Morgan Stanley Midstream MLP and Diversified Natural Gas ......Morgan Stanley Midstream MLP and...

Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event

March 5, 2014

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding both MPLX and MPC. These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations of MPLX and MPC. 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 companies’ control and are difficult to predict. Factors that could cause MPLX actual results to differ materially from those in the forward-looking statements include: the adequacy of MPLX capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute business plans; 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; completion of pipeline capacity by 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 commercial agreements; the ability to successfully implement growth strategies, whether through organic growth or acquisitions; state and federal environmental, economic, health and safety, energy and other policies and regulations; other risk factors inherent to MPLX’s industry; and the factors set forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC. Factors that could cause MPC’s actual results to differ materially from those in the forward-looking statements include: 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; transportation logistics; the reliability of processing units and other equipment; the ability to successfully implement growth opportunities; impacts from repurchases of shares of MPC common stock under share repurchase authorizations, including the timing and amounts of any common stock repurchases; state and federal environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard; 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, 2013, filed with the Securities and Exchange Commission (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, in MPLX’s Form 10-K or in MPC’s Form 10-K could also have material adverse effects on results. Other Information Segment EBITDA, free cash flow and distributable cash flow are non-GAAP financial measures provided in this presentation. Segment EBITDA, free cash flow and distributable cash flow reconciliations to the nearest GAAP financial measure are included in the Appendix to this presentation. Segment EBITDA, free cash flow and distributable cash flow are not defined by GAAP and should not be considered in isolation or as an alternative to net income or other financial measures prepared in accordance with GAAP.

2

$20

$25

$30

$35

$40

$45

$50

10/2

5/12

11/2

5/12

12/2

5/12

01/2

5/13

02/2

5/13

03/2

5/13

04/2

5/13

05/2

5/13

06/2

5/13

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5/13

08/2

5/13

09/2

5/13

10/2

5/13

11/2

5/13

12/2

5/13

01/2

5/14

02/2

5/14

Unit Price

Our Priorities for Our Investors

IPO

Source: Thomson Reuters

3

Maintain Safe and Reliable Operations

Sustain Long-term Distribution Growth; 15-20% for at Least the Next

Several Years

Focus on Fee-Based Businesses

Pursue Organic Growth Opportunities

Grow Through Acquisitions

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E

$MM

Midstream Infrastructure*

Condensate Splitters

MPC Increasing Midstream Growth Investments

*Includes MPLX spend, midstream investments included in the R&M segment, Southern Access Extension Pipeline and Sandpiper Pipeline equity investment. Excludes maintenance capital.

4

Superior, WI

SAX

Canadian

Bakken

Flanagan, IL

Patoka, IL

MPC Investing in Significant Growth Projects North Dakota System (Sandpiper) Logistics equity opportunity – MPC

– Length, size: 610 Mile, 24”/30” + North Dakota Classic System and Bakken Pipeline U.S.

– Capacity: 580 MBD – In-Service: 1Q 2016 – MPC Investment: $1.0 B - $1.2 B – MPC Equity: 27% - 30% – Future potential drop to MPLX

Source: Enbridge

225 MBD

210 MBD Clearbrook, MN

Trenton

Superior, WI 60 MBD

Sandpiper

Minnesota Refineries

Beaver Lodge

Cromer Bakken Pipeline U.S.

145 MBD

North Dakota Classic Bakken Pipeline U.S.

5

MPC Investing in Significant Growth Projects Southern Access Extension (SAX)

Patoka, IL

SAX

Bakken

Flanagan, IL

Superior, WI

Canadian

Logistics equity opportunity – MPC – Length, size: 165 Mile, 24” – Capacity: 300 MBD – In-Service: 2Q 2015 – MPC Investment: ~$250 MM – MPC Equity: 35% – Future potential drop to MPLX

Source: Enbridge

6

Leveraging Existing MPC Assets

Expand refinery processing capacity to leverage geographic advantage Condensate splitters at Canton and Catlettsburg

– Increases total crude plus condensate processing capacity to 60 MBD from ~25 MBD

Phased infrastructure investment Truck Barge Pipeline

Develop connectivity Canton Catlettsburg Ohio River system to Robinson

and USGC Regional refining markets

– Lima, Toledo, Detroit

Utica shale strategy

2012 – 2016 Projects $MM

Condensate Splitters – MPC 250

Cornerstone Pipeline – MPLX 140

Two Rivers Pipeline to Robinson – MPLX 70

Wellsville Truck to Barge Operation – MPC 30

Other* – MPC/MPLX 150

Total 640 *Other includes: Barges, Moreland Pipeline Injection Station, Canton Crude

Truck Unload & Crude Oil Trucks

7

Developing a Comprehensive Utica System

Proposed MPLX Cornerstone Pipeline investment

$140 MM

Capacity

25+ MBD

Timing

Late 2016

$20 MM EBITDA

Youngstown

Lima

Canton

Ohio

Pa.

