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Forward-Looking Statements
2
This presentation contains forward-looking statements within the meaning of the federal securities laws regarding both MPC and MPLX. These forward-looking statements relate to, among other things, MPC’s current expectations, estimates and projections concerning MPC’s and MPLX’s business and operations. You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Factors that could cause MPC’s actual results to differ materially from those in the forward-looking statements include: MPC’s ability to successfully integrate the Galveston Bay refinery and related assets into its operations; MPC’s ability to achieve fully the strategic and financial objectives related to the acquisition of the Galveston Bay refinery and related assets, including achieving the projected synergies and the acquisition being accretive to its earnings; unexpected costs or liabilities that may arise from the acquisition, ownership or operation of, the Galveston Bay refinery and related assets; slower growth in domestic and Canadian crude supply; completion of pipeline capacity to areas outside the U.S. Midwest; the availability of materials and labor, delays in obtaining necessary third-party approvals, and other risks customary to construction projects; the reliability of processing units and other equipment; MPC’s ability to successfully implement growth opportunities; impacts from MPC’s repurchases of its shares of common stock under its stock repurchase authorization, including the timing and amounts of any common stock repurchases; other risk factors inherent to MPC’s industry; and the factors set forth under the heading “Risk Factors” in MPC’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC. Factors that could cause MPLX’s actual results to differ materially from those in the forward-looking statements include: the adequacy of MPLX’s capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute its business plan; completion of pipeline capacity by MPLX’s competitors; disruptions due to equipment interruption or failure, including electrical shortages and power grid failures; the suspension, reduction or termination of MPC’s obligations under its commercial agreements; MPLX’s ability to successfully implement its growth strategy, whether through organic growth or acquisitions; other risk factors inherent to MPLX’s industry; and the factors set forth under the heading “Risk Factors” in MPLX’s Prospectus filed with the SEC on October 29, 2012. Factors that could cause MPC’s and MPLX’s actual results to differ materially from those in the forward-looking statements include: the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; volatility in and/or degradation of market and industry conditions; consumer demand for refined products; transportation logistics; and state and federal environmental, economic, health and safety, energy and other policies and regulations, including any changes to such policies and regulations. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here, in MPC’s Form 10-K or in MPLX’s Prospectus could also have material adverse effects on forward-looking statements.
Strategic Vision
Achieve top tier safety/environmental performance
Grow enterprise value
Expand platform for MPLX growth
Deliver top quartile refining performance
Increase Speedway and Marathon brand assured sales volumes
Deliver profitable Speedway growth
3
Goal: Top Quartile Total Shareholder Return
Deliver Top Tier Safety Performance
4
Record safety performance across our operations in 2012
World-class safety performance for DHOUP
Continue industry leadership on preventive maintenance
Achieve Top Tier Safety/Environmental Performance
Grow Enterprise Value
Earnings growth
Strong dividend, growing over the long term
Sustained share repurchase program
Valuation re-rate/uplift
5
Grow Enterprise Value
Through Cycle Earnings – MPC vs. Competitors (Pre-Tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput)
6
$/BB
L
*Current companies ranked: BP, COP/PSX, CVX, HFC (added 1/1/12), MPC, TSO, VLO, XOM For ConocoPhillips (COP), the downstream portion of the integrated company was used pre-split, and Phillips 66 (PSX) is used post-split.
Source: Company Reports
2 11
MPC’s Rank Companies Ranked*
3 12
3 11
1 9
2 10
7 9
2 8
5 9
3 9
1 8
3 10
1 8
3 8
1 8
2 8
Preliminary
Grow Enterprise Value
-5
0
5
10
15
20
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
MPC
Peer Company
Grow Enterprise Value
Op Income and EBITDA Growth
$1.9 billion of capital returned to shareholders since 7/1/11
$2.65 billion share repurchase authorization outstanding
Cumulative Returns to Shareholders
7
Top Quartile Shareholder Returns
(1) Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC.
$1.9 B
0
500
1,000
1,500
2,000
2,500
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 M
M$
Dividends Share repurchases
654 1,011
3,745
5,347
1,324
1,952
4,636
6,342
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2009 2010 2011 2012
MM
$
Income from Operations EBITDA(1) EBITDA(1)
Source: Company Reports
Grow Enterprise Value Total Shareholder Return of 93% for 2012
8
31% 36%
67%
93%
0%
20%
40%
60%
80%
100%
Q1 2012 Q2 2012 Q3 2012 Q4 2012
2012 Cumulative Total Shareholder Return
Top Quartile Shareholder Returns
MPC has Created an Industry-Leading MLP
10
Grow MPLX
20
22
24
26
28
30
32
34
36
38
10/2
5/12
11/0
5/12
11/1
2/12
11/1
9/12
11/2
7/12
12/0
4/12
12/1
1/12
12/1
8/12
12/2
6/12
01/0
3/13
01/1
0/13
01/1
7/13
01/2
4/13
01/3
1/13
02/0
7/13
02/1
4/13
02/2
2/13
Unit Price Focus on Fee-Based Businesses
Pursue Organic Growth Opportunities
Grow Through Acquisitions and Drop-downs
Maintain Safe and Reliable Operations
Acquisition of Galveston Bay Assets
451 MBPCD (475 MBPSD) high complexity refinery, Nelson Complexity Index of 15.3
Attractive base cash purchase price of ~$598 million
Potential $700 million earnout over six year period
Closed February 1, 2013; financed with cash on hand
Expected to be immediately accretive to earnings
Estimated incremental annual EBITDA based on:
2006-2010 Prices: ~$1,200 million
2011 Prices: ~$700 million
11
Deliver Top Quartile Refining Performance
Detroit Heavy Oil Upgrade Project Increased heavy oil capacity from
20,000 BPCD to 100,000 BPCD
28,000 BPCD delayed Coker
36,000 BPCD Distillate Hydrotreater (DHT)
Crude capacity increased ~14,000 BPCD
Discounted Canadian crude
Investment: $2.2 billion* project
Estimated incremental annual EBITDA
based on:
2006 -2010 Prices: ~$200 million
2011 Prices: ~$350 million
Project complete – November 2012
*Excludes capitalized interest
Deliver Top Quartile Refining Performance
12
Garyville Major Expansion (GME) Project
Garyville, LA refinery is last grassroots refinery built in the U.S. (1976) Base Garyville refinery, 2008 Solomon survey
Best U.S. cash cost operating expense Second-best U.S. Energy Intensity Index
$3.9 billion, excluding capitalized interest, GME Project completed in late 2009 initially expanded crude oil refining capacity by 180,000 BPCD and improved Garyville’s overall fixed cash cost by ~20% per barrel
Garyville is the 3rd largest refinery in U.S. at 522,000 BPCD Currently have permit to test throughput at higher volumes
13
Deliver Top Quartile Refining Performance
$3.9 Billion* Garyville Major Expansion
1/1/2009 256 MBPCD
Crude Capacity
190 MBPCD Gasoline
95 MBPCD Diesel
18th Largest U.S. refinery
1/1/2012 490 MBPCD
Crude Capacity
305 MBPCD Gasoline
215 MBPCD Diesel
Third Largest U.S. refinery
*Excludes capitalized interest
14
1/1/2010 436 MBPCD
Crude Capacity
290 MBPCD Gasoline
175 MBPCD Diesel
Fourth Largest U.S. refinery
1/1/2011 464 MBPCD
Crude Capacity
300 MBPCD Gasoline
185 MBPCD Diesel
Third Largest U.S. refinery
1/1/2013 522 MBPCD
Crude Capacity
320 MBPCD Gasoline
230 MBPCD Diesel
Third Largest U.S. refinery
Deliver Top Quartile Refining Performance
Canadian +1,800 MBD
Permian Basin
+650 MBD
Eagle Ford
+730 MBD
Utica +120 MBD
Total Growth
2012 – 2020 +4,140 MBD
Bakken +840 MBD
Significant Growth in North American Crude Oil Supply 2012-2020
MPC Refinery
Detroit
Canton
Catlettsburg
Robinson
Garyville Texas City
16
Sources: CAPP and MPC Estimates Deliver Top Quartile Refining Performance
Galveston Bay
Balance in Refining Network
17 17
Midwest Capacity 646,000 BPCD
Louisiana Capacity 522,000 BPCD
Texas Capacity 531,000 BPCD
Canton (Ohio) 80,000
Catlettsburg (Ky.) 240,000
Detroit (Mich.) 120,000
Robinson (Ill.) 206,000
Galveston Bay (Texas) 451,000
Texas City (Texas) 80,000
Garyville (La.) 522,000
Total 1,699,000
Source: Oil & Gas Journal
As of Feb. 1, 2013
Deliver Top Quartile Refining Performance
Port Arthur Houston
Hardisty
Chicago
Wood River
Patoka
~$7.35/BBL Hardisty to USGC
~$1.95/BBL Houston to Chicago
~$5.50/BBL Hardisty to
Detroit
Detroit Value vs. USGC Refineries for Canadian Heavy Processing
Laid-In Crude Cost
$BBL
1.85
Higher Product Value 2.20*
Total Advantage 4.05
* Includes $0.25 time value of money to ship a light product barrel from Houston to Chicago
MPC Well Positioned to Capture Oil Sands Economics
Cushing
18
St. James
Deliver Top Quartile Refining Performance
Transportation Costs Set Crude Differentials
19
Sources: MPC Estimates based on publically available information, OPIS, and Argus Media.
