Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to __________________ Commission file number 001-35714 MPLX LP (Exact name of registrant as specified in its charter) (State or other juris ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $1.4 billion for Q4 2020 and $5.2 billion for the full year 2020, demonstrating resilience despite industry challenges [7][16] - Distributable cash flow for Q4 was $1.2 billion, providing a strong distribution coverage of 1.58 times, with a leverage ratio of 3.9 times at year-end [16][34] - Capital spending was reduced by over $700 million in 2020, with operating expenses forecasted to decrease by over $200 million [9][10] Business Line Data and Key Metrics Changes - The Logistics and Storage (L&S) segment generated adjusted EBITDA of $884 million, while the Gathering and Processing (G&P) segment contributed $471 million in adjusted EBITDA for Q4 2020 [31] - The L&S segment saw a year-over-year increase of $31 million in adjusted EBITDA, primarily due to lower operating expenses, while the G&P segment increased by $5 million, benefiting from lower operating expenses and higher processed volumes in the Marcellus [33] Market Data and Key Metrics Changes - Volumes across pipeline and terminal systems were lower compared to Q4 2019, mainly due to reduced utilization at MPC's refineries [22] - In the Marcellus region, processed volumes increased by 8% and fractionated volumes increased by 10%, with record processing rates achieved [27][28] Company Strategy and Development Direction - The company announced a growth capital outlook of $800 million for 2021, focusing on high-return projects while maintaining strict capital discipline [11][19] - The company is committed to sustainability and has set goals to reduce methane emissions and improve energy efficiency, positioning itself for future growth in the ESG space [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of refined product demand and the overall market environment, while preparing for both positive and negative scenarios [95][96] - The company anticipates continued cash flow generation and plans to return excess cash to unitholders through unit repurchases and distributions [19][35] Other Important Information - The company successfully generated excess cash flow for the first time in its history after capital investments and distributions in 2020 [18][35] - The Javelina facility sale is expected to have a minimal impact on EBITDA, as it is a smaller asset not aligned with long-term strategic goals [62] Q&A Session Summary Question: What are the priorities for excess cash generation? - Management indicated that the priority would be to buy back units due to favorable equity trading conditions, while also considering leverage and distribution growth [40][41] Question: What is the outlook for maintenance capital? - Maintenance capital is expected to be $165 million in 2021, influenced by previous lower utilization and ongoing maintenance activities [46][48] Question: What is the expectation for G&P activity across the footprint? - Management remains optimistic about growth in the Marcellus and Permian areas, despite declines in other regions, and anticipates a slow growth model for natural gas [54][56] Question: What is the impact of the Javelina asset sale on EBITDA? - The Javelina asset sale is not expected to significantly impact the 2021 EBITDA outlook, as it is a smaller facility [62][63] Question: How does the company view contract renewals with MPC? - Management expects MPC to renew contracts with MPLX, as the assets are integral to MPC's logistics needs [26][58]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q ____________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35714 _________ ...

Third-Quarter 2020 Earnings Conference Call November 2, 2020 Forward‐Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (MPLX). These forward-looking statements relate to, among other things, MPLX's expectations, estimates and projections concerning the business and operations, financial priorities and strategic plans of MPLX. These statements are accompanied by cautionary language identifying important factors, though not ...

MPLX LP (NYSE:MPLX) Q3 2020 Results Earnings Conference Call November 2, 2020 11:00 AM ET Company Participants Kristina Kazarian - VP IR Mike Hennigan - President and CEO Pam Beall - CFO Timothy Griffith - President, Speedway LLC Conference Call Participants Jeremy Tonet - JPMorgan Shneur Gershuni - UBS John Mackay - Goldman Sachs Christine Cho - Barclays Michael Blum - Wells Fargo Spiro Dounis - Credit Suisse T J Schultz - RBC Capital Keith Stanley - Wolfe Research Tristan Richardson - Truist Securities Uj ...

