UBS MLP One-on-One Conference · 2013-04-10 · Exchange / Ticker ; NYSE / MPLX . Estimated Distribution Coverage : 1.10x . Expected Tax Shield : 80% for the period from the IPO until

UBS MLP One-on-One Conference

January 15, 2013

MPLX Forward‐Looking Statements

2

This presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, MPLX’s current strategy and expectations, estimates and projections regarding MPLX’s future operations, financial position, cash flows, throughput volumes, third-party activity, revenues and losses, costs and prospects. You can identify forward-looking statements by words such as "could,” "believe," "anticipate,” "intend," "estimate," "expect," "may," "continue," "predict,” "potential," "project" or similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. 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 actual results to differ materially from those in the forward-looking statements include: the adequacy of our capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute our business plan; prices and demand for crude oil and products; the suspension, reduction or termination of MPC’s obligations under our commercial agreements; our ability to successfully implement our growth strategy, whether through organic growth or acquisitions; state and federal environmental, economic, health and safety, energy and other policies and regulations, including those related to climate change, and any changes therein; general domestic and international economic, business and political conditions; availability of connections and equipment; other risk factors inherent to our industry; and the factors set forth under the heading “Risk Factors” in our Registration Statement on Form S-1 as filed with the Securities and Exchange Commission (the “SEC”). Additionally, unpredictable or unknown factors not discussed here or in our Registration Statement could also have material adverse effects on our actual results. Copies of our Registration Statement are available on the SEC website, at http://www.mplx.com or by contacting our Investor Relations Office.

http://www.mplx.com/�

MPC Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, MPC’s current expectations, estimates and projections concerning MPC business and operations and the business and operations proposed to be acquired from BP, which we refer to as the BP Texas City assets. You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “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 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 actual results to differ materially from those in the forward-looking statements include: our ability to successfully complete the acquisition of the BP Texas City assets, including, without limitation, the receipt of regulatory approvals and the satisfaction of other customary closing conditions; our ability to successfully integrate the BP Texas City assets into our operations; our ability to achieve fully the strategic and financial objectives related to the proposed acquisition of the BP Texas City assets, including the acquisition being accretive to our earnings; and unexpected costs or liabilities that may arise from the acquisition, ownership or operation of, the BP Texas City assets; 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; completion of pipeline capacity to areas outside the U.S. Midwest; consumer demand for refined products; changes in governmental regulations; transportation logistics; the availability of materials and labor, delays in obtaining necessary third-party approvals, and other risks customary to construction projects; the reliability of processing units and other equipment; our ability to successfully implement growth opportunities; impacts from our repurchases of shares of MPC common stock under our stock repurchase authorization, including the timing and amounts of any common stock repurchases; other risk factors inherent to our industry; and the factors set forth under the heading “Risk Factors” in MPC’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPC’s Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPC’s Form 10-K are available on the SEC website, at http://www.ir.marathonpetroleum.com or by contacting MPC’s Investor Relations Office.

3

http://www.ir.marathonpetroleum.com/�

Issuer MPLX LP

Sponsor Marathon Petroleum Corporation

Exchange / Ticker NYSE / MPLX

Estimated Distribution Coverage 1.10x

Expected Tax Shield 80% for the period from the IPO until December 31, 2015

Use of Net Proceeds

$203 million to MPC

$192 million to pre-fund certain expansion capital expenditures

$10 million to MPLX for general partnership needs

$33 million for underwriting discounts, financing costs and other formation costs

Initial Offering Upsized Final Offering

Common Units Offered (with shoe) 15.0 million (17.3 million) 17.3 million (19.9 million)

Proposed Valuation Range

Yield based on $1.05 annualized MQD

$19.00 - $21.00 per unit

5.00% - 5.53%

$22.00 per unit

4.77%

Offering Size (Base Offering Before Overallotment)

$285 - $315 million $381 million

Offering Size (After Overallotment Exercised)

$328 - $362 million $438 million

Offering Summary

4

MPC has Created an Industry-Leading MLP MPLX’s Primary Business Strategies

5

Focus on Fee-Based Businesses

Generate stable cash flows by providing primarily fee-based midstream services to MPC and third parties

Mitigate volatility in cash flows by entering into long-term transportation and storage agreements and by minimizing direct exposure to commodity prices

Pursue Organic Growth Opportunities

Increase pipeline systems revenue by developing organic investment opportunities through growth in:

MPC’s operations Third-party activity

Grow Through Acquisitions

Acquire complementary assets from third parties, within current geographic footprint, as well as new areas

May also pursue acquisitions cooperatively with MPC

Significant drop-down potential from MPC

Maintain Safe and Reliable Operations

Provide safe, reliable and efficient services – another key to stable cash flows

Committed to maintaining and improving the reliability and efficiency of operations

Robust Growth Opportunities Attractive organic growth prospects augmented with tariff and volume increases Potential for significant growth through acquisitions alongside, and/or from, MPC; MPC has a very

substantial portfolio of logistics assets, including its retained 49% interest in MPLX Pipe Line Holdings LP

Strategic Relationship with MPC MPLX's assets are highly integral to MPC's refining and marketing network MPC provides MPLX with significant growth opportunities and a stable base of cash flows

Stable and Predictable Cash Flows MPLX is expected to generate stable and predictable cash flows supported by a combination of long-term

transportation agreements (linked to FERC-based tariff rates) and storage agreements

High-Quality, Well-Maintained Asset Base Majority owner and operator of one of the largest networks of pipeline systems in the U.S. based on total

annual volumes delivered Assets are well-maintained through focused maintenance and capex program

Strategically Located Assets Primarily located in the Midwest and U.S. Gulf Coast, which are near emerging shale plays such as the

Marcellus, Utica, New Albany, Antrim and Illinois Basin

Financial Flexibility Attractive coverage ratio, combined with ample liquidity and no initial leverage, provides a strong

foundation to execute MPLX's growth strategy

Experienced Management Team Includes many of MPC’s most senior officers, who average over 25 years of experience in the energy

industry and operational experience with our assets

Summary of Key Investment Highlights

6

MPC views MPLX as integral to its operations and is aligned with its success and incentivized to grow MPLX

Initial MPLX assets consist of a 51% interest in Pipe Line Holdings as well as 100% ownership in the Neal, W.Va., Butane Cavern

MPC retains the remaining 49% interest in Pipe Line Holdings

MPC also owns 71.6% LP interest and 100.0% of MPLX’s GP interest and IDRs

49.0% limited partner interest

100.0% ownership interest


MPLX Operations LLC

r

MPLX Terminal and Storage LLC

100.0% ownership interest Public


2.0% GP interest 26.4% LP interest

Marathon Pipe Line LLC (“MPL”)

51.0% GP interest

Ohio River Pipe Line LLC (“ORPL”)

MPLX GP LLC (our General Partner)

71.6% LP interest


MPLX LP (NYSE: MPLX)

(the “Partnership”)

