Forward‐Looking Statements
2
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 forward-looking statements include:
the time, costs and ability to obtain regulatory or other approvals and consents and otherwise consummate the strategic initiatives discussed herein; the satisfaction or waiver of conditions in the agreements governing the strategic
initiatives discussed herein; our ability to achieve the strategic and other objectives related to the strategic initiatives discussed herein; our ability to generate sufficient income and cash flow to effect the intended share repurchases,
including within the expected timeframe; our ability to manage disruptions in credit markets or changes to our credit rating; the potential impact on our share price if we are unable to effect the intended share repurchases; 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; the time, costs and ability to obtain regulatory or other approvals and consents and otherwise consummate the strategic initiatives discussed herein and other proposed transactions;
the satisfaction or waiver of conditions in the agreements governing the strategic initiatives discussed herein and other proposed transactions; 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 to fund anticipated dropdowns 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; the level of support from MPC, including dropdowns, alternative financing arrangements, taking equity units, and
other methods of sponsor support, as a result of the capital allocation needs of the enterprise as a whole and its ability to provide support on commercially reasonable terms; 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 forward-looking statements. Copies of
MPC’s Form 10-K are available on the SEC website, MPC’s website at http://ir.marathonpetroleum.com 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
http://ir.mplx.com or by contacting MPLX’s Investor Relations office.
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, distributable cash flow (DCF} and distribution coverage ratio are non-GAAP financial measures provided in this presentation. EBITDA, Adjusted EBITDA and distributable cash-flow reconciliations to the
nearest GAAP financial measures are included in the Appendix to this presentation. EBITDA, Adjusted EBITDA, distributable cash flow and distribution coverage ratio 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 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. Light Product Breakeven is a metric used in this presentation and defined on the slides where it is used. The EBITDA forecasts related to certain projects 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.
275%
175%
252%
133%
MPC Peer Group Refining
Peers
S&P 500
Executing Our Strategic Plan and Delivering Results
Since 2011 spinoff we have:
– Returned approximately $13 billion to our shareholders
– Consistently grown dividend, 25% CAGR since spin
– Increased stable cash flow by more than 5 times
– Executed transformative growth strategy for MPLX growing LP
distribution per unit by 124% (18% CAGR) since 2012
Aggressively executed value-creating actions:
– Executed IPO of MPLX
– Galveston Bay acquisition
– Hess Retail acquisition
– MPLX merger with MarkWest
– Strategic actions (accelerated dropdowns, GP buy-in)(3)
Ongoing execution drives additional value to MPC
shareholders
3
Total Shareholder Return Since Spinoff
(6/30/2011)
Source: Nasdaq as of December 29, 2017
(1)Peer Group represents average TSR of BP, Chevron, ExxonMobil, HollyFrontier, Phillips 66, Royal Dutch Shell, Andeavor (formerly Tesoro) and Valero
(2)Refiner Peers represents average TSR of HollyFrontier, PBF Energy, Phillips 66, Andeavor (formerly Tesoro) and Valero
(3)All transactions subject to closing conditions including tax and other regulatory clearances
(1)
(2)
$0.23
$0.60
$0.77
$0.92
$1.14
$1.36
$1.52
$160
$407
$484
$524
$614
$719
$780
0
200
400
600
800
1,000
1,200
1,400
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
2011 2012 2013 2014 2015 2016 2017
$MM $/Share
Dividends per share Total Dividends
Delivering Significant Capital Returns for Our Shareholders
4
~$13 B returned to shareholders since spin
~$3.7 B in dividends(1)
Cu
m
u
la
ti
v
e
$
M
M
~$9.6 B in share repurchases
Repurchased ~34%
of Outstanding Common Shares
(1)Includes dividends paid on December 11, 2017
(2)Assumes unchanged dividend level Q4 2017
(3)Includes share repurchases through October 27, 2017
0
2,000
4,000
6,000
8,000
10,000
12,000
2011 2012 2013 2014 2015 2016 2017(2) (3)
Executing Strategic Plan to Enhance Value
5
Expected ~$4.5 B after-tax cash proceeds from dropdowns and
~$1.2 B - $1.4 B annual distributions after IDR exchange
Expected to fund substantial ongoing return of capital to
shareholders while maintaining an investment grade credit
profile
Clear market valuation for MPC’s ownership interest in MPLX
Simplifies structure and expected to lower cost of capital
EBITDA from asset dropdowns adds substantial stable
cash flow
Provides unique opportunity to target strong distribution
coverage while maintaining an attractive and sustainable
distribution growth rate for the long term
Significantly accelerate dropdowns to MPLX
Exchange of MPC’s economic interest in the general partner (GP) for MPLX LP units
Conduct a full and thorough Speedway evaluation
Strategic Actions – Status Update
6
(1)Adjusted EBITDA with respect to joint-interest ownership in certain pipelines and storage facilities is calculated as cash distributions adjusted for maintenance capital, growth capital and financing activities
(2)All transactions subject to closing conditions including tax and other regulatory clearances
1Q17
First dropdown in March – transaction value of $2.015 B
– ~$250 MM annual EBITDA – ~8x EBITDA multiple
Second dropdown in September – transaction value of $1.05 B
– ~$138 MM annual adjusted EBITDA(1) – ~7.6x adjusted EBITDA multiple
Completed Speedway evaluation in September
Executed agreements for remaining dropdown and IDR exchange – expected to close Feb. 1, 2018
– Dropdown of remaining ~$1 B of annual EBITDA
• ~$8.1 B transaction value ($4.1 B of cash and 114 million MPLX units)
– Exchange GP economic interests, including IDRs, for 275 MM newly issued MPLX common units
• ~$10.1 B transaction value
$2.75 B returned to shareholders year-to-date through Oct. 2017
Remaining dropdown and IDR exchange expected to close Feb. 1, 2018
Continuing return of capital planned while maintaining current investment grade credit profile
Agreement to Exchange MPC’s GP Economic Interests
Completes the announced plan
Announced Dec. 15, 2017 and expected to close Feb. 1, 2018 subject to the completion of refining
logistics assets and fuels distribution services dropdown(1)
Exchanges MPC’s GP economic interests, including IDR’s, for 275 million MPLX common units
~$10.1 B transaction value(2)
Transaction represents one of the fastest paths to accretion compared with similar GP
transactions
– Result of rapid growth of GP/IDR cash flows in status-quo scenario
7
(1)All transactions subject to closing conditions including tax and other regulatory clearances
(2)As calculated in Dec. 15, 2017 press release
Exchange Agreement – Cont’d
Exchanges MPLX GP/IDR cash distribution requirements to MPC for limited partner unit
distributions
Expected to be accretive to MPLX distributable cash flow (“DCF”) attributable to common
unitholders on a per unit basis in the third quarter and for the full-year 2018
– Compares pre- and post-exchange on DCF per unit available to common unitholders basis
– Pre-exchange basis allocates to LP DCF the maximum amount which is distributable per partnership