Wellsville Steubenville

MarkWest, Cadiz

M3, Leesville M3, Scio

To Toledo, Detroit, Chicago and Canada

Midland

MPC Refinery

Utica Gas Processing Facilities

Terminal Facilities Proposed MPLX

Cornerstone Pipeline

MPLX Products Pipeline

MPC Crude Pipeline

Future Build-out

8

Investing in Significant Growth Projects ~$2.2 B investment with potential annual EBITDA of up to $300 MM

MPC Projects Timing Investment $MM

North Dakota Pipelines Equity Option 2016 $1,200

Condensate Splitters 2013-2015 $250

SAX Equity Option 2015 $250

Wellsville Truck to Barge Operation 2013 $30

Other 2013-2014 $220

Total $1,950

MPLX Projects Timing Investment $MM

Cornerstone Pipeline (Utica Shale) 2016 $140

Robinson to Mt. Vernon 2014-2016 $70

Other 2015-2016 $75

Total $285

9

MPC Retained Midstream EBITDA of ~$800 MM

Additional Midstream Assets Retained by MPC

Refinery 59 MMBBL storage 25 rail loading racks and 24 truck loading racks 7 owned and 11 non-owned docks

27 owned and 2,138 leased 763 general service; 1,166 high pressure; 236 open-top hoppers

~5,400 miles of additional crude and products pipelines –Owns, leases or has an ownership interest in these pipelines –44% of MPLX Pipe Line Holdings LP

Railcars

Pipelines

64 light product; ~21 MMBBL storage; 194 loading lanes 19 asphalt; ~4 MMBBL storage; 68 loading lanes Terminals

200 inland barges; 4.9 MMBBL capacity 18 inland towboats Marine

10

As of December 31, 2013

MPC Drop-down Strategy Considerations

MPC created MPLX to grow midstream business and create a funding mechanism for strategic opportunities

MPLX investors highly value a consistent, long-term growth strategy

Ratable drops maximize value creation and retain flexibility for MPC

Committed to 15-20% annual distribution growth rate for the next several years

Larger drops will be considered if they meet strategic need

MPLX is establishing an optimized capital structure

Preparing MPC retained assets to be dropped, including tax considerations

11

Appendix

Distribution Growth per Unit

13

0.2625* 0.2725

0.2850 0.2975

0.3125

0.20

0.22

0.24

0.26

0.28

0.30

0.32

4Q12 1Q13 2Q13 3Q13 4Q13

$/U

nit

3.8% Growth

4.6% Growth

*Represents minimum quarter distribution (MQD) for 4Q12, actual $0.1769 equal to MQD prorated

4.4% Growth

5.0% Growth

Coverage Ratio 1.37x 1.25x 1.27x 1.38x 1.19x

IPO 10/2012

1st drop 5/2013

Financial Performance

14

18.2

25.1 26.7 30.5 28.9

0

10

20

30

40

4Q12 1Q13 2Q13 3Q13 4Q13

$MM

Adjusted EBITDA*

16.7

28.0 27.2 31.1

28.3

0

10

20

30

40

4Q12 1Q13 2Q13 3Q13 4Q13

$MM

Distributable Cash Flow*

Note: 4Q12 is for 2 months, 10/31/2012 to 12/31/2012 *Attributable to MPLX

Net Income

38.5

7.0 (16.4)

6.1 3.3 (1.7) 36.8 (16.6)

20.2

05

101520253035404550

4Q 2013Estimateper S-1

Tariffs Volumes OtherRevenue

and Income

Cost ofRevenues andRelated Party

Purchases

Other 4Q 2013 MPC RetainedInterest

4Q 2013Attributable

to MPLX

$MM

Variance Analysis - 4Q 2013 Actual vs. 4Q 2013 Estimated per S-1

15

Adjusted EBITDA and Distributable Cash Flow

16

($MM except ratio data) Actual 4Q 2013

Estimated 4Q 2013*

Actual 2013

Estimated 2013*

Adjusted EBITDA 49.7 49.6 197.3 197.0

Less: Adjusted EBITDA attributable to MPC-retained interest 20.8 23.3 86.1 92.2

Adjusted EBITDA attributable to MPLX LP 28.9 26.3 111.2 104.8

Plus: Increase in deferred revenue for committed volume deficiencies 6.0 - 18.7 -