MPLX Pipe Line Holdings LP (“Pipe Line Holdings”)

Marathon Petroleum Corporation and Affiliates

(NYSE: MPC)

MPLX Organizational Structure

MPC and MPLX are Aligned

7

MPC is a Strong Strategic Sponsor

MPC is a leading independent R&M company Enterprise value of $18.5 Billion1 and LTM EBITDA

generation of $4.942 Billion² 2011 revenue of $79 Billion, 31st on Fortune 5003

Large integrated refining, marketing and logistics system Six refineries with crude capacity of ~1.2 MMBPCD Speedway – fourth largest U.S. C-store chain with

~1,460 locations in seven states Marathon brand – ~5,000 outlets in 17 states Significant retained midstream assets

MPC has a strong credit profile and significant liquidity Investment grade (BBB / Baa2) – stable outlook Debt / EBITDA of 0.7x1,2 and Debt / Cap of 23%1,4

~$6.4 Billion of liquidity5

Notes: 1 338.3 MM shares outstanding at $54.93/share at 10/31/2012, $3.387 Billion cash, $3.349 Billion debt at 9/30/2012 2 See Appendix for last twelve month (LTM) EBITDA reconciliation to net income as of 9/30/12 3 During 2011, MPC was a part of Marathon Oil Corporation until its split in July 2011 4 Stockholders equity of $11.467 Billion at 9/30/2012 5 Includes $3.387 Billion cash, undrawn $2 Billion revolver and undrawn $1 Billion trade receivables securitization

facility at 9/30/2012

Coastal Water Terminals

Inland Water Terminals

Light Product Terminals

Connecting Pipelines Refineries

Asphalt Terminals

Marketing Area

(Owned / Part Owned / Third-Party)

8

Marathon Pipe Line LLC (MPL) and Ohio River Pipe Line LLC (ORPL) comprise one of the largest networks of pipeline systems in the U.S. based on total volume delivered 962 miles of common carrier

crude oil pipelines 1,819 miles of common carrier

products pipelines Inclusive of 153 miles of long-

term leased and operated pipelines

The ~1.0 million barrel Neal, W.Va. butane storage cavern adjacent to MPC’s Catlettsburg refinery is wholly owned and operated by MPLX

MPLX’s Assets are Integral to MPC

9

Owned and operated terminals: 62 light product and 21 asphalt / heavy oil

261 transport loading racks

Logistics infrastructure is extremely important to MPC's success

MPC intends to use MPLX as the primary growth vehicle for its midstream logistics business

MPLX can pursue acquisitions directly from MPC

MPLX can pursue third-party acquisitions independently and/or in cooperation with MPC

Midstream Assets Owned by MPC

Remaining 49% interest in MPLX's pipeline assets Over 5,000 miles of additional crude and products pipelines

Owns, leases or has an ownership interest in these pipelines

More than 120 owned transport trucks

More than 1,900 owned or leased railcars

One of the largest private inland bulk liquid barge fleets in the U.S. consisting of 15 owned inland waterway towboats, and 167 owned and 14 leased barges

MPC Relationship Provides Robust Growth Opportunities

10

MPLX’s assets consist of fee-based pipeline systems and storage assets

MPC has historically accounted for 85%+ of the volumes shipped on MPLX’s pipelines

MPC has entered into multiple long-term transportation and storage agreements with MPLX Terms of up to 10 years Pipeline tariffs linked to FERC-based rates Indexed storage fees

2013 EBITDA estimate represents a ~59% increase over 2011 pro forma EBITDA Increase underpinned by FERC-based tariffs

and volume growth Capital projects pre-funded and supported

by MPC

Revenue – Product / Asset Mix1

Notes: 1 Estimate for the twelve months ending December 31, 2013 2 Includes revenues generated under Transportation and Storage agreements with MPC 3 Volumes shipped under joint tariff agreements are accounted for as third party for GAAP purposes, but represent MPC barrels shipped

Revenue – Customer Mix1

MPC = 89%

Stable and Predictable Cash Flows

11

73%

16%

11%

MPC Committed² ³ MPC Additional³ Third Party

$364 MM

$81 MM

$55 MM

46%

43%

4% 3%

4%

Crude Transportation Products Transportation Tank Storage Cavern Storage Operating and Mgmt. Fees

$232 MM

$216 MM

Historical crude and product volumes have been extremely stable with low variability despite material changes in the broader commodity price environment

Butane cavern and storage facilities generate stable and ratable (capacity based) fees

Throughput and storage agreements with MPC provide cash flow visibility and predictability

2013 total throughput is projected to be ~12.8% over 2011 pro forma throughput

Throughput (MBPD)

Crude Products % MPC 80% 81% 84% 81% 80% 79% % MPC 92% 91% 90% 93% 94% 95%

MPC Throughput1 Third-party Throughput

712 724 705 774 838 938

0

300

600

900

1,200

1,500

2007 2008 2009 2010 2011 Est. 12 Mo.Ending

12/31/13

892 899842

955 1,0411,190

964 873 856 904 971 1,093

0

300

600

900

1,200

1,500

2007 2008 2009 2010 2011 Est. 12 Mo.Ending

12/31/13

1,049960 953 968

1,0311,148

Note: 1 Crude volumes in light equivalent barrels

Ideal Assets for an MLP

12

Source: MPC

MPLX operates all of its assets

Assets are primarily located throughout the Midwest and U.S. Gulf Coast

In 2011, these regions collectively comprised ~72% and ~48% of total U.S. crude distillation capacity and finished products demand, respectively

Existing capability to transport Canadian crude

Marathon Petroleum Corporation 646

BP2 468

Phillips 663 346

Flint Hills Resources (Koch) 304

Valero 287

HollyFrontier 258

ExxonMobil 238

Husky Energy2 238

Notes: 1 Refiners with PADD II capacities of less than 200 MBPCD excluded from list; aggregate additional

capacity of ~955 MBPCD 2 Includes 50% share of BP / Husky Toledo’s total capacity 3 Includes 50% share of Wood River’s total capacity

Source: Oil & Gas Journal

PADD II Refining Capacity (MBPCD)1

MPC has the Largest Refining Capacity in PADD II

Strategically Located Assets

13

MPLX’s assets and a large number of MPC's retained assets are in the “heart” of the Midwest infrastructure build-out

Strategically located near emerging shale plays

Marcellus, Utica, New Albany, Antrim, and Illinois Basin in Pennsylvania, Ohio, Indiana, Michigan, and Illinois

MPC is currently transporting crude oil and feedstocks from the Utica play

MPLX is continuing to evaluate growth opportunities in the Utica and other shale plays

Source: EIA

Bakken

Ardmore Basin

Anadarko Basin

Barnett

Pearsall

Eagle Ford

Haynesville- Bossier

Ft. Worth Basin

TX-LA-MS Salt Basin

Tuscaloosa

Floyd-Neal

Woodford

Arkoma Basin

Fayetteville

Cherokee Platform

Excello-Mulky

Williston Basin

Forest City Basin

Illinois Basin

Michigan Basin

Antrim

Appalachian Basin

New Albany

Chattanooga Black Warrior

Basin Conasauga

Valley & Ridge Province

Devonian (Ohio)

