MPLX LP : Q3 2020 Investor Relations Packet (PDF)

Third Quarter 2020

Table of Contents:	Investor Relations
200 East Hardin Street
Condensed Consolidated Statements of Income	2	Findlay, OH 45840
Consolidated Statements of Comprehensive Income	3	[e-mail]
Consolidated Balance Sheets	4	419/421-2071
Consolidated Statements of Cash Flows	5
Financial Statistics	6
L&S Selected Operating Data	7
G&P Selected Operating Data	8
Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Net Income	9
Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to GP and LP Unitholders from Net Income	10
Reconciliation of Adjusted EBITDA attributable to GP and LP Unitholders and Distributable Cash Flow attributable to MPLX LP from Net Cash Provided by Operating Activities	11
Reconciliation of Capital Expenditures	12

MPLX LP is a diversified, large-cap master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC). On July 30, 2019, we completed the merger with Andeavor Logistics LP (ANDX). Financial information has been retrospectively adjusted for the acquisitions of Hardin Street Marine LLC, Hardin Street Transportation LLC, Woodhaven Cavern LLC and MPLX Terminals LLC as these transactions were considered transfers between entities under common control. Financial information has been retrospectively adjusted for the acquisitions of ANDX as noted on the following pages. Transfers of businesses between entities under common control require prior periods to be retrospectively adjusted to furnish comparative information.

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to facilitate comparisons of past performance and future periods. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA (including segment adjusted EBITDA), distributable cash flow (DCF) and distribution coverage ratio. The amount of adjusted EBITDA and DCF generated is considered by the board of directors of our general partner in approving the Partnership's cash distribution. Adjusted EBITDA and DCF should not be considered separately from or as a substitute for net income, income from operations, or cash flow as reflected in our financial statements. The GAAP measures most directly comparable to adjusted EBITDA and DCF are net income and net cash provided by operating activities. We define Adjusted EBITDA as net income adjusted for (i) depreciation and amortization; (ii) provision/(benefit) for income taxes; (iii) amortization of deferred financing costs; (iv) gain/loss on extinguishment of debt; (v) non-cash equity-based compensation; (vi) impairment expense; (vii) net interest and other financial costs; (viii) income/(loss) from equity method investments; (ix) distributions and adjustments related to equity method investments (x) unrealized derivative gains/(losses); (xi) acquisition costs; (xii) noncontrolling interests and (xiii) other adjustments as deemed necessary. In general, we define DCF as adjusted EBITDA adjusted for (i) deferred revenue impacts; (ii) net interest and other financial costs; (iii) maintenance capital expenditures; (iv) equity method investment capital expenditures paid out; and (v) other adjustments as deemed necessary. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe the presentation of adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. DCF is a financial performance measure used by management as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders.

Additional information regarding Investor Relations, Financial Highlights, and News Releases can be reviewed on our website at:www.mplx.com

November 2, 2020

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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(In millions, except per unit data)	Year 2016	Year 2017	Year 2018
Revenues and other income: Operating revenue Operating revenue - related parties (Loss) income from equity method investments(1) Other income Total revenues and other income Costs and expenses: Operating expenses Operating expenses - related parties Depreciation and amortization Impairment expense General and administrative expenses Restructuring expenses Other taxes Total costs and expenses Income (loss) from operations Interest and other financial costs Income (loss) before income taxes (Benefit) provision for income taxes Net income (loss) Less: Net income attributable to noncontrolling interests Less: Net income attributable to Predecessor Net income (loss) attributable to MPLX LP Less: Series A preferred unit distributions Less: Series B preferred unit distributions Less: General partner's interest in net income attributable to MPLX LP Limited partners' interest in net income (loss) attributable to MPLX LP	1,828 1,182 (74) 93	2,322 1,369 78 98	3,315 3,337 247 106
3,029	3,867	7,005
959 389 591 130 227 - 50	1,241 457 683 - 241 - 54	2,055 956 867 - 316 - 83
2,346	2,676	4,277
683 261	1,191 354	2,728 714
422 (12)	837 1	2,014 8
434 2 199	836 6 36	2,006 16 172
233 41 - 191	794 65 - 318	1,818 75 - -
$ 1	$ 411	$ 1,743

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Per Unit Data Net income (loss) attributable to MPLX LP per limited partner unit: Common - basic Common - diluted Weighted average limited partner units outstanding: Common - basic Common - diluted

$ - - 331 338

$ 1.07 1.06 385 388

$ 2.29 2.29 761 761

• (1) Income/(loss) from equity method investments includes impairment charges of $1,264 million for the first quarter of 2020.

• (2) Preliminary statement of income data.

1st Qtr 2019	2nd Qtr 2019	3rd Qtr 2019	4th Qtr 2019	Year 2019
963 1,169 77 26	927 1,169 83 31	928 1,224 95 33	1,014 1,231 35 36	3,832 4,793 290 126
2,235	2,210	2,280	2,316	9,041
570 321 301 - 101 - 30	548 349 313 - 90 - 25	573 348 302 - 102 - 29	625 378 338 1,197 95 - 29	2,316 1,396 1,254 1,197 388 - 113
1,323	1,325	1,354	2,662	6,664
912 224	885 229	926 233	(346) 229	2,377 915
688 (1)	656 (1)	693 4	(575) (2)	1,462 -
689 6 180	657 6 169	689 8 52	(573) 8 -	1,462 28 401
503 20 - -	482 21 - -	629 20 7 -	(581) 20 10 -	1,033 81 17 -
$ 483	$ 461	$ 602	$ (611)	$ 935