Bakken
St. James
Patoka
Eagle Ford
Excludes gathering and truck transportation costs (up to ~$5.25/BBL)
$4.60
$16.75
$10.35 $16.00
Deliver Top Quartile Refining Performance
MPC Well Positioned for Utica Shale Options
Multiple Transportation Options Truck, Barge, Pipeline
Canton Refinery - 80 MBCD
Condensate Capacity: 10-15 MBCD
Light Crude Oil Capacity: ~40 MBCD
Catlettsburg Refinery - 240 MBCD
Condensate Capacity: 10-15 MBCD
Light Crude Oil Capacity: ~115 MBCD
Robinson Refinery - 206 MBCD
Condensate Capacity: 20-25 MBCD
Light Crude Oil Capacity: ~100 MBCD
20
To Robinson
Crude Oil Gathering
System
MPC Refinery MPC Terminal MPC Pipeline Barge Route
Canton
Catlettsburg
Wellsville
Deliver Top Quartile Refining Performance
0
200
400
600
800
1000
1200
2005 2006 2007 2008 2009 2010 2011 2012 Est.
Tho
usa
nd
b/d
U.S. Distillate Exports
Central & South America
Mexico
Europe
Other
U.S. Distillate Exports Continue to Grow
Total U.S. distillate exports averaged 1,000 MBD in 2012 vs. 138 MBD in 2005
~ 60% of the total U.S. distillate exports were to Latin America supported by Growing regional demand
Closing of Aruba and St. Croix, Virgin Islands refineries
Challenges in Venezuela refining
Since 2008, more than 1 MMBD of Europe’s refining capacity has closed or will be closing
22
Source: U.S. Energy Information Administration
Deliver Top Quartile Refining Performance
Garyville Diesel Export Success
Currently selling export diesel via term deals and spot bid process
Waterborne premium
Product quality premium
No RIN obligation
Optimize exports w/Galveston Bay
23
Deliver Top Quartile Refining Performance
35
76
114
0
20
40
60
80
100
120
2010 2011 2012
MBP
D
Garyville Diesel Exports
Extensive Retail Network Provides Assured Sales
24
Speedway Fourth largest U.S.-owned/
operated c-store chain
~1,460 stores
~2 million customers/day
Located in seven states
Marathon brand Independent entrepreneurs
~5,000 branded locations
Located in 17 states
483
301
310
140
107
63
60 860
778
647
576
395
84
70
136 111
40
256
259 *
311 173 *
139 * 128
1
As of 12/31/12
Increase Speedway and Marathon Brand Assured Sales Volume
Speedway Brand
* Retail marketing assignments related to ~ 1,200 additional BP brand locations acquired February 1, 2013 primarily in these states
*
3.06
0
1
2
3
4
2009 2010 2011 2012
$B
Merchandise Sales
Speedway Sales – Stable Merchandise Margin
25
Attributable to Minnesota assets sold on December 1, 2010
795
0 200 400 600 800
1,000 1,200 1,400
2009 2010 2011 2012 M
M$
Light Product and Merchandise Gross Margin
Merchandise Light Product
775 789 719
Profitable Speedway Growth
3.03
0
1
2
3
4
2009 2010 2011 2012
B G
allo
ns
Light Product Volume
3.7 (1.2)
(Same Store % inside bars)
1.0 (0.9)
4.4 1.1 11.4 0.9
3.11 2.92 3.19
(Same Store % inside bars)
3.23 2.94 3.30
333 398 384 399
Increase Marathon Brand Assured Sales Volume
0
1,000
2,000
3,000
4,000
5,000
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Mill
ions
of G
allo
ns Light Product Sales
26
Increase Speedway and Marathon Brand Assured Sales Volume
2013 Value Drivers
Detroit Heavy Oil Upgrade Project
Galveston Bay refinery
Growth of MPLX
Profitable Speedway growth
2013 $1.6 billion capital investments*
Capital return to shareholders Strong dividend, growing over the long term
Continuing share repurchases - $2.65 billion currently authorized through 2014
27
Goal: Top Quartile Total Shareholder Return *Excludes purchase price of Galveston Bay refinery and related assets
Source: Company Reports
MPC has Strong Earnings and Cash Flow, Investment Grade Credit Profile
MM$ 12/31/12
Actual
Balance Sheet Cash 4,860
Total Debt Outstanding 3,361
Equity 12,105
Total Capitalization 15,466
Total Debt/LTM EBITDA(2) 0.5x
Debt to Total Capital Ratio 22%
Financial Policies Committed to Investment Grade profile
Rating Current Agency MPC Rating S&P BBB/A-2 (Stable) Moody’s Baa2/P2 (Stable)
Maintain strong access to liquidity, with cash balance, 5-year revolver and access to CP markets
Maintain prudent capitalization and leverage statistics throughout the refining cycle
Capitalization
29
(1) Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC. (2) Based on LTM EBITDA of $6,342 MM.
Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC.
Committed to Investment Grade Credit Profile
Strong Profile
654 1,011
3,745
5,347
1,324
1,952
4,636
6,342
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2009 2010 2011 2012
MM
$
Historical Financial Summary
Income from Operations EBITDA(1) EBITDA(1)
Executing on Commitment to Total Shareholder Return
Base dividend increased 75% since July 1, 2011
$1.35 billion accelerated share repurchase programs, $2.65 billion share repurchase authorization through 2014
Total shareholder return of 93% for 2012
30
Balanced Return
$1.9 B
0
500
1,000
1,500
2,000
2,500
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012
MM
$
Cumulative Return of Capital
Dividends Share repurchases
31% 36%
67%
93%
0%
20%
40%
60%
80%
100%
Q1 2012 Q2 2012 Q3 2012 Q4 2012
2012 Cumulative Total Shareholder Return
Focused Return of Capital to Shareholders
$1,559
$1,176
$1,757
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
LTM Ended 12/31/12
Mill
ions
Dividends and share repurchases*
Change in cash and all other
Cash capital expenditures and acquisitions
31
* $407 MM dividends plus $1,350 MM share repurchase ** Cash flow provided by operations less cash capital expenditures and acquisitions
60% of Free Cash
Flow** Free Cash Flow** $2,933
Net cash provided by operations $4,492
Balanced Return
38%
62%
Crude Oil Refining Capacity
PADD II
PADD III
As of 2/1/13
MPC Key Strengths
32
Balanced and Diversified Portfolio
Balanced Operations
53% 47%
Crude Slate
Sour Crude
Sweet Crude
2012
~60%
~40% Assured Sales
Wholesale and Other Sales
2012
Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales)
279 252
243
192 191 175 164 163
95 89
-50
50
150
250
350
Exxo
n
Citg
o
MPC
BP
Che
vron
Val
ero
Phill
ips
Shel
l
Teso
ro
HFC
2,097 1,950
1,808 1,699
981 958 955 755 665 443
0
1,000
2,000
3,000
Val
ero
Exxo
n
Phill
ips
MPC
Shel
l
BP
Che
vron
Citg
o
Teso
ro
HFC
13.4 13.0 12.1 11.7 11.6 11.4 11.1 10.9
9.9 9.5
5.0
10.0
15.0
Che
vron
Exxo
n
HFC
Citg
o
MPC
Phill
ips
Val
ero
Shel
l
BP
Teso
ro
12 11
7 7 7 6
5 5 5
3
0
5
10
15
Val
ero
Phill
ips
Exxo
n
Teso
ro
MPC
Shel
l
BP
Che
vron
HFC
Citg
o
MPC Relative Refining Position
33
U.S. Crude Refining Capacity (1) # of U.S. Refineries (1)
Average Crude Capacity of U.S. Refineries (1)
Nelson Complexity Index (1)
(MBCD) (#)
(NCI)
(1) MPC data as of 1/1/2013 plus Galveston Bay acquisition. Other company data as reported in the O&GJ 2012 Worldwide Refining Survey, published on 12/3/2012. Owned interest of joint ventures are included in company statistics: Phillips includes 50% WRB, Exxon includes 50% Chalmette, BP includes 50% BP-Husky Toledo, Shell includes 50% Deer Park and Motiva. HollyFrontier data based on company presentations.