Less: Cash interest paid, net 0.4 0.3 1.0 1.2

Income taxes paid 0.1 - 0.1 0.1

Maintenance capital expenditures paid 3.9 7.4 11.7 16.4

Used/expired volume deficiency credits 2.2 - 2.5 -

Distributable cash flow attributable to MPLX LP 28.3 18.6 114.6 87.1

Distribution declared

Limited partners – public 6.2 23.2

Limited partner – MPC 16.9 63.1

General partner – MPC 0.5 1.8

Incentive distribution rights – MPC 0.1 0.1

Total distribution declared/estimated 23.7 19.8 88.2 79.2

Coverage ratio 1.19x 0.94x 1.30x 1.10x

*Based on information in Prospectus

Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income

17

($MM) Actual 4Q 2013

Estimated 4Q 2013*

Actual 2013

Estimated 2013*

Net income 36.8 38.5 146.1 152.4

Less: Net income attributable to MPC-retained interest 16.6 18.9 68.2 74.9

Net income attributable to MPLX LP 20.2 19.6 77.9 77.5

Plus: Net income attributable to MPC-retained interest 16.6 18.9 68.2 74.9

Depreciation 12.6 10.6 48.9 42.4

Provision (benefit) for income taxes (0.7) - (0.2) 0.2

Non-cash equity-based compensation 0.6 - 1.4 -

Net interest and other financial costs (income) 0.4 0.5 1.1 2.0

Adjusted EBITDA 49.7 49.6 197.3 197.0



Plus: Increase in deferred revenue for committed volume deficiencies 6.0 - 18.7 -

Less: Cash interest paid, net 0.4 0.3 1.0 1.2

Income taxes paid 0.1 - 0.1 0.1


Used/expired volume deficiency credits 2.2 - 2.5 -

Distributable cash flow attributable to MPLX LP 28.3 18.6 114.6 87.1 *Based on information in Prospectus

Adjusted EBITDA and Distributable Cash Flow Reconciliation from Net Income

18

($MM) 4Q 2012* 1Q 2013 2Q 2013 3Q 2013

Net income 26.3 35.3 34.8 39.2

Less: Net income attributable to MPC-retained interest 13.2 17.7 16.2 17.7

Net income attributable to MPLX LP 13.1 17.6 18.6 21.5

Plus: Net income attributable to MPC-retained interest 13.2 17.7 16.2 17.7

Depreciation 7.9 11.7 11.9 12.7

Provision (benefit) for income taxes 0.1 - 0.1 0.4

Non-cash equity-based compensation 0.1 0.2 0.3 0.3

Net interest and other financial costs (income) 0.2 0.2 0.3 0.2

Adjusted EBITDA 34.6 47.4 47.4 52.8



Plus: Increase in deferred revenue for committed volume deficiencies 2.1 4.7 2.9 5.1

Less: Cash interest paid, net 0.2 0.2 - 0.4

Income taxes paid - - - -


Used/expired volume deficiency credits - 0.1 0.1 0.1

Distributable cash flow attributable to MPLX LP 16.7 28.0 27.2 31.1

*For the period 10/31/12 to 12/31/12

Strong Financial Flexibility to Manage and Grow Asset Base

19

($MM except ratio data) As of 12/31/13

Cash and cash equivalents 54.1

Total assets 1,208.5

Long-term debt* 10.5

Total equity 1,114.1

Consolidated total debt to consolidated EBITDA ratio (covenant basis)** 0.1x

*Represents one capital lease. Includes amounts due within one year **Maximum covenant ratio <= 5.0 or 5.5 during the six month period following certain acquisitions

Pipeline Throughput Agreements

Note: 1 Tank Farms include the Patoka, Wood River, and Martinsville, IL, and Lebanon, IN tank farms 2 From Prospectus dated October 25, 2012 3 In light equivalent barrels for crude systems 4 In physical barrels

Initial MPC Min. 2011 MPC Est. 12 Mo. Ended 12/31/132 Term Diameter Commitment3 Throughput4 Weighted Average MPC Min.

