Investor Presentation - Marathon Petroleum Presentation March 2013 1 . ... Unit Price . Pursue...

Investor Presentation

March 2013

1

Forward-Looking Statements

2

This presentation contains forward-looking statements within the meaning of the federal securities laws regarding both MPC and MPLX. These forward-looking statements relate to, among other things, MPC’s current expectations, estimates and projections concerning MPC’s and MPLX’s business and operations. 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 MPC’s actual results to differ materially from those in the forward-looking statements include: MPC’s ability to successfully integrate the Galveston Bay refinery and related assets into its operations; MPC’s ability to achieve fully the strategic and financial objectives related to the acquisition of the Galveston Bay refinery and related assets, including achieving the projected synergies and the acquisition being accretive to its earnings; unexpected costs or liabilities that may arise from the acquisition, ownership or operation of, the Galveston Bay refinery and related assets; slower growth in domestic and Canadian crude supply; completion of pipeline capacity to areas outside the U.S. Midwest; 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; MPC’s ability to successfully implement growth opportunities; impacts from MPC’s repurchases of its shares of common stock under its stock repurchase authorization, including the timing and amounts of any common stock repurchases; other risk factors inherent to MPC’s 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. Factors that could cause MPLX’s actual results to differ materially from those in the forward-looking statements include: the adequacy of MPLX’s capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute its business plan; completion of pipeline capacity by MPLX’s competitors; disruptions due to equipment interruption or failure, including electrical shortages and power grid failures; the suspension, reduction or termination of MPC’s obligations under its commercial agreements; MPLX’s ability to successfully implement its growth strategy, whether through organic growth or acquisitions; other risk factors inherent to MPLX’s industry; and the factors set forth under the heading “Risk Factors” in MPLX’s Prospectus filed with the SEC on October 29, 2012. Factors that could cause MPC’s and MPLX’s actual results to differ materially from those in the forward-looking statements include: the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; volatility in and/or degradation of market and industry conditions; consumer demand for refined products; transportation logistics; and state and federal environmental, economic, health and safety, energy and other policies and regulations, including any changes to such policies and regulations. 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, in MPC’s Form 10-K or in MPLX’s Prospectus could also have material adverse effects on forward-looking statements.

Strategic Vision

Achieve top tier safety/environmental performance

Grow enterprise value

Expand platform for MPLX growth

Deliver top quartile refining performance

Increase Speedway and Marathon brand assured sales volumes

Deliver profitable Speedway growth

3

Goal: Top Quartile Total Shareholder Return

Deliver Top Tier Safety Performance

4

Record safety performance across our operations in 2012

World-class safety performance for DHOUP

Continue industry leadership on preventive maintenance

Achieve Top Tier Safety/Environmental Performance

Grow Enterprise Value

Earnings growth

Strong dividend, growing over the long term

Sustained share repurchase program

Valuation re-rate/uplift

5


Through Cycle Earnings – MPC vs. Competitors (Pre-Tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput)

6

$/BB

L

*Current companies ranked: BP, COP/PSX, CVX, HFC (added 1/1/12), MPC, TSO, VLO, XOM For ConocoPhillips (COP), the downstream portion of the integrated company was used pre-split, and Phillips 66 (PSX) is used post-split.

Source: Company Reports

2 11

MPC’s Rank Companies Ranked*

3 12

3 11

1 9

2 10

7 9

2 8

5 9

3 9

1 8

3 10

1 8

3 8

1 8

2 8

Preliminary


-5

0

5

10

15

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

MPC

Peer Company


Op Income and EBITDA Growth

$1.9 billion of capital returned to shareholders since 7/1/11

$2.65 billion share repurchase authorization outstanding

Cumulative Returns to Shareholders

7

Top Quartile Shareholder Returns

(1) Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC.

$1.9 B

0

500

1,000

1,500

2,000

2,500

Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 M

M$

Dividends Share repurchases

654 1,011

3,745

5,347

1,324

1,952

4,636

6,342

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009 2010 2011 2012

MM

$

Income from Operations EBITDA(1) EBITDA(1)


Grow Enterprise Value Total Shareholder Return of 93% for 2012

8

31% 36%

67%

93%

0%

20%

40%

60%

80%

100%

Q1 2012 Q2 2012 Q3 2012 Q4 2012

2012 Cumulative Total Shareholder Return

Top Quartile Shareholder Returns

9

Growth Drivers

MPC has Created an Industry-Leading MLP

10

Grow MPLX

20

22

24

26

28

30

32

34

36

38

10/2

5/12

11/0

5/12

11/1

2/12

11/1

9/12

11/2

7/12

12/0

4/12

12/1

1/12

12/1

8/12

12/2

6/12

01/0

3/13

01/1

0/13

01/1

7/13

01/2

4/13

01/3

1/13

02/0

7/13

02/1

4/13

02/2

2/13

Unit Price Focus on Fee-Based Businesses

Pursue Organic Growth Opportunities

Grow Through Acquisitions and Drop-downs

Maintain Safe and Reliable Operations

Acquisition of Galveston Bay Assets

451 MBPCD (475 MBPSD) high complexity refinery, Nelson Complexity Index of 15.3

Attractive base cash purchase price of ~$598 million

Potential $700 million earnout over six year period

Closed February 1, 2013; financed with cash on hand

Expected to be immediately accretive to earnings

Estimated incremental annual EBITDA based on:

2006-2010 Prices: ~$1,200 million

2011 Prices: ~$700 million

11

Deliver Top Quartile Refining Performance

Detroit Heavy Oil Upgrade Project Increased heavy oil capacity from

20,000 BPCD to 100,000 BPCD

28,000 BPCD delayed Coker

36,000 BPCD Distillate Hydrotreater (DHT)