agreement
• In the high splits, total excess cash flow is allocated equally to LP and GP DCF – beyond actual distributions
– Post-exchange basis eliminates the fully distributed GP/IDR take which results in an increase to total cash
flow allocated to LP DCF
Supports attractive long-term distribution growth rate and lower cost of capital for MPLX
– Forecast ~10% distribution growth for 2018
8
All transactions subject to closing conditions including tax and other regulatory clearances
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
9
MPC expects to hold MPLX units permanently
Executed Agreement for Remaining Dropdown to MPLX
Assets include:
– Refining logistics assets: storage tanks, rail and truck
racks, docks, and gasoline blending and inter-battery
piping
– Fuels distribution services: scheduling and marketing
services that support MPC’s refinery and marketing
operations
Total consideration of ~$8.1 B
– $4.1 B in cash and 114 million MPLX units
– ~$1 B annual EBITDA
– Expected to be immediately accretive to MPLX’s
distributable cash flow
10
Expect to close February 1, 2018
Refining Logistics Overview
11
Integrated Tank Farm Assets Supporting MPC’s Operations
Tanks
Annual EBITDA ~$400 MM Fee for Capacity Arrangement
~56 MMBBL storage Multiple rail and truck loading racks
Handle ocean- and river-going
vessels at Gulf Coast refineries and
asphalt barges at Detroit refinery
Piping to connect process units,
tank farms, terminals
Racks
Docks Gasoline Blending & Associated Piping
Fuels Distribution Overview
12
Extensive Range of Scheduling and Marketing Services that Support MPC’s Refining and Marketing Operations
Services Description
Supply and demand balancing
Third-party exchange, terminaling and storage
Bulk purchases and sale of products
Product movements coordination
Products and intermediates inventory
Marketing Services
Customer identification, evaluation and set-up
Marketing analytics and forecasting
Sale of products
Branded product marketing
Annual EBITDA ~$600 MM
Supported by MPLX logistics assets
no additional maintenance capital
Scheduling
Model is different from other Fuels Distribution models
No title to inventory
Margin risk stays with MPC
100% fee for services
Refining & Marketing Segment Presentation
Updates effective with 1Q 2018 earnings and expected Feb. 1 dropdown
Intersegment earnings associated with refining logistics assets and fuels distribution
services after Feb. 1 dropdown to be reflected in Midstream segment
Prior period results remain in the Refining & Marketing (R&M) segment
Upon dropdown, fees from MPLX will be reflected in R&M segment
– Similar to previous dropdowns
– No change to R&M Gross Margin
– Financial impact of dropdown will be reflected as a decrease in “Direct Operating Costs” and an
increase in “Other” R&M expenses
– As in the past, we do not provide guidance for “Other” R&M expenses
– R&M “Direct Operating Costs” and “Other” R&M expenses will not be comparable to previous
periods
Supplemental statistic for volume related to fuels distribution service fee added to
Midstream segment
13
14
Illustrative Impact to Refining & Marketing Segment
Fuels Distribution and Refinery Logistics Dropdown
“Other” R&M Expenses to
include fees paid to MPLX for
fuels distribution services and
refinery logistics assets;
corresponding earnings to be
reflected in Midstream segment
“Direct Operating Costs” to
exclude costs related to refining
logistics assets
Net annual increase in total R&M
expenses of ~$1 B expected;
corresponding results to be
reflected in Midstream segment
No change to
“R&M Gross Margin”
-5
0
5
10
15
20
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
$
/B
B
L
Source: Company Reports
3 3
2
1
2
3
7
2
1
5
3
1 3
1
2
MPC’s Rank
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
Operating Income per Barrel of Crude Throughput*
15
11 12 11 9 10 9 8 9 9 8 10 8 8 8 8 8 8 9 9
2 3
6
3
9
Sept. 30
YTD
3
OPEC’s Resolve to Reduce Crude Inventory
16
2015 2016 2017 5-yr. Avg. (12-16)
Crude inventories have declined and are now below 2015, 2016 and 5-year average on a days of
supply + exports basis
Higher production, inputs, and exports have increased inventory requirements
Sources: EIA, Census; Note: November and December 2017 from preliminary EIA weekly data (through 12/29/17) with September 2017 exports from Census
325
375
425
475
525
575
J
a
n
Fe
b
M
a
r
A
p
r
M
a
y
J
u
n
J
u
l
A
u
g
S
e
p
Oc
t
N
o
v
D
e
c
M
M
B
Crude Inventories
18
20
22
24
26
28
30
32
34
J
a
n
Fe
b
M
a
r
A
p
r
M
a
y
J
u
n
J
u
l
A
u
g
S
e
p
Oc
t
No
v
De
c
Da
y
s
Crude Days of Supply + Exports
17
Progress Toward Rebalancing Products
Gasoline and distillate inventories have fallen below 2015, 2016 and 5-year average
2015 2016 2017 5-yr. Avg. (12-16)
20
22
24
26
28
30
J
a
n
Fe
b
M
a
r
A
p
r
M
a
y
J
u
n
J
u
l
A
u
g
S
e
p
Oc
t
No
v
De
c
Da
y
s
Gasoline Days of Supply + Exports
Sources: EIA, Census; Note: November and December 2017 from preliminary EIA weekly data (through 12/29/17) with September 2017 exports from Census
20
22
24
26
28
30
32
34
36
J
a
n
Fe
b
M
a
r
A
p
r
M
a
y
J
u
n
J
u
l
A
u
g
S
e
p
Oc
t
No
v
De
c
Da
y
s
Distillate Days of Supply + Exports
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 6-3-2-1* was the highest
for the quarter since 2013, due in part to
higher exports and relatively low inventories
18
300
500
700
900
1100
J F M A M J J A S O N D
M
B
D
U.S. Total Gross Gasoline Exports
2014
2015
2016
2017
8.2
8.6
9.0
9.4
9.8
J F M A M J J A S O N D
M
M
B
D
U.S. Gasoline Demand
2014
2015
2016
2017
Sources: EIA, Census *CBOB, ex-RVO basis
19
Export Market Remains Robust
320
345
395
510
365
115
0
100
200
300
400
500
600
2013 2014 2015 2016 2020E
M
B
P
D
Base Galveston Bay
MPC Export Capacity 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
Expanding export capacity at
Galveston Bay by 115 MBPD,
2020 estimated completion
Industry-leading Refining Network
20
High-quality,
Strategically Located
Refineries
Sustained Competitive
Advantages
Focus on Safe,
Efficient and Reliable
Operations
Focus on Enhancing
Margins
• Second-largest U.S. refiner linked to extensive logistics and retail network
• Process wide range of crude oils, feedstocks and condensate ranging
from two-thirds heavy sour to two-thirds light sweet crudes
• Peer-leading alkylation and reforming (octane) capacity
• Access to plentiful cost-advantaged natural gas and feedstocks
• Poised to benefit from growing North American crude oil production
• Well-positioned to capture export opportunities
• Optimizing Galveston Bay and Texas City operations
• Increase margins through process improvements
• Increase distillate production and export capacity
• Refining return on investment and energy-efficiency pacesetter(1)
• Earned more EPA Energy Star awards than all other U.S. refiners combined
• 4 OSHA VPP Star refineries
(1)Based on Solomon Associates benchmarking study
21
Continuous Peer-leading Refining Performance
Based on Solomon Associates Benchmarking Study
2014 2016
Le
s
s
E
ff
ic
ie
n
t
Energy Efficiency
MPC Merchant Group US Avg
~5% more efficient than U.S. average and
~12% more efficient than Merchant group
~15% better than U.S. average and
~42% better than Merchant group
2014 2016
Highe
r
Cost
Operating Expenses
MPC Merchant Group US Avg
~6% lower than U.S. average and
~21% lower than Merchant group
2016 MPC Performance versus U.S. average and Merchant group
2014 2016
Highe
r
Return
Return on Investment
MPC Merchant Group US Avg
Refining & Marketing Margin Enhancing Investments
22
Estimated Returns in Excess of 20%
STAR (South Texas Asset Repositioning program)