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

Patoka to Lima 10 20" / 22" 40 117 $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" 130 121 $0.20 $10.5 Wood River Barge Dock 5 -- 40 38 $1.32 $19.2

Total -- -- 745 811 -- $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 12/31/132

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

20

Deficiency Payment Effect Example for illustrative purposes only

21

($MM)

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Quarter 5

Quarter 6

Quarter 7

Quarterly deficiency payment 2 5 3 5 - - -

Use or expiration of credit (on or before) - - - - 2 5 3

Cumulative deferred revenue 2 7 10 15 13 8 5

Distributable cash flow Yes Yes Yes Yes No No No

Adjusted EBITDA No No No No Yes Yes Yes

Crude Oil Pipeline Systems – Overview

22

MPC Refineries

MPLX Crude Pipelines

3rd-Party Pipelines

Joint Interest/MPC Ownership

MPC Active Crude Pipelines

Historical Throughput (MBPD)3

Crude Oil Pipeline System Diameter (Inches)

Length (miles)

Capacity (MBPD)1

Initial Term (Years)

MPC Min. Commitment

(MBPD)1

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

2008 2009 2010 2011 2012 2013

MPC 697 676 732 811 827 841

Third Party 153 122 151 182 202 222

Total2 850 798 883 993 1,029 1,063

% MPC 82% 85% 83% 82% 80% 79%

Notes: 1 All capacities and commitments are in light equivalent barrels 2 Increase in throughput during the 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 Physical volumes shipped. Volumes shown for all periods exclude volumes transported on pipeline systems not contributed to MPLX LP at the initial public offering.

Crude Oil Pipeline Systems – Overview

23

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 123 MPC Canton 80

PBF Toledo 170 BP / Husky Toledo 152 Husky Lima 162

Source: Oil & Gas Journal effective 12/31/13

Patoka to Lima Crude System

24

MPC Refineries


3rd-Party Crude Pipelines


MPC Crude Pipelines

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 Current capacity of 256 MBPD 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 Current capacity of 225 MBPD

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


MPC Catlettsburg 242

MPC Robinson 212


Catlettsburg and Robinson Crude System

Refinery Served (MBPCD)

25

MPC Refineries




MPC Crude Pipelines

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 refinery

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 123


Detroit Crude System

26

MPC Refineries




MPC Crude Pipelines

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

Wood River, IL to Patoka Current capacity of 223 MBPD

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

27

MPC Refineries




Midwest Product Pipelines – Overview

28

MPC Refineries


3rd-Party Pipelines


MPC Active Crude Pipelines

Gulf Coast Product Pipelines – Overview

29

MPC Refineries

MPLX Product Pipelines


3rd-Party Product Pipelines

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 2012 2013

MPC3 964 873 856 904 971 909 876

Third Party 85 87 97 64 60 71 35

Total 1,049 960 953 968 1,031 980 911

% MPC 92% 91% 90% 93% 94% 93% 96%

Throughput Agreement4 859 859 859 859 859 859 859

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

30

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


31

MPC Refineries

MPLX Product Pipelines 3rd-Party Product Pipelines

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 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 84

MPC Galveston Bay 451

Valero Texas City 245


Texas City Products System

32

MPC Refineries

MPLX Product Pipelines 3rd-Party Product Pipelines Joint Interest/MPC Ownership

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 242

MPC Canton 80


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

Ohio River Pipe Line (ORPL) Products Systems


33

MPC Refineries

MPLX Product Pipelines 3rd-Party Product Pipelines MPC Product Pipelines

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 212

Phillips 66 / Cenovus Wood River

314

Other refineries via Explorer pipeline

--


Robinson Products System

34

MPC Refineries

MPLX Product Pipelines 3rd-Party Product Pipelines Joint Interest/MPC Ownership MPC Product Pipelines

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 available 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

35

Incentive Distribution Rights

Total Quarterly Distribution Per Unit Target Amount

Marginal Percentage Interest in Distributions

Unitholders General Partner

Minimum Quarterly Distribution $0.2625 98.0% 2.0%

First Target Distribution above $0.2625 up to $0.301875 98.0% 2.0%

Second Target Distribution above $0.301875 up to $0.328125 85.0% 15.0%

Third Target Distribution above $0.328125 up to $0.393750 75.0% 25.0%

Thereafter above $0.393750 50.0% 50.0%

36

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

MPLX assets consist of a 69% interest in Pipe Line Holdings as well as 100% ownership in the Neal, W.Va., Butane Cavern

MPC retains the remaining 31% interest in Pipe Line Holdings

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

31.0% 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”)

69.0% 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

MPLX and MPC are Aligned

37

As of March 1, 2014

Marathon Petroleum Statistics at a Glance Fortune 50 company

Established in 1887

Fourth largest U.S. refiner Largest in Midwest

2013 Revenues and other income: $100.3 billion

2013 Net income attributable to MPC: $2.11 billion

Employees: approximately 30,000

Headquartered in Findlay, Ohio

Approximately 1,480 Speedway convenience stores

Approximately 5,200 Marathon Brand retail outlets

Extensive terminal and pipeline network

38

MPC Priorities for Investors

Maintain top-tier safety and environmental performance

Sustain our focus on shareholder returns

Balance capital returns with value-enhancing investments

Grow higher valued and stable cash flow businesses Midstream/MPLX

Speedway

Enhance the margins in our refining operations

39

MPC Demonstrating Corporate Values The foundation for all that we do

Health and Safety

Environmental Stewardship

Product Stewardship

Honesty and Integrity

Corporate Citizenship

Diversity and Inclusion

40

MPC Building on Reputation Sustained capital returns and value-enhancing investments