Crude capacity increased ~14,000 BPCD

Discounted Canadian crude

Investment: $2.2 billion* project

Estimated incremental annual EBITDA

based on:

2006 -2010 Prices: ~$200 million

2011 Prices: ~$350 million

Project complete – November 2012

*Excludes capitalized interest


12

Garyville Major Expansion (GME) Project

Garyville, LA refinery is last grassroots refinery built in the U.S. (1976) Base Garyville refinery, 2008 Solomon survey

Best U.S. cash cost operating expense Second-best U.S. Energy Intensity Index

$3.9 billion, excluding capitalized interest, GME Project completed in late 2009 initially expanded crude oil refining capacity by 180,000 BPCD and improved Garyville’s overall fixed cash cost by ~20% per barrel

Garyville is the 3rd largest refinery in U.S. at 522,000 BPCD Currently have permit to test throughput at higher volumes

13


$3.9 Billion* Garyville Major Expansion

1/1/2009 256 MBPCD

Crude Capacity

190 MBPCD Gasoline

95 MBPCD Diesel

18th Largest U.S. refinery

1/1/2012 490 MBPCD

Crude Capacity

305 MBPCD Gasoline

215 MBPCD Diesel

Third Largest U.S. refinery

*Excludes capitalized interest

14

1/1/2010 436 MBPCD

Crude Capacity

290 MBPCD Gasoline

175 MBPCD Diesel

Fourth Largest U.S. refinery

1/1/2011 464 MBPCD

Crude Capacity

300 MBPCD Gasoline

185 MBPCD Diesel


1/1/2013 522 MBPCD

Crude Capacity

320 MBPCD Gasoline

230 MBPCD Diesel



15

Supply Dynamics

Canadian +1,800 MBD

Permian Basin

+650 MBD

Eagle Ford

+730 MBD

Utica +120 MBD

Total Growth

2012 – 2020 +4,140 MBD

Bakken +840 MBD

Significant Growth in North American Crude Oil Supply 2012-2020

MPC Refinery

Detroit

Canton

Catlettsburg

Robinson

Garyville Texas City

16

Sources: CAPP and MPC Estimates Deliver Top Quartile Refining Performance

Galveston Bay

Balance in Refining Network

17 17

Midwest Capacity 646,000 BPCD

Louisiana Capacity 522,000 BPCD

Texas Capacity 531,000 BPCD

Canton (Ohio) 80,000

Catlettsburg (Ky.) 240,000

Detroit (Mich.) 120,000

Robinson (Ill.) 206,000

Galveston Bay (Texas) 451,000

Texas City (Texas) 80,000

Garyville (La.) 522,000

Total 1,699,000

Source: Oil & Gas Journal

As of Feb. 1, 2013


Port Arthur Houston

Hardisty

Chicago

Wood River

Patoka

~$7.35/BBL Hardisty to USGC

~$1.95/BBL Houston to Chicago

~$5.50/BBL Hardisty to

Detroit

Detroit Value vs. USGC Refineries for Canadian Heavy Processing

Laid-In Crude Cost

$BBL

1.85

Higher Product Value 2.20*

Total Advantage 4.05

* Includes $0.25 time value of money to ship a light product barrel from Houston to Chicago

MPC Well Positioned to Capture Oil Sands Economics

Cushing

18

St. James


Transportation Costs Set Crude Differentials

19

Sources: MPC Estimates based on publically available information, OPIS, and Argus Media.

Bakken

St. James

Patoka

Eagle Ford

Excludes gathering and truck transportation costs (up to ~$5.25/BBL)

$4.60

$16.75

$10.35 $16.00


MPC Well Positioned for Utica Shale Options

Multiple Transportation Options Truck, Barge, Pipeline

Canton Refinery - 80 MBCD

Condensate Capacity: 10-15 MBCD

Light Crude Oil Capacity: ~40 MBCD

Catlettsburg Refinery - 240 MBCD



Robinson Refinery - 206 MBCD



20

To Robinson

Crude Oil Gathering

System

MPC Refinery MPC Terminal MPC Pipeline Barge Route

Canton

Catlettsburg

Wellsville


21

Distribution & Marketing

0

200

400

600

800

1000

1200

2005 2006 2007 2008 2009 2010 2011 2012 Est.

Tho

usa

nd

b/d

U.S. Distillate Exports

Central & South America

Mexico

Europe

Other

U.S. Distillate Exports Continue to Grow

Total U.S. distillate exports averaged 1,000 MBD in 2012 vs. 138 MBD in 2005

~ 60% of the total U.S. distillate exports were to Latin America supported by Growing regional demand

Closing of Aruba and St. Croix, Virgin Islands refineries

Challenges in Venezuela refining

Since 2008, more than 1 MMBD of Europe’s refining capacity has closed or will be closing

22

Source: U.S. Energy Information Administration


Garyville Diesel Export Success

Currently selling export diesel via term deals and spot bid process

Waterborne premium

Product quality premium

No RIN obligation

Optimize exports w/Galveston Bay

23


35

76

114

0

20

40

60

80

100

120

2010 2011 2012

MBP

D

Garyville Diesel Exports

Extensive Retail Network Provides Assured Sales

24

Speedway Fourth largest U.S.-owned/

operated c-store chain

~1,460 stores

~2 million customers/day

Located in seven states

Marathon brand Independent entrepreneurs

~5,000 branded locations

Located in 17 states

483

301

310

140

107

63

60 860

778

647

576

395

84

70

136 111

40

256

259 *

311 173 *

139 * 128

1

As of 12/31/12

Increase Speedway and Marathon Brand Assured Sales Volume

Speedway Brand

* Retail marketing assignments related to ~ 1,200 additional BP brand locations acquired February 1, 2013 primarily in these states

