Wells Fargo MLP Symposium 2017
Wells Fargo Pipeline, MLPand Utility SymposiumDecember 2017
Forward‐Looking StatementsThis presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (“MPLX”) and Marathon Petroleum Corporation (“MPC”). These forward-looking statements relate to, amongother things, expectations, estimates and projections concerning the business and operations of MPLX and MPC, including proposed strategic initiatives and our value creation plans. You can identify forward-looking statements bywords such as “anticipate,” “believe,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “pursue,” “prospective,” “predict,” “project,” “potential,” “seek,”“strategy,” “target,” “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 aresubject to risks, uncertainties and other factors, some of which are beyond the companies’ control and are difficult to predict. Factors that could cause MPLX’s actual results to differ materially from those implied in the forward-lookingstatements include: negative capital market conditions, including an increase of the current yield on common units, adversely affecting MPLX’s ability to meet its distribution growth guidance; the time, costs and ability to obtainregulatory or other approvals and consents and otherwise consummate the strategic initiatives discussed herein and other proposed transactions; the satisfaction or waiver of conditions in the agreements governing the strategicinitiatives discussed herein and other proposed transactions; our ability to achieve the strategic and other objectives related to the strategic initiatives discussed herein and other proposed transactions; adverse changes in lawsincluding with respect to tax and regulatory matters; inability to agree with respect to the timing of and value attributed to assets identified for dropdown and/or the general partner economic interests; the adequacy of MPLX’s capitalresources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and access to debt to fund anticipated dropdowns on commercially reasonable terms, and the ability to successfully execute itsbusiness plans and growth strategy; 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 degradationof market and industry conditions; changes to the expected construction costs and timing of projects; completion of midstream infrastructure by competitors; disruptions due to equipment interruption or failure, including electricalshortages and power grid failures; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; modifications to earnings and distribution growth objectives; the level of support from MPC,including dropdowns, alternative financing arrangements, taking equity units, and other methods of sponsor support, as a result of the capital allocation needs of the enterprise as a whole and its ability to provide support oncommercially reasonable terms; 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;changes to MPLX’s capital budget; other risk factors inherent to MPLX’s industry; 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, 2016, filed with theSecurities 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 time, costs and ability to obtain regulatory or otherapprovals and consents and otherwise consummate the strategic initiatives discussed herein; the satisfaction or waiver of conditions in the agreements governing the strategic initiatives discussed herein; our ability to achieve thestrategic and other objectives related to the strategic initiatives discussed herein; our ability to manage disruptions in credit markets or changes to our credit rating; adverse changes in laws including with respect to tax and regulatorymatters; inability to agree with the MPLX conflicts committee with respect to the timing of and value attributed to assets identified for dropdown and/or the general partner economic interests; changes to the expected constructioncosts and timing of projects; continued/further volatility in and/or degradation of market and industry conditions; the availability and pricing of crude oil and other