– Increase residual oil (resid) processing
• Expand resid hydrocracker
• Improve gas oil recovery
– Revamp crude unit
• Increase distillate and gas oil recovery
• Improve reliability
• Increase capacity 40 MBPD
– Full integration of Galveston Bay and
Texas City refineries
Garyville ULSD projects
– Additional 10 MBPD ULSD production capacity
Galveston Bay export capacity expansion
– Additional 115 MBPD refined product export capacity
Speedway
Serving More Than 3 Million Customers Every Day
23
• Largest company-owned and -operated c-store chain east of Mississippi
• Sold ~6 billion gallons of transportation fuels and $5 B in merchandise in 2016
• 2017 capital investments of ~$380 MM
• #1 in EBITDA/store/month versus public peers
• Strong and consistent growth with multiple records set in 2016
• Focus on improving merchandise margin and operating costs as reflected in light product breakeven (“LPBE”)
• Vision: the Customer’s First Choice for Value and Convenience
• Industry-leading loyalty program averaging more than 5.7 million active members
• Expanding private label products to drive higher sales, higher margins and deliver a better value to customers
• Planned investments achieved under budget and ahead of schedule
• ~80% of acquired stores upgraded under remodel plan
• 2016 actual synergies of $180 MM significantly exceeded guidance of $120 MM
High Quality Network of Retail Locations
Top-tier Performer
Effective Marketing Strategies
Delivered on Acquisition Goals
$0
$10
$20
$30
Speedway Murphy USA Casey's Couche-Tard Sunoco CST Alon USA Western Refining
$
M
Speedway – Industry Leader with Significant Growth
Opportunities
#1 in EBITDA/store/month vs. public peers
Industry leading performance with focused retail management team
Continued earnings growth from past organic investments and acquisitions
Significant opportunities for additional investments/growth over the long term
24
Sources: 2016 Company Reports, excludes asset gains/losses
Peer Median = $20 M
Strategic Actions Update – Speedway Review
MPC Board’s Conclusion Announced on September 5, 2017
Maintaining Speedway as an integrated business within MPC drives the greatest
long-term value for MPC shareholders
– Substantial integration synergies (~$270 - $390 MM per year(1))
– Leverage and liquidity requirements of a Speedway separation would include a net use of cash
– Cash-flow diversification provides significant value, as seen in recent commodity cycle downturn
– Speedway’s strong growth prospects are not impeded by remaining part of MPC
– Separation does not present compelling long-term value proposition
MPC has an ongoing plan to significantly increase shareholder value – and is aggressively
executing that plan
25
(1) Values reflect estimated integration synergy value loss following an initial supply agreement
Strategic Actions Update – Speedway Review
Speedway Integration Synergy Value Announced on September 5, 2017
26
Description
Annual Value Loss(1)
($MM)
Wholesale volume Value uplift captured by MPC wholesale sales to Speedway ~$105 - $120
Production and supply
optimization
Value MPC’s refineries, supply, and marketing groups create
through assured Speedway sales, including high-value products
and production and supply optimization, especially during market
dislocations
~$105 - $210
Midstream asset utilization
Value generated from the transportation and storage of assured
Speedway volumes through owned midstream assets ~$40
Net SG&A
Efficiencies in administrative and overhead costs resulting from
integrated operations ~$20
Total ~$270 - $390
(1) Values reflect estimated integration synergy value loss following an initial supply agreement
MPLX Key Investment Highlights
Diversified large-cap MLP positioned to deliver attractive returns over the long term
Forecast distribution growth of ~12% for 2017 and ~10% for 2018
Gathering &
Processing
Logistics &
Storage
Stable Cash Flows
Cost of Capital
Optimization
• Largest processor and fractionator in the Marcellus/Utica basins
• Strong footprint in STACK play and growing presence in Permian basin
• Supports extensive operations of second-largest U.S. refiner
• Expanding third-party business and delivering industry solutions
• 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
• Exchange of IDRs for MPLX LP units planned
• Anticipate no issuance of public equity to fund organic growth capital in 2018
27
MPLX – Demonstrated Track Record
28
Strong Financial and Operational Results – 2017 Highlights
Delivering results
– Consistent growth in EBITDA and DCF
– On track for year-over-year distribution growth of ~12%
– Multiple quarterly volume records
Executing organic growth capital plan
– Two new processing plants and three new fractionation plants placed in service
Completed strategic acquisitions in L&S segment
– Ozark Pipeline
– Equity interest in Bakken Pipeline system
Strong financial position with investment grade credit profile
– Year-to-date September coverage ratio of 1.29x
– Leverage ratio of 3.6x at end of third quarter
– No public equity issuances in the fourth quarter
Full-year results will be announced Feb. 1, 2018
MPLX Delivering Consistent Growth in EBITDA and DCF
29
227 236
285 301 318
354 387
442
298 302
351
375 391
423
474
538
1.00
1.10
1.20
1.30
1.40
1.50
0
100
200
300
400
500
600
4Q15* 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
C
o
vera
g
e
R
ati
o
$
M
M
Distributable Cash Flow (DCF) Adjusted EBITDA attributable to MPLX LP Coverage Ratio
81% increase in adjusted EBITDA since MarkWest acquisition
95% increase in DCF while maintaining strong coverage ratio
*Includes MarkWest premerger adjusted EBITDA and distributable cash flow from Oct. 1, 2015 through Dec. 3, 2015
MPLX – Priorities for 2018
Positioning partnership through execution of strategic actions
– Expect to close remaining dropdown and IDR exchange on Feb. 1
Execution of organic growth capital plan
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
– Fund ~$2 B organic growth capital with retained cash and debt
– Anticipate no issuance of public equity to fund organic growth capital
30
Our Priorities for Value Creation
32
Execute Strategic Actions to Enhance Value for Investors
Maintain Top-tier Safety and Environmental performance
Increase Capital Return to Shareholders
Grow Higher Valued and Stable Cash-flow businesses
Enhance Margins for our Refining operations
Strong Operational Performance and
Responsible Corporate Leadership
75%
of the Environmental
Protection Agency’s
Energy Star
recognitions awarded
to refineries.
MPC has earned
10%
of total U.S. refining
capacity.
MPC facilities received from the
American Chemistry Council
Certificates of
Excellence
Certificates of
Honor
Certificates of
Achievement 56 3 7
MPC facilities have earned
the federal Occupational
Safety and Health
Administration’s 13+
2014 2015 2016
2014 2015 2016
93.5 95.5 94.9
Mechanical
Availability*
Percentage of Combined
Unit Capacity
*Rated capacity of all MPC operations, less lost
capacity due to planned and unplanned outages,
divided by rated capacity.
MPC manages
21
1,327
acres.
certified wildlife habitats
consisting of
MPC has
placed in
the top
of companies in the EPA’s
Smartway Transport Partnerships,
which recognizes the best-preforming freight carriers
for carbon efficiency.
20%
That’s
despite
owning and
operating just
Highest Voluntary Protection
Program status.
33
34
2017 Citizenship Report Issued
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.
But reports like this annual Citizenship Report and our Perspectives on Climate-
Related 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.
