Second-Quarter 2017

Earnings Conference
Call Presentation
July 27, 2017
 Forward‐Looking Statements
This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (“MPLX”) and Marathon Petroleum Corporation (“MPC”). These forward-looking statements relate to,
among other things, expectations, estimates and projections concerning the business and operations of MPLX and MPC, including proposed strategic initiatives. You can identify forward-looking statements by words such as
“anticipate,” “believe,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “pursue,” “prospective,” “predict,” “project,” “potential,” “seek,”
“strategy,” “target,” “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’s actual results to differ materially from those implied in the
forward-looking statements include: negative capital market conditions, including an increase of the current yield on common units, adversely affecting MPLX’s ability to meet its distribution growth guidance; the time, costs
and ability to obtain regulatory or other approvals and consents and otherwise consummate the strategic initiatives discussed herein and other proposed transactions; the satisfaction or waiver of conditions in the agreements
governing the strategic initiatives discussed herein and other proposed transactions; our ability to achieve the strategic and other objectives related to the strategic initiatives discussed herein and other proposed transactions;
adverse changes in laws including with respect to tax and regulatory matters; inability to agree with respect to the timing of and value attributed to assets identified for dropdown; the adequacy of MPLX’s capital resources and
liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions, and the ability to successfully execute its business plans and growth strategy; the timing and extent of changes in commodity prices
and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions; changes to the expected construction costs
and timing of projects; completion of midstream infrastructure 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 MPLX’s commercial agreements; modifications to earnings and distribution growth objectives; the level of support from MPC, including dropdowns, alternative financing arrangements, taking equity
units, and other methods of sponsor support, as a result of the capital allocation needs of the enterprise as a whole and its ability to provide support on commercially reasonable terms; compliance with federal and state
environmental, economic, health and safety, energy and other policies and regulations and/or enforcement actions initiated thereunder; adverse results in litigation; changes to MPLX’s capital budget; 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 Dec. 31, 2016, filed with the Securities and Exchange Commission (SEC).
Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include: the time, costs and ability to obtain regulatory or other approvals and consents and otherwise
consummate the strategic initiatives discussed herein; the satisfaction or waiver of conditions in the agreements governing the strategic initiatives discussed herein; our ability to achieve the strategic and other objectives
related to the strategic initiatives discussed herein; adverse changes in laws including with respect to tax and regulatory matters; inability to agree with the MPLX conflicts committee with respect to the timing of and value
attributed to assets identified for dropdown; changes to the expected construction costs and timing of projects; continued/further 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; the effects of the lifting of the U.S. crude oil export ban; 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; MPC’s ability to successfully implement growth opportunities; modifications to MPLX earnings and distribution
growth objectives, and other risks described above with respect to MPLX; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of
compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; adverse results in litigation; changes to MPC’s capital budget; 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 Dec. 31, 2016, filed with the SEC. In addition, the forward-looking statements included herein could be affected by general
domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here, in MPLX’s Form 10-K or in MPC’s Form 10-K could also have material adverse effects on forward-looking
statements. Copies of MPLX’s Form 10-K are available on the SEC website, MPLX's website at http://ir.mplx.com or by contacting MPLX’s Investor Relations office. Copies of MPC’s Form 10-K are available on the SEC
website, MPC’s website at http://ir.marathonpetroleum.com or by contacting MPC’s Investor Relations office.

Non-GAAP Financial Measures

Adjusted EBITDA, distributable cash flow (DCF) and distribution coverage ratio are non-GAAP financial measures provided in this presentation. Adjusted EBITDA and DCF reconciliations to the nearest GAAP financial
measure are included in the Appendix to this presentation. Distribution coverage ratio is the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared. Adjusted EBITDA, DCF and distribution
coverage ratio are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPLX or MPC, net cash provided by operating activities or other financial measures prepared
in accordance with GAAP. The EBITDA forecasts related to certain projects were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not
available and, therefore, reconciliations of these non-GAAP financial measures to the nearest GAAP financial measures have not been provided.

