MPC 3Q 2021 Earnings Presentation (PDF)

Third Quarter 2021

Earnings Conference Call

November 2, 2021

Forward-Looking Statements

This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, including the completion of the Speedway sale proceeds capital return program within the anticipated timeframe, operating cost and capital expenditure reduction objectives, and environmental, social and governance goals. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "proposition," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: general economic, political or regulatory developments, including inflation, changes in governmental policies relating to refined petroleum products, crude oil, natural gas or NGLs, or taxation; the magnitude, duration and extent of future resurgences of the COVID-19 pandemic and its effects, including the continuation or re-imposition of travel restrictions, business and school closures, increased remote work, stay at home orders and other actions taken by individuals, government and the private sector to stem the spread of the virus; the regional, national and worldwide demand for refined products and related margins; the regional, national or worldwide availability and pricing of crude oil and other feedstocks and related pricing differentials; the success or timing of completion of ongoing or anticipated projects or transactions, including the conversion of the Martinez Refinery to a renewable fuels facility and contemplated joint venture with ADM; the availability of desirable strategic alternatives for the Kenai refinery or other portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; accidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; 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, 2020, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

Non-GAAP Financial Measures

Adjusted earnings, EBITDA, cash provided from operations before changes in working capital and Refining and Marketing margin are non-GAAP financial measures provided in this presentation. Reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPC, net cash provided by (used in) operating, investing and financing activities, Refining and Marketing income from operations, Speedway income from operations or other financial measures prepared in accordance with GAAP.

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Business Update

• Continuing focus on lowering the cost structure
• Progressing return of capital
• • ~25% of $10 billion capital return completed
  • $7.5 billion remaining to be completed by year-end 2022(a)
• MPC to receive $457 million base distribution amount and $372 million special distribution amount from MPLX
• Pursuing strategic alternatives for the Kenai refinery and related operations, which could include a sale

Strengthen

Competitive Position

of our Assets

Improve

Commercial

Performance

Lower Cost

Structure

(a )The timing of share repurchases are subject to market and other conditions and may be discontinued at any time	3

Challenging Ourselves to Lead in Sustainable Energy

Strengthen Resiliency

Strengthening our business for today, while building durability for tomorrow and beyond

Target: Reduce

Target: Reduce

Target: Reduce

Scope 1 and 2 GHG

midstream methane

freshwater

30%

emissions intensity

70%

50%

emissions intensity

44%

20%

withdrawal intensity

45%

30% by 2030 from

50% by 2025 from

by 20% by 2030

2014 levels

0%

Complete

30%

2016 levels

0%

Complete 50%

from 2016 levels

0%

Complete 20%

Innovate for the Future

Investing in the energy evolution to lower carbon intensity and capture value
		Martinez Renewable Fuels	Dickinson Renewable Diesel Facility
>40%	of 2021 planned	730 million	60% reduction in GHG	184 million	Second	Producing a ~50%
growth capital spend	gallons/year	emissions compared to	gallons/year	largest in	lower carbon intensity
	on renewables	capacity	previous refinery operations	capacity	the U.S.	renewable diesel

Embed Sustainability

Embracing sustainability in decision-making, in how we engage our people and in how we create value with stakeholders

20% of Annual Bonus Program Linked to ESG Metric

GHG intensity, Diversity, Equity and Inclusion, and environmental and safety metrics

Strong Safety Performance

40% reduction in Tier 1 and Tier 2 refining process safety events since 2016

Obtained "A" rating from MSCI

Reflects GHG targets, clean tech strategy, and social and governance practices

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Third Quarter Highlights

$ Millions (unless otherwise noted)

Adjusted Earnings per Share ($/share)(a)

Adjusted EBITDA

Cash from Operations, excluding Working Capital and voluntary pension contribution(b)

Dividends

Share Repurchases(c)

3Q21

$0.73

$2,416

$1,765

$370

$928

(a) Based on weighted average diluted shares (b)Excludes source of cash for income tax receivable of $515 million and use of cash for voluntary pension contribution of $575 million. (c)Cash paid in the third quarter 2021 for shares repurchased

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