feedstocks; slower growth in domestic and Canadian crude supply; theeffects of the lifting of the U.S. crude oil export ban; completion of pipeline capacity to areas outside the U.S. Midwest; consumer demand for refined products; transportation logistics; the reliability of processing units and otherequipment; MPC’s ability to successfully implement growth opportunities; the impact of adverse market conditions affecting MPLX’s midstream business; modifications to MPLX earnings and distribution growth objectives, and otherrisks described above with respect to MPLX; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable FuelStandard, and/or enforcement actions initiated thereunder; adverse results in litigation; changes to MPC’s capital budget; other risk factors inherent to MPC’s industry; and the factors set forth under the heading “Risk Factors” inMPC’s Annual Report on Form 10-K for the year ended Dec. 31, 2016, filed with the SEC. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and politicalconditions. Unpredictable or unknown factors not discussed here, in MPLX’s Form 10-K or in MPC’s Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPLX’s Form 10-K are available onthe SEC website, MPLX’s website at http://ir.mplx.com or by contacting MPLX’s Investor Relations office. Copies of MPC’s Form 10-K are available on the SEC website, MPC’s website at http://ir.marathonpetroleum.com or bycontacting MPC’s Investor Relations office.Non-GAAP Financial MeasuresAdjusted EBITDA, distributable cash flow (DCF) and distribution coverage ratio are non-GAAP financial measures provided in this presentation. Adjusted EBITDA and DCF reconciliations to the nearest GAAP financial measure areincluded in the Appendix to this presentation. Adjusted EBITDA with respect to the joint-interest acquisition is calculated as cash distributions adjusted for maintenance capital, growth capital and financing activities. Distributioncoverage ratio is the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared. Adjusted EBITDA, DCF and distribution coverage ratio are not defined by GAAP and should not be considered inisolation 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. The EBITDA forecasts related to certain projects weredetermined 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 non-GAAP financial measures to the nearestGAAP financial measures have not been provided.2
Key Investment HighlightsDiversified large-cap MLP positioned to deliver attractive returns over the long termForecast distribution growth of 12% for 2017, double-digit for 2018 Largest processor and fractionator in the Marcellus/Utica basinsStrong footprint in STACK play and growing presence in Permian basin Supports extensive operations of third-largest U.S. refinerExpanding third-party business and delivering industry solutionsStable Cash Flows Substantial fee-based income with limited commodity exposureLong-term relationships with diverse set of producer customersTransportation and storage agreements with sponsor MPCCost of CapitalOptimization Gathering &ProcessingLogistics &StorageVisibility to growth through robust portfolio of organic projects and strong coverage ratioExchange of IDRs for MPLX LP units plannedAnticipate no issuance of public equity to fund organic growth capital in 4Q 2017 & 20183
Strategic Actions to Enhance Unitholder ValueAsset DropdownsMLP-qualifying EBITDA1Q171st dropdown completed in March 8x EBITDA multiple 250 MM annual EBITDA Simplifies structure Expected to lower cost of capital3Q174Q17Exchange for1Q182nd dropdown completed in Sept. 7.6x EBITDA multiple 138 MM annual EBITDA (1)Executed agreement forremaining dropdown – expectedto close on Feb. 1, 2018 8.1x EBITDA multiple 1 B annual EBITDAIDR exchange for LP units underreview by conflicts committee –expected to close on Feb. 1, 2018 EBITDA from asset dropdowns addssubstantial stable cash flow Provides unique opportunity to targetstrong distribution coverage whilemaintaining an attractive andsustainable distribution growth ratefor the long term(1)Adjusted EBITDA with respect to anticipated joint-interest acquisitions is calculated as cash distributions adjusted for maintenance capital, growth capital and financing activitiesNote: All transactions subject to requisite approvals, market and other conditions, including tax and other regulatory clearances4