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.”
Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer
Available on marathonpetroleum.com under Corporate Citizenship tab
35
Our Health, Environment, Safety and Security Commitment
Rises to a New Level
RC14001 combines Responsible Care® and ISO14001
Much more rigorous and prescriptive
ISO: International Organization for Standardization
– Develops and publishes international standards
– Globally recognized
Focus on continual improvement
Third-party audited
Four MPC organizations already certify to the RC14001
standard
– Detroit refinery; Terminal, Transport & Rail; the Galveston Bay
refinery in Texas City, Texas; and Marathon Pipe Line LLC
– TT&R and MPL are the first organizations in our company certified to
the newest version of the standard
Company-wide adoption through 2018
MPC Responsible Care Coordinator Melissa Kinn oversees
the company’s implementation and compliance with
RC14001, a more detailed, prescriptive set of standards.
36
New Publication
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.
Excerpts from opening comments from Gary R. Heminger, chairman and chief executive officer
and Introduction section
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
Strong Liquidity and Capitalization
37
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
Added Debt to LTM Adjusted EBITDA
with MPLX LP distributions
– Dropdowns are effectively converting
EBITDA into MPLX LP distributions
– Gives credit to MPC for these distributions
comparable to partially owned equity
method investments
(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
Liquidity Summary MPLX MPC
Cash and cash equivalents 3 2,085
Revolvers (net of outstanding letters of credit) 1,827 3,500
Accounts receivable facility - 750
Credit Agreement with MPC 298 -
Total liquidity 2,128 6,335
MPC
Consolidated
MPLX
Adjustments(a)
MPC
Excluding
MPLX
As of September 30, 2017
($MM except ratio data)
Debt 12,782 6,849 5,933
Mezzanine equity 1,000 1,000 -
Equity 19,802 8,457 11,345
Total capitalization 33,584 16,306 17,278
Debt-to-capital ratio (book) 38% - 34%
Cash and cash equivalents 2,088 3 2,085
Debt to LTM Adjusted EBITDA(b) 2.4x - 1.6x
Debt to LTM Adjusted EBITDA,
w/ MPLX LP distributions(b)
N/A - 1.4x
About MPLX
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
– 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
38
See appendix for legend
Growth Capital Forecast
39
Projects completed in 2017
(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)MarkWest and MarkWest Utica EMG shared fractionation capacity
(c)Sherwood Midstream investment
Gathering & Processing Projects Shale Resource Capacity
Est. Completion
Date
Rich- and Dry-Gas Gathering(a) Marcellus & Utica N/A Ongoing
Western Oklahoma - STACK Rich-Gas and Oil
Gathering
Cana Woodford N/A Ongoing
Hopedale III C3+ Fractionation and NGL
Logistics(b)(c)
Marcellus & Utica 60,000 BPD In Service - 1Q17
Sherwood VII Processing Plant(c) Marcellus 200 MMcf/d In Service - 1Q17
Bluestone C2 Fractionation Marcellus 20,000 BPD In Service - 3Q17
Sherwood VIII Processing Plant Marcellus 200 MMcf/d In Service - 3Q17
Majorsville II C2 Fractionation Marcellus 40,000 BPD In Service - 4Q17
NGL Pipeline Expansions Marcellus N/A Ongoing
Logistics & Storage
Projects
Est. Completion
Date
Utica Build-out projects In Service – 3Q17
Midwest connectivity projects 4Q17/1Q18
Growth Capital Forecast
40
Projects expected to be completed in 2018
(a)Replacement of existing Houston 35 MMcf/d plant
(b)Sherwood Midstream investment
Gathering & Processing Projects Shale Resource Capacity
Est. Completion
Date
Houston I Processing Plant(a) Marcellus 200 MMcf/d 1Q18
Sherwood IX Processing Plant(b) 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
Harmon Creek C2 Fractionation Marcellus 20,000 BPD 4Q18
Hopedale IV C3+ Fractionation Marcellus & Utica 60,000 BPD 4Q18
Logistics & Storage
Projects
Est. Completion
Date
Ozark Pipeline Expansion Mid-2018
Wood River-to-Patoka
Pipeline Expansion
Mid-2018
Midwest connectivity projects 1Q18
Robinson Butane Cavern 2Q18
Texas City Tank Farm 3Q18
MPLX – Attractive Portfolio of Organic Growth Capital
41
Logistics & Storage Segment
Utica Build-out and related connectivity
Industry solution for Marcellus and Utica liquids
Multiple investments – estimated to complete
throughout 2017 and 1Q 2018
Ozark Pipeline Expansion
Crude sourcing optionality to Midwest refineries
Mid-2018 estimated completion
Texas City Tank Farm
MPC and third-party logistics solutions
3Q 2018 estimated completion
Robinson Butane Cavern
MPC shifting third-party services to MPLX and
optimizing Robinson butane handling
2Q 2018 estimated completion
Other projects in development
March 1, 2017 Dropdown to MPLX
42
Terminal, pipeline and storage assets
– 62 light product terminals with ~24 million barrels of
storage capacity
– 11 pipeline systems consisting of 604 pipeline miles
– 73 tanks with ~7.8 million barrels of storage capacity
– Crude oil truck unloading facility at MPC’s refinery in
Canton, Ohio
– Natural gas liquids storage cavern in Woodhaven,
Michigan, with ~1.8 million barrels of capacity
Total consideration of $2.015 B
– $1.511 B in cash and $504 MM in MPLX equity
– Represents ~8 times EBITDA multiple
– ~$250 MM estimated annual EBITDA
– Expected to be immediately accretive to
MPLX’s distributable cash flow
Sept. 1, 2017 Dropdown to MPLX
Assets include MPC’s ownership interests:
– Explorer Pipeline Company, representing a
24.51 percent ownership interest in the company
– Lincoln Pipeline LLC, representing a 35 percent interest
in the Southern Access Extension Pipeline (SAX)
– MPL Louisiana Holdings, representing a 40.7 percent
interest in the Louisiana Offshore Oil Port (LOOP)
– LOCAP LLC, representing an overall 58.52 percent
ownership interest in the company
Total consideration of $1.05 B
– $630 MM in MPLX equity and $420 MM in cash
– Represents 7.6 times EBITDA multiple
– ~$138 MM annual adjusted EBITDA(1)
– Expected to be immediately accretive to MPLX’s
distributable cash flow per unit
43
(1)Adjusted EBITDA with respect to joint-interest ownership is calculated as cash
distributions adjusted for maintenance capital, growth capital and financing activities.