(MBCD)
Majors and Integrateds
MPC
Independent Refiners
Refinery Capacity
* Nelson Complexity Index calculated per Oil and Gas Journal NCI Formula ** Weighted Average NCI Source: MPC Data. Capacities as of January 1, 2013
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.
BPCD NCI*
Garyville 522,000 10.8
Galveston Bay 451,000 15.3
Catlettsburg 240,000 10.3
Robinson 206,000 10.6
Detroit 120,000 9.9
Texas City 80,000 8.4
Canton 80,000 9.0
Total 1,699,000 11.6 **
34
U.S. Gulf Coast Offshore Imports
Domestic crude oil cannot be exported, therefore domestic crude oil must be priced to back out imports
Virtually all of the light sweet imports will be displaced in 2013
Other imports will be displaced as U.S. crude oil production increases
35
Rising North America Crude Oil Production Backs Out Waterborne Imports
Sources: DOE/EIA, MPC estimates
Positive Fundamentals
36
2010 2012 2014 2016 2020 2022 2024 2026 2028 2030
8,000
7,000
6,000
5,000
4,000
3,000
MBP
D
0
*Oil Sands Heavy includes some volumes of upgraded heavy sour crude oil and bitumen blended with diluent or upgraded crude oil.
Source: Canadian Association of Petroleum Producers
Growing Supply from America’s Largest Trading Partner
2,000
1,000
2018
CAPP Western Canada Crude Supply Forecast
Annual Growth from 2011 - 2030
MBPD Light Supply 24 Heavy Supply 184
Positive Fundamentals
Midwest Refineries’ Opportunity
37
Canada
South Dakota
Montana
North Dakota
North Dakota Production: ~750 MBPD
2011 Year-end: 535 MBPD
2010 Year-end: 344 MBPD
2008 Year-end: 202 MBPD
2006 Year-end: 115 MBPD
2015 Production Forecast: Up to 1,200 MBPD
Pipeline takeaway capacity has not kept pace with growth
Rail transportation has filled the gap
Current Railed Volume: ~440 MBPD
Current Loading Capacity: ~700 MBPD
2013 Projected Loading Capacity: ~900 MBPD
Bakken Production Increasing Rapidly Sources: ND Oil & Gas Div., NDPA, MPC Estimate
Positive Fundamentals
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
US Crude & Condensate
US NGL Canada Oil Sands, Crude &
Condensate
MM
BD
2000 - 2011 2011 - 2025
U.S. and Canadian Liquids Production Increases 57% from 2011 to 2025
Positive Industry Trends – Growing North American Production
“Resource plays” dominate U.S. output growth. Conventional production (Alaska, offshore, California, other legacy production) struggles to sustain output
NGL output growth is mostly associated with wet gas shale areas
U.S. liquid volume gains are concentrated in PADDs II - IV (mid-continent)
Canada oil sands account for all of its gains, concentrated in Alberta
New transportation investments will be required to move production to market
38
Sources: DOE/EIA, Canadian Association of Petroleum Producers, MPC Estimates
Texas City and Galveston Bay Refinery Opportunity
39
Eagle Ford is a very light (40-50 API), sweet crude (0.2% sulfur)
Currently being trucked to markets Pipelines are being built
Dock facilities are in operation and continue to be built to make it a “waterborne” crude to capture Brent/LLS pricing as opposed to WTI basis
Crude oil production rapidly expanding Currently: 420 MBPD
2011 Year-end: 196 MBPD
2010 Year-end: 30 MBPD
2009 Year-end: 0 MBPD
2015 (projected): 880 MBPD
Graph Source: EIA
Source: MPC Estimate
Eagle Ford Shale
Eagle Ford Production Increasing Rapidly
MPC Refineries
Pegasus Planned Keystone XL & GC
Keystone
Spearhead Planned Seaway Expansion Planned Ho-Ho Reversal Planned Gulf Coast Access
Portland
Cushing
Superior Clearbrook
Regina
Cromer
Montreal
Burnaby
Anacortes
Edmonton Trans
Mountain
Chicago Salt Lake City Casper
Wood River
Patoka
Sarnia
Mustang Chicap
Hardisty
Steele City
Seaway Houston
Freeport
St James Houma
Ho-Ho
MBPD Pipeline Estimated
Completion
540 Keystone Current
96 Pegasus Current
170 Platte Current
190 Spearhead Current
150 400
Seaway Phase 1 Seaway Phase 2
Current Current
300 Ho-Ho Reversal 1H 2013
700 Keystone Gulf Coast Late 2013
585 Gulf Coast Access Mid 2014
830 Keystone XL Early 2015
Gulf Coast Access
Flanagan
U.S./Canada Key Existing and Planned Pipelines
40
Indicative Transportation Costs
41
Sources: MPC Estimates based on publically available information, OPIS, and Argus Media.
Indicative Rail Costs Bakken to St. James(1) $/BBL
Railcar Loading 1.50
Rail Transportation 10.00
Railcar Lease 3.00
Railcar Unloading 1.50
Total 16.00
Indicative Rail Costs Bakken to U.S. East Coast(1) $/BBL
Railcar Loading 1.50
Rail Transportation 9.00
Railcar Lease 3.00
Railcar Unloading 1.50
Barge Loading .75
Barge Transportation 1.00
Total 16.75
Indicative Shipping Costs S. Texas to U.S. East Coast $/BBL
Pipeline to Houston 1.50
Shipping Transportation 8.85
Total 10.35
Indicative Pipeline Costs Bakken to Patoka(1) $/BBL
Pipeline to Patoka 3.60
*Pipeline to MPC Refineries
1.00
Total 4.60
* Up to $1.00 additional tariff to deliver to a MPC Midwest refinery
Bakken
St. James
Patoka
Eagle Ford
(1) Excludes gathering and truck transportation costs (up to ~$5.25/BBL)
Options… Detroit Logistics
Canadian crude via multiple routes
Virtually all world crudes available via pipelines from USGC
All gasoline production sold in regional market
42
Detroit
Enbridge 2 Enbridge
Capline
Patoka
Mid Valley
Lima
Wood River
Chicago
Stockbridge
Samaria
#1 #2
#3 Platte/Keystone
#4 #5
Strategically Located for Multiple Crude Supply Routes
Attractive Midwest/PADD II
Demand exceeds refining capacity in PADD II Net imported ~13% of petroleum
demand into PADD II, primarily from PADD III in 2012
Enhances margin opportunities
Transportation premium embedded in PADD II gasoline prices
Higher refinery utilization rates
Relatively leaner product stocks
Access to Canadian crude
Well positioned for Utica crude
43
7%
21%
50%
4%
18%
38%
62%
0%
20%
40%
60%
80%
PADD I PADD II PADD III PADD IV PADD V Industry Distribution MPC
Percentage of Crude Oil Capacity by PADD
Source: MPC Estimate
Largest Midwest Exposure of All Major Refining Competitors
Source: MPC, DOE, as of 2/1/2013
PADD I PADD II
PADD III
PADD V
PADD IV
Annual Price and Margin Sensitivities $ Millions (After Tax)
44
LLS 6-3-2-1 Crack Spread* Sensitivity ~$425 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$225 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$75 (per $1.00/barrel change) Refined Product Wholesale Margin Sensitivity ~$200
(per $0.01/gallon change) Speedway Refined Product Margin Sensitivity ~$20
(per $0.01/gallon change) Natural Gas Price Sensitivity ~140 (per $1.00/MMbtu change in Henry Hub)
*Weighted 38% Chicago and 62% USGC LLS 6-3-2-1 crack spreads and assumes all other differentials and pricing relationships remain unchanged
**Light Louisiana Sweet (prompt) - [Delivered cost of sour crudes: Arab Light + Kuwait + Maya + Western Canadian Select + Mars]
***Assumes 20% of crude throughput volumes are WTI-based domestic crudes
Galveston Bay Asset Acquisition Highlights
Supports MPC strategy to grow in existing and contiguous markets and expand integrated model
One of the largest and most complex refineries in the U.S.