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Recent Changes to Executive Team

 Don Templin named President of MPC effective July 1

 Mike Hennigan appointed President of MPLX effective June 20

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Highlights

 Targeting third-quarter 2017 for next dropdown in series of acquisitions

planned from sponsor Marathon Petroleum Corporation
 Reported record second-quarter adjusted EBITDA of $474 million and
distributable cash flow of $387 million with a coverage ratio of 1.26x
 Declared 18th consecutive quarterly distribution increase to $0.5625 per
common unit for the second-quarter 2017 and continue to forecast 2017
distribution growth of 12 to 15 percent

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 Logistics & Storage Segment
Utica Build-out Overview
 Utica Build-out
– Harpster-to-Lima pipeline fully
operational in July
– Completed expansions to the East
Sparta-to-Heath and Heath-to-
Harpster pipelines
– Connects Utica and Marcellus NGL
production to refineries in Ohio,
Michigan, Indiana and Illinois
– Constructing additional connectivity
and expanding pipelines to provide
more optionality for Midwest refiners
 Ozark pipeline expansion

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Gathering & Processing Segment
Marcellus & Utica Operations

Processed Volumes
 Record processed volumes
averaged approximately 4.7 Bcf/d Available Average
Utilization
Area Capacity Volume
 Commenced operations of (MMcf/d)(a) (MMcf/d)
(%)
Sherwood VIII in July Marcellus 4,320 3,811 88%
 2017 processed volumes expected Houston 520 494 95%
to increase ~10% to ~15% over Majorsville 1,070 890 83%
prior year Mobley 920 680 74%

 2017 gathered volumes expected to Sherwood 1,400 1,458 104%

increase ~3% to ~6% over prior year Bluestone 410 289 70%
Utica 1,325 879 66%
Cadiz 525 482 92%
Seneca 800 397 50%
2Q 2017 Total 5,645 4,690 83%
1Q 2017 Total 5,524 4,600 83%
(a) Based on weighted average number of days plant(s) in service. Excludes periods of maintenance

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Gathering & Processing Segment
Marcellus & Utica Fractionation

 2017 fractionated volumes Fractionated Volumes

expected to increase ~15% Available Average
Utilization
to ~20% over prior year Area Capacity Volume
(%)
(MBPD)(a)(b) (MBPD)
 Commenced operation of second
fractionation train at Bluestone 2Q17 Total C3+ 287 210 73%
Complex 2Q17 Total C2 184 141 77%

1Q17 Total C3+ 265 200 76%

1Q17 Total C2 184 134 73%

(a)Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
(b)Excludes Cibus Ranch condensate facility

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Gathering & Processing Segment
Southwest Operations
Processed Volumes
 Began construction of gas
processing plant in the STACK Available Average
Utilization
Area Capacity Volume
shale (Omega) expected to be in- (MMcf/d)(a) (MMcf/d)
(%)
service in mid-2018
West Texas(b) 200 199 100%
 2017 processed volumes expected
East Texas 600 420 70%
to increase ~3% to ~8% over 2016
Western OK 425 365 86%
– West Texas (Delaware Basin)
Southeast OK(c) 120 120 100%
and Western Oklahoma (STACK)
to support majority of increase Gulf Coast 142 116 82%

2Q 2017 Total 1,487 1,220 82%

 2017 gathered volumes expected to
be flat over prior year 1Q 2017 Total 1,487 1,183 80%
(a)Based on weighted average number of days plant(s) in service. Excludes periods of maintenance
(b)West Texas is composed of the Hidalgo plant in the Delaware Basin
(c)Processing capacity includes Partnership’s portion of Centrahoma JV and excludes volumes sent to

third parties

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2Q 2017 Financial Highlights

Adjusted EBITDA Distributable Cash Flow

500 500
400 474 400
387
300 351 300

$MM
$MM

285
200 200
100 100
0 0
2Q 2016 2Q 2017 2Q 2016 2Q 2017

Three Months Ended

Segment Operating Income ($MM) June 30
2016 2017
Logistics and Storage 123 208
Gathering and Processing 271 313

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 Adjusted EBITDA
2Q 2017 vs. 2Q 2016 Variance Analysis

500 7 474
45
450
71
400
351
350

300
$ MM

250

200

150

100

50

0
2Q 2016 Adjusted EBITDA Logistics & Storage Gathering & Processing Other 2Q 2017 Adjusted EBITDA
Attributable to MPLX Attributable to MPLX

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MPLX Capitalization, Leverage and Liquidity

As of
($MM except ratio data)
6/30/17

Cash and cash equivalents 293

Total assets 18,601

Total debt 6,667

Redeemable preferred units 1,000

Total equity 9,909

Consolidated total debt to LTM pro forma adjusted EBITDA(a) 3.8x

Remaining capacity available under $2.0 B revolving credit agreement 1,997

Remaining capacity available under $500 MM credit agreement with MPC 500
(a) Calculated using face value total debt and last twelve month adjusted EBITDA, which is pro forma for acquisitions. Face value total debt includes approximately $441 MM of
unamortized discount and debt issuance costs as of June 30, 2017.

