MPLX LP : 1Q 2020 Earnings Release Slides–May 5, 2020

First-Quarter 2020 Earnings Conference Call

May 5, 2020

Forward‐Looking Statements

This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (MPLX). These forward-looking statements relate to, among other things, MPLX's expectations, estimates and projections concerning the business and operations, financial priorities and strategic plans of MPLX. These statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. 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," "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 MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: the effects of the recent outbreak of COVID-19 and the adverse impact thereof on our business, financial condition, results of operations and cash flows, including our growth, operating costs, labor availability, logistical capabilities, customer demand for our services and industry demand generally, cash position, taxes, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally; the ability to reduce capital and operating expenses; the risk of further impairments; the risk that anticipated opportunities and any other synergies from or anticipated benefits of the Andeavor Logistics LP (ANDX) acquisition may not be fully realized or may take longer to realize than expected, including whether the transaction will be accretive within the expected timeframe or at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of ANDX; the amount and timing of future distributions; negative capital market conditions, including an increase of the current yield on common units; the ability to achieve strategic and financial objectives, including positive free cash flow in 2021, and with respect to distribution coverage, future distribution levels, proposed projects and completed transactions; the success of MPC's portfolio optimization, including the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on the business, financial condition, results of operations and cash flows; adverse changes in laws including with respect to tax and regulatory matters; the adequacy of capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and access to debt on commercially reasonable terms, and the ability to successfully execute business plans, growth strategies and self-funding models; 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 as a result of the COVID-19 pandemic, other infectious disease outbreaks or otherwise; non-payment or non-performance by our producer and other customers; changes to the expected construction costs and timing of projects and planned investments, and the ability to obtain regulatory and other approvals with respect thereto; 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 financial policies, capital budgets, and earnings and distributions; the ability to manage disruptions in credit markets or changes to credit ratings; 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; other risk factors inherent to MPLX's industry; risks related to MPC; 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, 2019, and in Forms 10-Q and other filings, filed with Securities and Exchange Commission (SEC).

Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include: the effects of the recent outbreak of COVID-19 and the adverse impact thereof on the business, financial condition, results of operations and cash flows, including, but not limited to, growth, operating costs, labor availability, logistical capabilities, customer demand for products and industry demand generally, margins, inventory value, cash position, taxes, the price of securities and trading markets with respect thereto, the ability to access capital markets, and the global economy and financial markets generally; the effects of the recent outbreak of COVID-19, and the current economic environment generally, on working capital, cash flows and liquidity, which can be significantly affected by decreases in commodity prices; the ability to reduce capital and operating expenses; with respect to the planned Speedway separation, the ability to successfully complete the separation within the expected timeframe or at all, based on numerous factors including the macroeconomic environment, credit markets and equity markets, the ability to satisfy customary conditions, including obtaining regulatory approvals, and the ability to achieve the strategic and other objectives discussed herein; with respect to the Midstream review, the ability to achieve the strategic and other objectives related thereto; the risk that the cost savings and any other synergies from the Andeavor transaction may not be fully realized or may take longer to realize than expected; disruption from the Andeavor transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of Andeavor; risks related to the acquisition of ANDX by MPLX, including the risk that anticipated opportunities and any other synergies from or anticipated benefits of the transaction may not be fully realized or may take longer to realize than expected, including whether the transaction will be accretive within the expected timeframe or at all, or disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the risk of further impairments; the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on the business, financial condition, results of operations and cash flows; future levels of revenues, refining and marketing margins, operating costs, retail gasoline and distillate margins, merchandise margins, income from operations, net income and earnings per share; the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, NGLs and other feedstocks; consumer demand for refined products; the ability to manage disruptions in credit markets or changes to credit ratings; future levels of capital, environmental and maintenance expenditures; general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; the reliability of processing units and other equipment; business strategies, growth opportunities and expected investment; share repurchase authorizations, including the timing and amounts of such repurchases; the adequacy of capital resources and liquidity, including availability, timing and amounts of free cash flow necessary to execute business plans and to effect any share repurchases or to maintain or increase the dividend; the effect of restructuring or reorganization of business components; the potential effects of judicial or other proceedings on the business, financial condition, results of operations and cash flows; continued or further volatility in and/or degradation of general economic, market, industry or business conditions as a result of the COVID-19 pandemic, other infectious disease outbreaks or otherwise; 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; the anticipated effects of actions of third parties such as competitors, activist investors or federal, foreign, state or local regulatory authorities or plaintiffs in litigation; 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, 2019, and in Forms 10-Q and other filings, filed with the SEC.