Well connected to crude and products markets, including exports
Attractive base cash purchase price of ~$598 million
Potential $700 million earnout over six year period
Expected to be immediately accretive to earnings Incremental EBITDA of $700 million to $1.2 billion based on historical pricing Accretive to earnings per share by 13% to 27% based on historical pricing
Potential significant economic upside from synergies and process optimization
Closed February 1, 2013
Financed with cash on hand
45
Galveston Bay Complements MPC’s Integrated System
46
Refinery 451,000 BPCD (475,000 BPSD) refinery Nelson Complexity Index: 15.3 Significant recent investments Excellent crude optionality Substantial products logistics opportunities Advantageous petrochemical configuration
Cogen Facility 1040 megawatts of electrical capacity and 4.6 million
lbs/hr steam Supplies power and steam to the refinery
Light Product Terminals Nashville, TN Charlotte, NC Selma, NC Jacksonville, FL
Pipelines More than 100 miles of NGL pipelines consisting of
three intrastate systems originating at the refinery 50 MBPD gasoline shipper history on Colonial Pipeline
Retail Assignments ~61 MBPD of BP brand gasoline contracts ~1,200 locations
Connecting Pipelines
MPC Operations
Refinery Terminal Coastal Water Terminal
Inland Water Terminal
Refinery and Cogen
Light Product Terminals
Primary Retail Assignment Region
As of Feb. 1, 2013
Galveston Bay Asset Transaction Indicative Purchase Price Comparison
47
*Galveston Bay is based on a $148 MM net refinery purchase price and full $700 MM earnout. See appendix for calculation ** PBF-Toledo is based on a $400 MM net refinery purchase price and $125 MM earnout Sources: MPC calculations based on transaction announcements and OGJ data (barrels per calendar day)
Enhancing Earnings
$0 $100 $200 $300 $400
PBF-Toledo (12/2010) with earnout**
PBF-Toledo (12/2010) without earnout
VLO-Pembroke (3/2011)
VLO-Meraux (10/2011)
PBF-Paulsboro (12/2010)
MPC-Galveston Bay with earnout*
Delta-Trainer (4/2012)
PBF-Del City (6/2010)
Alon-Bakersfield (6/2010)
MPC-Galveston Bay without earnout
TSO-Carson (8/2012) $16
$21
$66
$109
$122
$123
$151
$218
$241
$290
$381
Price per refinery complexity barrel
Galveston Bay Asset Acquisition Projected Synergies and Capital Investments (Millions)
EBITDA Synergies of ~$440 MM thru 2017, ~$130 MM annually thereafter
Feedstock optimization
Florida and export optimization
Refinery processing opportunities
Total Synergy Investments of ~$170 MM
Dock upgrades
Storage tank additions and connectivity
48
Projected Synergy Capital Investments
$0
$40
$80
$120
$160
2013E 2014E 2015E 2016E
Projected Incremental Synergies EBITDA
$0
$40
$80
$120
$160
2013E 2014E 2015E 2016E 2017E+
Enhancing Earnings
Galveston Bay Projected Sustaining Capital*
49
0
100
200
300
400
500
2013E 2014E 2015E 2016E 2017E 2018E 2019E
MM
$
Refinery All Other
* Excludes synergy and other value accretive investments
Galveston Bay Transaction Product Logistics Opportunities
50 50 50
Exports to Mexico/SA/Europe
Pasadena Zachary
Southeast Midwest
Florida
Flexible product placement
Domestic and export opportunities
Synergies with MPC’s Texas City and Garyville refineries and MPC logistics
Garyville
Texas City
Galveston Bay Marketing Assets and Integration
Integrated acquisition includes Assignment of branded-jobber contracts
representing ~1,200 BP retail sites
~61 MBPD of gasoline sales
Locations primarily in FL, MS, TN and AL
BP trademark to be used during transition process
Strategic step in retail growth Nearly doubles branded site count in
Southeast
Complementary to recent regional growth
Partnership opportunity with premier Southeast jobbers
Opportunity to expand relationship with existing Marathon jobbers
51
Galveston Bay Assets Expected Accretive Transaction (MM unless otherwise indicated)
52
MPC Base EBITDA - analyst 2013 consensus estimates(1) $ 4,759 $ 4,759 Assets acquired EBITDA using 2006-2010 pricing(2)(4) 1,200 Assets acquired EBITDA using 2011 pricing(2)(5) 700 Total EBITDA $ 5,959 $ 5,459
Improvement 25% 15%
MPC Base Net Income - analyst 2013 consensus estimates $ 2,425 $ 2,425 Assets acquired Net Income using 2006-2010 pricing(2)(4) 650 Assets acquired Net Income using 2011 pricing(2)(5) 325
Total Net Income $ 3,075 $ 2,750
MPC Base EPS(3) $7.11 $7.11 MPC + Assets acquired EPS(3) $9.02 $8.06
Accretion 27% 13%
(1) Consensus estimates as of October 4, 2012 (2) Based on MPC 2013 operating estimates and applicable historical price information (3) Assumes 341 million shares outstanding (4) Argus Sour Crude Price Index (ASCI) 3-2-1 crack spread of $15.10 used as pricing metric for 2006-2010 (5) ASCI crack spread of $11.57 used as pricing metric for 2011
Galveston Bay Assets Cash Purchase Price Including Full Earnout
53
Base cash purchase price (millions) $ 598 Full earnout 700 Total purchase price with full earnout $ 1,298
Less: Cogen facility (290) Less: Terminals and other logistics assets (120) Less: Retail marketing (40)
Estimated Net Refining Asset Price $ 848 (Excludes ~$900 MM initial inventory purchase)
EBITDA multiple 1.1x - 1.9x Capacity (MBPCD) 451 Nelson Complexity Index 15.3
Estimated Price per Capacity BBL $ 1,880
Estimated Price per Complexity BBL $ 123
Fully Integrated Downstream Business
Ratable sales
Optimized operations Refining
Pipeline
Terminal
Biofuels blending base load
Supply dislocation flexibility
Reduced credit risk (Speedway)
54
Coastal Water Terminals
Inland Water Terminals
Light Product Terminals
Connecting Pipelines Refineries Speedway Marketing Area
Capturing Value MPC Well Positioned – Benefits of Retail Integration
Speedway vs. Public Peers – 2011
55
179.4
0
50
100
150
200
250
300
Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Sunoco Tesoro Delek Western Refining
M G
al/S
tore
/Mon
th
Light Product Sales
Average 97.8
Average 157.1
31.6
0 5
10 15 20 25 30 35 40 45 50
Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Sunoco Tesoro Delek Western Refining
$M/S
tore
/Mon
th
Light Product Margin
Public C-Store
Independent Refiners
Public C-Store
Independent Refiners
Average 17.6
Average 23.9
#2 in Light Product Unit Sales Volume Source: Company Reports
Speedway vs. Public Peers – 2011
56
178.5
0
50
100
150
200
Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Sunoco Tesoro Delek Western Refining
$M/S
tore
/Mon
th
Merchandise Sales
Average 110.7 Average 95.4
43.9
0
10
20
30
40
50
Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Sunoco Tesoro Delek Western Refining
$M/S
tore
/Mon
th
Merchandise Margin
Public C-Store
Independent Refiners
Public C-Store
Independent Refiners Average 38.7
Average 22.7
#1 in Merchandise Unit Sales Source: Company Reports
4Q and Full Year 2012 Earnings*
Adjusted Earnings (Loss) Adjusted Earnings (Loss) per Diluted Share
1.48 1.70
2.29 2.53
3.16 3.31
(0.21)
2.26
-$2 $0 $2 $4 $6 $8
$10 $12
2011 2012
$/Sh
are
57
4Q 2012 4Q 2011 2012 2011
Earnings (Loss) $755 MM ($75) MM $3,389 MM $2,389 MM
Adjusted Earnings (Loss) $760 MM ($75) MM $3,352 MM $2,406 MM
Earnings (Loss) per Diluted Share $2.24 ($0.21) $9.89 $6.67
Adjusted Earnings (Loss) per Diluted Share $2.26 ($0.21) $9.79 $6.72
529 596
819 867
1,133 1,129
(75)
760
-$1,000
$0
$1,000
$2,000
$3,000
2011 2012
Mill
ions
1Q 2Q 3Q 4Q *References to Earnings refer to Net Income (Loss) attributable to MPC
