Q3 2021 Investor Relations Packet (PDF)

Third Quarter 2021

Table of Contents:

Condensed Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Balance Sheets

Consolidated Statements of Cash Flows Financial Statistics

L&S Selected Operating Data

G&P Selected Operating Data

Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Net Income

Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to GP and LP Unitholders from Net Income

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 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

Reconciliation of Capital Expenditures

Investor Relations

200 East Hardin Street

1. Findlay, OH 45840
2. [e-mail]
3. 419/421-2071

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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 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; consolidated debt to last twelve months pro forma adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); distribution coverage ratio; and free cash flow (FCF) and excess/deficit cash flow. 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-cashequity-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 interest and (xiii) other adjustments as deemed necessary. In general, we define DCF as adjusted EBITDA adjusted for (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary. 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. 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 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. FCF and excess/deficit cash flow are financial performance measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define FCF as net cash provided by operating activities adjusted for (i) net cash used in investing activities; (ii) cash contributions from MPC; (iii) cash contributions from noncontrolling interests and (iv) cash distributions to noncontrolling interests. We define excess/deficit cash flow as FCF adjusted for distributions to common and preferred unitholders. Distribution coverage ratio is a financial performance measure used by management to reflect the relationship between the partnership's financial operating performance and cash distribution capability. We define the distribution coverage ratio as the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared. Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

Additional information regarding Investor Relations, Financial Highlights,

and News Releases can be reviewed on our website at: www.mplx.com

November 2, 2021

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

MPLX LP

																								Preliminary(1)	Preliminary(1)
			Year		Year		Year			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year			1st Qtr		2nd Qtr		3rd Qtr		Year
	(In millions, except per unit data)		2017		2018		2019			2020		2020		2020		2020		2020			2021		2021		2021		2021
	Revenues and other income:
1	Operating revenue	$	2,322	$	3,315	$	3,832		$	916	$	803	$	912	$	955	$	3,586		$	1,047	$	1,057	$	1,218	$	3,322
2	Operating revenue - related parties		1,369		3,337		4,800			1,233		1,162		1,225		1,192		4,812			1,193		1,242		1,224		3,659
3	Income (loss) from equity method investments(2)		78		247		290			(1,184)		89		83		76		(936)			70		66		92		228
4	Other income		98		106		119			27		27		27		26		107			29		30		25		84
5	Total revenues and other income		3,867		7,005		9,041			992		2,081		2,247		2,249		7,569			2,339		2,395		2,559		7,293
	Costs and expenses:
6	Operating expenses		1,241		2,055		2,316			538		435		508		519		2,000			581		663		752		1,996
7	Operating expenses - related parties		457		956		1,396			322		321		329		304		1,276			337		320		331		988
8	Depreciation and amortization		683		867		1,254			325		321		346		385		1,377			329		318		324		971
9	Impairment expense		-		-		1,197			2,165		-		-		-		2,165			-		42		-		42
10	General and administrative expenses		241		316		388			97		96		96		89		378			86		87		94		267
11	Restructuring expenses		-		-		-			-		-		36		1		37			-		-		-		-
12	Other taxes		54		83		113			31		30		33		31		125			32		34		27		93
13	Total costs and expenses		2,676		4,277		6,664			3,478		1,203		1,348		1,329		7,358			1,365		1,464		1,528		4,357
14	Income (loss) from operations		1,191		2,728		2,377			(2,486)		878		899		920		211			974		931		1,031		2,936
15	Interest and other financial costs		354		714		915			230		223		224		219		896			225		216		220		661
16	Income (loss) before income taxes		837		2,014		1,462			(2,716)		655		675		701		(685)			749		715		811		2,275
17	Provision for income taxes		1		8		-			-		-		1		1		2			1		-		-		1
18	Net income (loss)		836		2,006		1,462			(2,716)		655		674		700		(687)			748		715		811		2,274
19	Less: Net income attributable to noncontrolling interests		6		16		28			8		7		9		9		33			9		9		9		27
20	Less: Net income attributable to Predecessor		36		172		401			-		-		-		-		-			-		-		-		-
21	Net income (loss) attributable to MPLX LP		794		1,818		1,033			(2,724)		648		665		691		(720)			739		706		802		2,247
22	Less: Series A preferred unitholders interest in net income		65		75		81			20		21		20		20		81			20		21		38		79
23	Less: Series B preferred unitholders interest in net income		-		-		17			11		10		10		10		41			11		10		10		31
24	Less: General partner's interest in net income attributable to MPLX LP		318		-		-			-		-		-		-		-			-		-		-		-
25	Limited partners' interest in net income (loss) attributable to MPLX LP	$	411	$	1,743	$	935		$	(2,755)	$	617	$	635	$	661	$	(842)		$	708	$	675	$	754	$	2,137
	Per Unit Data
	Net income (loss) attributable to MPLX LP per limited partner unit:
26	Common - basic	$	1.07	$	2.29	$	1.00		$	(2.60)	$	0.58	$	0.61	$	0.63	$	(0.80)		$	0.68	$	0.66	$	0.74	$	2.07
27	Common - diluted		1.06		2.29		1.00			(2.60)		0.58		0.61		0.63		(0.80)			0.68		0.66		0.74		2.07
	Weighted average limited partner units outstanding:
28	Common - basic		385		761		906			1,058		1,059		1,046		1,040		1,051			1,037		1,029		1,024		1,030
29	Common - diluted		388		761		907			1,058		1,059		1,047		1,040		1,051			1,037		1,029		1,025		1,030