Executed Agreement for Remaining Dropdown from MPC Expect to close February 1, 2018 Total consideration of 8.1 B– 4.1 B in cash and 4.0 B in MPLX equity– 1 B annual EBITDA– Expected to be immediately accretive to MPLX’sdistributable cash flow Assets include:– Refining logistics assets: storage tanks, rail and truckracks, docks, and gasoline blending and inter-batterypiping– Fuels distribution services: scheduling and marketingservices that support MPC’s refinery and marketingoperations5
Fuels Distribution OverviewExtensive Range of Scheduling and Marketing Services that Support MPC’s Refining and Marketing OperationsServices DescriptionScheduling Supply and demand balancingThird-party exchange, terminaling and storageBulk purchases and sale of productsProduct movements coordinationProducts and intermediates inventoryAnnual EBITDA 600 MMSupported by MPLX logistics assetsno additional maintenance capitalMarketing ServicesModel is different from other Fuels Distribution models Customer identification, evaluation and set-upMarketing analytics and forecastingSale of productsBranded product marketing No title to inventory Margin risk stays with MPC 100% fee based6
Refining Logistics OverviewIntegrated Tank Farm Assets Supporting MPC’s OperationsTanks 56 MMBBL storageDocks Handle ocean- and river-goingvessels at Gulf Coast refineries andasphalt barges at Detroit refineryAnnual EBITDA 400 MMRacks Multiple rail and truck loading racksGasoline Blending & Associated Piping Piping to connect process units,tank farms, terminalsTotal Inputs 2 MMBPD7
Demonstrated Track RecordStrong Financial and Operational Results – 2017 Highlights Delivering Results– On track for year-over-year distribution growth of 12%– Multiple quarterly volume records Executing organic growth capital plan– Two new processing plants and two new fractionation plants placed in service Completed strategic acquisitions in L&S segment– Ozark Pipeline– Equity interest in Bakken Pipeline system Strong financial position– Year-to-date coverage ratio of 1.29x– Leverage ratio of 3.6x at end of third quarter– No anticipated public equity issuances in the fourth quarter8
Priorities for 2018 Positioning partnership through execution of strategic actions– Expect to close remaining dropdown and IDR exchange in the first quarter Execution of organic growth capital plan Deliver attractive returns for unitholders– Forecast double-digit year-over-year distribution growth– Expand portfolio of organic growth projects Financing Strategy– Maintain strong coverage ratio– Fund 2 B organic growth capital with retained cash and debt– Anticipate no issuance of public equity to fund organic growth capital– Maintain investment grade credit profile9
Delivering Consistent Growth in EBITDA and DCF81% increase in EBITDA since MarkWest acquisition95% increase in DCF while maintaining strong coverage istributable Cash Flow (DCF)1.404421.20Coverage Ratio MM5001.501.10Adjusted EBITDA attributable to MPLX LP3Q171.00Coverage Ratio*Includes MarkWest premerger EBITDA and distributable cash flow from Oct. 1, 2015 through Dec. 3, 201510
Logistics & StorageSegment Overview High-quality, well-maintained assets thatare integral to MPC– Owns, leases or has interest in 3,800 miles of crudeoil pipelines and 4,300 miles of product pipelines– 62 light-product terminals with 24 million barrelsof storage capacityHeadquarters– Barge dock with 78,000 BPD throughput capacityMPLX Pipelines:Owned & Operated– Crude oil and product storage facilities (tank farmsand caverns) with 7.8 million barrels of storagecapacityMPLX Interest Pipelines:Operated by Others– 18 inland waterway towboats and more than 200 tankbarges moving refined products and crude oil Stable cash flows with fee-based revenuesand minimal direct commodity exposureMPLX Terminals:Owned and Part-ownedTank FarmsBarge DockCavernMPC Refineries11