Logistics & Storage
44
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
– 62 light product terminals with ~24 million barrels
of storage capacity
– Barge dock with ~78,000 BPD throughput capacity
– Crude oil and product storage facilities (tank farms
and caverns) with ~7.8 million barrels of storage
capacity
– 18 inland waterway towboats and more than 200 tank
barges moving refined products and crude oil
Stable cash flows with fee-based revenues
and minimal direct commodity exposure
MPC Refineries
MPLX Terminals:
Owned and Part-owned
Tank Farms
MPLX Pipelines:
Owned & Operated
MPLX Interest Pipelines:
Operated by Others
Cavern
Barge Dock
Headquarters
MPLX Operated Pipelines:
Owned by Others
MPLX – Pipeline Acquisitions Announced in 2017
45
Extending the Footprint of the L&S Segment
– ~$220 MM investment
– 433 mile, 22″ crude pipeline running from Cushing,
Oklahoma, to Wood River, Illinois, with capacity of
~230 MBPD
–Planned expansion to ~345 MBPD in progress and
expected to be completed by mid-2018
Ozark Pipeline
Ozark Pipeline Acquisition Bakke Pipeline
– $500 MM investment
– ~9.2% equity interest in the Dakota Access Pipeline
(DAPL) and the Energy Transfer Crude Oil Pipeline
(ETCOP) projects
– Expected to deliver ~520 MBPD from the Bakken/Three
Forks production area to the Midwest and Gulf Coast with
capacity up to ~570 MBPD
– Commenced operations 2Q 2017
MPLX – Executing a Comprehensive Utica Strategy
46
Phased Infrastructure Investment
Cornerstone Pipeline commenced
operations in Oct. 2016
Hopedale pipeline connection
completed Dec. 2016
Harpster-to-Lima pipeline fully
operational in July 2017
Links Marcellus and Utica condensate
and natural gasoline with Midwest
refiners
Constructing additional connectivity
and expanding pipelines to provide
more optionality for Midwest refiners
Gathering & Processing
47
Segment Overview
One of the largest NGL and natural gas midstream service providers
– Gathering capacity of 5.9 Bcf/d
• ~65% Marcellus/Utica; ~35% Southwest
– Processing capacity of 8.0 Bcf/d*
• ~70% Marcellus/Utica; ~20% Southwest; ~10% Southern Appalachia
– C2 + Fractionation capacity of ~610 MBPD**
• ~90% Marcellus/Utica; ~5% Southwest; ~5% Southern Appalachia
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
Raw
Natural Gas
Production
Processing
Plants
Mixed
NGLs
Fractionation
Facilities
NGL
Products
• Ethane
• Propane
• Normal Butane
• Isobutane
• Natural Gasoline
Gathering
and
Compression
*Includes processing capacity of non-operated joint venture **Includes condensate stabilization capacity
Natural Gas Supply Growth Forecast
48
Marcellus/Utica Basin is the Leading Growth Play
Incremental Natural Gas Production Growth from 2017 to 2027
Source: Bentek Market Call: North American NGLs – August 21, 2017
8.6
Bcf/d
Northeast Total U.S. natural gas
supply is forecasted to
grow by ~20 Bcf/d from
2017 to 2027
MPLX well-positioned as
largest processor in
Northeast with growing
backlog of projects in
Marcellus/Utica and other
prolific basins
Permian
6.0
Bcf/d
4.1
Bcf/d
Eagle Ford
Anadarko
1.1
Bcf/d
Denver-Julesburg
1.1
Bcf/d
Haynesville
2.4
Bcf/d
~43% of total U.S. growth is expected to occur in Northeast
Supports Antero Resources’ significant
production growth profile in the Marcellus
Shale
– Long-term, fee-based agreement and significant
acreage dedication
Commenced operations of Sherwood VII &
VIII gas processing plants in 2017
Three 200 MMcf/d gas processing plants
currently under construction at Sherwood
– Potential to develop up to six additional processing
facilities at Sherwood and a future expansion site
Includes 20 MBPD of existing fractionation
capacity at Hopedale complex
– Option to invest in future fractionation expansions
49
MPLX Strengthens Leading Position in Northeast
Announced 50/50 joint venture with Antero Midstream in 1Q 2017
WEST VIRGINIA
PENNSYLVANIA
OHIO
SHERWOOD
JV EXPANSION
(site location TBD)
HOPEDALE
C3+ Fractionation Complex
NGL Pipeline
Gas Processing Complex
Processing and Fractionation Complex
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
~60 MBPD of purity ethane with existing
assets
Opportunity to invest $500 MM to
$1 B to support Northeast ethane
recovery over the next five years
50
West Virginia
Pennsylvania Ohio
Sherwood
Mobley
Majorsville
Cadiz Houston
Bluestone
Harmon Creek
Seneca
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
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
51
Utica Complex
Marcellus Complex
MPLX – Marcellus/Utica Overview
3.8 Bcf/d Gathering, 5.8 Bcf/d Processing & 531 MBPD C2+ Fractionation Capacity
WEST VIRGINIA
PENNSYLVANIA
OHIO
BLUESTONE COMPLEX
HARMON CREEK COMPLEX
(currently under construction)
MAJORSVILLE COMPLEX
MOBLEY COMPLEX SHERWOOD COMPLEX
CADIZ & SENECA COMPLEXES
MarkWest Joint Venture with EMG
HOPEDALE FRACTIONATION COMPLEX
HOUSTON COMPLEX
OHIO CONDENSATE
MarkWest Joint Venture with Summit Midstream
Utica Complex
ATEX Express Pipeline
Purity Ethane Pipeline
NGL Pipeline
Mariner East Pipeline
Marcellus Complex
Gathering System
Mariner West Pipeline
TEPPCO Product Pipeline
MarkWest Joint Venture with EMG
52
MPLX – Marcellus/Utica Processing Capacity
53
Building Infrastructure to Support Basin Volume Growth
0
2
4
6
8
2013 2014 2015 2016 2017E* 2018E
B
c
f/
d
~7.0 Bcf/d processing capacity by end of 2018
Throughput Year-end Capacity
Currently operate ~66% of processing capacity in Marcellus/Utica basin
2017 plant completions
Sherwood VII (in service 1Q17)
Sherwood VIII (in service 3Q17)
2018 expected plant completions
Harmon Creek
Houston I
Majorsville VII
Sherwood IX
Sherwood X
Sherwood XI
*2017 throughput assumes 15% growth rate over prior year Note: 2013 through 2015 include MarkWest volumes prior to acquisition by MPLX
MPLX – Marcellus/Utica Fractionation Capacity
Building Infrastructure to Support Growing C2 and C3+ Demand
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017E* 2018E
M
B
P
D
~631 MBPD fractionation capacity by end of 2018
Throughput Year-end Capacity
Currently operate ~55% of fractionation capacity in Marcellus/Utica basin
2017 plant completions
Hopedale III C3+ (in service 1Q17)
Bluestone C2 (in service 3Q17)
Majorsville II C2 (in service 4Q17)
2018 expected plant completions
Harmon Creek C2
Sherwood C2
Hopedale IV C3+
*2017 throughput assumes 20% growth rate over prior year Note: 2013 through 2015 include MarkWest volumes prior to acquisition by MPLX
54
MPLX – Gathering & Processing Segment
55
Marcellus & Utica Operations
Gathering
– Record volumes averaged over 2.3 Bcf/d
– Third-quarter volumes up ~25% versus
the same quarter last year
Processing
– Record volumes averaged ~5.0 Bcf/d
– Commenced operations of Sherwood VIII
in July
– Third-quarter volumes up ~15% versus
the same quarter last year
(a)Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
Processed Volumes
Area
Available
Capacity
(MMcf/d)(a)
Average
Volume
(MMcf/d)
Utilization
(%)
Marcellus 4,520 3,986 88%
Houston 520 510 98%
Majorsville 1,070 937 88%
Mobley 920 654 71%
Sherwood 1,600 1,561 98%
Bluestone 410 324 79%
Utica 1,325 1,000 75%
Cadiz 525 514 98%
Seneca 800 486 61%
3Q 2017 Total 5,845 4,986 85%
2Q 2017 Total 5,645 4,690 83%
MPLX – Gathering & Processing Segment
56
Marcellus & Utica Fractionation
Record fractionated volumes of
~365 MBPD