$ 0.61 0.61 794 795

$ 0.56 0.55 794 795

$ 0.61 0.61 974 975

$ (0.58) (0.58) 1,058 1,058

$ 1.00 1.00 906 907

1st Qtr 2020	2nd Qtr 2020	Preliminary(2) 3rd Qtr 2020	Preliminary(2) Year 2020
916 1,195 (1,184) 65	803 1,124 89 65	912 1,187 83 65	2,631 3,506 (1,012) 195
992	2,081	2,247	5,320
538 322 325 2,165 97 - 31	435 321 321 - 96 - 30	508 329 346 - 96 36 33	1,481 972 992 2,165 289 36 94
3,478	1,203	1,348	6,029
(2,486) 230	878 223	899 224	(709) 677
(2,716) -	655 -	675 1	(1,386) 1
(2,716) 8 -	655 7 -	674 9 -	(1,387) 24 -
(2,724) 20 11 -	648 21 10 -	665 20 10 -	(1,411) 61 31 -
$ (2,755)	$ 617	$ 635	$ (1,503)

$ (2.60) (2.60) 1,058 1,058

$ 0.58 0.58 1,059 1,059

$ 0.61 0.61 1,046 1,047

$ (1.43) (1.43) 1,054 1,054

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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(In millions)	Year 2016	Year 2017	Year 2018
Net income (loss) Other comprehensive (loss) income, net of tax: Remeasurement of pension and other postretirement benefits related to equity method investments, net of tax Comprehensive income (loss) Less comprehensive income attributable to: Noncontrolling interests Income attributable to Predecessor Comprehensive income (loss) attributable to MPLX LP	$ 434 -	$ 836 -	$ 2,006 (2)
434 2 199	836 6 36	2004 16 172
$ 233	$ 794	$ 1,816

(1) Preliminary select comprehensive income data.

1st Qtr 2019	2nd Qtr 2019	3rd Qtr 2019	4th Qtr 2019	Year 2019
$ 689 1	$ 657 -	$ 689 -	$ (573) -	$ 1,462 1
690 6 180	657 6 169	689 8 52	(573) 8 -	1,463 28 401
$ 504	$ 482	$ 629	$ (581)	$ 1,034

1st Qtr 2020	2nd Qtr 2020	Preliminary(1) 3rd Qtr 2020	Preliminary(1) Year 2020
$ (2,716) (1)	$ 655 -	$ 674	$ (1,387)
(2,717) 8 -	655 7 -
9 -	24 -
$ (2,725)	$ 648

CONSOLIDATED BALANCE SHEETS

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(In millions, except ratio data)	Dec 31, 2016	Dec 31, 2017	Dec 31, 2018	Dec 31, 2019	Mar 31, 2020	Jun 30, 2020	Preliminary(2) Sep 30, 2020
Assets Current assets: Cash and cash equivalents Receivables, net Current assets - related parties Inventories Other current assets Total current assets Equity method investments Property, plant and equipment, net Intangibles, net Goodwill Right of use assets, net Noncurrent assets - related parties Other noncurrent assets Total assets Liabilities Current liabilities: Accounts payable Accrued liabilities Current liabilities - related parties Accrued property, plant and equipment Accrued interest payable Operating lease liabilities Other current liabilities Total current liabilities Long-term deferred revenue Long-term liabilities - related parties Long-term debt Deferred income taxes Long-term operating lease liabilities Deferred credits and other liabilities Total liabilities Series A preferred units Equity Common unitholders - public Class B unitholders Common unitholder - MPC General partner - MPC Series B preferred units Equity of Predecessor Accumulated other comprehensive loss Total MPLX LP partners' capital Noncontrolling interests Total equity Total liabilities, preferred units and equity	$ 234 299 247 55 33	$ 5 292 160 65 37	$ 77 611 556 98 98	$ 15 593 656 110 110	$ 57 522 600 105 45	$ 67 562 594 115 48	$ 28
868 2,471 11,408 492 2,245 - 11 14	559 4,010 12,187 453 2,245 - 20 26	1,440 4,901 21,525 1,359 10,016 - 24 60	1,484 5,275 22,145 1,270 9,536 365 303 52	1,329 3,992 21,829 1,055 7,722 352 677 50	1,386 4,065 21,758 1,023 7,722 341 676 51
17,509 140 232 125 146 53 - 67	19,500 151 231 559 194 88 - 81	39,325 266 272 502 399 184 - 645	40,430 242 187 1,008 283 210 66 136	37,006 138 135 297 234 214 67 129	37,022 145 138 372 154 207 69 143	36,662
763 12 19 4,422 6 - 177	1,304 42 43 6,945 5 - 188	2,268 132 46 17,922 14 - 208	2,132 217 290 19,704 12 302 192	1,214 241 290 20,467 11 284 175	1,228 261 287 20,556 11 274 175
5,399 1,000 8,086 133 1,069 1,013 - 791 -	8,527 1,000 8,379 - 2,099 (637) - - (14)	20,590 1,004 8,336 - (1,612) - - 10,867 (16)	22,849 968 10,800 - 4,968 - 611 - (15)	22,682 968 9,509 - 3,014 - 601 - (16)	22,792 968 9,469 - 2,951 - 611 - (16)
968
11,092 18	9,827 146	17,575 156	16,364 249	13,108 248	13,015 247
11,110	9,973	17,731	16,613	13,356	13,262	13,095
$ 17,509	$ 19,500	$ 39,325	$ 40,430	$ 37,006	$ 37,022

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Consolidated total debt to LTM pro forma adjusted EBITDA(1)

2.9x

3.6x

3.9x

4.1x

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4.1x

4.0x

• (1) Calculated using face value total debt and pro forma adjusted EBITDA, which is pro forma for acquisitions.

• (2) Preliminary select balance sheet data.