*

3.06

0

1

2

3

4

2009 2010 2011 2012

$B

Merchandise Sales

Speedway Sales – Stable Merchandise Margin

25

Attributable to Minnesota assets sold on December 1, 2010

795

0 200 400 600 800

1,000 1,200 1,400

2009 2010 2011 2012 M

M$

Light Product and Merchandise Gross Margin

Merchandise Light Product

775 789 719

Profitable Speedway Growth

3.03

0

1

2

3

4

2009 2010 2011 2012

B G

allo

ns

Light Product Volume

3.7 (1.2)

(Same Store % inside bars)

1.0 (0.9)

4.4 1.1 11.4 0.9

3.11 2.92 3.19

(Same Store % inside bars)

3.23 2.94 3.30

333 398 384 399

Increase Marathon Brand Assured Sales Volume

0

1,000

2,000

3,000

4,000

5,000

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Mill

ions

of G

allo

ns Light Product Sales

26

Increase Speedway and Marathon Brand Assured Sales Volume

2013 Value Drivers

Detroit Heavy Oil Upgrade Project

Galveston Bay refinery

Growth of MPLX

Profitable Speedway growth

2013 $1.6 billion capital investments*

Capital return to shareholders Strong dividend, growing over the long term

Continuing share repurchases - $2.65 billion currently authorized through 2014

27

Goal: Top Quartile Total Shareholder Return *Excludes purchase price of Galveston Bay refinery and related assets

Appendix

28


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

MM$ 12/31/12

Actual

Balance Sheet Cash 4,860

Total Debt Outstanding 3,361

Equity 12,105

Total Capitalization 15,466

Total Debt/LTM EBITDA(2) 0.5x

Debt to Total Capital Ratio 22%

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

29

(1) Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC. (2) Based on LTM EBITDA of $6,342 MM.

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

Committed to Investment Grade Credit Profile

Strong Profile

654 1,011

3,745

5,347

1,324

1,952

4,636

6,342

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009 2010 2011 2012

MM

$

Historical Financial Summary

Income from Operations EBITDA(1) EBITDA(1)

Executing on Commitment to Total Shareholder Return

Base dividend increased 75% since July 1, 2011

$1.35 billion accelerated share repurchase programs, $2.65 billion share repurchase authorization through 2014

Total shareholder return of 93% for 2012

30

Balanced Return

$1.9 B

0

500

1,000

1,500

2,000

2,500

Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

MM

$

Cumulative Return of Capital

Dividends Share repurchases

31% 36%

67%

93%

0%

20%

40%

60%

80%

100%

Q1 2012 Q2 2012 Q3 2012 Q4 2012

2012 Cumulative Total Shareholder Return

Focused Return of Capital to Shareholders

$1,559

$1,176

$1,757

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

LTM Ended 12/31/12

Mill

ions

Dividends and share repurchases*

Change in cash and all other

Cash capital expenditures and acquisitions

31

* $407 MM dividends plus $1,350 MM share repurchase ** Cash flow provided by operations less cash capital expenditures and acquisitions

60% of Free Cash

Flow** Free Cash Flow** $2,933

Net cash provided by operations $4,492

Balanced Return

38%

62%

Crude Oil Refining Capacity

PADD II

PADD III

As of 2/1/13

MPC Key Strengths

32

Balanced and Diversified Portfolio

Balanced Operations

53% 47%

Crude Slate

Sour Crude

Sweet Crude

2012

~60%

~40% Assured Sales

Wholesale and Other Sales

2012

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

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

1,808 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

33

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

Refinery Capacity

* Nelson Complexity Index calculated per Oil and Gas Journal NCI Formula ** Weighted Average NCI Source: MPC Data. Capacities as of January 1, 2013

The Nelson Complexity Index is a construction cost-based measurement used to describe the investment cost of a refinery in terms of the process operations being conducted. It is basically the ratio of the process investment downstream of the crude unit to the investment of the crude unit itself. This index has many limitations as an indicator of value and is not necessarily a useful tool in predicting profitability. There is no consideration for operating, maintenance or energy efficiencies and no consideration of non-process assets such as tanks, docks, etc. Likewise it does not consider the ability to take advantage of market related feedstock opportunities.

BPCD NCI*

Garyville 522,000 10.8

Galveston Bay 451,000 15.3

Catlettsburg 240,000 10.3

Robinson 206,000 10.6

Detroit 120,000 9.9

Texas City 80,000 8.4

Canton 80,000 9.0

Total 1,699,000 11.6 **

34

U.S. Gulf Coast Offshore Imports

Domestic crude oil cannot be exported, therefore domestic crude oil must be priced to back out imports

Virtually all of the light sweet imports will be displaced in 2013

Other imports will be displaced as U.S. crude oil production increases

35

Rising North America Crude Oil Production Backs Out Waterborne Imports

Sources: DOE/EIA, MPC estimates

Positive Fundamentals

36

2010 2012 2014 2016 2020 2022 2024 2026 2028 2030

8,000

7,000

6,000

5,000

4,000

3,000

MBP

D

0

*Oil Sands Heavy includes some volumes of upgraded heavy sour crude oil and bitumen blended with diluent or upgraded crude oil.