Marcellus

Utica

Western Gulf

Mississ- ippian Lime

Current Plays

Prospective Plays

Basins

Shale Plays

Shallowest / Youngest

Intermediate Depth / Age

Deepest / Oldest

Stacked Plays

MPC Refineries

Strategically Located Assets (Continued)

14

MPLX continually invests in the maintenance and integrity of its assets

Uses a patented integrity management program to enhance pipeline safety and reliability

Top-tier reputation and active industry involvement

2013E Capex Budget¹ Certifications, Initiatives and Industry Partnerships

Note: 1 Capex budget represents both MPC and MPLX portions of capital budget

Quality Assets and Top-tier Reputation

(16% of 2013E EBITDA) (16% of 2013E EBITDA)

High Quality, Well-maintained Asset Base

15

Expansion $108.6 MM

Maintenance $32.2 MM

(16% of 2013E EBITDA)

Pipeline Operations Deliver Top-tier Safety Performance Patented integrity

management program fully compliant with DOT regulations

State-of-the-art in-line assessment practices

Leading control room management practices

Industry leader in helping to improve Damage Prevention practices

16

Management team includes MPC executive officers with an average 25 years of experience with MPLX's assets

Position at MPC Position at MPLX Industry

Garry L. Peiffer Executive VP, Corporate Planning and Investor & Government Relations

Director and President 38 38

Donald C. Templin Senior VP and Chief Financial Officer

Director, VP and Chief Financial Officer

11 1

J. Michael Wilder VP, General Counsel and Secretary VP, General Counsel and Secretary 34 34

With MPC

Gary R. Heminger President and Chief Executive Officer

Chairman of the Board and Chief Executive Officer

37 37

Years Experience

31 31 Senior VP, Transportation and Logistics

VP and Chief Operating Officer George P. Shaffner

Craig O. Pierson President, Marathon Pipe Line LLC VP, Operations 34 34

Timothy T. Griffith VP, Finance and Treasurer VP and Treasurer 1 1

Michael G. Braddock VP and Controller 32 32 VP and Controller

Pamela K. M. Beall

16

16 VP, Investor Relations and Government & Public Affairs

VP, Investor Relations

Experienced MPLX Management Team

17

MPLX has no borrowings outstanding

MPLX’s undrawn $500 MM revolver provides significant liquidity to grow its business

Note: 1 Capital leases

Strong Financial Flexibility to Manage and Grow Asset Base

18

As of June 30, 2012 ($MM) Historical Pro Forma

Cash and Cash Equivalents 0.6 207.2 Long-term Debt¹ 11.6 11.6 Revolving Credit Facility -- -- Total Equity: Net Investment - MPC 1,435.3 -- Common Units - Public -- 277.2 Common Units - MPC -- 136.1 Subordinated Units - MPC -- 229.1 General Partner Units - MPC -- 9.3 Total MPLX Partners' Capital -- 651.7 MPC-retained Net Interest in Pipe Line Holdings -- 498.9

Total Equity Investment 1,435.3 1,150.6 Total Capitalization 1,446.9 1,162.2

Capital Structure Uses for IPO Proceeds ($MM)

Pre-fund Capex 191.6

Distribution to MPC 202.7

Underwriting Discounts and Structuring Fees 28.0

Credit Facility Fees and Expenses 2.4

Other IPO Expenses and Costs 3.0

General Partnership Purposes 10.0

Total Uses 437.7

501

380352

411404384

0

100

200

300

400

500

600

2009 2010 2011 2011 PF 12 Mo. Ending

6/30/12

Est. 12 Mo.Ending

12/31/13

411 426

Note: 1 In connection with the IPO, reflects the elimination of activity related to two pipelines that were not contributed to MPLX, reduction in revenues associated with lower rate incentive tariffs, payments received from MPC for volume shipments below minimum committed volumes, recognition of revenues from storage agreements, and fees earned under management services and operating agreements executed with MPC

Stable historical results and strong growth going forward

Predictable cash flows underpinned by MPC throughput and storage agreements, as well as historical usage pattern

Attractive distribution coverage post-IPO of 1.10x

Cash retained after distribution will be used to manage operations and help organically grow asset base

Historical Predecessor

Capline / Maumee pipeline systems and Other items¹

Estimated Twelve Months Ending 12/31/2013

Revenue and Other Income ($MM)

Conservative Coverage with Predictable and Growing Distributions

19

($ in millions, unless otherwise noted)

Adj. EBITDA $197.0

Less: Adj. EBITDA attributable to MPC's retained interest in Pipe Line Holdings 92.2 Adj. EBITDA attributable to MPLX LP $104.8

Less:

Net Cash Interest Paid 1.2

Income Taxes Paid 0.1

Maintenance capital expenditures 16.4

Expansion capital expenditures 55.4

Add: Offering proceeds retained to fund expansion capital expenditures 55.4

Distributable Cash Flow $87.1

Distributions to Common Units 38.8

Distributions to Subordinated Units 38.8

Distributions to GP / IDR 1.6

Total Annualized Distributions $79.2

Initial Coverage Ratio 1.10x

Robust Growth Opportunities Attractive organic growth prospects augmented with tariff and volume increases Potential for significant growth through acquisitions alongside, and/or from, MPC; MPC has a very

substantial portfolio of logistics assets, including its retained 49% interest in MPLX Pipe Line Holdings LP

Strategic Relationship with MPC MPLX's assets are highly integral to MPC's refining and marketing network MPC provides MPLX with significant growth opportunities and a stable base of cash flows

Stable and Predictable Cash Flows MPLX is expected to generate stable and predictable cash flows supported by a combination of long-

term transportation agreements (linked to FERC-based tariff rates) and storage agreements

High-Quality, Well-Maintained Asset Base Majority owner and operator of one of the largest networks of pipeline systems in the U.S. based on

total annual volumes delivered Assets are well-maintained through focused maintenance and capex program

Strategically Located Assets Primarily located in the Midwest and U.S. Gulf Coast, which are near emerging shale plays such as the

Marcellus, Utica, New Albany, Antrim and Illinois Basin

Financial Flexibility Attractive coverage ratio, combined with ample liquidity and no initial leverage, provides a strong

foundation to execute MPLX's growth strategy

Experienced Management Team Includes many of MPC’s most senior officers, who average over 25 years of experience in the energy

industry and operational experience with our assets

Conclusion and Q&A

20

Appendix

Note: 1 Includes the following: elimination of activity related to minority undivided joint interests in two crude oil pipelines included in the Predecessor that were not contributed to the Partnership; other revenue which reflects adjustments due to lower incentive tariff in the pipeline transportation services agreement with MPC for shipments of volumes in excess of minimum committed volumes on the Garyville products system and certain pipelines within the ORPL system; recognition of incremental revenues under the storage services agreements and incremental fees earned under management services and operating agreements executed with MPC in connection with the initial public offering; and, G&A and employee services agreements which reflects the effect of transferring the Predecessor’s employees to MPC and having employee services provided to the Partnership by MPC pursuant to an employee services agreement executed in connection with the initial public offering and incremental G&A expenses for corporate services and executive officers provided by MPC pursuant to the omnibus agreement

