,000 Alkylation 53,300 Aromatics 34,700 *MPC estimates post-star program completion in

66 MPC Capital Expenditures & Investments ($MM) 2017 Revised Plan 4Q Outlook Refining & Marketing (R&M) 1, Speedway Midstream, including MPLX (a) 2, ,756 2,405 Corporate and Other Total Capital Expenditures & Investments (b)(c) 3, ,052 3,970 (a) 2017 revised plan reflects the midpoint of the range for organic growth capital for MPLX of $1.8 to $2.0 B. (b) 2017 plan and actual exclude $220 MM for the Ozark Pipeline acquisition, and $500 million for the investment in the Bakken Pipeline system. (c) 2017 plan, actuals and 2018 outlook exclude capitalized interest. 66

67 MPLX Reconciliation of Adjusted EBITDA and Distributable Cash from Net Income ($MM) 4Q 2015 (4) 1Q Q Q Q Q Q Q Q 2017 Net income (loss) 42 (14) Depreciation and amortization Provision (benefit) for income taxes 1 (4) (8) (2) Amortization of deferred financing costs Non-cash equity-based compensation Impairment expense Net interest and other financial costs (Income) loss from equity investments (3) (5) 83 (6) 2 (5) (1) (23) (49) Distributions from unconsolidated subsidiaries Distributions of cash received from equity method investments to MPC (13) (18) Other adjustments to equity method investment distributions Unrealized derivative (gains) losses (1) (4) (16) (3) 17 8 Acquisition costs 26 1 (2) Adjusted EBITDA Adjusted EBITDA attributable to noncontrolling interests - (1) - (2) - (1) (2) (2) (3) Adjusted EBITDA attributable to Predecessor (2) (31) (57) (66) (64) (64) (47) MarkWest s pre-merger EBITDA (3) Adjusted EBITDA attributable to MPLX LP Deferred revenue impacts Net interest and other financial costs (20) (57) (52) (53) (53) (66) (74) (80) (81) Maintenance capital expenditures (15) (13) (20) (25) (26) (12) (23) (24) (44) Portion of DCF adjustments attributable to Predecessor (2) Equity method investment capital expenditures paid out - (1) - - (2) (2) - (2) (9) Other (6) 1 - (2) Distributable cash flow pre-markwest undistributed MarkWest undistributed DCF (3) (32) Distributable cash flow attributable to MPLX LP Preferred unit distributions - - (9) (16) (16) (16) (17) (16) (16) Distributable cash flow available to GP and LP unitholders (1) The Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. (2) The Adjusted EBITDA and DCF adjustments related to the Predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF prior to the acquisition dates. (3) MarkWest pre-merger EBITDA and undistributed DCF relates to MarkWest s EBITDA and DCF from Oct 1, 2015 through Dec. 3, 2015 (4) Adjusted EBITDA and DCF Reconciliation from Net Income for 4Q 2015 has not been recast for the 1Q 2017 dropdown from MPC. 67

68 MPLX Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities (YTD) ($MM) Dec 31, 2015 Net cash provided by operating activities , ,338 1,907 Changes in working capital items 59 (13) (9) 59 (76) 51 1 (41) (147) All other, net (7) (17) (22) (18) (16) (16) (32) (43) (28) Non-cash equity-based compensation Net gain (loss) on disposal of assets (1) Net interest and other financial costs Current income taxes Asset retirement expenditures Unrealized derivative (gains) losses (1) (4) (16) (19) (2) 6 Acquisition costs 30 1 (1) (1) (1) Distributions of cash received from equity method investments to MPC (13) (31) Other adjustments to equity method investment distributions Other Adjusted EBITDA ,218 1, ,487 2,059 Adjusted EBITDA attributable to noncontrolling interests (1) (1) (1) (3) (3) (1) (3) (5) (8) Adjusted EBITDA attributable to Predecessor (2) (215) (57) (123) (187) (251) (47) (47) (47) (47) MarkWest s pre-merger EBITDA (3) Adjusted EBITDA attributable to MPLX LP ,028 1, ,435 2,004 Deferred revenue impacts Net interest and other financial costs (35) (57) (109) (162) (215) (66) (140) (220) (301) Maintenance capital expenditures (49) (13) (33) (58) (84) (12) (35) (59) (103) Equity method investment capital expenditures paid out - (1) (1) (1) (3) (2) (2) (4) (13) Other (6) 1 1 (1) (1) Portion of DCF adjustments attributable to Predecessor (2) Distributable cash flow pre-markwest undistributed , ,183 1,628 MarkWest undistributed DCF adjustment (3) (32) Distributable cash flow attributable to MPLX LP , ,183 1,628 Preferred unit distributions - - (9) (25) (41) (16) (33) (49) (65) Distributable cash flow available to GP and LP unitholders , ,134 1,563 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 (1) The Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. (2) The Adjusted EBITDA and DCF adjustments related to the Predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF prior to the acquisition dates. (3) MarkWest pre-merger EBITDA and undistributed DCF relates to MarkWest s EBITDA and DCF from Oct 1, 2015 through Dec. 3,