Source: Canadian Association of Petroleum Producers

Growing Supply from America’s Largest Trading Partner

2,000

1,000

2018

CAPP Western Canada Crude Supply Forecast

Annual Growth from 2011 - 2030

MBPD Light Supply 24 Heavy Supply 184


Midwest Refineries’ Opportunity

37

Canada

South Dakota

Montana

North Dakota

North Dakota Production: ~750 MBPD

2011 Year-end: 535 MBPD




2015 Production Forecast: Up to 1,200 MBPD

Pipeline takeaway capacity has not kept pace with growth

Rail transportation has filled the gap

Current Railed Volume: ~440 MBPD

Current Loading Capacity: ~700 MBPD

2013 Projected Loading Capacity: ~900 MBPD

Bakken Production Increasing Rapidly Sources: ND Oil & Gas Div., NDPA, MPC Estimate


-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

US Crude & Condensate

US NGL Canada Oil Sands, Crude &

Condensate

MM

BD

2000 - 2011 2011 - 2025

U.S. and Canadian Liquids Production Increases 57% from 2011 to 2025

Positive Industry Trends – Growing North American Production

“Resource plays” dominate U.S. output growth. Conventional production (Alaska, offshore, California, other legacy production) struggles to sustain output

NGL output growth is mostly associated with wet gas shale areas

U.S. liquid volume gains are concentrated in PADDs II - IV (mid-continent)

Canada oil sands account for all of its gains, concentrated in Alberta

New transportation investments will be required to move production to market

38

Sources: DOE/EIA, Canadian Association of Petroleum Producers, MPC Estimates

Texas City and Galveston Bay Refinery Opportunity

39

Eagle Ford is a very light (40-50 API), sweet crude (0.2% sulfur)

Currently being trucked to markets Pipelines are being built

Dock facilities are in operation and continue to be built to make it a “waterborne” crude to capture Brent/LLS pricing as opposed to WTI basis

Crude oil production rapidly expanding Currently: 420 MBPD




2015 (projected): 880 MBPD

Graph Source: EIA

Source: MPC Estimate

Eagle Ford Shale

Eagle Ford Production Increasing Rapidly

MPC Refineries

Pegasus Planned Keystone XL & GC

Keystone

Spearhead Planned Seaway Expansion Planned Ho-Ho Reversal Planned Gulf Coast Access

Portland

Cushing

Superior Clearbrook

Regina

Cromer

Montreal

Burnaby

Anacortes

Edmonton Trans

Mountain

Chicago Salt Lake City Casper

Wood River

Patoka

Sarnia

Mustang Chicap

Hardisty

Steele City

Seaway Houston

Freeport

St James Houma

Ho-Ho

MBPD Pipeline Estimated

Completion

540 Keystone Current

96 Pegasus Current

170 Platte Current

190 Spearhead Current

150 400

Seaway Phase 1 Seaway Phase 2

Current Current

300 Ho-Ho Reversal 1H 2013

700 Keystone Gulf Coast Late 2013

585 Gulf Coast Access Mid 2014

830 Keystone XL Early 2015

Gulf Coast Access

Flanagan

U.S./Canada Key Existing and Planned Pipelines

40

Indicative Transportation Costs

41

Sources: MPC Estimates based on publically available information, OPIS, and Argus Media.

Indicative Rail Costs Bakken to St. James(1) $/BBL

Railcar Loading 1.50

Rail Transportation 10.00

Railcar Lease 3.00

Railcar Unloading 1.50

Total 16.00

Indicative Rail Costs Bakken to U.S. East Coast(1) $/BBL

Railcar Loading 1.50

Rail Transportation 9.00

Railcar Lease 3.00

Railcar Unloading 1.50

Barge Loading .75

Barge Transportation 1.00

Total 16.75

Indicative Shipping Costs S. Texas to U.S. East Coast $/BBL

Pipeline to Houston 1.50

Shipping Transportation 8.85

Total 10.35

Indicative Pipeline Costs Bakken to Patoka(1) $/BBL

Pipeline to Patoka 3.60

*Pipeline to MPC Refineries

1.00

Total 4.60

* Up to $1.00 additional tariff to deliver to a MPC Midwest refinery

Bakken

St. James

Patoka

Eagle Ford

(1) Excludes gathering and truck transportation costs (up to ~$5.25/BBL)

Options… Detroit Logistics

Canadian crude via multiple routes

Virtually all world crudes available via pipelines from USGC

All gasoline production sold in regional market

42

Detroit

Enbridge 2 Enbridge

Capline

Patoka

Mid Valley

Lima

Wood River

Chicago

Stockbridge

Samaria

#1 #2

#3 Platte/Keystone

#4 #5

Strategically Located for Multiple Crude Supply Routes

Attractive Midwest/PADD II

Demand exceeds refining capacity in PADD II Net imported ~13% of petroleum

demand into PADD II, primarily from PADD III in 2012

Enhances margin opportunities

Transportation premium embedded in PADD II gasoline prices

Higher refinery utilization rates

Relatively leaner product stocks

Access to Canadian crude

Well positioned for Utica crude

43

7%

21%

50%

4%

18%

38%

62%

0%

20%

40%

60%

80%

PADD I PADD II PADD III PADD IV PADD V Industry Distribution MPC

Percentage of Crude Oil Capacity by PADD

Source: MPC Estimate

Largest Midwest Exposure of All Major Refining Competitors

Source: MPC, DOE, as of 2/1/2013

PADD I PADD II

PADD III

PADD V

PADD IV

Annual Price and Margin Sensitivities $ Millions (After Tax)

44

LLS 6-3-2-1 Crack Spread* Sensitivity ~$425 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$225 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$75 (per $1.00/barrel change) Refined Product Wholesale Margin Sensitivity ~$200

(per $0.01/gallon change) Speedway Refined Product Margin Sensitivity ~$20

(per $0.01/gallon change) Natural Gas Price Sensitivity ~140 (per $1.00/MMbtu change in Henry Hub)

*Weighted 38% Chicago and 62% USGC LLS 6-3-2-1 crack spreads and assumes all other differentials and pricing relationships remain unchanged

**Light Louisiana Sweet (prompt) - [Delivered cost of sour crudes: Arab Light + Kuwait + Maya + Western Canadian Select + Mars]