Attractive Portfolio of Organic Growth CapitalLogistics & Storage SegmentUtica Build-out and related connectivity Industry solution for Marcellus and Utica liquids Multiple investments – estimated to completethroughout 2017 and 1Q 2018Ozark Pipeline Expansion Crude sourcing optionality to Midwest refineries Mid-2018 estimated completionTexas City Tank Farm MPC and third-party logistics solutions 3Q 2018 estimated completionRobinson Butane Cavern MPC shifting third-party services to MPLX andoptimizing Robinson butane handling 2Q 2018 estimated completionOther projects in development12
Gathering & ProcessingSegment OverviewRawNatural GasProduction NGLsFractionationFacilities PropaneNGL Normal ButaneProducts Isobutane Natural Gasoline One of the largest NGL and natural gas midstream service providers– Gathering capacity of 5.9 Bcf/d 65% Marcellus/Utica; 35% Southwest– Processing capacity of 8.0 Bcf/d* 70% Marcellus/Utica; 20% Southwest– C2 Fractionation capacity of 610 MBPD** 90% Marcellus/Utica Primarily fee-based business with highly diverse customer base and establishedlong-term contracts*Includes processing capacity of non-operated joint venture**Includes condensate stabilization capacity13
Natural Gas Supply Growth ForecastMarcellus/Utica Basin is the Leading Growth Play 43% of total U.S. growth is expected to occur in Northeast Total U.S. natural gassupply is forecasted togrow by 20 Bcf/d from2017 to 2027 MPLX well-positioned aslargest processor inNortheast with growingbacklog of projects inMarcellus/Utica and otherprolific darkoPermian6.01.1Bcf/dBcf/d4.1Eagle Ford2.4Bcf/dHaynesvilleBcf/dIncremental Natural Gas Production Growth from 2017 to 2027Source: Bentek Market Call: North American NGLs – August 21, 201714
Marcellus/Utica Processing CapacityBuilding Infrastructure to Support Basin Volume GrowthCurrently operate 66% of processing capacity in Marcellus/Utica basin8 7.0 Bcf/d processing capacity by end of 20182017 plant completionsSherwood VII (in service 1Q17)Sherwood VIII (in service 3Q17)Bcf/d62018 expected plant completionsHarmon CreekHouston IMajorsville VIISherwood IXSherwood XSherwood XI420201320142015Throughput20162017E*2018EYear-end CapacityNote: 2013 through 2015 include MarkWest volumes prior to acquisition by MPLX*2017 throughput assumes 15% growth rate over prior year15
Marcellus/Utica Fractionation CapacityBuilding Infrastructure to Support Growing C2 and C3 DemandCurrently operate 55% of fractionation capacity in Marcellus/Utica basin700600 631 MBPD fractionation capacity by end of 20182017 plant completionsHopedale III C3 (in service 1Q17)Bluestone C2 (in service 3Q17)Majorsville II C2 (in service 4Q17)MBPD5004002018 expected plant completionsHarmon Creek C2Sherwood C2Hopedale IV C3 r-end CapacityNote: 2013 through 2015 include MarkWest volumes prior to acquisition by MPLX*2017 throughput assumes 20% growth rate over prior year16
Northeast Operations Well-Positionedin Ethane Market Ethane demand growing as exports andsteam cracker development continues inGulf Coast and Northeast MPLX well-positioned to supportproducer customers’ rich-gasdevelopment with extensive distributedde-ethanization system Based on current utilization, MPLX cansupport the production of an additional 60 MBPD of purity ethane with existingassets Opportunity to invest 500 MM to 1 B to support Northeast ethanerecovery over the next five yearsOhioPennsylvaniaBluestoneHarmon CreekCadizHoustonMPLX De-ethanizationFacilityMajorsvilleSenecaMPLX ProcessingComplexMPLX PlannedDe-ethanization FacilityMobleySherwoodWest VirginiaSteam Cracker PlannedSteam Cracker ProposedMPLX Ethane PipelineATEX PipelineMariner West PipelineMariner East 1 Pipeline17
Considerable Scale in the Southwest2.1 Bcf/d Gathering, 1.5 Bcf/d Processing & 29 MBPD C2 Fractionation CapacityOklahomaWestern OklahomaProcessingSoutheast Mcf/dGatheringGatheringPermian*Represents 40% of processing capacity through the Partnership’sCentrahoma JV with Targa Resources Corp.ProcessingGulf nation29,000BPDEast Texas600MMcf/dTexasGathering680MMcf/d18