First full quarter of operations for
second de-ethanization plant at
Bluestone
Third-quarter fractionated volumes
up ~16% versus the same quarter
last year
Fractionated Volumes
Area
Available
Capacity
(MBPD)(a)(b)
Average
Volume
(MBPD)
Utilization
(%)
3Q17 Total C3+ 287 219 76%
3Q17 Total C2 204 146 72%
2Q17 Total C3+ 287 210 73%
2Q17 Total C2 184 141 77%
(a)Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
(b)Excludes Cibus Ranch condensate facility
MPLX – Gathering & Processing Segment
Southwest Operations
Continued construction of gas
processing plants in the Southwest
– Delaware Basin (Argo)
– STACK (Omega)
2017 YTD processed volumes up
~8% versus same period last year
(a)Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
(b)West Texas is composed of the Hidalgo plant in the Delaware Basin
(c)Processing capacity includes Partnership’s portion of Centrahoma JV and excludes volumes sent to
third parties
Processed Volumes
Area
Available
Capacity
(MMcf/d)(a)
Average
Volume
(MMcf/d)
Utilization
(%)
West Texas(b) 200 197 99%
East Texas 600 381 64%
Western OK 425 362 85%
Southeast OK(c) 120 120 100%
Gulf Coast 142 105 74%
3Q 2017 Total 1,487 1,165 78%
2Q 2017 Total 1,487 1,220 82%
57
MPLX – Expanding Southwest Position to Support
Growing Production in High Performance Resource Plays
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 2018
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
58
Cana-Woodford
Dewey
Blaine Kingfisher
Canadian
Caddo
Grady
McClain
Garvin Comanche
Stephens
Washita
Beckham
Roger Mills
Custer
Buffalo Creek
Complex
Arapaho Complex
Newfield
STACK
area of
operations
Rich-gas
pipeline
Woodford Play
Meramec Play
Permian
Hidalgo Complex
200 MMcf/d
Delaware
Basin
Culberson
Eddy
Permian
Basin
Argo Complex
200 MMcf/d – Q1 2018
74%
20%
6%
MPC Commited MPC Additional Third Party
MPLX – Logistics & Storage Contract Structure
Fee-based assets with minimal commodity
exposure(c)
MPC has historically accounted for
– over 85% of the volumes shipped on MPLX’s
crude and product pipelines
– 100% of the volumes transported via MPLX’s
inland marine vessels
MPC has entered into multiple
long-term transportation and storage
agreements with MPLX
– Terms of up to 10 years, beginning in 2012
– Pipeline tariffs linked to FERC-based rates
– Indexed storage fees
– Fee-for-capacity inland marine business
59
2016 Revenue – Customer Mix
MPC = 94%
$633 MM
$171 MM
$51
MM
(a,b)
Notes:
(a)Includes revenues generated under Transportation and Storage agreements with MPC (excludes
marine agreements)
(b)Volumes shipped under joint tariff agreements are accounted for as third party for GAAP purposes,
but represent MPC barrels shipped
(c)Commodity exposure only to the extent of volume gains and losses
MPLX – Gathering & Processing Contract Structure
60
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
10-15 years, which contain
renewal provisions
Long-term agreements initially
10-15 years, which contain
renewal provisions
Long-term agreements initially
10-15 years, which contain
renewal provisions
Volume Protection
(MVCs)
77% of 2017 capacity contains
minimum volume commitments
27% of 2017 capacity contains
minimum volume commitments
18% of 2017 capacity contains
minimum volume commitments
Area Dedications 4.1 MM acres 4.1 MM acres 1.4 MM acres
Inflation Protection Yes Yes Yes
MPLX – Strong Financial Flexibility to Manage and
Grow Asset Base
61
Committed to maintaining
investment grade credit profile
$2.25 B senior notes issued
1Q 2017
~$2.1 B of available liquidity at
end of 3Q 2017
No public equity issuance in 4Q
2017
Anticipate no issuance of public
equity to fund 2018 organic
growth capital
($MM except ratio data)
As of
9/30/17
Cash and cash equivalents 3
Total assets 19,238
Total debt(a) 7,051
Redeemable preferred units 1,000
Total equity 10,086
Consolidated total debt to LTM pro forma adjusted
EBITDA ratio(b)
3.6x
Remaining capacity available under $2.25 B revolving
credit agreement
1,827
Remaining capacity available under $500 MM credit
agreement with MPC
298
(a)Total debt includes $202 MM of outstanding intercompany borrowings classified in current liabilities as of September 30, 2017
(b)Calculated using face value total debt and last twelve month adjusted EBITDA, which is pro forma for acquisitions. Face value
total debt includes approximately $428 MM of unamortized discount and debt issuance costs as of September 30, 2017.
MPLX – Long-Term Value Objectives
Deliver Sustainable Distribution Growth rate that provides attractive total
unitholder returns
Drive Lower Cost of Capital to achieve most efficient mix of growth and yield
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
62
Speedway Retail Network
63
Speedway
Largest company-owned
and -operated c-store chain
east of the Mississippi
~2,730 locations in 21 states
488
304
310
147
118
64
60
39
115
3
52
278
62
241
235 12
Conn. 1
Del. 4
Mass. 110
N.J. 71
R.I. 20
As of Sept. 30, 2017
Speedway
64
Overview of Hess Retail acquisition
Transaction closed on September 30, 2014
1,245 company operated locations
Transport fleet with capacity to transport
~1 billion gal/yr.
Pipeline shipper history in various pipelines,
including ~40 MBPD on Colonial Pipeline
Prime undeveloped real estate bank for organic
growth
Focus on improving light product breakeven (LPBE)
Speedway Exceeding Expected Acquisition-related Synergies
65
20
75
120
180
190
225
0
50
100
150
200
250
2014E 2014 2015E 2015 2016E 2016 2017E 2017E
$
M
M
Synergies and Marketing Enhancements
Guidance* Speedway Synergies R&M Synergies
47
149
*Based on original announcement guidance in May 2014
Continuing to focus on marketing enhancement opportunities
2016 actual synergies of $180 MM exceeded prior projection
2.56
12.39
5.41
7.35
0
2
4
6
8
10
12
2013 2016
Li
gh
t
P
ro
d
u
ct
B
re
ak
e
ve
n
(
cp
g)
Speedway Hess Sept. 30, 2013, Form 10 Estimated Blended
LPBE =
Total Net Expenses(a) – Merchandise Margin
Light Product Volume
66
Speedway – Focus on LPBE
Measure of operating efficiency and
merchandise contribution to total
expense
Potential to drive substantial value in the
business over time
Each 1.00 cent per
gallon improvement
= ~$60 MM annual
pretax earnings
~26%
reduction since
acquisition
(a)Net of other income
Speedy Rewards
®
Loyalty Program
Highly successful loyalty program
Customers earn points on every purchase
Customers redeem points for free merchandise
and fuel discounts
Averaged more than 5.7 million active Speedy
Rewards members in 2016, 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
67
68
Private Label Products
Higher Sales and Margins
Better Value Proposition for Consumers
Differentiation from Competitors
Promotes Brand Awareness and Loyalty
Speedway Strong and Consistent Growth
69
3,027 3,146
3,942
6,038 6,094
0
2,000
4,000
6,000
8,000
2012 2013 2014 2015 2016
M
M
Ga
llo
n
s
Gasoline and Distillate Sales Volume
13.18
14.41
17.75 18.23
16.56
0.00
5.00
10.00
15.00
20.00
2012 2013 2014 2015 2016
¢
/Ga
llo
n
Gasoline and Distillate Gross Margin(a)
795 825 975
1,368
1,435
3,058 3,135
3,611
4,879 5,007
24
25
26
27
28
29
30
0
2,000
4,000
6,000
2012 2013 2014 2015 2016
P
e
rc
e
n
t $
M
M
Merchandise Sales/Gross Margin
Merchandise Sales $
Merchandise Gross Margin $
Merchandise Gross 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 2016.