20

30

40

50

60

70

80

90

100

Jul-11

Aug-11

Sep-11

Nov-11

Dec-11

Feb-12

Mar-12

May-12

Jun-12

Jul-12

Sep-12

Oct-12

Dec-12

Jan-13

Mar-13

Apr-13

Jun-13

Jul-13

Aug-13

Oct-13

Nov-13

$/Sh

are

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

25% increase in dividend



Completed Detroit Heavy Oil Upgrade

Acquired Galveston Bay Refinery

Completed MPLX IPO

First $100 MM drop into MPLX

Initial $2 B share repurchase authorized

Second $2 B share repurchase authorized

Third $2 B share repurchase authorized

Source: Thomson Reuters, MPC

MPC Price Performance

MPC spinoff from MRO

41

MPC Focused Return of Capital to Shareholders

3,405 2,845

3,277

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

$MM

Dividends and sharerepurchases*

Cash capital expenditures,acquisitions and investments

Net cash provided byoperations

5.9x free cash flow LTM

42

* $484 MM dividends plus $2,793 MM share repurchases ** Cash flow provided by operations less cash capital expenditures, acquisitions and investments

~5.9x of Free Cash

Flow**

Free Cash Flow**

$560

LTM Ended 12/31/13

MPC Delivering Peer Leading Return of Capital

2.0% 2.6% 2.2% 1.7% 2.2%

4.2%

12.6% 2.1%

6.1% 6.3%

3.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

MPC HFC PSX TSO VLO

Dividend Yield Special Dividend Yield 2013 Share Repurchase/Share Yield

Total Capital Return Yield: 2013 Dividends per share, plus 2013 special dividends/share, plus 2013 share repurchases/share, all divided by 2013 average share price.

14.6%

8.9% 8.3% 8.0%

5.6%

Last 12 months ended 12/31/13

43

Source: Company Reports

44

-5

0

5

10

15

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

$/BB

L

3 3 2

1

2 3

7

2

1

5

3

1 3

1

2

2

MPC’s Rank

Competitor Range

11 Companies Ranked* 12 11 9 10 9 8 9 9 8 10 8 8 8 8 8

Operating Income Per Barrel of Crude Throughput**

**Current companies ranked: BP, PSX, CVX, HFC, MPC, TSO, VLO, XOM **Adjusted domestic operating income per barrel of crude oil throughput

Engine behind MPC’s focus on capital returns MPC Performing Consistently in the Top-Tier

Pipeline Transportation Speedway Refining & Marketing

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2007 2008 2009 2010 2011 2012 2013

$MM

MPC Allocating Capital in the Past

Segment Capital Expenditures* Segment EBITDA** Predominately focused on refining

2007-2009: Garyville Major Expansion 2010-2012: Detroit Heavy Oil Upgrade Project 2013: Galveston Bay Purchase *Includes investments **Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2007 2008 2009 2010 2011 2012 2013

$MM

45

Invested ~$0.9 B in Pipeline Transportation generated ~$1.7 B EBITDA Invested ~$1.2 B in Speedway generated ~$2.8 B EBITDA Invested ~$11 B in Refining & Marketing generated $22 B EBITDA

2007 through 2013:

MPC Allocating Capital in the Future Drive growth in more stable cash flow and higher value businesses

Sandpiper Pipeline Southern Access Extension

Pipeline Utica

Organic growth Selective acquisitions

Light crude processing Increase distillate yield

and conversion capacity Grow export capacity

Refining Margin enhancements

Midstream/MPLX Aggressive growth

Speedway Growth in existing and contiguous markets

46

MPC Allocating Capital to Higher Valued Businesses

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2012 2013 2014E 2015E 2016E

$MM

Refining and Marketing, excluding Midstream MidstreamPipeline Transportation SpeedwayOther Garyville resid upgrade project committedGaryville resid upgrade project uncommitted

*Excludes Galveston Bay asset acquisition

2012 – 2016 Capital Investment Profile

47

MPC Providing More Stable Cash Flow

Speedway

Pipeline Transportation

R&M

R&M

Speedway

Midstream

Other Historical Mid-Cycle EBITDA*

Future Mid-Cycle EBITDA

*2007-2012 average. Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC

48

MPC Favorable Market Backdrop Global and domestic product demand Global product demand still growing U.S. distillate demand outpaces other products