Expanding Southwest Position to Support GrowingProduction in High Performance Resource PlaysCana-WoodfordPermianHidalgo Complex200 MMcf/dEddyArapaho ComplexDeweyBlaineKingfisherRich-gaspipelineRoger MillsCusterCaddoCanadianNewfieldSTACKarea ofoperationsArgo Complex200 MMcf/d – Q1 amBuffalo CreekComplexGradyMcClainComancheWoodford PlayMeramec PlayGarvinStephens Began construction of 75 MMcf/d processing plant inSTACK shale (Omega) expected to be in service inmid-2018 Hidalgo processing plant in Culberson County, Texas,placed in service in 2Q 2016, currently operating atnear 100% utilization Full connectivity to 435 MMcf/d of processing capacityvia a 60-mile high-pressure rich-gas pipeline Began construction of 200 MMcf/d processing plant inDelaware Basin (Argo) expected to be in service in1Q 2018 Constructing rich-gas and crude oil gathering systemswith related storage and logistics facilities19
Robust Organic Growth OpportunitiesForecast organic capital of 1.8 B to 2.0 B for 2017*Expect to finish the year below the low end of previously provided rangeOrganic Growth Capital Investment 5%G&P Segment Assets recently placed in service– 60 MBPD fractionation train at Hopedale (1Q17)Utica– Sherwood VII processing plant (1Q17) 50%Marcellus– Sherwood VIII processing plant (3Q17) 20%Southwest– Bluestone de-ethanization plant (3Q17)– Majorsville de-ethanization plant (4Q17) Eleven additional plants expected to be completed byend of 2018L&S Segment 25%*Excludes future dropdowns and acquisitionsLogistics & Storage Midwest pipeline infrastructure build-outOzark Pipeline expansionRobinson butane cavernTexas City tank farm expansion20
Strong Financial Flexibility to Manage andGrow Asset Base Committed to maintaininginvestment grade credit profile 2.25 B senior notes issued1Q 2017 2.1 B of available liquidity atend of 3Q 2017 Anticipate no issuance of publicequity to fund organic growth in4Q 2017 and 2018( MM except ratio data)Cash and cash equivalentsAs of9/30/173Total assets19,238Total debt(a)7,051Redeemable preferred units1,000Total equity10,086Consolidated total debt to LTM pro forma adjustedEBITDA ratio(b)Remaining capacity available under 2.25 B revolvingcredit agreementRemaining capacity available under 500 MM creditagreement with MPC3.6x1,827298(a)Totaldebt includes 202 MM of outstanding intercompany borrowings classified in current liabilities as of September 30, 2017using face value total debt and last twelve month adjusted EBITDA, which is pro forma for acquisitions. Face valuetotal debt includes approximately 428 MM of unamortized discount and debt issuance costs as of September 30, 2017.(b)Calculated21
Long-Term Value Objectives Deliver Sustainable Distribution Growth rate that provides attractive totalunitholder returns Drive Lower Cost of Capital to achieve most efficient mix of growth and yield Execute and expand Robust Portfolio of Organic Growth Projects in support ofproducer customers and overall energy infrastructure build-out Maintain Investment Grade Credit profile Become Consolidator in midstream space22
Appendix23
About MPLX Growth-oriented, diversified MLP with high-quality,strategically located assets with leading midstreamposition Two primary businesses– Logistics & Storage includes transportation, storageand distribution of crude oil, refined petroleum productsand other hydrocarbon-based products– Gathering & Processing includes gathering, processing,and transportation of natural gas and the gathering,transportation, fractionation, storage and marketing of NGLs Investment-grade credit profile with strong financialflexibility MPC as sponsor has interests aligned with MPLX– MPLX assets are integral to MPC– Growing stable cash flows through continued investment inmidstream infrastructureAs of Sept. 30, 2017See appendix for legend24