***Assumes 20% of crude throughput volumes are WTI-based domestic crudes

Galveston Bay Asset Acquisition 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

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

Closed February 1, 2013

Financed with cash on hand

45

Galveston Bay Complements MPC’s Integrated System

46

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 ~61 MBPD of BP brand gasoline contracts ~1,200 locations

Connecting Pipelines

MPC Operations

Refinery Terminal Coastal Water Terminal

Inland Water Terminal

Refinery and Cogen

Light Product Terminals

Primary Retail Assignment Region

As of Feb. 1, 2013

Galveston Bay Asset Transaction Indicative Purchase Price Comparison

47

*Galveston Bay is based on a $148 MM net refinery purchase price and full $700 MM earnout. See appendix for calculation ** PBF-Toledo is based on a $400 MM net refinery purchase price and $125 MM earnout Sources: MPC calculations based on transaction announcements and OGJ data (barrels per calendar day)

Enhancing Earnings

$0 $100 $200 $300 $400

PBF-Toledo (12/2010) with earnout**

PBF-Toledo (12/2010) without earnout

VLO-Pembroke (3/2011)

VLO-Meraux (10/2011)

PBF-Paulsboro (12/2010)

MPC-Galveston Bay with earnout*

Delta-Trainer (4/2012)

PBF-Del City (6/2010)

Alon-Bakersfield (6/2010)

MPC-Galveston Bay without earnout

TSO-Carson (8/2012) $16

$21

$66

$109

$122

$123

$151

$218

$241

$290

$381

Price per refinery complexity barrel

Galveston Bay Asset Acquisition Projected Synergies and Capital Investments (Millions)

EBITDA Synergies of ~$440 MM thru 2017, ~$130 MM annually thereafter

Feedstock optimization

Florida and export optimization

Refinery processing opportunities

Total Synergy Investments of ~$170 MM

Dock upgrades

Storage tank additions and connectivity

48

Projected Synergy Capital Investments

$0

$40

$80

$120

$160

2013E 2014E 2015E 2016E

Projected Incremental Synergies EBITDA

$0

$40

$80

$120

$160

2013E 2014E 2015E 2016E 2017E+

Enhancing Earnings

Galveston Bay Projected Sustaining Capital*

49

0

100

200

300

400

500

2013E 2014E 2015E 2016E 2017E 2018E 2019E

MM

$

Refinery All Other

* Excludes synergy and other value accretive investments

Galveston Bay Transaction Product Logistics Opportunities

50 50 50

Exports to Mexico/SA/Europe

Pasadena Zachary

Southeast Midwest

Florida

Flexible product placement

Domestic and export opportunities

Synergies with MPC’s Texas City and Garyville refineries and MPC logistics

Garyville

Texas City

Galveston Bay Marketing Assets and Integration

Integrated acquisition includes Assignment of branded-jobber contracts

representing ~1,200 BP retail sites

~61 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 branded site count in

Southeast

Complementary to recent regional growth

Partnership opportunity with premier Southeast jobbers

Opportunity to expand relationship with existing Marathon jobbers

51

Galveston Bay Assets Expected Accretive Transaction (MM unless otherwise indicated)

52

MPC Base EBITDA - analyst 2013 consensus estimates(1) $ 4,759 $ 4,759 Assets acquired EBITDA using 2006-2010 pricing(2)(4) 1,200 Assets acquired EBITDA using 2011 pricing(2)(5) 700 Total EBITDA $ 5,959 $ 5,459

Improvement 25% 15%

MPC Base Net Income - analyst 2013 consensus estimates $ 2,425 $ 2,425 Assets acquired Net Income using 2006-2010 pricing(2)(4) 650 Assets acquired Net Income using 2011 pricing(2)(5) 325

Total Net Income $ 3,075 $ 2,750

MPC Base EPS(3) $7.11 $7.11 MPC + Assets acquired EPS(3) $9.02 $8.06

Accretion 27% 13%

(1) Consensus estimates as of October 4, 2012 (2) Based on MPC 2013 operating estimates and applicable historical price information (3) Assumes 341 million shares outstanding (4) Argus Sour Crude Price Index (ASCI) 3-2-1 crack spread of $15.10 used as pricing metric for 2006-2010 (5) ASCI crack spread of $11.57 used as pricing metric for 2011

Galveston Bay Assets Cash Purchase Price Including Full Earnout

53

Base cash purchase price (millions) $ 598 Full earnout 700 Total purchase price with full earnout $ 1,298

Less: Cogen facility (290) Less: Terminals and other logistics assets (120) Less: Retail marketing (40)

Estimated Net Refining Asset Price $ 848 (Excludes ~$900 MM initial inventory purchase)

EBITDA multiple 1.1x - 1.9x Capacity (MBPCD) 451 Nelson Complexity Index 15.3

Estimated Price per Capacity BBL $ 1,880

Estimated Price per Complexity BBL $ 123

Fully Integrated Downstream Business

Ratable sales

Optimized operations Refining

Pipeline

Terminal

Biofuels blending base load

Supply dislocation flexibility

Reduced credit risk (Speedway)

54

Coastal Water Terminals

Inland Water Terminals

Light Product Terminals

Connecting Pipelines Refineries Speedway Marketing Area

Capturing Value MPC Well Positioned – Benefits of Retail Integration

Speedway vs. Public Peers – 2011

55

179.4

0

50

100

150

200

250

300

Casey's Couche-Tard Pantry Susser Speedway Valero Murphy Sunoco Tesoro Delek Western Refining