Adjusted EBITDA Bridge Analysis ($MM)

22

(10.8) (13.5)

(49.9)

123.8

(44.5) 168.3

(1.3 )

98.4

35.7

14.6

--

50

100

150

200

250

300

2011 2011 PF Adjustments ¹

Pro Forma 2011 Tariffs Volumes Other Revenue and Income

Cost of revenues

Purchases from related

parties

G&A Other Taxes Total Estimated

MPLX (12/31/13)

MPC Retained Interest

Estimated MPLX LP (12/31/13)

197.0 (92.2)

104.8

(44.5) 73.2

Historical and Pro Forma Results As presented in the MPLX Prospectus

23

A B C D E Year Ended December 31, Pro Forma

(Dollars in millions) 2009 2010 2011 FY 2011

Six Months Ended 6/30/12

1 Revenues and other income: 2 Sales and other operating revenues 43.3 $ 49.7 $ 62.1 $ 62.1 $ 33.9 $ 3 Sales to related parties 331.4 346.2 334.8 270.5 150.7 4 Net gain (loss) on disposal of assets 0.2 -- -- -- (0.3) 5 Other income 1.3 0.4 4.3 4.0 3.2 6 Other income - related parties 7.3 8.0 9.4 15.4 6.7 7 Total revenues and other income 383.5 404.3 410.6 352.0 194.2 8 Costs and expenses: 9 Cost of revenues (excludes items below) 165.2 177.6 162.9 99.0 51.4

10 Purchases from related parties 27.4 29.5 29.0 85.4 42.6 11 Depreciation 32.8 52.6 36.3 29.3 15.0 12 General and administrative expenses 24.4 30.3 38.5 37.8 26.5 13 Other taxes 11.1 10.9 11.9 6.0 3.1 14 Total costs and expenses 260.9 300.9 278.6 257.5 138.6 15 Income from operations 122.6 103.4 132.0 94.5 55.6 16 Related party interest and other financial income -- 0.2 2.3 -- -- 17 Interest and other financial income (costs) -- -- (0.2) (0.1) -- 18 Income before income taxes 122.6 103.6 134.1 94.4 55.6 19 Provision for income taxes 0.3 0.3 0.1 0.1 -- 20 Net income 122.3 $ 103.3 $ 134.0 $ 94.3 55.6 21 Less: Net income attributable to MPC-retained interest

in Pipe Line Holdings -- -- -- 46.3 27.4

22 Net income attributable to MPLX LP -- -- -- 48.0 $ 28.2 $ 23 Adjusted EBITDA 155.4 $ 156.0 $ 168.3 $ 123.8 $ 70.6 $ 24 Adjusted EBITDA attributable to MPLX LP -- -- -- 63.0 35.9 25 Cash available for distribution 148.9 147.4 155.0 107.5 61.8 26 Cash available for distribution attributable to MPLX LP -- -- -- 53.0 30.6

Note: 1 Tank Farms include the Patoka, Wood River, and Martinsville, IL, and Lebanon, IN tank farms

MPLX Pipeline Throughput Agreements

24

Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/13 Term Diameter Commitment Thoughput Weighted Average MPC Min.

Asset (Years) (Inches) (MBPD) (MBPD) Tariff ($ / BBL) Revenue ($MM) Crude Systems

Patoka to Lima 10 20" / 22" 40 132 $0.52 $7.6 Catlettsburg and Robinson 10 20" / 24" / 20" 380 428 $0.74 $101.4 Detroit 10 16" / 16" 155 107 $0.23 $12.8 Wood River to Patoka 5 22" / 12" 130 133 $0.20 $10.5 Wood River Barge Dock 5 -- 40 38 $1.32 $19.2

Total -- -- 745 838 -- $151.5 Products Systems

Garyville to Zachary 10 20" 300 258 $0.55 $59.8 Zachary Connect 10 36" 80 132 $0.04 $1.3 Texas City to Pasadena 10 16" 81 85 $0.27 $7.9 Pasadena Connect 10 30" / 36" 61 50 $0.07 $1.5 Ohio River Pipe Line (ORPL) 10 6" / 8" / 10" / 14" 128 126 $1.25 $58.2 Robinson 10 10" / 12" / 16" 209 320 $0.65 $49.9 Louisville Airport -NA- 8" / 6" -NA- -NA- -NA- -NA-

Total -- 859 971 -- $178.6

Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/13 Term Commitment Capacity Leased Weighted Average MPC Min.

Asset (Years) (MBBLS) (MBBLS) Fees ($ / BBL/month) Revenue ($MM) Agreements

Neal, W.Va. Butane Storage Cavern 10 1,000 -NA- $1.25 $15.0 Tank Farms¹ 3 3,293 3,293 $0.48 $19.0

Total -- 4,293 3,293 -- $34.0

A B C D E FYear

Ending Estimated Three Months Ending,($mm) 2013 3/31/2013 6/30/2013 9/30/2013 12/31/2013

1 Revenues & Other Income:2 Sales and other operating revenues 81.5$ 18.9$ 19.5$ 21.1$ 22.0$ 3 Sales to related parties 400.1 99.1 98.1 100.7 102.24 Other income 4.5 1.1 1.1 1.2 1.15 Other income - related parties 14.6 3.7 3.7 3.6 3.66 Total revenues and other income 500.7 122.8 122.4 126.6 128.9

7 Costs and expenses:8 Cost of revenues (excludes items below) 148.9 34.4 34.3 40.0 40.29 Purchases from related parties 98.9 24.4 24.5 25.0 25.0

10 Depreciation 42.4 10.6 10.6 10.6 10.611 General & administrative 48.6 12.1 12.1 12.2 12.212 Other taxes 7.3 1.8 1.8 1.8 1.913 Total costs and expenses 346.1 83.3 83.3 89.6 89.914 Income from operations 154.6 39.5 39.1 37.0 39.015 Net interest and other financial income (costs) (2.0) (0.5) (0.5) (0.5) (0.5)16 Income before income taxes 152.6 39.0 38.6 36.5 38.517 Provision for income taxes 0.2 0.1 – 0.1 –18 Net income 152.4 38.9 38.6 36.4 38.5

Less:19 Net income attributable to MPC-retained interest in Pipe Line Holdings 74.9 19.1 19.0 17.9 18.920 Net income attributable to MPLX LP 77.5 19.8 19.6 18.5 19.6