Second-Quarter 2020 Earnings Conference Call August 3, 2020 Forward‐Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (MPLX). These forward-looking statements relate to, among other things, MPLX's expectations, estimates and projections concerning the business and operations, financial priorities and strategic plans of MPLX. These statements are accompanied by cautionary language identifying important factors, though not ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q ____________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35714 ______________ ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2020 was reported at $1.2 billion, relatively flat compared to Q1 2020 EBITDA, indicating stability despite challenges [10][30] - Distributable cash flow for the quarter was $1 billion, providing a distribution coverage of 1.39 times and a leverage ratio of 4.1 times [17][33] - The company achieved a reduction in capital spending target for 2020 by over $700 million and operating expenses by approximately $200 million [7][11] Business Line Data and Key Metrics Changes - The Logistics and Storage (L&S) segment reported adjusted EBITDA of $839 million, while the Gathering and Processing (G&P) segment contributed $388 million in adjusted EBITDA [30] - L&S segment experienced a decrease in pipeline and terminal throughput due to lower refinery utilization at MPC's refineries [18] - G&P segment saw a decrease in gathered and processed volumes primarily due to production curtailments and shut-ins driven by low commodity prices [26] Market Data and Key Metrics Changes - Gathered volumes in the Marcellus increased by 9%, while in the Utica, they decreased by 1% due to a shift to dry gas production [27] - Overall, the company noted a decrease in gathered and processed volumes compared to Q2 2019, primarily due to lower NGL prices and production curtailments [32] Company Strategy and Development Direction - The company is focused on maintaining capital discipline and targeting about 75% of growth capital towards the L&S side of the business, with ongoing projects like the Wink-to-Webster crude oil pipeline and the Whistler natural gas pipeline [12][19] - A joint venture was formed with WhiteWater Midstream and West Texas Gas to provide NGL takeaway capacity, optimizing existing infrastructure with limited initial construction [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges posed by the COVID-19 pandemic but expressed confidence in the company's ability to generate stable EBITDA and achieve positive free cash flow in 2021 [8][9] - The company emphasized its commitment to sustainability and diversity, highlighting the publication of its 2019 sustainability report [14][15] Other Important Information - The company entered into a redemption agreement with MPC, transferring its Western wholesale distribution business in exchange for the redemption of $340 million MPLX common units [23] - Regulatory and legal challenges are being faced by the Bakken assets, including the DAPL pipeline, with a potential maximum annual EBITDA impact of less than $100 million [24][25] Q&A Session Summary Question: Impact of COVID-19 on Distribution - Management reaffirmed the distribution at the current level, emphasizing its importance to MPLX's value proposition and the stability of its EBITDA profile [39][42] Question: Refinery Utilization and Minimum Volume Commitments - Management expects volumes to pick up in Q3, reflecting a rebound in demand, with some systems running below minimum volume commitments during Q2 [45] Question: Impact of Refinery Closures - No expected impact on EBITDA from the Gallup refinery closure, as crude will be redirected to other logistics systems [54][56] Question: Gathering and Processing Recovery Trends - Some curtailed wells have come back online, with utilization in the Marcellus close to 90% as of July [58] Question: Use of Proceeds from Speedway Sale - The priority for proceeds from the Speedway sale is to strengthen the balance sheet and return capital to shareholders, with no plans to buy back MPLX assets [63][64] Question: Tesoro High Plains Pipeline Situation - The system could continue to run with minimal impact, maintaining a large share of EBITDA despite regulatory challenges [87][89] Question: Future Capital Expenditures and Returns - The new NGL pipeline project is expected to be capital efficient, with construction completion anticipated by Q4 2021 [82]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35714 _____________________________________________ MPLX LP Washington, D.C. 20549 _____________________________________________ FORM 10-Q ____________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to __________________ Commission file number 001-35714 MPLX LP (Exact name of registrant as specified in its charter) Delaware 27-0005456 ( ...