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Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Growing Crude Oil/Condensate Supply
26
0 500
1,000 1,500 2,000 2,500 3,000 3,500 4,000
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
MBD
Texas
0 200 400 600 800
1,000 1,200 1,400 1,600
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
MBD
North Dakota
0 20 40 60 80
100 120 140 160
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
Kraft ICC Testimony Page 89
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
MPC Refining Capacity in Advantaged Regions
27
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 V PADD I PADD II PADD III PADD IV PADD V
Canadian Bakken Utica
Permian Basin Eagle Ford Gulf of Mexico Canadian
PADD I
Source: 2013 Oil and Gas Journal, MPC as of 2/1/2013
Kraft ICC Testimony Page 90
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Ongoing Volatile Crude Spreads vs. WTI
28
Sources: MPC, Argus
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25 Ja
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
Kraft ICC Testimony Page 91
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Expecting Attractive Crude Spreads
29
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
Kraft ICC Testimony Page 92
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Ongoing High Marginal Rail Cost
30
St. James, LA
$14-16
$13-15
All costs shown as $/BBL Sources: MPC, publicly available Information
$10-12
LLS
Bakken
$15-16
$12-14
Cushing, OK WTI
Legend Rail
Kraft ICC Testimony Page 93
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Compelling Advantage for Pipeline and Marine
31
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
Kraft ICC Testimony Page 94
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A 32
Bakken +840 MBD
Sandpiper
Canada +3,575 MBD
Patoka, IL
Production volumes are 2025 estimates vs. 2012 actual Sources: MPC, EIA, CAPP
MPC Refinery
Creating Crude/Condensate Advantage
Robinson
Light Crude
Enhancements
Southern Access Extension
Kraft ICC Testimony Page 95
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A 33
Bakken +840 MBD
Additional Barging
Canada +3,575 MBD
Permian +620 MBD
Eagle Ford +690 MBD
Patoka, IL
Production volumes are 2025 estimates vs. 2012 actual Sources: MPC, EIA, CAPP
MPC Refinery
Creating Crude/Condensate Advantage
Robinson
Light Crude
Enhancements
Sandpiper
Southern Access Extension
Connectivity Enhancements
Kraft ICC Testimony Page 96
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A 34
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
Creating Crude/Condensate Advantage
Sandpiper
Southern Access Extension
Robinson
Light Crude
Enhancements
Connectivity Enhancements
Additional Barging
Condensate Splitter
Canada +3,575 MBD
Kraft ICC Testimony Page 97
Garry Peiffer MPC Executive Vice President and MPLX President
Kraft ICC Testimony Page 98
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
MPLX – Larger and More Valuable Part of MPC’s Business Sustain long-term growth
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
41 Kraft ICC Testimony Page 104
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Developing a Comprehensive Utica System
Proposed Cornerstone Pipeline investment
– $140 MM
Capacity
– 25+ MBD
Timing
– late 2016
$20 MM EBITDA
42
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 Cornerstone Pipeline
MPLX Products Pipeline
MPC Crude Pipeline
Future Build-out
Kraft ICC Testimony Page 105
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Investing in Significant Growth Projects ~$2.2 B investment with potential annual EBITDA of up to $300 MM
43
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
Kraft ICC Testimony Page 106
Strategic Overview
Macro Outlook
Midstream/ MPLX Speedway Refining Financial
Overview Summary
Q&A
Additional Midstream Assets Retained by MPC
Current Retained Midstream EBITDA of ~$800 MM
Refinery 58 MMBBL storage 24 rail loading racks and 23 truck loading racks 7 owned and 12 non-owned docks 2012 throughput of 75 MBD for load racks and 500 MBD for docks
27 owned and 1,944 leased 694 general service; 1,041 high pressure; 236 open-top hoppers
Over 5,000 miles of additional crude and products pipelines –Owns, leases or has an ownership interest in these pipelines –44% of MPLX Pipe Line Holdings LP