Balance in Refining Network
Midwest Capacity
754,000 BPCD
Louisiana Capacity
556,000 BPCD
Texas Capacity
571,000 BPCD
70
*Weighted Average NCI
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
BPCD NCI
Canton (Ohio) 93,000 7.9
Catlettsburg (Ky.) 277,000 9.2
Detroit (Mich.) 139,000 9.7
Robinson (Ill.) 245,000 9.5
Galveston Bay (Texas) 571,000 11.9
Garyville (La.) 556,000 11.1
Total 1,881,000 10.6*
Key Strengths
71
Balanced Operations
40%
60%
Crude Oil Refining Capacity
PADD II
PADD III
57% 43%
Crude Slate
Sour Crude
Sweet Crude
3Q 2017 3Q 2017
~70% ~30%
Assured Sales
Wholesale and
Other Sales
Assured Sales of Gasoline Production
(Speedway + Brand + Wholesale Contract Sales)
3Q 2017
0
20
40
60
80
100
120
M
M
B
D
Forecast
Distillate Leading World Liquids Demand
Average product demand
growth of 1.4 MMBD in
2016-2017
Distillate remains the
growth leader through
2030
Global gasoline demand
grows despite U.S.
declines
72
Sources: BP Statistical Review of World Energy, MPC Economics
Middle Distillate
Gasoline
Resid
Other
Average Annual
Volumetric
Growth (MBPD)
2016 vs. 2030
+440
-100
+475
+170
Sustained Global Demand Growth
73
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
0.0
0.5
1.0
1.5
2.0
85
90
95
100
105
110
115
Y
O
Y
D
e
m
an
d
G
ro
w
th
(M
M
B
D
)
G
lo
b
al
O
il
&
L
iq
u
id
s De
m
an
d
(
M
M
B
D
)
Global Oil Demand
Forecast
Sources: BP Statistical Review of World Energy, MPC Economics
U.S. Product Exports Will Help Meet Global Demand
74
EIA’s 2017 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
Sources: EIA, MPC Economics
0
1
2
3
4
5
6
7
8
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
2
0
2
2
2
0
2
3
2
0
2
4
2
0
2
5
2
0
2
6
2
0
2
7
2
0
2
8
2
0
2
9
2
0
3
0
M
M
B
D
EIA Annual Energy Outlook Product Exports
Gross product exports
Net product exports
Forecast
0
3
6
9
12
15
18
$/
M
M
B
tu
Natural Gas Price Comparison
European Natural Gas (World Bank)*
HH Spot Price (World Bank)
Japanese Liquefied Natural Gas (World Bank)*
Forecast
U.S. Refiners Have Sustained Export Advantages
75
Lower-cost natural gas
Large, complex refineries
Access to lower-cost feedstocks
High utilization rates
Sophisticated workforce
*Average import border price
Sources: World Bank, BP Statistical Review of World Energy, MPC Economics
(1)Crude oil capacity utilization
Region
2016
Utilization
Rate(1)
North America 85%
MPC 95%
Asia 85%
Middle East 85%
Europe 83%
Former Soviet Union 83%
Latin America 72%
Africa 61%
76
Galveston Bay World-Class Refining Complex
*MPC estimates post-STAR program completion in 2022
Galveston Bay and Texas City refineries consolidated
operations in mid-2017
Galveston Bay Unit Capacities BPCD*
Crude 611,000
Resid 142,000
Catalytic Cracking/Hydrocracking 268,000
Alkylation 53,300
Aromatics 34,700
ENERGY STAR® Program
ENERGY STAR labels for refining
industry began in 2006
47 labels awarded during 11
labeling years
9 labels to Phillips 66/ConocoPhillips
1 label to ExxonMobil
1 label to former MPC site in
St. Paul Park, Minnesota
Remaining 36 labels to MPC refineries 77
77
Operating Year ---> 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EPA Certification Year ---> 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Canton 1 1 1 1 1 1 1 1 1 1 1
Detroit 1 1 1 1 1 1
Garyville 1 1 1 1 1 1 1 1 1 1 1
Robinson 1 1 1
Texas City 1 1 1 1 1
Conoco Phillips, Billings 1 1 1
Conoco Phillips, Lake Charles 1
Former Marathon, St Paul Park 1
Exxon/Mobil, Baton Rouge 1
Conoco Phillips, Bayway 1
Phillips 66 Company, Bayway
1
Phillips 66 Company, Ferndale 1 1 1
EPA ENERGY STAR History as of 6-15-16
Source: EPA ENERGY STAR Website
(1)
(1) Texas City refinery fully integrated into Galveston Bay refinery as of January 1, 2018.
MPC Capital Expenditures & Investments
78
($MM)
3Q 2017 2017 YTD
2017 Revised
Plan
Refining & Marketing (R&M) 198 570 1,085
Speedway 108 221 380
Midstream, including MPLX(a) 424 1,268 2,115
Corporate and Other 19 53 100
Total Capital Expenditures & Investments(b) 749 2,112 3,680
(a)2017 revised plan reflect the midpoint of the range for organic growth capital for MPLX of $1.8 to $2.0 B.
(b)Excludes capitalized interest. Also excludes $220 MM for the Ozark Pipeline acquisition and $500 MM for the investment in the Bakken Pipeline system.
MPLX – Adjusted EBITDA and Distributable Cash-Flow
Reconciliation from Net Income
79
(a)The Partnership makes a distinction
between realized or unrealized gains
and losses on derivatives. During the
period when a derivative contract is
outstanding, changes in the fair value of
the derivative are recorded as an
unrealized gain or loss. When a
derivative contract matures or is settled,
the previously recorded unrealized gain
or loss is reversed and the realized gain
or loss of the contract is recorded.
(b)The Adjusted EBITDA and DCF
adjustments related to the Predecessor
are excluded from adjusted EBITDA
attributable to MPLX LP and DCF prior
to the acquisition dates.
(c)MarkWest pre-merger EBITDA and
undistributed DCF relates to
MarkWest’s EBITDA and DCF from
Oct. 1, 2015, through Dec. 3, 2015.