1. Preliminary statement of income data.
2. Income/(loss) from equity method investments include impairment charges of $6 million for the second quarter of 2021 and $1,264 million for the first quarter of 2020.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

MPLX LP

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																							Preliminary(1)	Preliminary(1)
	Year			Year		Year			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year			1st Qtr		2nd Qtr		3rd Qtr		Year
(In millions)	2017			2018		2019			2020		2020		2020		2020		2020			2021		2021		2021		2021
Net income (loss)	$	836	$	2,006	$	1,462		$	(2,716)	$	655	$	674	$	700	$	(687)		$	748	$	715	$	811	$	2,274
Other comprehensive (loss) income, net of tax:
Remeasurement of pension and other postretirement benefits related to equity
method investments, net of tax		-		(2)		1			(1)		-		-		1		-			(2)		-
Comprehensive income (loss)		836		2,004		1,463			(2,717)		655		674		701		(687)			746		715
Less comprehensive income attributable to:
Noncontrolling interests		6		16		28			8		7		9		9		33			9		9		9		27
Income attributable to Predecessor		36		172		401			-		-		-		-		-			-		-		-		-
Comprehensive income (loss) attributable to MPLX LP	$	794	$	1,816	$	1,034		$	(2,725)	$	648	$	665	$	692	$	(720)		$	737	$	706

(1) Preliminary select comprehensive income data.