Adjusted Earnings (Loss)* 4Q 2012 vs. 4Q 2011 Variance Analysis
58
(75)
1,321 4 34 (27) (493)
(4) 760
-$200
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
4Q 2011 Refining & Marketing
Speedway Pipeline Transportation
Interest & Other
Income Taxes
Non Controlling
Interest
4Q 2012
Mill
ions
*References to Earnings refer to Net Income (Loss) attributable to MPC
Refining & Marketing Segment Income 4Q 2012 vs. 4Q 2011 Variance Analysis
59
(182)
(24)
371
809 81
182 35 (90) (43) 1,139
-$500
$0
$500
$1,000
$1,500
4Q 2011 *LLS 6-3-2-1 Crack
*Sweet/ Sour Diff.
*LLS /WTI Spread
*LLS Prompt vs. Delivered
*Market Structure
Direct Operating
Costs
Other Gross
Margin
Other 4Q 2012
Mill
ions
*Based on market indicators using actual volumes
Refining & Marketing Segment Income
3,591
(758)
1,684
870 119 49 (126) (197)
(134) 5,098
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2011 *LLS 6-3-2-1 Crack
*Sweet/ Sour Diff.
*WTI-LLS Spread
*LLS Prompt
vs. Delivered
*Market Structure
Direct Operating
Costs
Other Gross
Margin
Other 2012
$ M
illio
ns
2012 vs. 2011 Variance Analysis
60
*Based on market indicators using actual volumes
Speedway Segment Income
61
73 8
13 (17)
77
$0
$20
$40
$60
$80
$100
4Q 2011 Light Product
Gross Margin
Merchandise Gross Margin
Other 4Q 2012
Mill
ions
4Q 2012 vs. 4Q 2011 2012 vs. 2011
Variance Analysis
271 15 76 (52)
310
$0
$100
$200
$300
$400
2011 Light Product
Gross Margin
Merchandise Gross Margin
Other 2012
Mill
ions
Pipeline Transportation Segment Income
62
Variance Analysis
38
33
13 (5) (7)
72
$0
$20
$40
$60
$80
$100
4Q 2011 Trans. Revenue
Pipeline Affiliates
Mechanical Integrity
Other 4Q 2012
Mill
ions
199
54 (7) (13) (17) 216
$0
$100
$200
$300
2011 Trans. Revenue
Pipeline Affiliates
Mechanical Integrity
Other 2012
Mill
ions
4Q 2012 vs. 4Q 2011 2012 vs. 2011
Total Company Cash Flow 4Q 2012
63
3,387
1,124
919 (403) (116) (500) 407 42 4,860
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
9/30/12 Cash
Balance
Operating Cash Flow
before Working Capital
Working Capital
Cash Capital Expenditures
and Acquisitions
Dividends Paid
Accelerated Share
Repurchase
MPLX Proceeds
Other 12/31/12 Cash
Balance
Mill
ions
Select Balance Sheet/Cash Flow Data
(MM$) 2012 2012 2012 2012
4Q 3Q 2Q 1Q
As of quarter ended:
Cash and cash equivalents 4,860 3,387 1,895 2,205
Total debt 3,361 3,349 3,335 3,321
Equity 12,105 11,467 10,326 9,216
Debt-to-total-capital ratio 22% 23% 24% 26%
Last Twelve Months (LTM) EBITDA 6,342 4,942 4,787 4,787
Debt to LTM EBITDA 0.5x 0.7x 0.7x 0.7x
Quarter to date:
Cash provided from operations 2,043 1,833 269 347
Cash provided from operations before changes in working capital
1,124 1,320 1,368 1,108
64
1Q 2013 Outlook
Projected 1Q 2013*
1Q 2012
Crude throughput 1.40 MMBD 1.15 MMBD
Total throughput 1.65 MMBD 1.32 MMBD
Percent of WTI-priced crude 24% 30%
Direct operating costs in Refining & Marketing gross margin**:
Planned turnaround and major maintenance $1.25 $1.05
Depreciation & amortization 1.50 1.38
Other manufacturing cost*** 4.00 3.16
Total $6.75 $5.59
Corporate and other unallocated items $85 million $79 million
65
* Assumes closing of Galveston Bay acquisition on February 1, 2013
** Per barrel of total throughput
*** Includes utilities, labor, routine maintenance and other operating costs
Capital Expenditures & Investments
66
(MM$) 2012 Budget 4Q 2012 2012 2013 Budget*
Refining & Marketing 745 192 705 1,016
Speedway 353 83 340 255
Pipeline Transportation 230 42 211 184
Corporate and Other 91 56 103 160
Subtotal 1,419 373 1,359 1,615
Capitalized Interest 116 6 101 43
Total Capital Expenditures & Investments
1,535 379 1,460 1,658
*Excludes purchase price of Galveston Bay refinery and related assets
2013 Significant Capital Projects
Upgrade Galveston Bay refinery
Speedway expansion
Garyville diesel projects
Utica Shale projects Condensate splitters
Wellsville terminal
Patoka to Catlettsburg pipeline upgrade
Robinson unicracker revamp
Garyville gasoline and diesel export
Catlettsburg vacuum cut-point project
67
Reconciliation Earnings (Loss) to Adjusted Earnings (Loss)*
68
($MM) 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Earnings (Loss) 529 802 1,133 (75) 596 814 1,224 755
Pension settlement expenses** 53 22 5
MN asset sale settlement gain** (117)
Income tax law changes 17
Adjusted Earnings (Loss) 529 819 1,133 (75) 596 867 1,129 760
* References to Earnings refer to Net Income (Loss) attributable to MPC ** Net of tax
Reconciliation
69
($MM) 2012
(Quarter to date) 1Q 2Q 3Q 4Q
Net cash provided from operating activities 347 269 1,833 2,043
Additions to property, plant and equipment (309) (326) (331) (403)
Acquisitions - (163) (27) -
Free cash flow 38 (220) 1,475 1,640
Last twelve months free cash flow 2,933
Free Cash Flow to Net Cash Provided from Operations
Income
70
($MM unless otherwise noted) 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Refining & Marketing segment income (loss)
Speedway segment income
Pipeline Transportation segment income
802
33
51
1,260
80
54
1,711
85
56
(182)
73
38
943
50
42
1,325
107
50
1,691
76
52
1,139
77
72
Corporate and other unallocated items (67) (69) (93) (87) (79) (92) (74) (91)
Pension settlement expenses - - - - - (83) (33) (8)
MN asset sale settlement gain - - - - - - 183 -
Income (loss) from operations 819
3
1,325
8
1,759
(15)
(158)
(22)
956
(22)
1,307
(17)
1,895
(25)
1,189
(45) Net interest and other financing income (costs)
Income (loss) before income taxes 822 1,333 1,744 (180) 934 1,290 1,870 1,144
Income tax provision (benefit) 293 531 611 (105) 338 476 646 385
Net income (loss) 529 802 1,133 (75) 596 814 1,224 759
Less net income attributable to noncontrolling interest - - - - - - - 4
Net income (loss) attributable to MPC 529 802 1,133 (75) 596 814 1,224 755
Effective tax rate 36% 40% 35% 58% 36% 37% 35% 34%
EBITDA Reconciliation to Net Income (Loss) Attributable to MPC
71
($MM) 2009 2010 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Net Income (Loss) attributable to MPC 449 623 529 802 1,133 (75) 596 814 1,224 755
Less: Related party net interest and other financial income 45 24 17 18 - - - - 1 -
Less: Net interest and other financial income (costs) (14) (12) (14) (10) (15) (22) (22) (17) (26) (45)
Add: Net income attributable to noncontrolling interest - - - - - - - - - 4
Add: Provision (benefit) for income taxes 236 400 293 531 611 (105) 338 476 646 385
Add: Depreciation and amortization 670 941 216 218 227 230 230 236 246 283
EBITDA 1,324 1,952 1,035 1,543 1,986 72 1,186 1,543 2,141 1,472
Last Twelve Months EBITDA 4,636 4,787 4,787 4,942 6,342
Cash Provided from Operations Before Changes in Working Capital Reconciliation to Cash Provided from Operations
72
($MM) 2012
(Quarter to date) 1Q 2Q 3Q 4Q
Net cash provided from operations 347 269 1,833 2,043
Less changes in working capital:
Changes in current receivables (406) 1,159 (393) 491
Changes in inventories (32) (665) 142 440
Changes in current accounts payable and accrued liabilities (332) (1,690) 862 (63)
Changes in the fair value of derivative instruments 9 97 (98) 51
Total changes in working capital (761) (1,099) 513 919
Cash provided from operations before changes in working capital 1,108 1,368 1,320 1,124
MPC Crude Slate
73
21 23 25 26 27 29 30 28 26 25
48 56 52 52 49 48 45 50 52 55
31 21 23 22 24 23 25 22 22 20
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Other Sweet
Other Sour
WTI Based
