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2019 Annual Report Annual Report 2017 2019 ANNUAL REPORT ANNUAL REPORT 74377.indd 1 3/9/20 10:52 AM Table of Contents Cover: Todochi Wells, Chairman Letter 1 terminal manager at MPLX’s Champaign, Illinois facility Financial Highlights 6 Safety and Environmental Stewardship 8 Board of Directors 10 Company Offi cers 11 Key Financial and Operational Results 12 Reconciliation Data 13 MPLX operations as of Dec. 31, 2019 MPLX Owned and Part-Owned Glossary of Terms Light Product Terminals MPLX Owned Asphalt/Heavy Oil bbl: barrels Terminals bcf/d: billion cubic feet per day MPC Refi neries bpd: barrels per day Caverns cf/d: cubic feet per day EBITDA: earnings before interest, taxes, depreciation MPC/MPLX Pipelines (a) and amortization MPLX Refi ning Logistics Assets GP: general partner MPLX Gathering System IPO: initial public offering of units MPLX Owned Marine Facility LP: limited partner MarkWest: MarkWest Energy Partners, L.P., a wholly Natural Gas Processing Complex (b) owned subsidiary of MPLX LP acquired in December 2015 mbpd: thousand barrels per day Note: Illustrative representation of asset map. MLP: master limited partnership (a) Includes MPC/MPLX owned and operated lines, mmcf/d: million cubic feet per day MPC/MPLX interest lines operated by others and MPC: Marathon Petroleum Corporation MPC/MPLX operated lines owned by others. (b) Includes MPLX owned and operated natural MPL: Marathon Pipe Line LLC gas processing complexes NGL: Natural gas liquids 74377.indd 2 3/9/20 10:52 AM MPLX I 2019 ANNUAL REPORT I 1 FROM THE CHAIRMAN Fellow unitholders, It’s a pleasure for me to report that MPLX fi nished 2019 with strong operational and fi nancial results. Our adjusted EBITDA for the year was $5.1 billion, including results of Andeavor Logistics, which we acquired in July. We generated $4.1 billion of cash from operations and returned approximately 75%, or nearly $3 billion, to unitholders. Our 2019 pipeline and terminal through- puts were up over the prior year, and gathering and processing volumes increased signifi cantly, by 10% and 12%, respectively. Our strategic priorities We maintained our strategic focus on capturing the full midstream value chain as we connect supply – especially from prime production regions – to global demand markets. We worked to enhance cash fl ow stability through our investment in long-haul pipelines and export capabilities, and continued to pursue value- creating opportunities with our sponsor, Marathon Petroleum $4,100 Corporation (MPC), which enabled us to enhance projects through volume commitments while $3,035 providing logistics solutions to MPC’s nationwide refi ning system. We maintained our commitment 2018 2019 to fi nancial discipline by issuing no new equity for growth projects Distributable cash flow attributable to MPLX (in millions). and targeted mid-teen returns Includes results of predecessor. See reconciliations on Pages 13-15. on our growth investments. 74377.indd 3 3/9/20 10:52 AM MPLX I 2019 ANNUAL REPORT I 2 FROM THE CHAIRMAN Achieving our strategic vision in 2019 During 2019, we made excellent progress creating an integrated crude oil and natural gas logistics system from the Permian to the U.S. Gulf Coast. To serve crude oil producers and markets, in 2019 we established an equity ownership interest in the Wink to Webster pipeline joint venture, which subsequently joined with another crude oil transportation project. We own an approximate 11% interest in the project. Wink to Webster is fully committed with minimum volume commitments, and is expected to transport up to 1.5 million bpd of crude oil from the Permian Basin to the Houston Below left: MPLX area, including MPC’s Galveston Bay refi nery, byearly 2021. Gathering and Processing’s Hidalgo complex in Culberson County, Texas The Whistler natural gas pipeline is approximately 95% committed with minimum volume commitments, Below right: and is expected to transport approximately 2 bcf/d of gas from Waha, Texas, to the Agua Dulce market Maintenance Mechanic Chad Hixon at MPLX’s in South Texas by the second half of 2021. Ultimately, we anticipate this project will help provide natural Royal Oak Compressor gas to MPC’s Galveston Bay refi nery. We also continued to study our proposed Belvieu Alternative Station in Butler County, Pennsylvania Natural Gas Liquids (BANGL) pipeline. creating an integrated system 74377.indd 4 3/9/20 10:52 AM MPLX I 2019 ANNUAL REPORT I 3 In the fourth quarter we made important progress on the reversal of Capline Pipeline, purging the mainline to prepare for the next phases of work. We anticipate the reversed Capline will begin transporting discounted mid-continent and Canadian crude oil from Patoka, Illinois, to St. James, Louisiana, with light crude service beginning mid-2021. MPC has a 33% ownership interest in Capline, while MPLX operates the line. Integration with MPC