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CONSOLIDATED BALANCE SHEETS

MPLX LP

															Preliminary(1)
	(In millions, except ratio data)		Dec 31, 2017		Dec 31, 2018		Dec 31, 2019		Dec 31, 2020		Mar 31, 2021		Jun 30, 2021		Sep 30, 2021
	Assets
	Current assets:
1	Cash and cash equivalents	$	5	$	77	$	15	$	15	$	24	$	8	$	39
2	Receivables, net		292		611		593		452		523		538
3	Current assets - related parties		160		556		656		677		650		614
4	Inventories		65		98		110		118		128		126
5	Other current assets		37		98		110		253(2)		49		46
6	Total current assets		559		1,440		1,484		1,515		1,374		1,332
7	Equity method investments		4,010		4,901		5,275		4,036		4,040		4,033
8	Property, plant and equipment, net		12,187		21,525		22,145		21,218		20,996		20,352
9	Intangibles, net		453		1,359		1,270		959		927		896
10	Goodwill		2,245		10,016		9,536		7,657		7,657		7,657
11	Right of use assets, net		-		-		365		309		296		297
12	Noncurrent assets - related parties		20		24		303		672		676		1,144
13	Other noncurrent assets		26		60		52		48		64		62
14	Total assets		19,500		39,325		40,430		36,414		36,030		35,773		35,699
	Liabilities
	Current liabilities:
15	Accounts payable		151		266		242		152		162		158
16	Accrued liabilities		231		272		187		194		233		258
17	Current liabilities - related parties		559		502		1,008		356		338		812
18	Accrued property, plant and equipment		194		399		283		84		58		54
19	Accrued interest payable		88		184		210		222		189		203
20	Operating lease liabilities		-		-		66		63		63		63
21	Other current liabilities(4)		81		645		136		1,015(2)		153		179
22	Total current liabilities		1,304		2,268		2,132		2,086		1,196		1,727
23	Long-term deferred revenue		42		132		217		314		332		349
24	Long-term liabilities - related parties		43		46		290		283		279		306
25	Long-term debt		6,945		17,922		19,704		19,375		20,052		19,234
26	Deferred income taxes		5		14		12		12		11		11
27	Long-term operating lease liabilities		-		-		302		244		230		232
28	Deferred credits and other liabilities		188		208		192		115		112		151
29	Total liabilities		8,527		20,590		22,849		22,429		22,212		22,010
30	Series A preferred units		1,000		1,004		968		968		968		968		986
	Equity
31	Common unitholders - public		8,379		8,336		10,800		9,384		9,226		9,061
32	Common unitholder - MPC		2,099		(1,612)		4,968		2,792		2,796		2,897
33	General partner - MPC		(637)		-		-		-		-		-
34	Series B preferred units		-		-		611		611		601		611
35	Equity of Predecessor		-		10,867		-		-		-		-
36	Accumulated other comprehensive loss		(14)		(16)		(15)		(15)		(17)		(17)
37	Total MPLX LP partners' capital		9,827		17,575		16,364		12,772		12,606		12,552
38	Noncontrolling interests		146		156		249		245		244		243
39	Total equity		9,973		17,731		16,613		13,017		12,850		12,795		12,690
40	Total liabilities, preferred units and equity	$	19,500	$	39,325	$	40,430	$	36,414	$	36,030	$	35,773
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Consolidated total debt to LTM pro forma adjusted EBITDA(5)		3.6x		3.9x		4.1x		3.9x		3.9x		3.7x		3.7x

1. Preliminary select balance sheet data.
2. Current assets includes $188 million of assets held for sale and Current liabilities includes $101 million of liabilities held for sale.
3. Current assets includes $20 million of assets held for sale.
4. Includes long-term debt due within one year.
5. Calculated using face value total debt and pro forma adjusted EBITDA, which is pro forma for acquisitions.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (YTD)