MPLX Organizational StructureMarathon PetroleumCorporation and Affiliates(NYSE: MPC)26% LP interest100% interestMPLX GP LLC(our General Partner)2% GP interestMPLX LP*(NYSE: MPLX)(the “Partnership”)Public*PreferredCommon72% LP interestr100% interestMPLX Operations LLC100% interest100% interestHardin StreetMarine LLCMPLX Terminaland Storage LLCMPLX Pipe LineHoldings LLCMPLXTerminals LLCAs of October 27, 2017MarkWest EnergyPartners, L.P. MPC views MPLX as integral to itsoperations and is aligned with itssuccess and incentivized to growMPLX MPC owns 26% LP interest and100% of MPLX’s GP interest andIDRsMarkWest OperatingSubsidiaries*Preferred convertible securities are included with the public ownership percentage and depicted on an as-converted basis.25
First-quarter Dropdown from MPC Terminal, pipeline and storage assets– 62 light product terminals with 24 million barrels ofstorage capacity– 11 pipeline systems consisting of 604 pipeline miles– 73 tanks with 7.8 million barrels of storage capacity– Crude oil truck unloading facility at MPC’s refinery inCanton, Ohio– Natural gas liquids storage cavern in Woodhaven,Michigan, with 1.8 million barrels of capacity Total consideration of 2.015 B–––– 1.511 B in cash and 504 MM in MPLX equityRepresents 8 times EBITDA multiple 250 MM estimated annual EBITDAExpected to be immediately accretive toMPLX’s distributable cash flow26
Third-quarter Dropdown from MPC Assets include MPC’s ownership interests:– Explorer Pipeline Company, representing a 24.51%ownership interest in the company– Lincoln Pipeline LLC, representing a 35% interest in theSouthern Access Extension Pipeline (SAX)– MPL Louisiana Holdings, representing a 40.7% interest inthe Louisiana Offshore Oil Port (LOOP)– LOCAP LLC, representing an overall 58.52% ownershipinterest in the company Total consideration of 1.05 B– 630 MM in MPLX equity and 420 MM in cash– Represents 7.6 times EBITDA multiple– 138 MM annual adjusted EBITDA1– Expected to be immediately accretive to MPLX’sdistributable cash flow1AdjustedEBITDA with respect to joint-interest ownership is calculated as cashdistributions adjusted for maintenance capital, growth capital and financing activities.27
2017 Forecast Not revised since second-quarter 2017 earnings materials Expect to finish 2017 above the high end of ranges provided with the exceptionof organic and maintenance capital expenditures, which are expected to finishbelow the range provided Expect approximately 12% distribution growth in 2017 Forecast double-digit distribution growth in 201828
Growth Capital ForecastProjects expected to be completed in 2017Logistics & StorageProjectsEst. CompletionDateOngoingUtica Build-out projectsIn Service – 3Q17N/AOngoingMidwest connectivity projectsMarcellus & Utica60,000 BPDIn Service - 1Q17Sherwood VII Processing Plant(c)Marcellus200 MMcf/dIn Service - 1Q17Bluestone C2 FractionationMarcellus20,000 BPDIn Service - 3Q17Sherwood VIII Processing PlantMarcellus200 MMcf/dIn Service - 3Q17Majorsville II C2 FractionationMarcellus40,000 BPDIn Service - 4Q17NGL Pipeline ExpansionsMarcellusN/A2017 and 2018Gathering & Processing ProjectsShale ResourceCapacityEst. CompletionDateRich- and Dry-Gas Gathering(a)Marcellus & UticaN/ACana WoodfordWestern Oklahoma - STACK Rich-Gas and OilGatheringHopedale III C3 Fractionation and NGLLogistics(b)(c)4Q17/1Q18(a)UticaRich- 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.and MarkWest Utica EMG shared fractionation capacity(c)Sherwood Midstream investment(b)MarkWest29
Growth Capital ForecastProjects expected to be completed in 2018Logistics & StorageProjectsEst. CompletionDateShale ResourceCapacityEst. CompletionDateHouston I Processing Plant(a)Marcellus200 MMcf/d1Q18Ozark Pipeline ExpansionMid-2018Sherwood IX Processing Plant(b)Marcellus200 MMcf/d1Q18Mid-2018Argo Processing PlantDelaware200 MMcf/d1Q18Wood River-to-PatokaPipeline ExpansionCana-Woodford75 MMcf/dMid-2018Majorsville VII Processing PlantMarcellus200 MMcf/d3Q18Sherwood X Processing Plant(b)Marcellus200 MMcf/d3Q18Sherwood C2 FractionationMarcellus20,000 BPD3Q18Sherwood XI Processing Plant(b)Marcellus200 MMcf/d4Q18Harmon Creek Processing PlantMarcellus200 MMcf/d4Q18Harmon Creek C2 FractionationMarcellus20,000 BPD4Q18Hopedale IV C3 FractionationMarcellus & Utica60,000 BPD4Q18Gathering & Processing ProjectsOmega Processing PlantRobinson Butane Cavern2Q18Texas City Tank Farm3Q18(a)Replacement(b)Sherwoodof existing Houston 35 MMcf/d plantMidstream investment30
