MPLX LP : Q1 2024 Earnings Conference Call First Quarter 2024 Earnings Call Slides

First Quarter 2024

Earnings Conference Call

April 30, 2024

Forward‐Looking Statements and Non-GAAP

Financial Measurements

This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") goals and targets, including those related to greenhouse gas emissions, biodiversity, diversity, equity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-lookingESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewables; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles, and achieve our ESG goals and targets within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes or maximum refining margin penalties on companies operating in the energy industry in California or other jurisdictions; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2023, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

Non-GAAP Financial Measures

Adjusted EBITDA, distributable cash flow (DCF), leverage ratio, adjusted free cash flow (Adjusted FCF), adjusted free cash flow after distributions and return of invested capital (ROIC) are non-GAAP financial measures provided in this presentation. Adjusted EBITDA, DCF, leverage ratio, Adjusted FCF, adjusted free cash flow after distributions and ROIC reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. Leverage ratio is consolidated debt to last twelve months adjusted EBITDA. 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 MPLX, net cash provided by operating activities or other financial measures prepared in accordance with GAAP. This presentation may contain certain EBITDA forecasts that 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 forward-lookingnon-GAAP financial measures to the nearest GAAP financial measures have not been provided.

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Business Update

• Growing Adjusted EBITDA & DCF
• Investing for growth, underpinned by strict capital discipline
• Acquired Utica G&P assets and announced expansion of Permian natural gas value chain
• Maintaining a strong balance sheet
• Committed to return of capital

	Distributable
Adj. EBITDA	Cash Flow
$1.6B	$1.4B
Adj. Free	Return of
Cash Flow(a)	Capital
$294M	$951M
Leverage	Distribution
Ratio	Coverage
3.2x	1.6x

1. Includes the impact of $622 million (net of cash received) related to the acquisition of Utica midstream assets and a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.

See appendix for additional information and reconciliations for Adj. EBITDA, Distributable Cash Flow, Adj. Free Cash Flow, and Leverage Ratio.	3
Distribution coverage is defined as DCF attributable to GP and LP unitholders divided by total GP and LP distributions declared.

Sustainability Highlights

1. 2023 estimated progress value is preliminary and subject to change; methane emissions were calculated based on the EPA's Mandatory Greenhouse Gas Reporting Program in 40 CFR Part 98.

(b)	2023 estimated progress value is preliminary and subject to change.	4

See our most recent Climate Report on our website for additional information on how we calculate GHG intensity and CO2e reductions

Steadily Growing Business

Dates		& Prior
-Service		2022
Projected In		2023
Growth Projects &
2024 / 2025 / 2026

L&S

• Whistler Pipeline (2.0 Bcf/d, 38% → 30% owner(a))
• BANGL Pipeline (125 MBD, 25% owner)
• Permian Gathering System Expansion (100% owner)
• Bakken Gathering System Expansion (100% owner)

G&P

• Torñado II (200 MMcf/d, 100% owner(b))
• Smithburg De-Ethanizer (68 MBD, 100% owner)

L&S

• W2W Pipeline Lateral Expansion (15% owner)
• Whistler Pipeline Expansion (2.0 → 2.5 Bcf/d, 38% → 30% owner(a))
• Marine Fleet Expansion (100% owner)

G&P

• Marcellus Gathering System Expansion (100% owner)

L&S

• Whistler - ADCC Pipeline (1.7 Bcf/d, 26% → 21% owner(a))
• Whistler - Rio Bravo Pipeline (Up to 4.5 Bcf/d, 0% → 23% owner(a))
• Matterhorn Express Pipeline (2.5 Bcf/d, 5% owner)
• BANGL Pipeline Expansion (125 → ~200 MBD, 25% owner)
• Permian Gathering System Expansion (100% owner)
• Bakken Gathering System Expansion (100% owner)

G&P

⚫ Preakness II (200 MMcf/d, 100% owner)	Updated
⚫	Harmon Creek II (200 MMcf/d, 100% owner)
Projects
⚫	Secretariat (200 MMcf/d, 100% owner)
in Blue
⚫	Utica Gathering System Expansion (73% owner(c))

1. In 1Q'24, MPLX entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. Ownership reflects MPLX's interest upon the transaction's close, which is expected in 2Q'24 subject to receipt of required regulatory

	approvals and satisfaction of other customary closing conditions.	5
(b)	MPLX acquired partner's 40% interest in Torñado I & II in 4Q'23.
(c)	MPLX acquired partner's 36% interest in the Ohio Gathering Company in 1Q'24, in addition to our existing 37% interest.

Logistics & Storage Segment

• Higher rates and growth from equity affiliates
• Limited impact from volumes due to contracts with MPC
• 1Q24 overall volumes and % change:

	vs. 1Q23
Crude Pipelines: 3.5 MMBPD	(5)%
Product Pipelines: 1.8 MMBPD	(8)%
Terminals: 2.9 MMBPD	(5)%

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Gathering & Processing Segment

• Higher volumes and $20 million gain associated with Utica acquisition, partially offset by higher operating expenses
• 1Q24 overall volumes and % change:

	vs. 1Q23
Gathering: 6.2 Bcf/d	(2)%
Processing: 9.4 Bcf/d	9%
Fractionation: 632 MBPD	7%

• 1Q24 Marcellus volumes and % change:

	vs. 1Q23
Gathering: 1.5 Bcf/d	10%
Processing: 5.9 Bcf/d	7%
Fractionation: 553 MBPD	4%

Volumes include amounts related to unconsolidated equity method investments on a 100% basis.

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1Q 2024 Financial Highlights

2023	2024	2023	2024
+8% YoY	+8% YoY

			Three Months Ended March 31,
			2023	2024
		Distributions Declared ($/unit)	$0.775	$0.850
		Distribution Coverage(a)	1.6x	1.6x
		Adjusted Free Cash Flow(b)(c) ($MM)	$1,005	$294
		Total Capital Returned to Unitholders(d) ($MM)	$821	$951
	See appendix for additional information and reconciliations for Adj. EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow.
(a) Distribution coverage is defined as DCF attributable to GP and LP unitholders divided by total GP and LP distributions declared.		8
(b) The three months ended March 31, 2023 and March 31, 2024 include working capital builds of $48 million and $62 million, respectively.
(c)	The three months ended March 31, 2024 includes the impact of $622 million (net of cash received) related to the acquisition of Utica midstream assets and a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.
(d)	Total capital returned to unitholders includes distributions and repurchases of common units.

History of Strong Financial Performance

High-return capital projects driving steady cash flow growth support

disciplined reinvestment and capital return to unitholders

	See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow.	9
(a)	Attributable to MPLX LP
(b)	Attributable to GP and LP Unitholders
(c)	Base distribution increase as declared for the third quarter, as compared to the third quarter of prior year.

Appendix

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