Add:21 Net income attributable to MPC-retained interest in Pipe Line Holdings 74.9 19.1 19.0 17.9 18.922 Depreciation 42.4 10.6 10.6 10.6 10.623 Provision for income taxes 0.2 0.1 – 0.1 –24 Net interest and other financial costs 2.0 0.5 0.5 0.5 0.525 Estimated Adjusted EBITDA 197.0 50.1 49.7 47.6 49.6

Less:26 Estimated Adjusted EBITDA attributable to MPC-retained interest in Pipe Line Holdings 92.2 23.5 23.2 22.2 23.327 Estimated Adjusted EBITDA attributable to MPLX LP 104.8 26.6 26.5 25.4 26.3

Less:28 Cash interest paid, net 1.2 0.3 0.3 0.3 0.329 Income taxes paid 0.1 0.1 – – –30 Maintenance capital expenditures 16.4 1.2 3.4 4.4 7.431 Expansion capital expenditures 55.4 7.8 22.6 18.1 6.9

Add:32 Offering proceeds retained to fund expansion capital expenditures 55.4 7.8 22.6 18.1 6.933 Estimated cash available for distribution attributable to MPLX LP 87.1$ 25.0$ 22.8$ 20.7$ 18.6$

MPLX S-1 Forecast Estimated 12 Months Ending 12/31/2013

25

Crude Oil Pipeline Systems – Overview

26

Historical Throughput (MBPD)1

Crude Oil Pipeline System Diameter (Inches)

Length (miles)

Capacity (MBPD)1

Initial Term (Years)

MPC Min. Commitment

(MBPD)

Patoka to Lima 20” / 22” 302 290 10 40

Catlettsburg and Robinson 20” / 24” / 20” 484 481 10 380

Detroit 16” / 16” 61 320 10 155

Wood River to Patoka 22” / 12” 115 307 5 130

Wood River Barge Dock -- -- 80 5 40

Total -- 962 1,478 -- 745

2007 2008 2009 2010 2011 Est. Forecast Year Ending 12/31/13

MPC 712 724 705 774 838 938

Third Party 180 175 137 181 203 252

Total2 892 899 842 955 1,041 1,190

% MPC 80% 81% 84% 81% 80% 79%

Throughput Agreement3 745 745 745 745 745 745

% of MPC Throughput 105% 103% 106% 96% 89% 79% Notes: 1 All volumes and capacities are in light equivalent barrels 2 Increase in throughput during the forecast period is primarily due to the Detroit, MI heavy oil upgrading and expansion project and the Romulus, MI to Detroit, MI line completion (Q4 2012) and activation of the Roxanna, IL to Patoka, IL pipeline in January 2012 3 Throughput agreements were not in place for periods prior to the IPO of MPLX

Crude Oil Pipeline Systems – Overview

27

Notes: 1 MPC will be obligated to transport on this pipeline system each quarter an average of at least the lesser of: (1) 40 MBPD of light equivalent crude oil and (2) 290 MBPD of light equivalent crude oil minus all third-party shipments of light equivalent crude oil on the system, each quarter on this pipeline system.

76 miles of 20-inch pipeline extending from Patoka, IL to Martinsville, IL

226 miles of 22-inch pipeline extending from Martinsville to Lima, OH

Includes related breakout tankage at Martinsville

From MPC's tank farm in Lima, crude can be shipped to:

MPC’s Canton, OH and Detroit, MI refineries

Other third-party refineries owned by BP, Husky Energy and PBF Energy in Lima and Toledo, OH

Current capacity of 290 MBPD

Initial MPC minimum throughput commitment term of 10 years for 40 MBPD1

Estimated minimum revenue related to MPC’s throughput commitment of $7.6 MM

Refineries Served (MBPCD)

MPC Detroit 120

MPC Canton 80

PBF Toledo 170

BP / Husky Toledo 152

Husky Lima 162

Sources: MPLX S-1 and Oil & Gas Journal

Patoka to Lima Crude System

28

Primary pipelines supplying crude oil for MPC's Catlettsburg, KY and Robinson, IL refineries

Patoka to Catlettsburg System

140 miles of 20-inch pipeline from Patoka to Owensboro, KY

266 miles of 24-inch pipeline from Owensboro to Catlettsburg

Entry points at Patoka and Lebanon Junction, KY from the Mid-Valley system


MPLX will fund a growth capital project with a portion of the IPO proceeds to improve the system’s performance

Patoka to Robinson System

78 miles of 20-inch pipeline that delivers crude oil to MPC’s Robinson refinery


Initial MPC minimum throughput commitment term of 10 years for 380 MBPD


MPC Catlettsburg 240

MPC Robinson 206

Sources: MPLX S-1, Oil and Gas Journal

Catlettsburg and Robinson Crude System

29

Refinery Served (MBPCD)

Samaria to Detroit

44 miles of 16-inch pipeline extending from Samaria, MI to MPC's Detroit refinery

System includes a tank farm and crude oil truck offloading facility located in Samaria

Current capacity of 140 MBPD with throughput of 107 MBPD in 2011

Romulus to Detroit

17 miles of 16-inch pipeline extending from Romulus, MI to MPC's Detroit refinery1

Long-term lease from a third-party, expires in 2019 which can be extended for up to 20 years at MPC’s sole discretion

MPL recently constructed a one-mile addition that connects to MPC’s Detroit refinery

The system has an estimated capacity of 180 MBPD




MPC Detroit 120


Notes: 1 Includes approximately one mile of pipeline that is currently being constructed and is expected to become operational during the fourth quarter of 2012.

Detroit Crude System

30

Wood River to Patoka System

57 miles of 22-inch pipeline extending from Wood River, IL to Patoka


Roxanna to Patoka System

58 miles of 12-inch pipeline extending from Roxanna, IL (Enbridge Energy Partner’s Ozark pipeline system) to an MPLX tank farm in Patoka

Pipeline system is leased from a third party under a long-term lease

This crude oil line was placed into service in January 2012



Estimated minimum revenue related to MPC's throughput commitment of $10.5 MM

Wood River to Patoka Crude System

31

Midwest Product Pipelines – Overview

32

Gulf Coast Product Pipelines – Overview

33

Product Pipeline System

Diameter (Inches)

Length (miles)

Capacity (MBPD)


MPC Min. Commitment

(MBPD)