($MM) 2013 2014 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017
Net income (loss) 211 239 333 (14) 72 194 182 187 191 217
Depreciation and amortization 70 75 129 136 151 151 153 187 164 164
Provision (benefit) for income taxes 1 1 1 (4) (8) - - - 2 1
Amortization of deferred financing costs - - 5 11 12 11 12 12 13 13
Non-cash equity-based compensation 1 2 4 2 4 3 1 3 3 4
Impairment expense - - - 129 1 - - - - -
Net interest and other financial costs 1 5 42 57 52 53 53 66 74 80
(Income) loss from equity investments - - (3) (5) 83 (6) 2 (5) (1) (23)
Distributions from unconsolidated subsidiaries - - 15 38 40 33 39 33 33 70
Distributions of cash received from joint-interest acquisition
entities to MPC
- - - - - - - - - (13)
Other adjustments to equity method investment distributions - - - - - - - - - 8
Unrealized derivative (gains) losses(a) - - (4) 9 12 2 13 (16) (3) 17
Acquisition costs - - 30 1 (2) - - 4 - 2
Adjusted EBITDA 284 322 552 360 417 441 455 471 476 540
Adjusted EBITDA attributable to noncontrolling interests (86) (69) (1) (1) - (2) - (1) (2) (2)
Adjusted EBITDA attributable to Predecessor(b) (87) (87) (215) (57) (66) (64) (64) (47) - -
MarkWest’s pre-merger EBITDA(c) - - 162 - - - - - - -
Adjusted EBITDA attributable to MPLX LP 111 166 498 302 351 375 391 423 474 538
Deferred revenue impacts 17 (3) 6 3 4 1 8 8 9 8
Net interest and other financial costs (2) (6) (35) (57) (52) (53) (53) (66) (74) (80)
Maintenance capital expenditures (19) (22) (49) (13) (20) (25) (26) (12) (23) (24)
Portion of DCF adjustments attributable to Predecessor(b) - - 17 1 2 5 - 2 - -
Other 7 2 (6) - - (2) (2) (1) 1 -
Distributable cash flow pre-MarkWest undistributed 114 137 431 236 285 301 318 354 387 442
MarkWest undistributed DCF(c) - - (32) - - - - - - -
Distributable cash flow attributable to MPLX LP 114 137 399 236 285 301 318 354 387 442
Preferred unit distributions - - - - (9) (16) (16) (16) (17) (16)
Distributable cash flow available to GP and LP unitholders 114 137 399 236 276 285 302 338 370 426
MPLX – Reconciliation of Adjusted EBITDA and Distributable
Cash from Net Cash Provided by Operating Activities (YTD)
80
($MM)
Dec 31,
2015
Mar 31,
2016
Jun 30,
2016
Sep 30,
2016
Dec 31,
2016
Mar 31,
2017
Jun 30,
2017
Sep 30,
2017
Net cash provided by operating activities 427 321 670 975 1,491 377 844 1.338
Changes in working capital items 63 (13) (9) 59 (66) 51 1 (41)
All other, net (11) (17) (22) (18) (26) (16) (32) (43)
Non-cash equity-based compensation 4 2 6 9 10 3 6 10
Net gain on disposal of assets - - - 1 1 (1) 1 1
Net interest and other financial costs 42 57 109 162 215 66 140 220
Current income taxes - - 1 4 5 - 1 1
Asset retirement expenditures 1 - 2 4 6 1 1 2
Unrealized derivative (gains) losses(a) (4) 9 21 23 36 (16) (19) (2)
Acquisition costs 30 1 (1) (1) (1) 4 4 6
Distributions of cash received from joint-interest acquisition entities to MPC - - - - - - - (13)
Other adjustments to equity method investment distributions - - - - - - - 8
Other - - - - 2 2 - -
Adjusted EBITDA 552 360 777 1,218 1,673 471 947 1,487
Adjusted EBITDA attributable to noncontrolling interests (1) (1) (1) (3) (3) (1) (3) (5)
Adjusted EBITDA attributable to Predecessor(b) (215) (57) (123) (187) (251) (47) (47) (47)
MarkWest’s pre-merger EBITDA(c) 162 - - - - - - -
Adjusted EBITDA attributable to MPLX LP 498 302 653 1,028 1,419 423 897 1,435
Deferred revenue impacts 6 3 7 8 16 8 17 25
Net interest and other financial costs (35) (57) (109) (162) (215) (66) (140) (220)
Maintenance capital expenditures (49) (13) (33) (58) (84) (12) (35) (59)
Other (6) - - (2) (4) (1) - -
Portion of DCF adjustments attributable to Predecessor(b) 17 1 3 8 8 2 2 2
Distributable cash flow pre-MarkWest undistributed 431 236 521 822 1,140 354 741 1,183
MarkWest undistributed DCF adjustment(c) (32) - - - - - - -
Distributable cash flow attributable to MPLX LP 399 236 521 822 1,140 354 741 1,183
Preferred unit distributions - - (9) (25) (41) (16) (33) (49)
Distributable cash flow available to GP and LP unitholders 399 236 512 797 1,099 338 708 1,134
(a)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.
(b)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.
(c)MarkWest pre-merger EBITDA and
undistributed DCF relates to MarkWest’s
EBITDA and DCF from Oct. 1, 2015, through
Dec. 3, 2015.
MPC Reconciliation
81
Adjusted EBITDA to Net Income Attributable to MPC
($MM) 2016 2017
LTM
4Q 1Q 2Q 3Q
Net Income attributable to MPC 227 30 483 903 1,643
Less: Net interest and other financial income (costs) (136) (150) (158) (157) (601)
Add: Net income (loss) attributable to
inco noncontrolling interests 62 71 91 101 325
Provision for income taxes 128 41 250 415 834
Depreciation and amortization 504 536 521 517 2,078
Litigation - - 86 - 86
Impairment expense - - (19) (2) (21)
Adjusted EBITDA 1,057 828 1,570 2,091 5,546
Less: Adjusted EBITDA related to MPLX 1,771
Adjusted EBITDA excluding MPLX 3,775
Add: Distributions from MPLX to MPC 447
Adjusted EBITDA excluding MPLX, including LP distributions to MPC 4,222
Reconciliation
82
MPC Adjusted EBITDA Related to MPLX to MPLX Net Income(a)
($MM) 2016 2017
LTM
4Q 1Q 2Q 3Q
MPLX Net Income 182 187 191 217 777
Less: Net interest and other financial income (costs) (65) (78) (87) (93) (323)
Add: Provision for income taxes - - 2 1 3
Depreciation and amortization 153 187 164 164 668
Adjusted EBITDA related to MPLX 400 452 444 475 1,771
(a)Actuals have been recast in connection with the contribution of certain terminal, pipeline and storage assets to MPLX on March 1, 2017.
Speedway Reconciliation
83
Segment EBITDA to Segment Income from Operations
($MM) 2016
Speedway Segment Income from Operations 734
Plus: Depreciation and Amortization 273
Speedway Segment EBITDA 1,007
MPC’s Fully Integrated Downstream System
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
~2,730 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 ~8.0 billion cubic feet per day of natural gas processing capacity
and ~610 MBPD of fractionation capacity*
84
Marketing Area Ethanol Facility
Biodiesel Facility
Renewable Fuels
MPC Interest: Operated by MPLX
MPC Owned & Operated
MPC Interest: Operated by Others
Pipelines
Pipelines Used by MPC
Water Supplied Terminals
Coastal
Inland
MPC Refineries
Light Product Terminals
MPC Owned and Part-owned
Third Party
Asphalt/Heavy Oil Terminals
MPC Owned
Third Party MarkWest Complex
MPLX Terminals:
Owned and Part-owned
MPLX Pipelines:
Owned & Operated
MPLX Interest Pipelines:
Operated by Others
Cavern
Barge Dock Tank Farms
MPLX Operated Pipelines:
Owned by Others
As of Sept. 30, 2017 *As of Jan. 1, 2018