Pipeline Acquisitions Announced in 2017Extending the Footprint of the L&S SegmentOzarkBakkenPipelinePipelineAcquisition– 500 MM investment– 9.2% equity interest in the Dakota Access Pipeline(DAPL) and the Energy Transfer Crude Oil Pipeline(ETCOP) projects– Expected to deliver 520 MBPD from the Bakken/ThreeForks production area to the Midwest and Gulf Coast withcapacity up to 570 MBPD– Commenced operations 2Q 2017Ozark Pipeline– 220 MM investment– 433 mile, 22″ crude pipeline running from Cushing,Oklahoma, to Wood River, Illinois, with capacity of 230 MBPD– Planned expansion to 345 MBPD in progress andexpected to be completed by mid-201831
Executing a Comprehensive Utica StrategyPhased Infrastructure Investment Cornerstone Pipeline commencedoperations in October 2016 Hopedale pipeline connectioncompleted December 2016 Harpster-to-Lima pipeline fullyoperational in July 2017 Links Marcellus and Utica condensateand natural gasoline with Midwestrefiners Constructing additional connectivityand expanding pipelines to providemore optionality for Midwest refiners32
MPLX Strengthens Leading Position in NortheastAnnounced 50/50 joint venture with Antero Midstream in 1Q 2017 Supports Antero Resources’ significantproduction growth profile in the MarcellusShale– Long-term, fee-based agreement and significantacreage dedicationPENNSYLVANIAOHIOHOPEDALE Commenced operations of Sherwood VII &VIII gas processing plants in 2017 Three 200 MMcf/d gas processing plantscurrently under construction at Sherwood– Potential to develop up to six additional processingfacilities at Sherwood and a future expansion site Includes 20 MBPD of existing fractionationcapacity at Hopedale complex– Option to invest in future fractionation expansionsJV EXPANSION(site location TBD)SHERWOODGas Processing ComplexWEST VIRGINIAProcessing and Fractionation ComplexC3 Fractionation ComplexNGL Pipeline33
Major Residue Gas Takeaway Expansion ProjectsOriginate at MPLX Facilities New takeaway pipelines expected toimprove Northeast basis differentials MPLX processing complexes:– Access to all major gas residue gastakeaway pipelines– Provide multiple options with significantexcess residue capacity– Ability to bring mass and synergies tonew residue gas pipelines Critical new projects designed to serveour complexes include:Rover, Leach/Rayne Xpress, OhioValley Connector, MountaineerExpress and Mountain Valley PipelineMarcellus ComplexUtica Complex34
Marcellus/Utica Overview3.8 Bcf/d Gathering, 5.8 Bcf/d Processing & 531 MBPD C2 Fractionation CapacityHOPEDALE FRACTIONATION COMPLEXPENNSYLVANIAOHIOBLUESTONE COMPLEXHARMON CREEK COMPLEX(currently under construction)HOUSTON COMPLEXMarkWest Joint Venture with EMGOHIO CONDENSATEMarkWest Joint Venture with Summit MidstreamCADIZ & SENECA COMPLEXESMarkWest Joint Venture with EMGMAJORSVILLE COMPLEXSHERWOOD COMPLEXMOBLEY COMPLEXGathering SystemMarcellus ComplexUtica ComplexNGL PipelinePurity Ethane PipelineWEST VIRGINIAATEX Express PipelineTEPPCO Product PipelineMariner West PipelineMariner East Pipeline35
Gathering & Processing SegmentMarcellus & Utica OperationsProcessed Volumes GatheringAvailableCapa
MLP-qualifying EBITDA . 1Q17 . 3Q17 . 4Q17 1Q18 . 1. st. dropdown completed in March 8x EBITDA multiple 250 MM annual EBITDA Executed agreement for remaining dropdown – expected to close on Feb. 1, 2018 8.1x EBITDA mul
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in automatic mode namely one-against-rest classification and multi-class classification using MLP. Figure 2: MLP Block Diagram [1] The block diagram of the MLP classifier used for this work has been shown in Figure 2. The MLP consists of three modules namely MLP training, MLP testing and MLP working.
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