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2017 Forecast Update
$50 million increase to earnings-related guidance

 12-15% distribution growth in 2017; double-digit distribution growth in 2018

 Forecast, excluding future dropdowns:
Financial Measure 2017 Forecast
Net Income $600 million - $750 million
Adjusted EBITDA(a) $1.75 billion - $1.9 billion
Net cash provided by operating activities $1.45 billion - $1.6 billion
Distributable Cash Flow (DCF)(a) $1.3 billion - $1.45 billion
Organic Growth Capital Expenditures(b) $1.8 billion - $2.0 billion
Distribution Growth Rate 12% - 15%
(a)Non-GAAP measure calculated before the distribution to preferred units. See reconciliation in appendix.
(b)Guidanceexcludes acquisition costs for dropdown of terminal, pipeline and storage assets; Ozark Pipeline; and Bakken Pipeline system.
Also excludes non-affiliated JV members’ share of capital expenditures.

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Appendix

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2017 Capital Forecast
Excluding Future Dropdowns

 Organic growth capital forecast of Organic Growth Capital Investment

$1.8 B to $2.0 B*
– Gathering & Processing includes additional ~75%
infrastructure to support Northeast and G&P
Southwest operations
– Logistics & Storage includes Ozark
expansion and growth capital associated
with other acquired assets
 Maintenance capital forecast at
~$150 MM ~25%
L&S
*Excludes acquisition costs for dropdown of terminal, pipeline and storage assets; Ozark
Pipeline; and Bakken Pipeline system. Also excludes non-affiliated JV member’s share Marcellus Region Utica Region
of capital expenditures.
Southwest Region L&S Segment

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Growth Capital Forecast
Projects expected to be completed in 2017

Est. Completion Est.

Gathering & Processing Projects Shale Resource Capacity
Date Logistics & Storage Projects Completion
Date
Rich- and Dry-Gas Gathering(a) Marcellus & Utica N/A Ongoing
Harpster-to-Lima pipeline and In Service –
Western Oklahoma - STACK Rich-Gas and Oil
Cana Woodford N/A Ongoing related expansions 3Q17
Gathering
Hopedale III C3+ Fractionation and NGL
Marcellus & Utica 60,000 BPD In Service - 1Q17
Logistics(b)(c)
Sherwood VII Processing Plant(c) Marcellus 200 MMcf/d In Service - 1Q17

Bluestone C2 Fractionation Marcellus 20,000 BPD In Service - 3Q17

Sherwood VIII Processing Plant Marcellus 200 MMcf/d In Service - 3Q17

Majorsville II C2 Fractionation Marcellus 40,000 BPD 4Q17

NGL Pipeline Expansions Marcellus N/A 2017 and 2018

(a)UticaRich- and Dry-Gas Gathering is a joint venture between MarkWest Utica EMG’s and Summit Midstream LLC. Dry-Gas Gathering in the Utica Shale is completed through a joint venture with MarkWest and EMG.
(b)MarkWest and MarkWest Utica EMG shared fractionation capacity
(c)Sherwood Midstream investment

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Growth Capital Forecast
Projects expected to be completed in 2018

Est. Completion Est.

Gathering & Processing Projects Shale Resource Capacity
Date Logistics & Storage Projects Completion
Date
Houston I Processing Plant(a) Marcellus 200 MMcf/d 1Q18
Ozark Pipeline Expansion 2Q18
Sherwood IX Processing Plant(b) Marcellus 200 MMcf/d 1Q18
Robinson Butane Cavern 2Q18
Argo Processing Plant Delaware 200 MMcf/d 1Q18
Texas City Tank Farm 3Q18
Omega Processing Plant Cana-Woodford 75 MMcf/d Mid-2018

Majorsville VII Processing Plant Marcellus 200 MMcf/d 3Q18

Sherwood X Processing Plant(b) Marcellus 200 MMcf/d 3Q18

Sherwood C2 Fractionation Marcellus 20,000 BPD 3Q18

Sherwood XI Processing Plant(b) Marcellus 200 MMcf/d 4Q18

Harmon Creek Processing Plant Marcellus 200 MMcf/d 4Q18

Harmon Creek C2 Fractionation Marcellus 20,000 BPD 4Q18

(a)Replacement of existing Houston 35 MMcf/d plant

(b)Sherwood Midstream investment
(c)MarkWest Utica EMG Joint Venture

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Commodity Price Sensitivities

