Session 5 US Gulf Coast Export Infrastructure Developments

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1 Session 5 US Gulf Coast Export Infrastructure Developments Mark Roles Vice President, Commercial Crude Oil January 24, 2019

2 Magellan s Existing & Future Texas Crude Assets

3 Longhorn Pipeline & BridgeTex Pipelines BridgeTex Overview Joint Venture with OMERS and Plains; Magellan operates Capacity: 440M bpd Grades: WTI, WTS, Condensate & Eaglebine Select Origins: Midland, Colorado City and Bryan Lease storage options available at Colorado City Longhorn Overview Capacity: 275M bpd Grades: WTI, WTS & Condensate Origins: Midland, Crane and Barnhart Lease storage options available at Crane Both pipelines have destinations of Magellan East Houston (MEH) and Magellan s Houston Distribution System

4 Magellan East Houston Terminal Daily trade pricing for WTI via Argus and Platts Current Crude Oil Storage MEH storage capacity of 9MM barrels Magellan total Houston area storage capacity of 12MM barrels Includes Galena Park and Seabrook Crude Storage Crude Product Segregations Permian WTI, WTS, Condensate Domestic Sweet, DJ Basin, Eaglebine Select Connectivity Inbound: Longhorn Pipeline, BridgeTex Pipeline, HoustonLink Pipeline, and truck offloading Outbound: Magellan s Houston Distribution System, Seabrook Terminal, Magellan Galena Park, Shell HoHo Pipeline (Zydeco), Kinder Morgan Splitter (Origins of MEH and Genoa Jct.) Developing Options: Permian Gulf Coast Pipeline destination Voyager destination Discussing other third party pipeline connections

5 Houston Area Magellan s Houston Distribution System is a comprehensive system delivering crude oil and condensate to the Houston Gulf Coast area Access to all domestic inbound crude production with additional inbound projects proposed Permian Gulf Coast Pipeline (PGC) Voyager Pipeline Delivery capabilities to all Houston and Texas City refineries, as well as utilizing the Shell HoHo Pipeline Marine facility destinations on the system Magellan s Seabrook Terminal Magellan s Galena Park Terminal Third-party marine terminals

6 ICE MEH Quality WTI Meets the Global Marketplace Intercontinental Exchange (ICE) is the home to several of the world s most actively traded crude oil benchmarks Global Crude Oil Benchmark Brent Futures ICE Brent futures has 2.4MM lots of Open Interest ICE Brent futures average over 900M lots of daily volume Asian Crude Oil Benchmark Dubai Futures 2018 average Open Interest = 217M lots 2018 average daily volume = 20M lots More than 75% of all exchange cleared and traded financial oil volume is traded on ICE ICE Permian WTI Futures (HOU) Provides price discovery for a full futures curve for MEH quality Permian WTI Manage price exposure for exports to Europe and Asia via spreads to Brent and Dubai Futures Manage locational and quality differentials between WTI at Cushing and MEH via HOU vs ICE WTI Futures Margin offsets between HOU and other global crude benchmarks of more than 90% providing capital efficient risk management

7 ICE Permian WTI & Storage Futures ICE Permian WTI Futures HOU contract allows customers the ability to trade physical crude oil futures for ultimate delivery at MEH Longhorn and BridgeTex Permian WTI can be delivered into the contract HOU contract represents a predictable quality crude at MEH, a highly active trading hub on the US Gulf Coast Crude Quality Control Monthly average WTI quality readings from BridgeTex & Longhorn Pipelines are posted on ICE s website CRUDE QUALITY API SULFUR RVP BS&W IRON NICKEL VANADIUM DISTILLATION 20% DISTILLATION 50% DISTILLATION FBP BRIDGETEX & LONGHORN TARIFF SPECIFICATIONS <= <=1.0% AVERAGE MONTHLY READINGS FOR THE PAST 3 MONTHS *Metals and Distillation readings soon to be included for full transparency ICE Crude Oil Storage Futures ICE Crude Oil Storage Futures contract at MEH is planned for 1Q19 Initial storage volume will be 500M barrels per contract month with ability to expand Will allow short-term storage options to manage HOU and flexibility for long-term storage customers