M G

al/S

tore

/Mon

th

Light Product Sales

Average 97.8

Average 157.1

31.6

0 5

10 15 20 25 30 35 40 45 50


$M/S

tore

/Mon

th

Light Product Margin

Public C-Store


Public C-Store


Average 17.6

Average 23.9

#2 in Light Product Unit Sales Volume Source: Company Reports

Speedway vs. Public Peers – 2011

56

178.5

0

50

100

150

200


$M/S

tore

/Mon

th

Merchandise Sales

Average 110.7 Average 95.4

43.9

0

10

20

30

40

50


$M/S

tore

/Mon

th

Merchandise Margin

Public C-Store


Public C-Store

Independent Refiners Average 38.7

Average 22.7

#1 in Merchandise Unit Sales Source: Company Reports

4Q and Full Year 2012 Earnings*

Adjusted Earnings (Loss) Adjusted Earnings (Loss) per Diluted Share

1.48 1.70

2.29 2.53

3.16 3.31

(0.21)

2.26

-$2 $0 $2 $4 $6 $8

$10 $12

2011 2012

$/Sh

are

57

4Q 2012 4Q 2011 2012 2011

Earnings (Loss) $755 MM ($75) MM $3,389 MM $2,389 MM

Adjusted Earnings (Loss) $760 MM ($75) MM $3,352 MM $2,406 MM

Earnings (Loss) per Diluted Share $2.24 ($0.21) $9.89 $6.67

Adjusted Earnings (Loss) per Diluted Share $2.26 ($0.21) $9.79 $6.72

529 596

819 867

1,133 1,129

(75)

760

-$1,000

$0

$1,000

$2,000

$3,000

2011 2012

Mill

ions

1Q 2Q 3Q 4Q *References to Earnings refer to Net Income (Loss) attributable to MPC

Adjusted Earnings (Loss)* 4Q 2012 vs. 4Q 2011 Variance Analysis

58

(75)

1,321 4 34 (27) (493)

(4) 760

-$200

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

4Q 2011 Refining & Marketing

Speedway Pipeline Transportation

Interest & Other

Income Taxes

Non Controlling

Interest

4Q 2012

Mill

ions

*References to Earnings refer to Net Income (Loss) attributable to MPC

Refining & Marketing Segment Income 4Q 2012 vs. 4Q 2011 Variance Analysis

59

(182)

(24)

371

809 81

182 35 (90) (43) 1,139

-$500

$0

$500

$1,000

$1,500

4Q 2011 *LLS 6-3-2-1 Crack

*Sweet/ Sour Diff.

*LLS /WTI Spread

*LLS Prompt vs. Delivered

*Market Structure

Direct Operating

Costs

Other Gross

Margin

Other 4Q 2012

Mill

ions

*Based on market indicators using actual volumes

Refining & Marketing Segment Income

3,591

(758)

1,684

870 119 49 (126) (197)

(134) 5,098

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2011 *LLS 6-3-2-1 Crack

*Sweet/ Sour Diff.

*WTI-LLS Spread

*LLS Prompt

vs. Delivered

*Market Structure

Direct Operating

Costs

Other Gross

Margin

Other 2012

$ M

illio

ns

2012 vs. 2011 Variance Analysis

60


Speedway Segment Income

61

73 8

13 (17)

77

$0

$20

$40

$60

$80

$100

4Q 2011 Light Product

Gross Margin

Merchandise Gross Margin

Other 4Q 2012

Mill

ions

4Q 2012 vs. 4Q 2011 2012 vs. 2011

Variance Analysis

271 15 76 (52)

310

$0

$100

$200

$300

$400

2011 Light Product

Gross Margin

Merchandise Gross Margin

Other 2012

Mill

ions

Pipeline Transportation Segment Income

62

Variance Analysis

38

33

13 (5) (7)

72

$0

$20

$40

$60

$80

$100

4Q 2011 Trans. Revenue

Pipeline Affiliates

Mechanical Integrity

Other 4Q 2012

Mill

ions

199

54 (7) (13) (17) 216

$0

$100

$200

$300

2011 Trans. Revenue

Pipeline Affiliates

Mechanical Integrity

Other 2012

Mill

ions

4Q 2012 vs. 4Q 2011 2012 vs. 2011

Total Company Cash Flow 4Q 2012

63

3,387

1,124

919 (403) (116) (500) 407 42 4,860

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

9/30/12 Cash

Balance

Operating Cash Flow

before Working Capital

Working Capital

Cash Capital Expenditures

and Acquisitions

Dividends Paid

Accelerated Share

Repurchase

MPLX Proceeds

Other 12/31/12 Cash

Balance

Mill

ions

Select Balance Sheet/Cash Flow Data

(MM$) 2012 2012 2012 2012

4Q 3Q 2Q 1Q

As of quarter ended:

Cash and cash equivalents 4,860 3,387 1,895 2,205

Total debt 3,361 3,349 3,335 3,321

Equity 12,105 11,467 10,326 9,216

Debt-to-total-capital ratio 22% 23% 24% 26%

Last Twelve Months (LTM) EBITDA 6,342 4,942 4,787 4,787

Debt to LTM EBITDA 0.5x 0.7x 0.7x 0.7x

Quarter to date:

Cash provided from operations 2,043 1,833 269 347

Cash provided from operations before changes in working capital

1,124 1,320 1,368 1,108

64

1Q 2013 Outlook

Projected 1Q 2013*

1Q 2012

Crude throughput 1.40 MMBD 1.15 MMBD

Total throughput 1.65 MMBD 1.32 MMBD

Percent of WTI-priced crude 24% 30%

Direct operating costs in Refining & Marketing gross margin**:

Planned turnaround and major maintenance $1.25 $1.05

Depreciation & amortization 1.50 1.38

Other manufacturing cost*** 4.00 3.16

Total $6.75 $5.59

Corporate and other unallocated items $85 million $79 million

65

* Assumes closing of Galveston Bay acquisition on February 1, 2013

** Per barrel of total throughput

*** Includes utilities, labor, routine maintenance and other operating costs

Capital Expenditures & Investments

66

(MM$) 2012 Budget 4Q 2012 2012 2013 Budget*

Refining & Marketing 745 192 705 1,016

Speedway 353 83 340 255

Pipeline Transportation 230 42 211 184

Corporate and Other 91 56 103 160

Subtotal 1,419 373 1,359 1,615

Capitalized Interest 116 6 101 43

Total Capital Expenditures & Investments

1,535 379 1,460 1,658

*Excludes purchase price of Galveston Bay refinery and related assets

2013 Significant Capital Projects

Upgrade Galveston Bay refinery

Speedway expansion

Garyville diesel projects

Utica Shale projects Condensate splitters

Wellsville terminal

Patoka to Catlettsburg pipeline upgrade

Robinson unicracker revamp

Garyville gasoline and diesel export

Catlettsburg vacuum cut-point project

67

Reconciliation Earnings (Loss) to Adjusted Earnings (Loss)*

68

($MM) 2011 2012

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

Earnings (Loss) 529 802 1,133 (75) 596 814 1,224 755

Pension settlement expenses** 53 22 5

MN asset sale settlement gain** (117)

Income tax law changes 17

Adjusted Earnings (Loss) 529 819 1,133 (75) 596 867 1,129 760

* References to Earnings refer to Net Income (Loss) attributable to MPC ** Net of tax

Reconciliation

69

($MM) 2012

(Quarter to date) 1Q 2Q 3Q 4Q

Net cash provided from operating activities 347 269 1,833 2,043

Additions to property, plant and equipment (309) (326) (331) (403)

Acquisitions - (163) (27) -

Free cash flow 38 (220) 1,475 1,640

Last twelve months free cash flow 2,933

Free Cash Flow to Net Cash Provided from Operations

Income

70

($MM unless otherwise noted) 2011 2012

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

Refining & Marketing segment income (loss)

Speedway segment income

Pipeline Transportation segment income

802

33

51

1,260

80

54

1,711

85

56

(182)

73

38

943

50

42

1,325

107

50

1,691

76

52

1,139

77

72

Corporate and other unallocated items (67) (69) (93) (87) (79) (92) (74) (91)

Pension settlement expenses - - - - - (83) (33) (8)

MN asset sale settlement gain - - - - - - 183 -

Income (loss) from operations 819

3

1,325

8

1,759

(15)

(158)

(22)

956

(22)

1,307

(17)

1,895

(25)

1,189

(45) Net interest and other financing income (costs)

Income (loss) before income taxes 822 1,333 1,744 (180) 934 1,290 1,870 1,144

Income tax provision (benefit) 293 531 611 (105) 338 476 646 385

Net income (loss) 529 802 1,133 (75) 596 814 1,224 759

Less net income attributable to noncontrolling interest - - - - - - - 4

Net income (loss) attributable to MPC 529 802 1,133 (75) 596 814 1,224 755

Effective tax rate 36% 40% 35% 58% 36% 37% 35% 34%

EBITDA Reconciliation to Net Income (Loss) Attributable to MPC

71

($MM) 2009 2010 2011 2012

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

Net Income (Loss) attributable to MPC 449 623 529 802 1,133 (75) 596 814 1,224 755

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) (45)

Add: Net income attributable to noncontrolling interest - - - - - - - - - 4

Add: Provision (benefit) for income taxes 236 400 293 531 611 (105) 338 476 646 385

Add: Depreciation and amortization 670 941 216 218 227 230 230 236 246 283

EBITDA 1,324 1,952 1,035 1,543 1,986 72 1,186 1,543 2,141 1,472

Last Twelve Months EBITDA 4,636 4,787 4,787 4,942 6,342

Cash Provided from Operations Before Changes in Working Capital Reconciliation to Cash Provided from Operations

72

($MM) 2012

(Quarter to date) 1Q 2Q 3Q 4Q

Net cash provided from operations 347 269 1,833 2,043

Less changes in working capital:

Changes in current receivables (406) 1,159 (393) 491

Changes in inventories (32) (665) 142 440

Changes in current accounts payable and accrued liabilities (332) (1,690) 862 (63)

Changes in the fair value of derivative instruments 9 97 (98) 51

Total changes in working capital (761) (1,099) 513 919

Cash provided from operations before changes in working capital 1,108 1,368 1,320 1,124

MPC Crude Slate

73

21 23 25 26 27 29 30 28 26 25

48 56 52 52 49 48 45 50 52 55

31 21 23 22 24 23 25 22 22 20

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Other Sweet

Other Sour

WTI Based

Refining & Marketing Indicative Gross Margin – 4Q 2012

74


506

863

612 29 51 (754)

116 1,423 (284)

1,139

$0

$500

$1,000

$1,500

$2,000

$2,500

*LLS 6-3-2-1 Crack

*Sweet/ Sour Diff.