 95% fee-based net operating margin, 5% commodity exposure for 2017

 Maintain active hedging program with ~40% of our 2017 commodity exposure
currently hedged
 Annual 2017 sensitivities to commodity price changes (assumes no hedges):

Product Commodity Price Change Annual DCF Impact

Natural Gas Liquids (Mont Belvieu) $.05 per weighted average gallon(a) ~$18 MM

Crude Oil (WTI) $1 per BBL ~$1 MM

Natural Gas (Henry Hub) $.50 per MMbtu <$1 MM

NOTE: Net operating margin is calculated as segment revenue less segment purchased product costs less realized derivative gains (losses).
(a)The composition is based on MPLX’s average projected barrel of approximately: Ethane: 35%, Propane: 35%, Iso-Butane: 6%, Normal Butane: 12%, Natural Gasoline: 12%.

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Reconciliation of Adjusted EBITDA and Distributable Cash
from Net Income
($MM) 2013 2014 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017
Net income (loss) 211 239 333 (14) 72 194 182 187 191
Depreciation and amortization 70 75 129 136 151 151 153 187 164
Provision (benefit) for income taxes 1 1 1 (4) (8) - - - 2
Amortization of deferred financing costs - - 5 11 12 11 12 12 13
Non-cash equity-based compensation 1 2 4 2 4 3 1 3 3
(a)The Partnership makes a distinction between
Impairment expense - - - 129 1 - - - -
realized or unrealized gains and losses on
Net interest and other financial costs 1 5 42 57 52 53 53 66 74
derivatives. During the period when a
(Income) loss from equity investments - - (3) (5) 83 (6) 2 (5) (1) derivative contract is outstanding, changes in
Distributions from unconsolidated subsidiaries - - 15 38 40 33 39 33 33 the fair value of the derivative are recorded as
Unrealized derivative (gains) losses(a) - - (4) 9 12 2 13 (16) (3) an unrealized gain or loss. When a derivative
Acquisition costs - - 30 1 (2) - - 4 - contract matures or is settled, the previously
Adjusted EBITDA 284 322 552 360 417 441 455 471 476
recorded unrealized gain or loss is reversed
and the realized gain or loss of the contract is
Adjusted EBITDA attributable to noncontrolling interests (86) (69) (1) (1) - (2) - (1) (2) recorded.
Adjusted EBITDA attributable to Predecessor(b) (87) (87) (215) (57) (66) (64) (64) (47) -
MarkWest’s pre-merger EBITDA(c) - - 162 - - - - - - (b)The Adjusted EBITDA and DCF adjustments
Adjusted EBITDA attributable to MPLX LP 111 166 498 302 351 375 391 423 474 related to the Predecessor are excluded from
Deferred revenue impacts 17 (3) 6 3 4 1 8 8 9 adjusted EBITDA attributable to MPLX LP and
Net interest and other financial costs (2) (6) (35) (57) (52) (53) (53) (66) (74) DCF prior to the acquisition dates.
Maintenance capital expenditures (19) (22) (49) (13) (20) (25) (26) (12) (23) (c)MarkWest pre-merger EBITDA and
Portion of DCF adjustments attributable to Predecessor(b) - - 17 1 2 5 - 2 - undistributed DCF relates to MarkWest’s
Other 7 2 (6) - - (2) (2) (1) 1 EBITDA and DCF from Oct. 1, 2015, through
Distributable cash flow pre-MarkWest undistributed 114 137 431 236 285 301 318 354 387 Dec. 3, 2015.
MarkWest undistributed DCF(c) - - (32) - - - - - -
Distributable cash flow attributable to MPLX LP 114 137 399 236 285 301 318 354 387
Preferred unit distributions - - - - (9) (16) (16) (16) (17)
Distributable cash flow available to GP and LP unitholders 114 137 399 236 276 285 302 338 370