Garyville to Zachary 20” 70 389 10 300

Zachary Connect 36” 2 -NA- 1 10 80

Texas City to Pasadena 16” 39 215 10 81

Pasadena Connect 30” / 36” 3 -NA- 1 10 61

Ohio River Pipe Line (ORPL) 6” / 8” / 10” / 14” 518 242 10 128

Robinson 10” / 12” / 16” 1,173 545 10 209

Louisville Airport 8” / 6” 14 29 N/A N/A

Total -- 1,819 1,420 -- 859

Historical Throughput (MBPD)2

2007 2008 2009 2010 2011 Est. Forecast Year Ending 12/31/13

MPC3 964 873 856 904 971 1,093

Third Party 85 87 97 64 60 55

Total 1,049 960 953 968 1,031 1,148

% MPC 92% 91% 90% 93% 94% 95%

Throughput Agreement4 859 859 859 859 859 859

% of MPC Throughput 89% 98% 100% 95% 88% 79%

Notes: 1 Designed to meet outgoing rate for connecting third-party pipelines 2 MPC's completion of the Garyville refinery major expansion project in Q4 2009 resulted in increased throughput on the Garyville to Zachary system 3 Includes MPC volumes shipped under a joint tariff which are accounted for as third-party revenue 4 Throughput agreements were not in place for periods prior to the IPO of MPLX

Product Pipeline Systems – Overview

34

Primary pathway for the distribution of refined products from the Garyville, LA refinery

Garyville to Zachary

70 miles of 20-inch pipeline extending from MPC's Garyville refinery to either the Plantation Pipeline in Baton Rouge, LA or the MPC Zachary breakout tank farm in Zachary, LA

Current capacity of 389 MBPD with throughput of 258 MBPD in 2011

Capacity was expanded in 2010 as part of MPC’s Garyville refinery expansion

Zachary Connect

2 miles of 36-inch pipeline that delivers refined products from the MPC tank farm to Colonial Pipeline in Zachary

Throughput of 132 MBPD in 2011

Initial MPC minimum throughput commitment term of 10 years for 300 MBPD and 80 MBPD for Garyville to Zachary and Zachary Connect, respectively

Estimated minimum revenue related to MPC’s throughput commitment of $61.1 MM from the combined system

MPC Garyville 522


Garyville Products System

35


Primary pathway for the distribution of refined products from MPC's Texas City refinery

Texas City to Pasadena

39 miles of 16-inch pipeline extending from refineries owned by MPC, BP and Valero in Texas City, TX to the MPC Pasadena breakout tank farm and third-party terminals in Pasadena, TX


Pasadena Connect

3 miles of 30 / 36-inch pipeline that delivers refined products from the MPC tank farm in Pasadena to the third-party Colonial, Explorer, TEPPCO and Centennial pipeline systems

Throughput of 50 MBPD in 2011

Initial MPC minimum throughput commitment term of 10 years for 81 MBPD and 61 MBPD for Texas City to Pasadena and Pasadena Connect, respectively

Estimated minimum revenue related to MPC’s throughput commitment of $9.4 MM from the combined system


MPC Texas City 80

BP Texas City 451

Valero Texas City 245

Sources: MPLX S-1 and Oil & Gas Journal

Texas City Products System

36

System of single and bi-directional pipelines that connect MPC's Canton and Catlettsburg refineries with MPC and third-party terminals

Current combined capacity of 242 MBPD

Combined throughput of 126 MBPD in 2011


Estimated minimum revenue related to MPC's throughput commitment of $58.2 MM

Pipeline Detail Diameter (inches)

Length (miles)

Capacity (MBPD)

Kenova1 to Columbus 14” 150 68

Canton to East Sparta 6” / 6” 17 32 / 42

East Sparta to Heath 8” 81 31

East Sparta to Midland 8” 62 29

Heath to Dayton 6” 108 20

Heath to Findlay 8” / 10” 100 20

MPC Catlettsburg 240

MPC Canton 80


Note: 1 Kenova to Columbus pipeline originates at the Catlettsburg refinery

Ohio River Pipe Line (ORPL) Products Systems

37


1,173 miles of owned / leased pipelines connecting MPC's Robinson and third-party refineries and terminals in IL, KY and IN

Current combined capacity of 545 MBPD



Note: 1 Only leased segment in the system; long-term lease

Pipeline Detail Diameter (inches)

Length (miles)

Capacity (MBPD)

Robinson to Lima 10” 250 51

Robinson to Louisville 16” 129 82

Robinson to Mt. Vernon1 10” 79 34

Wood River to Clermont 10” 319 48

Dieterich to Martinsville 10” 40 75

Wabash System 12” / 16” 356 71 / 99 / 85


MPC Robinson 206

Phillips 66 / Cenovus Wood River

311

Other refineries via Explorer pipeline

--

Sources: MPLX S-1, Oil & Gas Journal

Robinson Products System

38

System Name¹Diameter (inches)

Length (miles)

Capacity (MBPD)²

Associated Marathon Petroleum Throughput

Agreement (Yes/No)Associated Marathon Petroleum Refinery

Garyville products system

Garyville, LA to Zachary, LA 20” 70 389 Yes Garyville, LA

Zachary Connect 36" 2 -NA- Yes Garyville, LATotal 72 389

Texas City products system

Texas City, TX to Pasadena, TX 16” 39 215 Yes Texas City, TX

Pasadena Connect 30" / 36" 3 -NA- Yes Texas City, TXTotal 42 215

Ohio River Pipe Line (ORPL) products system

Kenova, WV to Columbus, OH 14” 150 68 Yes Catlettsburg, KY

Canton, OH to East Sparta, OH 6” 17 74 Yes Canton, OH

East Sparta, OH to Heath, OH 8” 81 31 Yes Canton, OH

East Sparta, OH to Midland, PA 8” 62 29 Yes Canton, OH

Heath, OH to Dayton, OH 6” 108 20 Yes Catlettsburg, KY & Canton, OH

Heath, OH to Findlay, OH 8” / 10” 100 20 Yes Catlettsburg, KY & Canton, OHTotal 518 242

Robinson products system

Robinson, IL to Lima, OH 10” 250 51 Yes Robinson, IL

Robinson, IL to Louisville, KY 16” 129 82 Yes Robinson, IL

Robinson, IL to Mt. Vernon, IN³ 10” 79 34 Yes Robinson, IL

Wood River, IL to Clermont, IN 10” 319 48 Yes Robinson, IL

Dieterich, IL to Martinsville, IL 10” 40 75 Yes Robinson, IL

Wabash Pipeline System

West leg - Wood River, IL to Champaign, IL 12” 130 71 Yes Robinson, IL

East leg - Robinson, IL to Champaign, IL 12” 86 99 Yes Robinson, IL

Champaign, IL to Hammond, IN 12”/16” 140 85 Yes Robinson, ILTotal 1,173 545

Louisville Airport products system

Louisville, KY to Louisville International Airport 6”/ 8” 14 29 No Robinson, IL

Products Pipelines

Notes: 1 Idled product pipelines are not included in this table 2 Capacity shown is 100.0% of the capacity of these pipeline systems. MPLX owns a 51.0% interest in these pipeline systems 3 Long-term lease with a third-party

Product Pipelines – Detailed Overview

39

MPC's commitments account for total annual revenue of $34 MM from these “Other” major assets

Neal, W.Va. Butane Storage Cavern – Capacity of ~1 MMBBL with an initial 10-year term Connected to MPC’s Catlettsburg, KY refinery through

pipelines owned by MPC Rail access is available through the refinery’s rail facilities