Refining & Marketing Indicative Gross Margin – 4Q 2012
74
*Based on market indicators using actual volumes
506
863
612 29 51 (754)
116 1,423 (284)
1,139
$0
$500
$1,000
$1,500
$2,000
$2,500
*LLS 6-3-2-1 Crack
*Sweet/ Sour Diff.
*LLS/WTI Spread
*LLS Prompt vs. Delivered
*Market Structure
Direct Operating
Costs
Other Gross
Margin
R&M Gross
Margin
Other R&M Segment Income
Mill
ions
Market Indicators Used in Project EBITDA Calculations
2011 2006 - 2010
West Texas Intermediate 3-2-1 crack spread 23.31 10.68
Light Louisiana Sweet 3-2-1 crack spread 6.05 8.05
Arab Light 3-2-1 crack spread 11.16 14.03
Arab Medium 4-2-1-1 crack spread 7.71 9.54
Light Louisiana Sweet 6-3-2-1 crack spread 2.79 3.91
LLS to Lloyd Differential 33.98 20.16
75
Robust Growth Opportunities Attractive organic growth prospects augmented with tariff and volume increases Potential for significant growth through acquisitions alongside, and/or from, MPC; MPC has a very
substantial portfolio of logistics assets, including its retained 49% interest in MPLX Pipe Line Holdings LP
Strategic Relationship with MPC MPLX's assets are highly integral to MPC's refining and marketing network MPC provides MPLX with significant growth opportunities and a stable base of cash flows
Stable and Predictable Cash Flows MPLX is expected to generate stable and predictable cash flows supported by a combination of long-term
transportation agreements (linked to FERC-based tariff rates) and storage agreements
High-Quality, Well-Maintained Asset Base Majority owner and operator of one of the largest networks of pipeline systems in the U.S. based on total
annual volumes delivered Assets are well maintained through focused maintenance and capex program
Strategically Located Assets Primarily located in the Midwest and U.S. Gulf Coast, which are near emerging shale plays such as the
Marcellus, Utica, New Albany, Antrim and Illinois Basin
Financial Flexibility Attractive coverage ratio, combined with ample liquidity and no initial leverage, provides a strong
foundation to execute MPLX's growth strategy
Experienced Management Team Includes many of MPC’s most senior officers, who average over 25 years of experience in the energy
industry and operational experience with our assets
MPLX Summary of Key Investment Highlights
76
MPLX Offering Summary
77
Issuer MPLX LP
Sponsor Marathon Petroleum Corporation
Exchange / Ticker NYSE / MPLX
Estimated Distribution Coverage 1.10x
Expected Tax Shield 80% for the period from the IPO until December 31, 2015
Use of Net Proceeds
$203 million to MPC
$192 million to pre-fund certain expansion capital expenditures
$10 million to MPLX for general partnership needs
$33 million for underwriting discounts, financing costs and other formation costs
Initial Offering Upsized Final Offering
Common Units Offered (with shoe) 15.0 million (17.3 million) 17.3 million (19.9 million)
Proposed Valuation Range
Yield based on $1.05 annualized MQD
$19.00 - $21.00 per unit
5.00% - 5.53%
$22.00 per unit
4.77%
Offering Size (Base Offering Before Overallotment)
$285 – $315 million $381 million
Offering Size (After Overallotment Exercised)
$328 – $362 million $438 million
Creating Value
MPC has Created an Industry-Leading MLP
78
Focus on Fee-Based Businesses
Generate stable cash flows by providing primarily fee-based midstream services to MPC and third parties
Mitigate volatility in cash flows by entering into long-term transportation and storage agreements and by minimizing direct exposure to commodity prices
Pursue Organic Growth Opportunities
Increase pipeline systems revenue by developing organic investment opportunities through growth in:
MPC’s operations Third-party activity
Grow Through Acquisitions and
Drop-downs
Acquire complementary assets from third parties, within current geographic footprint, as well as new areas
May also pursue acquisitions cooperatively with MPC
Significant drop-down potential from MPC
Maintain Safe and Reliable Operations
Provide safe, reliable and efficient services – another key to stable cash flows
Committed to maintaining and improving the reliability and efficiency of operations
MPLX’s Primary Business Strategies
Creating Value
MPC views MPLX as integral to its operations and is aligned with its success and incentivized to grow MPLX
Initial MPLX assets consist of a 51% interest in Pipe Line Holdings as well as 100% ownership in the Neal, W.Va., Butane Cavern
MPC retains the remaining 49% interest in Pipe Line Holdings
MPC also owns 71.6% LP interest and 100.0% of MPLX’s GP interest and IDRs
49.0% limited partner interest
100.0% ownership interest
100.0% ownership interest
MPLX Operations LLC
r
MPLX Terminal and Storage LLC
100.0% ownership interest Public
100.0% ownership interest
2.0% GP interest 26.4% LP interest
Marathon Pipe Line LLC (“MPL”)
51.0% GP interest
Ohio River Pipe Line LLC (“ORPL”)
MPLX GP LLC (our General Partner)
71.6% LP interest
100.0% ownership interest
MPLX LP (NYSE: MPLX)
(the “Partnership”)
MPLX Pipe Line Holdings LP (“Pipe Line Holdings”)
Marathon Petroleum Corporation and Affiliates
(NYSE: MPC)
MPLX Organizational Structure
MPC and MPLX are Aligned
79
Marathon Pipe Line LLC and Ohio River Pipe Line LLC comprise one of the largest networks of pipeline systems in the U.S. based on total volume delivered 1,004 miles of common carrier
crude oil pipelines 1,902 miles of common carrier
products pipelines Inclusive of 230 miles of long-
term leased and operated pipelines
The ~1 million barrel Neal, W.Va., butane storage cavern adjacent to MPC’s Catlettsburg refinery is wholly owned and operated by MPLX
MPLX’s Assets are Integral to MPC
80
As of Feb. 1, 2013
Owned and operated terminals: 65 light product and 21 asphalt 275 transport loading racks
Logistics infrastructure is extremely important to MPC's success
MPC intends to use MPLX as the primary growth vehicle for its midstream logistics business
MPLX can pursue acquisitions directly from MPC
MPLX can pursue third-party acquisitions independently and/or in cooperation with MPC
MPC Midstream Assets
Remaining 49% interest in MPLX's pipeline assets Over 5,000 miles of additional crude and products pipelines
Owns, leases or has an ownership interest in these pipelines
146 owned transport trucks
~ 1,970 owned or leased railcars
One of the largest private inland bulk liquid barge fleets in the U.S. consisting of 15 owned inland waterway towboats, and 177 owned and 14 leased barges
MPC Relationship Provides Robust Growth Opportunities for MPLX
81
MPLX’s assets consist of fee-based pipeline systems and storage assets
MPC has historically accounted for 85%+ of the volumes shipped on MPLX’s pipelines
MPC has entered into multiple long-term transportation and storage agreements with MPLX Terms of up to 10 years Pipeline tariffs linked to FERC-based rates Indexed storage fees
2013 EBITDA estimate represents a ~59% increase over 2011 pro forma EBITDA Increase underpinned by FERC-based tariffs
and volume growth Capital projects pre-funded and supported
by MPC
Revenue – Product / Asset Mix1
Notes: (1) Estimate for the twelve months ending December 31, 2013 (2) Includes revenues generated under Transportation and Storage agreements with MPC (3) Volumes shipped under joint tariff agreements are accounted for as third party for GAAP purposes, but represent MPC barrels shipped
Revenue – Customer Mix1
MPC = 89%