MPLX LP

																						Preliminary(1)
			Dec. 31		Dec. 31		Dec. 31			Mar. 31		Jun. 30		Sep. 30		Dec. 31			Mar. 31		Jun. 30		Sep. 30
	(In millions)		2017		2018		2019			2020		2020		2020		2020			2021		2021		2021
	(Decrease) increase in cash, cash equivalents and restricted cash
	Operating activities:
1	Net income (loss)	$	836	$	2,006	$	1,462		$	(2,716)	$	(2,061)	$	(1,387)	$	(687)		$	748	$	1,463	$	2,274
	Adjustments to reconcile net income to net cash provided by operating activities:
2	Amortization of deferred financing costs		53		55		42			14		29		44		61			17		35		53
3	Depreciation and amortization		683		867		1,254			325		646		992		1,377			329		647		971
4	Impairment expense		-		-		1,197			2,165		2,165		2,165		2,165			-		42		42
5	Deferred income taxes		(1)		8		(2)			-		(1)		(1)		(1)			-		(1)
6	Asset retirement expenditures		(2)		(7)		(1)			-		-		-		-			-		-		-
7	Loss (gain) on disposal of assets		-		3		(6)			-		1		1		4			-		1		4
8	(Income) loss from equity method investments(2)		(78)		(247)		(290)			1,184		1,095		1,012		936			(70)		(136)		(228)
9	Distributions from unconsolidated affiliates		241		412		525			119		226		350		459			119		239
	Changes in:
10	Current receivables		8		(104)		17			71		31		69		62			(67)		(83)
11	Inventories		(3)		(5)		(9)			3		(7)		(8)		(12)			(11)		(8)
12	Fair value of derivatives		6		(10)		2			(15)		(9)		1		3			3		39
13	Current accounts payable and accrued liabilities		48		88		(59)			(142)		(102)		(27)		36			26		77
14	Current assets/current liabilities - related parties		55		(61)		(163)			(52)		27		36		8			(8)		101
15	Right of use assets/operating lease liabilities		-		-		4			(4)		(1)		(2)		(5)			(1)		1
16	Deferred revenue		33		61		100			27		49		85		112			24		43
17	All other, net		28		5		9			30		26		6		3			15		29
18	Net cash provided by operating activities		1,907		3,071		4,082			1,009		2,114		3,336		4,521			1,124		2,489		3,671
	Investing activities:
19	Additions to property, plant and equipment		(1,411)		(2,111)		(2,408)			(379)		(708)		(982)		(1,183)			(126)		(235)		(374)
20	Acquisitions, net of cash acquired		(249)		(451)		6			-		-		-		-			-		-
21	Disposal of assets		7		8		30			39		43		54		56			70		74
22	Investments - net related party loans		80		-		-			-		-		-		-			-		-
23	Investments in unconsolidated affiliates		(761)		(341)		(713)			(91)		(222)		(244)		(266)			(35)		(84)		(116)
24	Distributions from unconsolidated affiliates - return of capital		26		16		18			69		110		112		123			-		-		36
25	All other, net		-		1		4			-		-		-		8			1		-
26	Net cash used in investing activities		(2,308)		(2,878)		(3,063)			(362)		(777)		(1,060)		(1,262)			(90)		(245)		(377)
	Financing activities:
27	Long-term debt - borrowings		2,911		13,476		9,174			1,325		2,500		5,990		6,810			1,910		2,800
28	Long-term debt - repayments		(416)		(6,946)		(7,924)			(581)		(1,682)		(5,372)		(6,414)			(2,020)		(3,746)
29	Related party debt - borrowings		2,369		3,962		9,313			1,667		2,708		4,870		6,264			2,241		4,435
30	Related party debt - repayments		(1,983)		(4,347)		(8,719)			(2,261)		(3,302)		(5,464)		(6,858)			(2,241)		(3,942)
31	Debt issuance costs		(29)		(76)		(20)			-		-		(23)		(25)			-		-
32	Unit repurchases		-		-		-			-		-		-		(33)			(155)		(310)		(465)
33	Net proceeds from equity offerings		483		-		-			-		-		-		-			-		-
34	Distribution to MPC for acquisition		(1,951)		(4,111)		-			-		-		-		-			-		-
35	Distributions to Series A preferred unitholders		(65)		(71)		(81)			(20)		(41)		(61)		(81)			(20)		(41)
36	Distributions to Series B preferred unitholders		-		-		(21)			(21)		(21)		(41)		(41)			(21)		(21)
37	Distributions to unitholders and general partner		(1,120)		(1,819)		(2,435)			(717)		(1,445)		(2,162)		(2,884)			(713)		(1,421)
38	Distributions to noncontrolling interests		(7)		(17)		(30)			(9)		(17)		(26)		(37)			(10)		(20)		(29)
39	Distributions to common and Series B preferred unitholders from Predecessor		-		(239)		(502)			-		-		-		-			-		-
40	Contributions from MPC		-		41		74			14		20		34		50			7		17		31
41	Contributions from noncontrolling interests		129		11		95			-		-		-		-			-		-		-
42	Consideration payment to Class B unitholders		(25)		-		-			-		-		-		-			-		-
43	All other, net		(12)		19		(13)			(2)		(5)		(8)		(10)			(3)		(2)
44	Distributions to MPC from Predecessor		(113)		-		-			-		-		-		-			-		-
45	Net cash provided by (used in) financing activities		171		(117)		(1,089)			(605)		(1,285)		(2,263)		(3,259)			(1,025)		(2,251)		(3,270)
46	Net (decrease) increase in cash, cash equivalents and restricted cash		(230)		76		(70)			42		52		13		-			9		(7)
47	Cash, cash equivalents and restricted cash at beginning of period		239		9		85			15		15		15		15			15		15
48	Cash, cash equivalents and restricted cash at end of period	$	9	$	85	$	15		$	57	$	67	$	28	$	15		$	24	$	8

1. Preliminary select cash flow data.
2. (Income)/loss from equity method investments include impairment charges of $6 million for the second quarter of 2021 and $1,264 million for the first quarter of 2020.

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