69 MPC Reconciliation Adjusted EBITDA to Net Income Attributable to MPC ($MM) Q 2Q 3Q 4Q LTM Net Income attributable to MPC ,016 3,432 Less: Net interest and other financial income (costs) (150) (158) (157) (160) (625) Add: Net income (loss) attributable to inco noncontrolling interests Provision (benefit) for income taxes (1,166) (460) Depreciation and amortization ,114 Litigation (57) 29 Impairments - (19) (2) (2) (23) Adjusted EBITDA 828 1,570 2,091 1,600 6,089 Less: Adjusted EBITDA related to MPLX 1,874 Adjusted EBITDA excluding MPLX 4,215 Add: Distributions from MPLX to MPC 498 Adjusted EBITDA excluding MPLX, including LP distributions to MPC 4,713 69

70 MPLX Reconciliation Adjusted EBITDA Related to MPLX to MPLX Net Income (a) ($MM) Q 2Q 3Q 4Q LTM MPLX Net Income Less: Net interest and other financial income (costs) (78) (87) (93) (96) (354) Add: Provision (benefit) for income taxes (2) 1 Depreciation and amortization Adjusted EBITDA related to MPLX ,874 (a) Actuals have been recast in connection with the contribution of certain terminal, pipeline and storage assets to MPLX on March 1,

71 Reconciliation of Speedway Total Margin to Speedway Income from Operations ($MM) Speedway income from operations Plus (Less): Operating, selling, general and administrative expenses (a) 801 1,004 1,573 1,554 1,530 Depreciation and amortization (a) Income from equity method investments (5) (69) Net gain on disposal of assets (2) (2) (1) (30) (14) Other income (a) (8) (13) (17) (18) (14) Inventory market valuation adjustment (25) - Speedway total margin 1,278 1,685 2,507 2,483 2,440 Speedway total margin: (a)(b) Gasoline and distillate margin ,101 1,009 1,008 Merchandise margin ,368 1,435 1,402 Other margin Speedway total margin 1,278 1,685 2,507 2,483 2,440 (a) Fourth-quarter and year-to-date 2017 margin and expenses do not reflect any results from the 41 travel centers contributed to PFJ Southeast, whereas they are reflected in the fourth-quarter and year-to-date 2016 information. Our share of the net results from the joint venture is reflected in income from equity method investments. (b) Speedway gasoline and distillate margin is defined as the price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees and excluding any LCM inventory market adjustment. Speedway merchandise margin is defined as the price paid by consumers less the cost of merchandise. We believe these non- GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to the most comparable GAAP measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. 71

72 Speedway Reconciliation Segment EBITDA to Segment Income from Operations ($MM) Speedway Income from Operations Plus: Depreciation and Amortization Speedway Segment EBITDA 1,007 1,007 72

73 MPC Annual Price and Margin Sensitivities Refining and Marketing Segment $MM (After Tax) LLS Crack Spread* Sensitivity ~$590 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$300 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$90 (per $1.00/barrel change) Natural Gas Price Sensitivity ~$200 (per $1.00/MMbtu change in Henry Hub) *Weighted 40% Chicago and 60% 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] and assumes approximately 58% of crude throughput volumes are sour-based crudes ***Assumes approximately 17% of crude throughput volumes are WTI-based domestic crudes 73

74 MPC s Fully Integrated Downstream System As of Feb. 1, 2018 Refining & Marketing Six-plant refining system with ~1.9 MMBPCD capacity One biodiesel facility and interest in three ethanol facilities One of the largest wholesale suppliers in our market area One of the largest producers of asphalt in the U.S. ~5,600 Marathon Brand retail outlets across 20 states and the District of Columbia Owns/operates 20 asphalt/light product terminals, while utilizing third-party terminals at 121 light product and two asphalt locations 2,074 owned/leased railcars, 163 owned transport trucks Speedway ~2,740 locations in 21 states Second-largest U.S. owned/operated c-store chain Midstream (including MPLX) Owns, leases or has interest in ~10,800 miles of crude and refined product pipelines 62 light product terminals with ~24 million barrels of storage capacity 18 owned inland waterway towboats with more than 200 barges Owns/operates ~5.9 billion cubic feet per day of gas gathering capacity Owns/operates ~8.2 billion cubic feet per day of natural gas processing capacity and ~610 MBPD of fractionation capacity Owns refining logistics assets consisting of tanks, refinery docks, loading racks and associated piping Marketing Area MPC Refineries Light Product Terminals MPC Owned and Part-owned Third Party Asphalt/Heavy Oil Terminals MPC Owned Third Party Water Supplied Terminals Coastal Inland Pipelines MPC Owned & Operated MPC Interest: Operated by MPLX MPC Interest: Operated by Others Pipelines Used by MPC Renewable Fuels Ethanol Facility Biodiesel Facility MPLX Pipelines: Owned & Operated MPLX Refining Logistics Assets Barge Dock MPLX Interest Pipelines: Operated by Others MPLX Terminals: Owned and Part-owned Cavern MPLX Operated Pipelines: Owned by Others MarkWest Complex 74