MPLX Stable and Predictable Cash Flows
82
73%
16%
11%
MPC Committed² ³ MPC Additional³ Third Party
$364 MM
$81 MM
$55 MM
46%
43%
4% 3%
4%
Crude Transportation Products Transportation Tank Storage Cavern Storage Operating and Mgmt. Fees
$232 MM
$216 MM
Historical crude and product volumes have been extremely stable with low variability despite material changes in the broader commodity price environment
Butane cavern and storage facilities generate stable and ratable (capacity based) fees
Throughput and storage agreements with MPC provide cash flow visibility and predictability
2013 total throughput is projected to be ~12.8% over 2011 pro forma throughput
Throughput (MBPD)
Crude Products % MPC 80% 81% 84% 81% 80% 79% % MPC 92% 91% 90% 93% 94% 95%
MPC Throughput1 Third-Party Throughput
712 724 705 774 838 938
0
300
600
900
1,200
1,500
2007 2008 2009 2010 2011 Est. 12 Mo.Ending
12/31/13
892 899842
955 1,0411,190
964 873 856 904 971 1,093
0
300
600
900
1,200
1,500
2007 2008 2009 2010 2011 Est. 12 Mo.Ending
12/31/13
1,049960 953 968
1,0311,148
Note: (1) Crude volumes in light equivalent barrels
MPLX: Ideal Assets for an MLP
83
MPLX operates all of its assets
Assets are primarily located throughout the Midwest and U.S. Gulf Coast
In 2011, these regions collectively comprised ~72% and ~48% of total U.S. crude distillation capacity and finished products demand, respectively
Existing capability to transport Canadian crude
Marathon Petroleum Corporation 646
BP2 468
Phillips 663 365
Flint Hills Resources (Koch) 322
Valero 287
HollyFrontier 258
ExxonMobil 238
Husky Energy2 238
Source: MPC
Notes: (1) Refiners with PADD II capacities of less than 200 MBPCD excluded from list; aggregate additional
capacity of ~950 MBPCD (2) Includes 50% share of BP / Husky Toledo’s total capacity (3) Includes 50% share of Wood River’s total capacity
Sources: MPC, Oil & Gas Journal
PADD II Refining Capacity (MBPCD)1
MPC has the Largest Refining Capacity in PADD II
MPLX Strategically Located Assets
84
MPLX’s assets and a large number of MPC's retained assets are in the “heart” of the Midwest infrastructure build-out
Strategically located near emerging shale plays
Marcellus, Utica, New Albany, Antrim, and Illinois Basin in Pennsylvania, Ohio, Indiana, Michigan, and Illinois
MPC is currently transporting crude oil and feedstocks from the Utica play
MPLX is continuing to evaluate growth opportunities in the Utica and other shale plays
Source: EIA
Current Plays
Prospective Plays
Basins
Shale Plays
Shallowest / Youngest
Intermediate Depth / Age
Deepest / Oldest
Stacked Plays
MPC Refineries
MPLX Strategically Located Assets (Continued)
85
Bakken
Ardmore Basin
Anadarko Basin
Barnett
Pearsall
Eagle Ford
Haynesville- Bossier
Ft. Worth Basin
TX-LA-MS Salt Basin
Tuscaloosa
Floyd-Neal
Woodford
Arkoma Basin
Fayetteville
Cherokee Platform
Excello-Mulky
Williston Basin
Forest City Basin
Illinois Basin
Michigan Basin
Antrim
Appalachian Basin
New Albany
Chattanooga Black Warrior
Basin Conasauga
Valley & Ridge Province
Devonian (Ohio)
Marcellus
Utica
Western Gulf
Mississ- ippian Lime
MPLX continually invests in the maintenance and integrity of its assets
Uses a patented integrity management program to enhance pipeline safety and reliability
Top tier reputation and active industry involvement
Certifications, Initiatives and Industry Partnerships
(1) Capex budget represents both MPC and MPLX portions of capital budget
Quality Assets and Top Tier Reputation
(16% of 2013E EBITDA) (16% of 2013E EBITDA)
MPLX High Quality, Well-Maintained Asset Base
86
(16% of 2013E EBITDA)
Maintenance $33 MM
Expansion $109 MM
2013 Capex Budget1
MPLX Operations Deliver Top Tier Safety Performance Patented integrity
management program fully compliant with DOT regulations
State of the art in-line assessment practices
Leading control room management practices
Industry leader in helping to improve Damage Prevention practices
87
501
380352
411404384
0
100
200
300
400
500
600
2009 2010 2011 2011 PF 12 Mo. Ending
6/30/12
Est. 12 Mo.Ending
12/31/13
411 426
Note: (1) In connection with the IPO, reflects the elimination of activity related to two pipelines that were not contributed to MPLX, reduction in revenues associated with lower rate incentive tariffs, payments received from MPC for volume shipments below minimum committed volumes, recognition of revenues from storage agreements, and fees earned under management services and operating agreements executed with MPC
Stable historical results and strong growth going forward
Predictable cash flows underpinned by MPC throughput and storage agreements, as well as historical usage pattern
Attractive distribution coverage post-IPO of 1.10x
Cash retained after distribution will be used to manage operations and help organically grow asset base
Historical Predecessor
Capline / Maumee pipeline systems and Other items¹
Estimated Twelve Months Ending 12/31/2013
Revenue and Other Income ($MM)
MPLX Conservative Coverage with Predictable and Growing Distributions
88
($ in millions, unless otherwise noted)
Adj. EBITDA $197.0
Less: Adj. EBITDA attributable to MPC's retained interest in Pipe Line Holdings 92.2 Adj. EBITDA attributable to MPLX LP $104.8
Less:
Net Cash Interest Paid 1.2
Income Taxes Paid 0.1
Maintenance capital expenditures 16.4
Expansion capital expenditures 55.4
Add: Offering proceeds retained to fund expansion capital expenditures 55.4
Distributable Cash Flow $87.1
Distributions to Common Units 38.8
Distributions to Subordinated Units 38.8
Distributions to GP / IDR 1.6
Total Annualized Distributions $79.2
Initial Coverage Ratio 1.10x
Note: (1) Includes the following: elimination of activity related to minority undivided joint interests in two crude oil pipelines included in the Predecessor that were not contributed to the Partnership; other revenue which reflects adjustments due to lower incentive tariff in the pipeline transportation services agreement with MPC for shipments of volumes in excess of minimum committed volumes on the Garyville products system and certain pipelines within the ORPL system; recognition of incremental revenues under the storage services agreements and incremental fees earned under management services and operating agreements executed with MPC in connection with the initial public offering; and, G&A and employee services agreements which reflects the effect of transferring the Predecessor’s employees to MPC and having employee services provided to the Partnership by MPC pursuant to an employee services agreement executed in connection with the initial public offering and incremental G&A expenses for corporate services and executive officers provided by MPC pursuant to the omnibus agreement
MPLX Adjusted EBITDA Bridge Analysis ($MM)
89
(10.8) (13.5)
(49.9)
123.8
(44.5) 168.3
(1.3 )
98.4
35.7
14.6
--
50
100
150
200
250
300
2011 2011 PF Adjustments ¹
Pro Forma 2011 Tariffs Volumes Other Revenue and Income
Cost of revenues
Purchases from related
parties
G&A Other Taxes Total Estimated
MPLX (12/31/13)
MPC Retained Interest
Estimated MPLX LP (12/31/13)
197.0 (92.2)
104.8
(44.5) 73.2
Note: (1) Tank Farms include the Patoka, Wood River, and Martinsville, IL, and Lebanon, IN tank farms
MPLX Pipeline Throughput Agreements
90
Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/13 Term Diameter Commitment Throughput Weighted Average MPC Min.