We have based our forward-looking statements on our current expectations, estimates and projections about our business and industry. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law. Copies of MPLX's Form 10-K, Forms 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Form 10-K, Forms 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

Non-GAAP Financial Measures

Adjusted EBITDA, distributable cash flow (DCF), distribution coverage ratio and leverage ratio are non-GAAP financial measures provided in this presentation. Adjusted EBITDA and DCF reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. Distribution coverage ratio is the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared, excluding distributions with respect to common and preferred units issued pursuant to the acquisition of ANDX. Leverage ratio is consolidated debt to last twelve months pro forma adjusted EBITDA. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPLX, net cash provided by operating activities or other financial measures prepared in accordance with GAAP. Certain EBITDA forecasts were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not available and, therefore, reconciliations of these forward-lookingnon-GAAP financial measures to the nearest GAAP financial measures have not been provided.

2

Prudent Capital Discipline

• 2020 capital spend target(a) reduced by over $700 million

Growth: Over $600 MM reduction to ~$900 MM

Maintenance: $100 MM reduction to ~$150 MM

• Projected 2020 operating expense reduced by ~$200 million
• Continued focus on L&S investments

2020 Growth Capital Plan (Illustrative)(b)

$2.6 B
~50%	~$2.0 B
~25%		~$1.5 B	~25%
				~25%	~75%	~$900 MM
~50%	~75%	~75%		~25%
					~75%
Upon Acquiring ANDX	1st Reduction:	2nd Reduction:		Current Target
	Oct 2019		Jan 2020
			L&S Growth		G&P Growth

(a)	Adjusted Growth Capital spending and Net Maintenance Capital spending. See appendix for additional information and reconciliations	3
(b)	Targeted Growth Capital expenditures; excludes Net maintenance Capital. Current 2020 Net Maintenance Capital target of approximately $150 million

Targeting Positive Free Cash Flow

Disciplined Approach and Long-term Focus

2019

The Path to Increased Cash Flow

2021

EBITDA ~$5.1 B(a)

DCF ~$4.1 B(a)

Distributions	Growth Capital
~$3.0 B(b)	~$2.6 B(c)

Debt Required

for a Portion of Growth Capital

EBITDA - Continued Growth

DCF - Continued Growth

Distributions	Growth Capital
~$1 B

Positive Free Cash Flow

Incremental Opportunities:

• Leverage Reduction
• Unit Repurchases

(a)	Adjusted EBITDA and Distributable Cash Flow include predecessor results. See appendix for additional information and reconciliations	4
(b)	Preferred unit distributions and common unit distributions declared by the board of directors of MPLX's general partner, as well as ANDX's general partner for the first quarter of 2019
(c)	Adjusted growth capital expenditures. See appendix for additional information and reconciliations

Logistics & Storage: Earnings Diversity & Protection

Logistics & Storage (L&S)

2019 MPLX EBITDA	~2/3 of EBITDA
~$5.1 B	~$3.3 B
L&S	Terminals
66%	+ Marine
G&P	RL + FD
34%
Pipelines(c)
	EMI

Source: 2019 Company data; chart showing breakdown of L&S segment is illustrative

1. Estimated annual EBITDA based on forecast at time of drop-downs/acquisitions
2. Minimum Volume Commitment, as defined in each specific agreement
3. Pipelines include certain storage tank farms and caverns outside of RL and Terminals

• Refining Logistics (RL) + Fuels Distribution (FD):
• • ~$1.4 B EBITDA(a)
  • RL fee-for-capacity
  • FD highly stable with MVC(b)
• Terminals and Marine:
• • Primarily fee-for-capacity
  • Primary customer is MPC
• Pipelines:
• • Substantial MVCs
  • MPC represented 84% of 2019 volumes
• Equity Method Investments (EMI):
• • Various pipeline, storage, and transportation assets
  • Includes investments with MVCs

5

Gathering & Processing: Regions & Customers

Gathering & Processing (G&P)

2019 MPLX EBITDA

~$5.1 B

G&P

L&S 34% 66%

~1/3 of EBITDA

~$1.8 B

Marcellus

Other

Northeast

Mid-Con(a) Southwest

• Regional Processing MVCs(b)
• • Marcellus ~74%
  • Other Northeast ~25%
  • Southwest ~5%
  • Mid-Con~35%
• Largest customers in Northeast
• • Proactive measures taken to maintain slow growth
  • Hedged in 2020 and 2021
• Natural gas price outlook constructive