Global and domestic refining U.S. refining advantage will continue Product exports continue to be key for U.S. refiners

Global and domestic crude oil production Global supply disruptions continue Domestic and Canadian supply growth Crude spreads remain volatile

The MPC advantage

49

0

20

40

60

80

100

120

1990 1995 2000 2005 2010 2015 2020 2025

MM

BD

Growing Global Product Demand

Distillate and gasoline demand continues to rise

Fuel oil continues to be phased out due to tightening sulfur specs

Forecast Actual 2012

+1.4%

-2.4%

+1.2%

+1.1%

Sources: BP Statistical Review of World Energy, MPC

Gasoline

Distillate

Fuel Oil

Other

“Other” consists of refinery gas, liquefied petroleum gas (LPG), solvents, petroleum coke, lubricants, wax, and other refined products and refinery fuel

Compounded Annual

Growth Rates 2025 vs. 2012

50

0

2

4

6

8

10

12

2005 2010 2015 2020 2025

MM

BD

Growing U.S. Distillate Demand Overall U.S. demand remains flat

-0.3%

-0.7%

+1.8%

+0.7%

Sources: DOE/EIA, MPC

-2.9%

Gasoline

Gasoline Ex Ethanol

Distillate

Jet Fuel

Resid

Forecast Actual 2012

Compounded Annual

Growth Rates 2025 vs. 2012

Distillate demand growth outpaces other products

Gasoline will be constrained by CAFE standards and biofuels penetration

Residual fuel demand continues to fall

51

Shuttering Vulnerable Refining Capacity Offsets a portion of capacity expansion

+1.39 +1.05 +0.76 +1.57 +3.97 +0.45 -1.70

+0.78 +0.92

-1.14

+1.04

+4.10 +2.85

+0.61

2012 to 2020 Oil Demand:

(MBD)

-3

-2

-1

0

1

2

3

4

5

6

7

NorthAmerica

LatinAmerica

Europe FormerSovietUnion

Asia Middle East Africa

MM

BD

Net Change Expansions Vulnerable Capacity

+0.78 +0.92

-1.14

+1.04

+4.10 +2.85

+0.61

52

0

5

10

15

20

$/M

MBT

U

Atlantic Basin Fuel Prices Henry Hub USGC #6 1% UK NBP Index Netherlands Avg. Border Gas

Sustaining U.S. Export Advantage

Access to lower cost feedstocks Low cost natural gas Complex refineries Sophisticated workforce

Region

2012 Utilization

Rate

North America 87%

Former Soviet Union 80%

Middle East 79%

Europe 74%

Asia 74%

Latin America 73%

Africa 69%

Sources: MPC, Platts, Petroleum Argus, World Gas Intelligence, ICE and U.S. Federal Reserve Board, International Energy Agency (IEA)

53

Growing Total U.S. Light Product Exports

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,00020

05

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

MM

BD

Total Gasoline Total DistillateSources: MPC, EIA Note: Gross exports shown

54

0

50

100

150

200

250

2010 2011 2012 2013

MBD

Rising MPC Finished Product Exports

55

Growing N.A. and Middle East Crude Production

0

10

20

30

2005 2013 2025

Middle East 0

10

20

30

2005 2013 2025

North America

0

10

20

30

2005 2013 2025

Europe

0

10

20

30

2005 2013 2025

Asia

0

10

20

30

2005 2013 2025

Former Soviet Union

0

10

20

30

2005 2013 2025

Africa

0

10

20

30

2005 2013 2025

Latin America

Sources: BP Statistical Review of World Energy, MPC

All values in MMBD Middle East includes Iran, Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Oman, Syria, Yemen

56

Global Supply Disruptions (OPEC)

MM

BD

Ongoing Disruptions Temper Global Crude Supply

20

25

30

35

40

45

MM

BD

Crude Oil Production

OPEC NON-OPEC

Source: International Energy Agency (IEA)