8 ICE HOU Contract Development Current Status Physically Deliverable Crude Futures Contract launched on October 22, 2018 Since the contract launch, there has been consistent growth in market participants, volume, and open interest December contract expired with the successful delivery of 204 lots into MEH and 664 were delivered from the January contract More than 30 companies actively trading HOU Enhancement Plans Enhanced quality control testing and transparency Developing plans to add Magellan s Seabrook and Galena Park terminals as a delivery locations; possibly other marine terminals Evaluating the potential to allow third-party origins to deliver into the contract in the future

9 Permian Gulf Coast Pipeline (PGC) Capacity Origins Up to approximately 1MM bpd ET Midland Magellan Crane Terminal Magellan Wink Terminal ~600 miles of 30 pipeline Magellan Midstream Partners, LP Energy Transfer LP (ET) Delek US Holdings, Inc MPLX LP Destinations MEH Magellan s Houston Distribution System ET Nederland Terminal Crude Oil Quality WTI, WTI Light, Condensate Timing Commercial service expected in mid-2020 Delivery into ICE HOU futures contract

10 Proposed Voyager Pipeline Capacity Origin Initial: 250M bpd Expandable: 600M bpd Magellan s Cushing terminal Destinations MEH Magellan s Houston Distribution System Magellan s Seabrook Terminal Crude Oil Quality Timing Four light crude and condensate grades Ability to add additional grades Segregated quality will be maintained Commercial service expected in late-2020 Delivery into ICE HOU futures contract

11 Seabrook Terminal Joint Venture with LBC Tank Terminals, LLC In August 2018, Seabrook commenced operations of recent storage, pipeline and export capable dock expansions 2.3MM barrels of storage, one Aframax ship dock, and two barge docks Connection to Magellan s Houston Distribution System including MEH 45 draft 30M barrels per hour load rates Further expansions are under construction with expectation to be in service by early 2020 Second ship dock (Suezmax) with 40M barrels per hour load rates 825M barrels of storage Additional expansion opportunities Up to 2.2MM barrels of additional storage Second pipeline connecting Magellan s Houston Distribution System Once fully constructed, Seabrook will have 5.4MM barrels of storage and a total dock capacity of 700M bpd 2018 Gulf Coast Exports (bpd) 2,000,000 1,000,000 - January February March April May June July August September October *Argus export analytics data Gulf (non-houston)* Houston* Seabrook

12 Corpus Christi Area Existing Corpus Christi Terminal Four (4) public docks (3 ship and 1 barge) 2.3MM barrels of storage 50,000 bpd condensate splitter Permitted for construction of a second 50,000 bpd condensate splitter Waterfront Property Four (4) private ship docks permitted Up to 10MM barrels of storage permitted Connectivity to existing Corpus Christi Terminal and local area refineries Double Eagle Lyondell-Basell Flint Hills Celanese Terminal Connectivity Condensate Fuel Oil Methanol Naphtha Pygas Distillate CITGO Valero NuStar Buckeye Private 4 Private 3 Magellan Waterfront Valero Private 2 Flint Hills CITGO Private 1 CITGO 11 Magellan CITGO Flint Hills Flint Hills Magellan continues to evaluate potential VLCC opportunities at Harbor Island

13 Summary Strategic existing assets reach some of the largest basins bringing reliable crude oil transportation service to major refining and export markets Growth projects planned would expand pipeline capacity out of the Permian Basin and Cushing to the Gulf Coast Export expansions planned at Seabrook and Corpus Christi would allow our customers to efficiently reach international markets The ICE Permian WTI contract represents a controlled and predictable quality crude at MEH, a highly active trading hub on the US Gulf Coast, with plans to add Seabrook and Galena Park as a delivery locations along with other enhancements

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