Source: MPLX 2019 Company data; chart showing breakdown of L&S segment is illustrative	6
(a)	Mid-Con represents Bakken and Rockies regions
(b)	% MVC measures are percent of each region's processing capacity that contain Minimum Volume Commitments (MVCs)

Responsible Corporate Leadership

Earned U.S. EPA	32 OSHA VPP sites	COVID-19 support
Energy STAR
Including three	Transport fleet moved
Challenge Awards	a mobile clinic to the El Paso Airport
new sites in 2019:	Donated meals to first responders and
		to provide medical relief
In 2019:	St. Elmo, IL Asphalt Terminal	staff at local nursing homes
575,000
Champaign, IL Products Terminal	Benton, IL Asphalt Terminal
Robinson, IL Products Terminal
Bordeaux, TN Products Terminal
	N95 respirator masks donated by MPC

to healthcare facilities

7

First-Quarter Highlights

• Reported adjusted EBITDA attributable to MPLX of $1.3 billion
• Generated $1.0 billion in net cash provided by operating activities and reported distribution coverage of 1.44x
• Announced 2020 business response to COVID-19 environment:
• • Over $700 million of capital spend reductions
  • Approximately $200 million of forecasted operating expense reductions

8

Logistics & Storage Segment

 Pipeline throughputs averaged 5.1 MMBPD

- Increase of ~2% year-over-year

 Terminalling throughputs averaged 3.0 MMBPD

- Decrease of ~8% year-over-year

 Progressing Permian long-haulWink-to-Webster crude oil and Whistler natural gas pipelines

MEXICO

MPLX Owned and Part-Owned Light			MPC/MPLX Pipelines(a)
Product Terminals
MPLX Owned Asphalt/Heavy Oil	MPLX Refining
Logistics Assets
Terminals
MPC Refineries	MPLX Gathering System
Cavern	MPLX Owned Marine Facility
Natural Gas
Processing Complex(b)

Note: Illustrative representation of L&S and G&P asset map	9
(a)	Includes MPC/MPLX owned and operated lines, MPC/MPLX interest lines operated by others and MPC/MPLX operated lines owned by others
(b)	Includes MPLX owned and operated natural gas processing complexes

Gathering & Processing Segment

• 1Q20 Overall volumes and % change: vs. 1Q19

Gathering: 5.8 Bcf/d	(3)%
Processing: 8.8 Bcf/d	3%
Fractionation: 553 MBPD	8%

• 1Q20 Marcellus/Utica volumes and % change:

	vs. 1Q19
Gathering: 3.2 Bcf/d	(5)%
Processing: 6.2 Bcf/d	3%
Fractionation: 490 MBPD	6%

1Q20 Processed Volumes(a)

	Capacity at	Average	Utilization of
Area	End of	Available
Volume
Quarter	Capacity
	(MMcf/d)
	(MMcf/d)	(%)(b)
Marcellus	6,172	5,522	90%
Utica	1,325	648	49%
Southwest(c)	2,124	1,679	79%
Southern Appalachia	620	243	39%
Bakken	190	156	82%
Rockies	1,472	539	37%

1Q20 Fractionated Volumes(a)

	Capacity at	Average	Utilization of
Area	End of Quarter	Volume	Available
	(MBPD)	(MBPD)	Capacity (%)(b)
Marcellus/Utica C3+	347	300	87%
Marcellus/Utica C2	313	190	61%
Other(d)	148	63	43%

1. Includes amounts related to unconsolidated equity method investments on a 100% basis

(b)	Based on weighted average number of days plant(s) in service. Excludes periods of maintenance	10
(c)	Includes Centrahoma volumes sent to third parties. Processing capacity and utilization based on the higher of the partnership's portion of Centrahoma JV or the average volume processed
(d)	Other includes Southwest, Southern Appalachia, Bakken and Rockies operations

1Q 2020 Financial Highlights

Adjusted EBITDA(a)

	2,000	2019	2020
		1,263	1,294
$MM	1,000
	0		1Q

Distributable Cash Flow(a)

2,000	2019	2020

$MM	1,000	1,021	1,078
	0		1Q

	Three Months
Segment Adjusted EBITDA(a) ($MM)	Ended Mar 31
	2019	2020
Logistics and Storage	828	872
Gathering and Processing	435	422