Near-term Flat OPEC Production

Increased Disruptions

Source: PIRA Energy Group November 2013

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0

57

0

2

4

6

8

10

12

14

16

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

MM

BD

Rising North American Production

Sources: EIA, CAPP, MPC

2012

← Actual Forecast →

United States

Canada

58

Growing Crude Oil/Condensate Supply

0500

1,0001,5002,0002,5003,0003,5004,000

1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

MBD

Texas

0200400600800

1,0001,2001,4001,600

1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

MBD

North Dakota

020406080

100120140160

1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

MBD

Ohio

Forecast Actual

Forecast Actual

Forecast Actual

Bakken +840 MBD

Utica +135 MBD

Permian +620 MBD

Eagle Ford +690 MBD

Canada +3,575 MBD

Total Growth 2012 – 2025 +5,860 MBD

2012

2012

2012

MPC Refinery

Sources: EIA, CAPP, MPC

59

MPC Refining Capacity in Advantaged Regions 100% in PADDs II and III

PADD III

PADD V

PADD IV PADD II

0%

20%

40%

60%

80%

100%

MPC VLO HFC PSX TSO

PADD II PADD III PADD I PADD IV PADD VPADD I PADD II PADD III PADD IV PADD V

Canadian Bakken Utica

Permian Basin Eagle Ford Gulf of Mexico Canadian

PADD I

Sources: 2013 Oil & Gas Journal, MPC as of February 1, 2013

60

Ongoing Volatile Crude Spreads vs. WTI

Sources: MPC, Argus

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

25Ja

n-12

Feb-

12

Mar

-12

Apr-

12

May

-12

Jun-

12

Jul-1

2

Aug-

12

Sep-

12

Oct

-12

Nov

-12

Dec-

12

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

$/BB

L

Mars

Maya

WCS

LLS

NDL

Brent

61

Expecting Attractive Crude Spreads MPC Outlook

Brent/WTI Spread

LLS/WTI Spread

Brent/LLS

North Dakota Light

Canadian Heavy Differentials

Differentials

$7-$12/BBL, wider at times

$5-$10/BBL, transportation/quality based

$3-$5/BBL, domestic light sweet crude surplus

Competes with WTI and LLS, prices accordingly

Attractive, but narrowing with new pipelines and coker capacity

Volatile, extreme at times and impossible to predict

62

Compelling Advantage for Pipeline and Marine

Patoka, IL

Houston, TX $2

$5

$2 $14-16

$13-15

$6-7

$4

Chicago, IL

All costs shown as $/BBL Pipeline costs exclude any storage or transfer fees and line loss Sources: MPC, publicly available information

$10-12

$5-6

LLS

$15-16

Legend Rail Pipeline Marine

WTI

$12-14 $5

Bakken

Canadian

$10

St. James, LA

Cushing, OK

63

MPC Creating Crude/Condensate Advantage

Bakken +840 MBD

Utica +135 MBD

Truck Unload Expansion

Wellsville Barge

Condensate Splitter

Permian +620 MBD

Eagle Ford +690 MBD

Patoka, IL

Production volumes are 2025 estimates vs. 2012 actual Sources: MPC, EIA, CAPP

Cornerstone Pipeline

MPC Refinery

Sandpiper

Southern Access Extension

Robinson Light Crude

Enhancements

Connectivity Enhancements

Additional Barging

Condensate Splitter

Canada +3,575 MBD

64

Portland

Cushing

Superior Clearbrook

Regina

Cromer

Montreal

Burnaby

Anacortes

Edmonton Trans

Mountain

Chicago Casper

Wood River

Patoka

Sarnia

Mustang SAX

Hardisty

Steele City

Seaway

Houston Freeport

St James Houma Ho-Ho

MBPD Pipeline Estimated

Completion

540 Keystone Current

215 Ozark Current

170 Platte Current

190 Spearhead Current

150 400 850

Seaway Phase 1 Seaway Phase 2 Seaway Phase 3

Current Current 2H 2014

250 360

Ho-Ho Reversal – 1 Ho-Ho Reversal – 2

Current Current

700 Keystone Gulf Coast Current

600 Flanagan South Mid 2014

300 Line 9 2H 2014

300 SAX 2Q 2015

420 ETP 2016

225-375 Sandpiper 1Q 2016

830 Keystone XL 1H 2016

1,100 Energy East 2017

Flanagan South

Flanagan

U.S./Canada Key Existing and Planned Pipelines

MPC Refineries

Planned Keystone XL

Keystone

Planned Seaway Expansion

Ho-Ho Reversal

Planned Flanagan South

Planned ETP Planned SAX Planned Line 9

Planned Energy East

Planned Sandpiper

Sources: Publicly available Information, MPC Estimates

65

Keystone GC

38%

62%

Crude Oil Refining Capacity

PADD IIPADD III

MPC Key Strengths

66

Balanced Operations

53% 47%

Crude Slate

Sour Crude

Sweet Crude

As of December 31 , 2013

~54%

~46% Assured Sales

Wholesale andOther Sales

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



MPC Increasing Light Sweet Crude and Condensate Capacity

Condensate splitters Canton: 25 MBD

– 4Q 2014 completion

Catlettsburg: 35 MBD – 2Q 2015 completion

$250 MM >30% ROI for each project

Light crude processing Robinson: +30 MBD light crude $160 MM ~60% ROI, 2016 completion