Asset (Years) (Inches) (MBPD) (MBPD) Tariff ($/BBL) Revenue ($MM) Crude Systems
Patoka to Lima 10 20" / 22" 40 132 $0.52 $7.6 Catlettsburg and Robinson 10 20" / 24" / 20" 380 428 $0.74 $101.4 Detroit 10 16" / 16" 155 107 $0.23 $12.8 Wood River to Patoka 5 22" / 12" 130 133 $0.20 $10.5 Wood River Barge Dock 5 -- 40 38 $1.32 $19.2
Total -- -- 745 838 -- $151.5 Products Systems
Garyville to Zachary 10 20" 300 258 $0.55 $59.8 Zachary Connect 10 36" 80 132 $0.04 $1.3 Texas City to Pasadena 10 16" 81 85 $0.27 $7.9 Pasadena Connect 10 30" / 36" 61 50 $0.07 $1.5 Ohio River Pipe Line (ORPL) 10 6" / 8" / 10" / 14" 128 126 $1.25 $58.2 Robinson 10 10" / 12" / 16" 209 320 $0.65 $49.9 Louisville Airport -NA- 8" / 6" -NA- -NA- -NA- -NA-
Total -- 859 971 -- $178.6
Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/13 Term Commitment Capacity Leased Weighted Average MPC Min.
Asset (Years) (MBBLS) (MBBLS) Fees ($ /BBL/month) Revenue ($MM) Agreements
Neal, W.Va. Butane Storage Cavern 10 1,000 -NA- $1.25 $15.0 Tank Farms¹ 3 3,293 3,293 $0.48 $19.0
Total -- 4,293 3,293 -- $34.0
Management team includes MPC executive officers with an average 25 years of experience with MPLX's assets
Position at MPC Position at MPLX Industry
Garry L. Peiffer Executive VP, Corporate Planning and Investor & Government Relations
Director and President 38 38
Donald C. Templin Senior VP and Chief Financial Officer
Director, VP and Chief Financial Officer
11 1
J. Michael Wilder VP, General Counsel and Secretary VP, General Counsel and Secretary 34 34
With MPC
Gary R. Heminger President and Chief Executive Officer
Chairman of the Board and Chief Executive Officer
37 37
Years Experience
31 31 Senior VP, Transportation and Logistics
VP and Chief Operating Officer George P. Shaffner
Craig O. Pierson President, Marathon Pipe Line LLC VP, Operations 34 34
Timothy T. Griffith VP, Finance and Treasurer VP and Treasurer 1 1
Michael G. Braddock VP and Controller 32 32 VP and Controller
Pamela K. M. Beall
16
16 VP, Investor Relations and Government & Public Affairs
VP, Investor Relations
Experienced MPLX Management Team
91
MPLX 4Q Financial Information
(MM$) Post IPO
10/31/12 – 12/31/12
Revenues and other income 83.6
Costs and expenses 57.0
Income from operations 26.6
Income before income taxes 26.4
Net income 26.3
Net income attributable to MPLX LP 13.1
Adjusted EBITDA attributable to MPLX LP 18.2
Distributable Cash Flow attributable to MPLX LP 16.7
Minimum Quarterly Distribution per unit (prorated) $0.1769
92
MPLX Adjusted EBITDA and Distributable Cash Flow
93
(MM$) Post IPO
10/31/12 – 12/31/12
Adjusted EBITDA 34.6
Less: Adjusted EBITDA attributable to MPC-retained interest 16.4
Adjusted EBITDA attributable to MPLX LP 18.2
Less: Cash interest paid, net 0.2
Maintenance capital expenditures paid 3.4
Plus: Increase in deferred revenue for committed volume deficiencies 2.1
Distributable Cash Flow 16.7
Distribution declared
Limited partners – public 3.5
Limited partners – MPC 9.5
General partner – MPC 0.3
Total distribution declared 13.3
Coverage ratio 1.25x
MPLX: Strong Financial Flexibility to Manage and Grow Asset Base
94
($MM) As of
12/31/12
Cash and cash equivalents 216.7
Total assets 1,301.3
Total debt 11.3
Equity 1,226.8
Consolidated Total Debt to Consolidated EBITDA (covenant basis)* 0.1x
MPLX’s undrawn $500 million revolver provides significant liquidity to grow its business
*Maximum covenant ratio <= 5.0 or 5.5 during the six month period following certain acquisitions
MPLX: Significant Capital Expenditures Major expansion projects Patoka to Catlettsburg
Patoka tank farm modifications
SCADA project
Maintenance Capex 16.75% of 2013 forecasted Adjusted EBITDA*
95
Maintenance $33 MM
Expansion $109 MM
2013 Capex Budget (1)
(1) Capex budget represents both MPC and MPLX portions of capital budget
*Based on $197 million 2013 forecasted Adjusted EBITDA per prospectus
MPLX LP Adjusted EBITDA and Distributable Cash Flow Reconciliation to Net Income
96
($MM) Predecessor Post-IPO 3 Months
10/1/12 – 10/30/12 10/31/12 – 12/31/12 Ended 12/31/12
Net income 15.8 26.3 42.1
Less: Net income attributable to MPC-retained interest - 13.2 13.2
Net income attributable to MPLX LP 15.8 13.1 28.9
Plus: Net income attributable to MPC-retained interest - 13.2 13.2
Depreciation 3.7 7.9 11.6
Provision for income taxes 0.1 0.1 0.2
Non-cash equity-based compensation - 0.1 0.1
Less: Net interest and other financial income (costs) - (0.2) (0.2)
Adjusted EBITDA 19.6 34.6 54.2
Less: Adjusted EBITDA attributable to MPC-retained interest 16.4 16.4
Adjusted EBITDA attributable to MPLX LP 18.2 37.8
Less: Predecessor Adjusted EBITDA prior to IPO on 10/31/12 - 19.6
Adjusted EBITDA attributable to MPLX LP subsequent to IPO 18.2 18.2
Less: Cash interest paid 0.2 0.2
Maintenance capital expenditures paid 3.4 3.4
Plus: Increase in deferred revenue for committed volume deficiencies 2.1 2.1
Distributable Cash Flow attributable to MPLX LP 16.7 16.7