(a)	Adjusted EBITDA and Distributable Cash Flow include predecessor results. See appendix for additional information and reconciliations	11

1Q 2020 vs. 1Q 2019 Adjusted EBITDA

1,400

1,200

1,000

$MM	800
600
	400
	200
	0

1,263	44	(13)	1,294
					G&P
G&P					422
435

		L&S
L&S
	872
828

1Q 2019 Adjusted EBITDA Attributable to	Logistics & Storage	Gathering & Processing	1Q 2020 Adjusted EBITDA Attributable to
MPLX (a)			MPLX

(a)	Adjusted EBITDA and distributable cash flow includes predecessor results. See appendix for additional information and reconciliations	12

Financial and Balance Sheet Highlights

($MM except ratio data)	As of
3/31/20
Cash and cash equivalents	57
Total assets	37,006
Total debt(a)	20,471
Redeemable preferred units	968
Total equity	13,356
First Quarter 2020 distribution coverage(b)	1.44x
Leverage(c)	4.1x
Remaining capacity available under $3.5 B revolving credit agreement	2,750
Remaining capacity available under $1.5 B credit agreement with MPC	1,500

(a)	Total debt outstanding for intercompany borrowings classified in current liabilities was zero as of March 31, 2020	13
(b)	Adjusted distributable cash flow attributable to GP and LP unitholders (including predecessor results) divided by total GP and LP distribution declared
(c)	Calculated using face value total debt and LTM pro forma adjusted EBITDA, which is pro forma for acquisitions. Face value total debt includes approximately $393 MM of unamortized discount/premium and debt issuance costs as of March 31, 2020

Appendix

14

Gathering & Processing Segment

Sub-Region Processed Volumes

Marcellus/Utica Processed Volumes(a)

	Capacity at End	Average	Utilization of
Area	of Quarter	Volume	Available
	(MMcf/d)	(MMcf/d)	Capacity (%)(b)
Marcellus	6,172	5,522	90%
Houston	720	656	91%
Harmon Creek	220	209	97%
Majorsville	1,270	1,174	92%
Mobley	920	645	70%
Sherwood	2,600	2,459	95%
Bluestone	442	379	90%
Utica	1,325	648	49%
Cadiz	525	420	80%
Seneca	800	228	29%
1Q 2020 Total	7,497	6,170	83%
4Q 2019 Total	7,445	6,073	83%

Southwest Processed Volumes(a)

	Capacity at End	Average	Utilization of
Area	of Quarter	Volume	Available
	(MMcf/d)	(MMcf/d)	Capacity (%)(b)
West Texas	600	454	76%
East Texas	600	448	75%
Western OK	545	447	82%
Southeast OK(c)	237	237	100%
Gulf Coast	142	94	66%
1Q 2020 Total(c)	2,124	1,679	79%
4Q 2019 Total(c)	2,158	1,720	82%

(a)	Includes amounts related to unconsolidated equity method investments on a 100% basis	15
(b)	Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
(c)	Includes Centrahoma volumes sent to third parties. Processing capacity and utilization based on the higher of the partnership's portion of Centrahoma JV or the average volume processed

Organic Growth Capital Projects

Logistics & Storage Segment

			Est.
Projects		Description	Completion
			Date
Mt. Airy Terminal Expansion	Constructing 2nd 120 MBPD dock and incremental storage	3Q20
Utica Butane Expansion	Expansion for transportation of butanes from Utica to Robinson and Lima	3Q20
W2W Pipeline(a)	1.5	MMBPD crude pipeline from Permian Basin to Texas Gulf Coast	1H21
Whistler Pipeline(a)	2.0	Bcf/d natural gas pipeline from Waha, Texas, to Agua Dulce market hub	2H21

(a)	Equity method investment	16

Organic Growth Capital Projects

Gathering & Processing Segment

			Est.
Processing and Fractionation	Shale Resource	Capacity	Completion
			Date
Omega 2 Processing Plant	Cana-Woodford	180 MMcf/d	2Q20
Hopedale 5 C3+ Fractionation	Marcellus & Utica	80,000 BPD	2Q20
Preakness Processing Plant	Delaware	200 MMcf/d	2Q20
Smithburg 1 Processing Plant(a)	Marcellus	200 MMcf/d	3Q20

	Est.
Gathering	Completion
	Date
Marcellus/Utica Rich-Gas and Dry-Gas Gathering(b)	Ongoing
Western Oklahoma - STACK Rich-Gas and Oil Gathering	Ongoing