operations is a key benefi t of the Capline reversal, since MPC’s Garyville, Louisiana, refi nery is directly connected to storage in St. James. In our Marcellus and Utica natural gas gathering and processing operations, our just-in-time Below left: Maintenance growth strategy continues to serve us and our producer-customers well. We added two Mechanic John Koci at MPLX’s Royal Oak processing plants to our Sherwood complex in West Virginia in 2019, bringing its capacity to Compressor Station in Butler County, 2.6 bcf/d, the largest plant of its kind in the world. This expansion contributed to a 14% increase Pennsylvania in processed volumes in our Marcellus and Utica operations. Below right: Lab Tech- nician Laura Trevino at In the Southwest, we added a 200 million cf/d plant, Tornado, in the fourth quarter and continued MPLX’s Javelina construction of our Preakness plant with service expected to begin in the second quarter of 2020. processing complex in Corpus Christi, Texas These facilities will complement our Argo and Hidalgo plants currently in place in the Delaware Basin. 74377.indd 5 3/9/20 10:53 AM MPLX I 2019 ANNUAL REPORT I 4 FROM THE CHAIRMAN Altogether, these facilities are expected to contribute volumes for the planned Whistler pipeline. We expect to begin operating our Preakness processing plant in the Permian during the second quarter of 2020, and the Smithburg 1 processing plant in the Marcellus in the third quarter. In July 2019, MPLX acquired Andeavor Logistics, creating a leading, large-scale, diversifi ed midstream company anchored by fee-based cash fl ows. Looking toward the future As we look forward, we are targeting positive free cash fl ow, after capital investments and distributions, Below left: Board in 2021. We expect this to allow funding of our distribution and growth capital programs entirely from Operator Curtis McDonald internally generated cash fl ow. Our objective in shifting to a model focused on generating cash fl ow at MPLX’s Sherwood gas processing and beyond the needs of the business is to enable MPLX to focus its capital allocation toward debt fractionation complex in reduction or unit repurchases. Doddridge County, West Virginia We also continued to high-grade our capital plan. In 2018, we spent approximately 85% of our growth Below right: capital on the Gathering and Processing (G&P) segment, and in 2019, we allocated our approximately MPLX’s Bluestone gas $2.2 billion of capital spending equally between our G&P and Logistics and Storage (L&S) segments. processing complex in As we shift our growth capital investments in the business to the L&S segment, our target in 2020 is to spend Butler County, Pennsylvania up to 75% of our $1.5 billion investment plan on L&S, focusing on areas of growth, such as the Permian. 74377.indd 6 3/9/20 10:53 AM MPLX I 2019 ANNUAL REPORT I 5 This year, we have shared more information on MPLX’s safety and environmental stewardship performance on Pages 8 and 9 of this report. MPLX’s performance is also captured as part of two publications released by MPC. I encourage you to read MPC’s current Sustainability Report and Perspectives on Climate-Related Scenarios, both of which are available on its website, www.MarathonPetroleum.com, to learn more about MPLX’s performance and contribution in these important areas. Fellow unitholders, we are excited about the future of MPLX. Our position in the nation’s best production regions, our projects to connect these regions to demand centers, and our fi nancial discipline provide a strong foundation for continued growth and future positive free cash fl ow. We appreciate your investment in our partnership, and look forward to continuing to share our success with you. Sincerely, Below: Operations Technician Scott Wright at MPLX’s Gary R. Heminger light-products terminal in Chairman Jacksonville, Florida targeting positive free cash fl ow generation by 2021 74377.indd 7 3/9/20 10:53 AM MPLX I 2019 ANNUAL REPORT I 6 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS In millions, except per unit and ratio data 2017 2018 2019 Net income attributable to MPLX $794 $1,818 $1,033 (e) Adjusted EBITDA attributable to MPLX (including predecessor results)(a) 2,004 3,810 5,104 Net cash provided by operating activities 1,907 3,071 4,082 Distributable cash fl ow (DCF)(b) 1,628 3,035 4,100 Distribution per common unit(c) 2.30 2.53 2.69 Distribution coverage ratio(d) 1.28x 1.49x 1.51x (a) Non-GAAP measure. See reconciliations on Pages 13-15. Includes predecessor adjusted EBITDA adjustments attributable to Andeavor Logistics. (b) Non-GAAP measure calculated before distributions to preferred unitholders. See reconciliations on Pages 13-15. Includes predecessor adjusted EBITDA and DCF adjustments attributable to Andeavor Logistics. (c) Distributions declared by the board of directors of MPLX’s general partner.
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