*LLS/WTI Spread

*LLS Prompt vs. Delivered

*Market Structure

Direct Operating

Costs

Other Gross

Margin

R&M Gross

Margin

Other R&M Segment Income

Mill

ions

Market Indicators Used in Project EBITDA Calculations

2011 2006 - 2010

West Texas Intermediate 3-2-1 crack spread 23.31 10.68

Light Louisiana Sweet 3-2-1 crack spread 6.05 8.05

Arab Light 3-2-1 crack spread 11.16 14.03

Arab Medium 4-2-1-1 crack spread 7.71 9.54

Light Louisiana Sweet 6-3-2-1 crack spread 2.79 3.91

LLS to Lloyd Differential 33.98 20.16

75

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

MPLX Summary of Key Investment Highlights

76

MPLX Offering Summary

77

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

Creating Value

MPC has Created an Industry-Leading MLP

78

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 and

Drop-downs

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

MPLX’s Primary Business Strategies

Creating Value

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

79

Marathon Pipe Line LLC and Ohio River Pipe Line LLC comprise one of the largest networks of pipeline systems in the U.S. based on total volume delivered 1,004 miles of common carrier

crude oil pipelines 1,902 miles of common carrier

products pipelines Inclusive of 230 miles of long-

term leased and operated pipelines

The ~1 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

80

As of Feb. 1, 2013

Owned and operated terminals: 65 light product and 21 asphalt 275 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

MPC Midstream Assets

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

146 owned transport trucks

~ 1,970 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 177 owned and 14 leased barges

MPC Relationship Provides Robust Growth Opportunities for MPLX

81

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%

MPLX Stable and Predictable Cash Flows

82

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

MPLX: Ideal Assets for an MLP

83

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 663 365

Flint Hills Resources (Koch) 322

Valero 287

HollyFrontier 258

ExxonMobil 238

Husky Energy2 238

Source: MPC

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

capacity of ~950 MBPCD (2) Includes 50% share of BP / Husky Toledo’s total capacity (3) Includes 50% share of Wood River’s total capacity

Sources: MPC, Oil & Gas Journal

PADD II Refining Capacity (MBPCD)1

MPC has the Largest Refining Capacity in PADD II

MPLX Strategically Located Assets

84

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

Current Plays

Prospective Plays

Basins

Shale Plays

Shallowest / Youngest

Intermediate Depth / Age

Deepest / Oldest

Stacked Plays

MPC Refineries

MPLX Strategically Located Assets (Continued)

85

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

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

Certifications, Initiatives and Industry Partnerships

(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)

MPLX High Quality, Well-Maintained Asset Base

86

(16% of 2013E EBITDA)

Maintenance $33 MM

Expansion $109 MM

2013 Capex Budget1

MPLX 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

87

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)

MPLX Conservative Coverage with Predictable and Growing Distributions

88

($ 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

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

MPLX Adjusted EBITDA Bridge Analysis ($MM)

89

(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

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

MPLX Pipeline Throughput Agreements

90

Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/13 Term Diameter Commitment Throughput 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

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

91

MPLX 4Q Financial Information

(MM$) Post IPO

10/31/12 – 12/31/12

Revenues and other income 83.6

Costs and expenses 57.0

Income from operations 26.6

Income before income taxes 26.4

Net income 26.3

Net income attributable to MPLX LP 13.1

Adjusted EBITDA attributable to MPLX LP 18.2

Distributable Cash Flow attributable to MPLX LP 16.7

Minimum Quarterly Distribution per unit (prorated) $0.1769

92

MPLX Adjusted EBITDA and Distributable Cash Flow

93

(MM$) Post IPO

10/31/12 – 12/31/12

Adjusted EBITDA 34.6

Less: Adjusted EBITDA attributable to MPC-retained interest 16.4

Adjusted EBITDA attributable to MPLX LP 18.2

Less: Cash interest paid, net 0.2

Maintenance capital expenditures paid 3.4

Plus: Increase in deferred revenue for committed volume deficiencies 2.1

Distributable Cash Flow 16.7

Distribution declared

Limited partners – public 3.5

Limited partners – MPC 9.5

General partner – MPC 0.3

Total distribution declared 13.3

Coverage ratio 1.25x

MPLX: Strong Financial Flexibility to Manage and Grow Asset Base

94

($MM) As of

12/31/12

Cash and cash equivalents 216.7

Total assets 1,301.3

Total debt 11.3

Equity 1,226.8

Consolidated Total Debt to Consolidated EBITDA (covenant basis)* 0.1x

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

*Maximum covenant ratio <= 5.0 or 5.5 during the six month period following certain acquisitions

MPLX: Significant Capital Expenditures Major expansion projects Patoka to Catlettsburg

Patoka tank farm modifications

SCADA project

Maintenance Capex 16.75% of 2013 forecasted Adjusted EBITDA*

95

Maintenance $33 MM

Expansion $109 MM

2013 Capex Budget (1)

(1) Capex budget represents both MPC and MPLX portions of capital budget

*Based on $197 million 2013 forecasted Adjusted EBITDA per prospectus

MPLX LP Adjusted EBITDA and Distributable Cash Flow Reconciliation to Net Income

96

($MM) Predecessor Post-IPO 3 Months

10/1/12 – 10/30/12 10/31/12 – 12/31/12 Ended 12/31/12

Net income 15.8 26.3 42.1

Less: Net income attributable to MPC-retained interest - 13.2 13.2

Net income attributable to MPLX LP 15.8 13.1 28.9

Plus: Net income attributable to MPC-retained interest - 13.2 13.2

Depreciation 3.7 7.9 11.6

Provision for income taxes 0.1 0.1 0.2

Non-cash equity-based compensation - 0.1 0.1

Less: Net interest and other financial income (costs) - (0.2) (0.2)

Adjusted EBITDA 19.6 34.6 54.2

Less: Adjusted EBITDA attributable to MPC-retained interest 16.4 16.4

Adjusted EBITDA attributable to MPLX LP 18.2 37.8

Less: Predecessor Adjusted EBITDA prior to IPO on 10/31/12 - 19.6

Adjusted EBITDA attributable to MPLX LP subsequent to IPO 18.2 18.2

Less: Cash interest paid 0.2 0.2

Maintenance capital expenditures paid 3.4 3.4

Plus: Increase in deferred revenue for committed volume deficiencies 2.1 2.1

Distributable Cash Flow attributable to MPLX LP 16.7 16.7

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