Tank Farm Storage Assets Several pipeline storage facilities (tank farms) for both crude

oil and products located in Patoka, Wood River and Martinsville, IL and Lebanon, IN with ~3.3 million barrels of shell capacity that will be provided to MPC on a firm basis

Asset

Capacity


Asset

Capacity


Patoka Tank Farm 1,386 MBBL 3 Martinsville Tank Farm 738 MBBL 3

Wood River Tank Farm 419 MBBL 3 Lebanon Tank Farm 750 MBBL 3

Neal Butane Cavern

Tank Farm Storage

Other Major MPLX Assets

40

All pipelines are common carrier pipelines regulated by FERC

No pending rate cases Regulatory:

Legal:

Consent Agreement and Order executed between PHMSA and MPL concerning an incident in St. James, LA that occurred in March 2009. Paid civil penalty of $842,650 and $305,000 supplemental safety project to be funded over 42 month period

State of Illinois is seeking cleanup costs from refiners in the Hartford / Wood River area. Refiners have brought a contribution action against petroleum facility owner / operators in the area, including MPL. MPC will indemnify MPL

Several ordinary-course legal proceedings where MPLX is indemnified by MPC

Environmental:

MPLX assets are subject to extensive and frequently-changing federal, state and local laws, regulations and ordinances relating to the protection of the environment

We believe MPLX facilities are in substantial compliance with applicable environmental laws and regulations and that regulation does not affect its competitive positioning given applicability to all competitors

Under the Omnibus Agreement, MPC indemnifies MPLX for all known and certain unknown environmental liabilities associated with the MPLX assets and due to occurrences on or before October 30, 2012, subject to an aggregate $500,000 deductible, which will not apply to known liabilities

MPLX has entered into Operating Agreements that provide indemnification to MPLX except for its gross negligence / willful misconduct

Legal, Environmental and Regulatory Summary

41

Pipelines Terminals

Coastal Water Terminals Inland Water Terminals

Refineries

Speedway Brand Marketing Coastal Water Terminals


Terminals

Connecting Pipelines Refineries Marketing Area

Focused and Integrated Network

Marathon Petroleum Corporation

42

MPC Statistics at a Glance

Fortune 50 company – 31st in 20111

Established in 1887

5th largest U.S. refiner Largest in Midwest

2011 Revenues: $78.8 B

2011 Net income: $2.4 B

Employees: > 24,000

Headquartered in Findlay, Ohio

~1,460 Speedway convenience stores

~5,000 Marathon Brand retail outlets

Extensive terminal and pipeline network

43

Note: 1 During 2011, MPC was a part of Marathon Oil Corporation until its split in July 2011

MPC Strategic Direction – 2012

Complete Detroit Heavy Oil Upgrade Project

Continue to optimize Garyville

Pursue price-advantaged crude projects

Initiate organic value-adding projects

Grow Speedway and Brand sales volume

Consider selective acquisitions to leverage existing portfolio

Execute on strategic initiatives to return capital to shareholders

Share repurchases

Dividend growth

Completed initial public offering of MPLX

44

Leveraging Our Strengths to Create Shareholder Value

MPC Corporate Priorities

Achieve excellence in safety, environmental performance and operations

Maintain investment grade credit profile

Increase earnings and cash flow Organic investments

Selective value accretive acquisitions

Optimize capital returns to shareholders

Goal: Top Quartile in Total Shareholder Return

Balance

Flexibility

Growth

Discipline

Customers and

Shareholders

45

MPC – Responsible Care®

Health and Safety

Environmental Stewardship

Honesty and Integrity

Diversity

Stakeholder Engagement

Investors

Refining

Marketing

Logistics

Profitability

The Foundation for ALL That We Do

46

60 64 24 4

6,823

6,623 121 0 0

2,000 4,000 6,000 8,000

2004 2005 2006 2007 2008 2009 2010 2011

<1 0 22 <1 4 11 5.3 0

500

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012*

OSHA Recordable Incident Rate (Employee and Contractor History)

0.97 0.90 0.73 0.80

0.50 0.45 0.61 0.45 0.25

0.00

1.00

2.00

2004 2005 2006 2007 2008 2009 2010 2011 2012*

Days Away Rate (Employee and Contractor History)

0.12 0.09 0.09 0.13 0.10 0.08 0.12 0.03 0.03 0.00

0.50

1.00

2004 2005 2006 2007 2008 2009 2010 2011 2012*

Designated Environmental Incidents (Tier 3 and 4)

141

86 83 74 76 73

34 41 22

0

50

100

150

2004 2005 2006 2007 2008 2009 2010 2011 2012*

Mainline Pipeline Barrels Released

Environmental

Safety

(BBLS)

Goal – Top Quartile in all Safety and Environmental Metrics

MPC’s Impressive Safety and Environmental Record

47

0

* Through November 2012 Since 2003, MPC has transported over 2 MMBPD

48

Well Positioned

Access to Advantaged Crude Strong Balance Sheet – Cash Flow

Organic Growth Projects

Quality assets

Attractive Midwest market

Access to favorable export markets

Integration through logistical assets

Detroit Heavy Oil Upgrade Project (DHOUP)

Increasing distillate yield

Investing in midstream

Increasing export opportunities

Flexibility to shift between term and spot crude supply

Domestic shale oil

Heavy Canadian crude

Location advantage

Diversified income and cash flow

Balanced approach to capital repatriation, funding organic growth projects and selective acquisitions

Balanced and Diversified Portfolio

MPC Key Strengths

Source: Company Reports

MPC has Strong Earnings and Cash Flow, Investment Grade Credit Profile

49

$MM 9/30/12

Actual

Balance Sheet Cash 3,387

Total Debt Outstanding(2) 3,349

Stockholders’ Equity 11,467

Total Capitalization 14,816

Total Debt/LTM EBITDA(3) 0.7x

Debt to Total Capital Ratio 23%

Financial Policies Committed to Investment Grade profile

Rating Current Agency MPC Rating S&P BBB/A-2 (Stable) Moody’s Baa2/P2 (Stable)

Maintain strong access to liquidity, with cash balance, 5-year revolver and access to CP markets

Maintain prudent capitalization and leverage statistics throughout the refining cycle

Capitalization

* Nine mos. ended September 30, 2012 (1) Non-GAAP disclosure, see appendix for reconciliation to net income. (2) Includes amounts due within one year. (3) Based on LTM EBITDA of $4,942 MM.

Non-GAAP disclosure, see appendix for reconciliation to net income.