Ultra- New Light Naphtha to Gasoline BlendingSweet Fractionator Heavy Naphtha to ReformingCondensate Distillates to Hydrotreating

Heavier Components

Conventional Existing To DownstreamCrude Crude Unit Process Units

Condensate Processing Opportunity

67

MPC Leveraging Existing Capacity to Run Light Sweet Crude

Reformer capacity captures full value of light crude processing

Additional value added through aromatics production

05

1015202530

MPCMidwest

MPCUSGC

Perc

ent o

f Cru

de C

apac

ity

Reforming Capacity

020406080

100120

MBD

U.S. Aromatics Capacity Source: 2013 Oil & Gas Journal

Industry Average

Source: Argus Dewitt

68

MPC Fully Integrated Downstream System

Refining and Marketing Seven-plant refining system with ~1.7 MMBPCD capacity One of the largest wholesale suppliers in our market area One of the largest producers of asphalt in the U.S. ~5,200 Marathon Brand retail outlets across 18 states ~1,000 retail outlet contract assignments through

jobbers primarily in Fla., Tenn., Miss. and Ala. Owns/operates 64 light product terminals and

19 asphalt terminals, while utilizing third-party terminals at 60 light product and 10 asphalt locations

18 inland waterway towboats with 184 owned barges and 16 leased barges, 2,165 owned/leased railcars, 170 owned transport trucks

Speedway (Retail) ~1,480 locations in nine Midwestern states Fourth largest U.S. owned/operated c-store chain ~2.4 million customer transactions on a daily basis

Pipeline Transportation Owns, leases or has interest in ~8,300 miles of pipelines One of the largest petroleum pipeline companies in U.S. Part ownership in non-operated pipelines includes LOOP,

Explorer, LOCAP, Maumee and Wolverine

Water Terminals

Light Product Terminals

Connecting Pipelines

Refineries

Asphalt Terminals

Marketing Area

Tank Farms

Butane Cavern

Barge Dock As of December 31, 2013

69

Capital Expenditures & Investments

($MM) 2014 MPC Budget

Refining & Marketing (R&M) 864

Midstream included in R&M 348

Speedway 327

Pipeline Transportation* 760

Corporate and Other 133

Total Capital Expenditures & Investments 2,432

($MM) 2014 MPLX Budget (100% basis)

Growth 113

Maintenance 35

Total Capital Expenditures 148

*Including MPLX (100% basis)

Note: Excludes capitalized interest

70

Segment EBITDA Reconciliation to Net Income Attributable to MPC

($MM) 2007 2008 2009 2010 2011 2012 2013

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

Net income attributable to MPC 2,262 1,215 449 623 2,389 596 814 1,224 755 725 593 168 626

Less: Net interest and other financial income (costs) 165 30 31 12 (26) (22) (17) (25) (45) (48) (45) (47) (39)

Add: Net income attributable to noncontrolling interests - - - - - - - - 4 5 6 5 5

Add: Provision for income taxes 1,164 670 236 400 1,330 338 476 646 385 378 316 81 338

Add: Total segment depreciation and amortization 582 604 670 912 873 224 231 240 277 281 297 294 325

Add: Items not allocated to segments 147 (11) 182 265 316 79 175 (76) 99 67 124 82 93

Total Segment EBITDA 3,990 2,448 1,506 2,188 4,934 1,259 1,713 2,059 1,565 1,504 1,381 677 1,426

By Segment

Refining & Marketing Segment EBITDA 3,413 1,819 950 1,539 4,309 1,128 1,516 1,889 1,369 1,341 1,155 473 1,248

Speedway Segment EBITDA 312 408 343 404 381 77 135 105 107 94 150 131 112

Pipeline Transportation Segment EBITDA 265 221 213 245 244 54 62 65 89 69 76 73 66

Total Segment EBITDA 3,990 2,448 1,506 2,188 4,934 1,259 1,713 2,059 1,565 1,504 1,381 677 1,426

Last Twelve Months Segment EBITDA 6,841 6,509 5,127 4,988

71

Reconciliation

72

($MM) 2013 (Quarter to date) 1Q 2Q 3Q 4Q

Net cash provided by (used in) operating activities 2,079 (436) 407 1,355

Additions to property, plant and equipment (195) (229) (309) (473)

Acquisitions* (1,493) (22) - -

Investments (5) (6) (75) (38)

Free cash flow 386 (693) 23 844

Last twelve months free cash flow 560

MPC Free Cash Flow to Net Cash Provided by (Used in) Operations

*Represents cash paid

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