(a)	Sherwood Midstream investment	17
(b)	Utica Rich-Gas 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

Strong Balance Sheet

Consolidated Debt to Adj. EBITDA(a)

$B

4.5x

3.0x

1.5x

0.0x

3.0

2.0

1.0

0.0

								$ Millions	YE18	YE19	1Q20
								(unless otherwise noted)
								Consolidated Debt	13,856	20,713	20,864
2015	2016	2017	2018	2019	2020
Debt Maturities - Next 10 Years			LTM Pro forma Adj. EBITDA	3,567	5,104	5,135
								Consolidated debt to adjusted	3.9x	4.1x	4.1x
								EBITDA(a)

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Senior Notes		Term Loan

(a)	2018 and prior years are shown as historically presented and has not been adjusted for predecessor impacts	18

Reconciliation of Adjusted EBITDA and

Distributable Cash from Net Income

		($MM)	1Q 2020	1Q 2019
		Net (loss) income	(2,716)	689
		(Benefit) provision for income taxes		-	(1)
		Amortization of deferred financing costs		14	7
		Net interest and other financial costs		216	217
		(Loss) income from operations		(2,486)	912
		Depreciation and amortization		325	301
		Non-cashequity-based compensation		5	7
		Impairment expense		2,165	-
		Loss (income) from equity method investments		1,184	(77)
		Distributions/adjustments related to equity method investments		124	122
		Unrealized derivative (gains) losses(a)		(15)	4
		Acquisition costs		-	1
		Other		1	-
		Adjusted EBITDA		1,303	1,270
		Adjusted EBITDA attributable to noncontrolling interests		(9)	(7)
		Adjusted EBITDA attributable to predecessor(b)		-	(333)
		Adjusted EBITDA attributable to MPLX LP		1,294	930
		Deferred revenue impacts		23	9
		Net interest and other financial costs		(216)	(217)
		Maintenance capital expenditures		(34)	(37)
		Maintenance capital expenditures reimbursements		14	7
		Equity method investment capital expenditures paid out		(7)	(4)
		Other		4	-
		Portion of DCF adjustments attributable to predecessor(b)		-	69
		Distributable cash flow (DCF) attributable to MPLX LP		1,078	757
		Preferred unit distributions(c)	(31)	(30)
		DCF attributable to GP and LP unitholders (excluding predecessor results)	1,047	727
		Adjusted EBITDA attributable to predecessor(b)		-	333
		Portion of DCF adjustments attributable to predecessor(b)		-	(69)
		DCF attributable to GP and LP unitholders (including predecessor results)		1,047	991
(a)	The Partnership makes a distinction between realized and 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.				19
(b)	The adjusted EBITDA and DCF adjustments related to predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders prior to the acquisition date.
(c)	Includes MPLX distributions declared on the Series A and Series B preferred units as well as cash distributions earned by the Series B preferred units for the period ended March 31, 2020 (as the Series B preferred units are declared and payable semi-annually) assuming a distribution is declared by the Board of Directors. Cash distributions

declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders.

Reconciliation of Adjusted EBITDA and Distributable Cash from Net Cash Provided by Operating Activities

		($MM)	1Q 2020	1Q 2019
		Net cash provided by operating activities	1,009		853
		Changes in working capital items	112		196
		All other, net	(30)		(15)
		Non-cashequity-based compensation	5		7
		Net gain (loss) on disposal of assets	-		(1)
		Current income taxes	-		1
		Net interest and other financial costs	216		217
		Unrealized derivative (gains) losses(a)	(15)		4
		Acquisition costs	-		1
		Other adjustments related to equity method investments	5		7
		Other	1		-
		Adjusted EBITDA	1,303		1,270
		Adjusted EBITDA attributable to noncontrolling interests	(9)		(7)
		Adjusted EBITDA attributable to predecessor(b)	-		(333)
		Adjusted EBITDA attributable to MPLX LP	1,294		930
		Deferred revenue impacts	23		9
		Net interest and other financial costs	(216)		(217)
		Maintenance capital expenditures	(34)		(37)
		Maintenance capital expenditures reimbursements	14		7
		Equity method investment capital expenditures paid out	(7)		(4)
		Other	4		-
		Portion of DCF adjustments attributable to predecessor(b)	-		69
		Distributable cash flow (DCF) attributable to MPLX LP	1,078		757
		Preferred unit distributions(c)	(31)		(30)
		DCF attributable to GP and LP unitholders (excluding predecessor results)	1,047		727
		Adjusted EBITDA attributable to predecessor(b)	-		333
		Portion of DCF adjustments attributable to predecessor(b)	-		(69)
		DCF attributable to GP and LP unitholders (including predecessor results)	1,047		991
(a)	The Partnership makes a distinction between realized and 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.					20
(b)	The adjusted EBITDA and DCF adjustments related to predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders prior to the acquisition date.
(c)	Includes MPLX distributions declared on the Series A and Series B preferred units as well as cash distributions earned by the Series B preferred units for the period ended March 31, 2020 (as the Series B preferred units are declared and payable semi-annually) assuming a distribution is declared by the Board of Directors. Cash distributions

declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders.

Reconciliation of Segment Adjusted EBITDA to Net Income

($MM)	1Q 2020	1Q 2019	YTD 2019
L&S segment adjusted EBITDA attributable to MPLX LP	872	828	3,351
(including predecessor results)
G&P segment adjusted EBITDA attributable to MPLX LP	422	435	1,753
(including predecessor results)
Adjusted EBITDA attributable to MPLX LP (including	1,294	1,263	5,104
predecessor results)
Depreciation and amortization	(325)	(301)	(1,254)
Benefit (provision) for income taxes	-	1	-
Amortization of deferred financing costs	(14)	(7)	(42)
Loss on extinguishment of debt	-	-	-
Non-cashequity-based compensation	(5)	(7)	(22)
Impairment expense	(2,165)	-	(1,197)
Net interest and other financial costs	(216)	(217)	(873)
(Loss) income from equity investments	(1,184)	77	290
Distributions/adjustments from equity method investments	(124)	(122)	(562)
Unrealized derivative (losses) gains(a)	15	(4)	1
Acquisition costs	-	(1)	(14)
Other	(1)	-	(1)
Adjusted EBITDA attributable to noncontrolling interests	9	7	32
Net (loss) income	(2,716)	689	1,462

(a)	The Partnership makes a distinction between realized and 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	21
	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.

Reconciliation of Capital Expenditures

($MM)	1Q 2020	1Q 2019
Capital Expenditures
Maintenance	34	37
Maintenance reimbursements	(14)	(7)
Growth	284	467
Growth reimbursements	-	(5)
Total capital expenditures	304	492
Less: Increase (decrease) in capital accruals	(61)	(71)
Additions to property, plant and equipment, net(a)	365	563
Investments in unconsolidated affiliates	91	135
Acquisitions	-	(1)
Total capital expenditures and acquisitions	456	697
Less: Maintenance capital expenditures (including reimbursements)	20	30
Acquisitions	-	(1)
Total growth capital expenditures(b)	436	668

1. This amount is represented in the Consolidated Statements of Cash Flows as Additions to property, plant and equipment after excluding growth and maintenance reimbursements. Reimbursements are shown as Contributions from MPC within the Financing activities section of the Consolidated Statements of Cash Flows.
2. Amount excludes contributions from noncontrolling interests of zero and $94 million for the three months ended March 31, 2020 and 2019, respectively, as reflected in the financing section of our statement of cash flows. Also excludes a $69 million return of capital from our Wink to Webster joint venture which is reflected in the investing section of our statement of cash flows for the three months ended March 31, 2020. The table below shows our 2020 adjusted growth capital expenditures which excludes the impact of changes in capital accruals and capitalized interest and also factors in any contributions from noncontrolling interests.

($MM)	1Q 2020
2020 adjusted growth capital expenditures
Total growth capital expenditures	436
Decrease in capital accruals	(61)
Capitalized interest	(12)
Return of Capital	(69)
Contributions from noncontrolling interests	-
Total adjusted growth capital expenditures	294

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Reconciliation of LTM Net Income (Loss) to LTM Pro Forma adjusted EBITDA

($MM)	1Q 2020	1Q 2019
LTM Net (loss) income	(1,943)	1,920
LTM Net income to adjusted EBITDA adjustments	6,641	1,725
LTM Adjusted EBITDA attributable to MPLX LP	4,698	3,645
LTM Pro forma/Predecessor adjustments for acquisitions	437	4
LTM Pro forma adjusted EBITDA	5,135	3,649
Consolidated debt	20,864	14,283
Consolidated debt to adjusted EBITDA(a)	4.1x	3.9x

(a)

2019 is shown as historically presented and has not been adjusted for predecessor impacts.

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