Committed to Investment Grade Credit Profile

654 1,011

3,745 4,158

1,324

1,952

4,636 4,870

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012*

MM

$

Historical Financial Summary

Income from Operations EBITDA(1)

Coastal Water Terminals



Connecting Pipelines Refineries

Asphalt Terminals

Refining and Marketing Six-plant refining network with 1,248 thousand barrels

per calendar day (MBPCD) of crude oil refining capacity One of the largest wholesale suppliers of gasoline and

distillate within our market area One of the largest producers of asphalt in the U.S. ~5,000 Marathon brand retail outlets across

17 states through an extensive dealer / jobber network Owns / operates 62 light product terminals and

21 asphalt terminals, while utilizing an additional 52 light product exchange / throughput terminals and 12 third-party asphalt terminals

~1,950 owned or leased railcars, 15 inland waterway towboats with 167 owned barges and 14 leased barges and 124 owned transport trucks

Speedway (Retail) ~1,460 locations in seven Midwestern states 4th largest U.S. owned / operated c-store chain Serves ~2 million customers on a daily basis

Pipeline Transportation Owns, leases or has an ownership interest in ~8,300

miles of pipelines One of the largest petroleum pipeline companies in the

U.S. based on total volume delivered Part ownership in non-operated pipelines includes

Capline, Explorer, LOOP, LOCAP and Wolverine

MPC – Fully Integrated Downstream System

50

Marketing Area

(Owned / Part Owned / Third-Party)

MPC Strategic Direction – 2013

Achieve top quartile total shareholder return among peers

Complete acquisition of BP’s Texas City refinery and related assets

Optimize Detroit Heavy Oil Upgrade Project

Continue to optimize Garyville

Grow midstream through MPLX

Initiate organic value-adding projects

Grow Speedway and Brand sales volume

Consider value-accretive acquisitions to leverage existing portfolio

51

279 252

243

192 191 175 164 163

95 89

-50

50

150

250

350

Exxo

n

Citg

o

MPC

BP

Che

vron

Val

ero

Phill

ips

Shel

l

Teso

ro

HFC

2,097 1,950

1,807 1,699

981 958 955 755 665 443

0

1,000

2,000

3,000

Val

ero

Exxo

n

Phill

ips

MPC

Shel

l

BP

Che

vron

Citg

o

Teso

ro

HFC

13.4 13.0 12.1 11.7 11.6 11.4 11.1 10.9

9.9 9.5

5.0

10.0

15.0

Che

vron

Exxo

n

HFC

Citg

o

MPC

Phill

ips

Val

ero

Shel

l

BP

Teso

ro

12 11

7 7 7 6

5 5 5

3

0

5

10

15

Val

ero

Phill

ips

Exxo

n

Teso

ro

MPC

Shel

l

BP

Che

vron

HFC

Citg

o

MPC Relative Refining Position Adjusted for Pending BP Texas City Acquisition

52

U.S. Crude Refining Capacity (1) # of U.S. Refineries (1)

Average Crude Capacity of U.S. Refineries (1)

Nelson Complexity Index (1)

(MBCD) (#)

(NCI)

(1) MPC data as of 1/1/2013 plus Galveston Bay acquisition. Other company data as reported in the O&GJ 2012 Worldwide Refining Survey, published on 12/3/2012. Owned interest of joint ventures are included in company statistics: Phillips includes 50% WRB, Exxon includes 50% Chalmette, BP includes 50% BP-Husky Toledo, Shell includes 50% Deer Park and Motiva. HollyFrontier data based on company presentations.

(MBCD)

Majors and Integrateds

MPC

Independent Refiners

38%

62%

Crude Oil Refining Capacity

PADD II

PADD III

1/1/12*

MPC Key Strengths Adjusted for Pending BP Texas City Acquisition

53

Balanced and Diversified Portfolio

Balanced Operations

52% 48%

Crude Slate

Sour Crude

Sweet Crude

YTD Sept 2012*

~58%

~42% Assured Sales

Wholesale and Other Sales

YTD Sept 2012*

Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales)

*Includes MPC estimate for BP Texas City refinery and related assets

($MM) 2009 2010 2011 2012

1Q 2Q 3Q 4Q 1Q 2Q 3Q

Net Income (Loss) 449 623 529 802 1,133 (75) 596 814 1,224

Less: Related party net interest and other financial income 45 24 17 18 - - - - 1

Less: Net interest and other financial income (costs) (14) (12) (14) (10) (15) (22) (22) (17) (26)

Add: Provision (benefit) for income taxes 236 400 293 531 611 (105) 338 476 646

Add: Depreciation and amortization 670 941 216 218 227 230 230 236 246

EBITDA 1,324 1,952 1,035 1,543 1,986 72 1,186 1,543 2,141

Last Twelve Months EBITDA 4,636 4,787 4,787 4,942

MPC EBITDA Reconciliation to Net Income

54

MPC: BP Texas City Announced Transaction Highlights

Supports MPC strategy to grow in existing and contiguous markets and expand integrated model

One of the largest and most complex refineries in the U.S.

Well connected to crude and products markets, including exports

Attractive base cash purchase price of $598 million. Equates to estimated net cash refining asset purchase price of $21 per complexity BBL, $328 per capacity BBL.

Potential $700 million earnout over six year period

Expected to be immediately accretive to earnings Incremental EBITDA of $700 million to $1.2 billion based on historical pricing Accretive to earnings per share by 13% to 27% based on historical pricing

Potential significant economic upside from synergies and process optimization

Expected to close in early 2013, subject to regulatory review and customary closing conditions

Expected to be financed with cash on hand

Continue to balance return of capital to shareholders while capturing incremental value through investments in the business

55

Refinery and Cogen


Primary Retail Assignment Region

Announced BP Transaction Complements MPC’s Integrated System

56

Refinery 451,000 BPCD (475,000 BPSD) refinery Nelson Complexity Index: 15.3 Significant recent investments Excellent crude optionality Substantial products logistics opportunities Advantageous petrochemical configuration Cogen Facility 1040 megawatts of electrical capacity and 4.6 million

lbs/hr steam Supplies power and steam to the refinery Light Product Terminals Nashville, TN Charlotte, NC Selma, NC Jacksonville, FL

Pipelines More than 100 miles of NGL pipelines consisting of

three intrastate systems originating at the refinery 50 MBPD gasoline shipper history on Colonial Pipeline

Retail Assignments ~64 MBPD of BP brand gasoline contracts ~1,200 locations

Connecting Pipelines

MPC Operations

Refinery Terminal Coastal Water Terminal

Inland Water Terminal

MPC: BP Marketing Assets and Integration

Integrated acquisition includes Assignment of branded-jobber contracts

representing ~1,200 BP retail sites

~64 MBPD of gasoline sales

Locations primarily in FL, MS, TN and AL

BP trademark to be used during transition process

Strategic step in retail growth Nearly doubles Marathon’s branded site

count in Southeast

Complementary to recent regional growth

Partnership opportunity with premier Southeast jobbers

Opportunity to expand relationship with existing Marathon jobbers

57

Documents

UBS MLP One-on-One Conference · 2013-04-10 · Exchange / Ticker ; NYSE / MPLX . Estimated Distribution Coverage : 1.10x . Expected Tax Shield : 80% for the period from the IPO until