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Reconciliation of Adjusted EBITDA and Distributable Cash
from Net Cash Provided by Operating Activities
($MM) 2Q 2017 2Q 2016 YTD 2017 YTD 2016
Net cash provided by operating activities 467 349 844 670
Changes in working capital items (50) 4 1 (9)
All other, net (16) (5) (32) (22)
Non-cash equity-based compensation 3 4 6 6
Net gain on disposal of assets 2 - 1 - (a)ThePartnership makes a distinction between realized or
Net interest and other financial costs 74 52 140 109
unrealized gains and losses on derivatives. During the
Current income taxes 1 1 1 1 period when a derivative contract is outstanding, changes
Asset retirement expenditures - 2 1 2 in the fair value of the derivative are recorded as an
Unrealized derivative (gains) losses(a) (3) 12 (19) 21 unrealized gain or loss. When a derivative contract
Acquisition costs - (2) 4 (1) matures or is settled, the previously recorded unrealized
Other (2) - - - gain or loss is reversed and the realized gain or loss of
the contract is recorded.
Adjusted EBITDA 476 417 947 777
Adjusted EBITDA attributable to noncontrolling interests (2) - (3) (1) (b)The Adjusted EBITDA and DCF adjustments related to the
Adjusted EBITDA attributable to Predecessor(b) - (66) (47) (123) Predecessor are excluded from adjusted EBITDA
Adjusted EBITDA attributable to MPLX LP 474 351 897 653 attributable to MPLX LP and DCF prior to the acquisition
Deferred revenue impacts 9 4 17 7 dates.
Net interest and other financial costs (74) (52) (140) (109)
Maintenance capital expenditures (23) (20) (35) (33)
Portion of DCF adjustments attributable to Predecessor(b) - 2 2 3
Other 1 - - -
Distributable cash flow attributable to MPLX LP 387 285 741 521
Preferred unit distributions (17) (9) (33) (9)
Distributable cash flow available to GP and LP unitholders 370 276 708 512

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Segment Operating Income Reconciliation to Income
From Operations
($MM) 2Q 2017 2Q 2016
L&S segment operating income attributable to MPLX 208 123
G&P segment operating income attributable to MPLX(a) 313 271
Segment portion attributable to equity affiliates (38) (47)
Segment portion attributable to Predecessor(b) - 80
Income (loss) from equity method investments 1 (83)
Other income – related parties 14 11
Unrealized derivative gains (losses)(c) 3 (12)
Depreciation and amortization (164) (151)
Impairment expense - (1)
General and administrative expenses (57) (63)
Income from operations 280 128
(a)AllPartnership-operated, non-wholly owned subsidiaries are treated as if they are consolidated.
(b)The operating income of the Predecessor is excluded from segment operating income attributable to MPLX LP prior to the acquisition dates.
(c)The Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are

recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded.

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2017 Forecast - Adjusted EBITDA and Distributable Cash Flow
Reconciliation from Net Income

($MM) Low High

Net income 600 750
Depreciation and amortization 690 690
Net interest and other financial costs 380 380
Adjustment for equity investment earnings & distributions 110 110
Unrealized derivative losses(a) (20) (20)
Adjusted EBITDA 1,760 1,910
Adjusted EBITDA attributable to noncontrolling interests (10) (10)
Adjusted EBITDA attributable to MPLX LP 1,750 1,900
Deferred revenue impacts 35 35
Net interest and other financial costs (335) (335)
Maintenance capital expenditures (150) (150)
Distributable cash flow attributable to MPLX LP 1,300 1,450
Preferred unit distributions (65) (65)
Distributable cash flow available to GP and LP unitholders 1,235 1,385

(a)The
Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative
contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract
matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded.

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2017 Forecast - Adjusted EBITDA and Distributable Cash Flow
Reconciliation from Net Cash Provided by Operating Activities

($MM) Low High

Net cash provided by operating activities 1,450 1,600
Changes in working capital items 45 45
All other, net (70) (70)
Non-cash equity based compensation 15 15
Net cash interest and other financial costs 335 335
Asset retirement expenditures 5 5
Unrealized derivative losses(a) (20) (20)
Adjusted EBITDA 1,760 1,910
Adjusted EBITDA attributable to noncontrolling interests (10) (10)
Adjusted EBITDA attributable to MPLX LP 1,750 1,900
Deferred revenue impacts 35 35
Net interest and other financial costs (335) (335)
Maintenance capital expenditures (150) (150)
Distributable cash flow attributable to MPLX LP 1,300 1,450
Preferred unit distributions (65) (65)
Distributable cash flow available to GP and LP unitholders 1,235 1,385
(a)The
Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative
contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract
matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded.

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