MPLX LP : MPLX LP Announces Fourth-Quarter 2012 Financial Results

      MPLX LP : MPLX LP Announces Fourth-Quarter 2012 Financial Results

  *Completed initial public offering (IPO) on Oct. 31

  *Reported $18.2 million of Adjusted EBITDA attributable to MPLX for
    post-IPO period

  *Generated $16.7 million of distributable cash flow

  *Declared $0.1769 per unit initial quarterly prorated distribution 

  *Established strong financial position and liquidity to support growth

FINDLAY, Ohio, Jan. 30, 2013 - MPLX LP (NYSE: MPLX), for the period beginning
Oct. 31, 2012, and ending Dec. 31, 2012 (the "post-IPO period"), reported net
income attributable to MPLX of $13.1 million, or $0.18 per common limited
partner unit. For the post-IPO period, Adjusted EBITDA attributable to MPLX
was $18.2 million and distributable cash flow attributable to MPLX was $16.7
million.

On Jan. 24, the board of directors declared its first regular cash
distribution of $0.1769 per unit. This amount represents the prorated minimum
quarterly distribution of $0.2625 per unit, or $1.05 per unit on an annualized
basis.

"Our objective is to create a leading master limited partnership focused on
hydrocarbon-based midstream assets, and we are enthusiastic about MPLX's
prospects," said MPLX Chairman and Chief Executive Officer Gary R. Heminger.
"MPLX has multiple revenue and earnings expansion options to support an
attractive distribution growth profile over an extended period of time. We
intend to provide unitholders continuing confidence in MPLX's consistent cash
generation and distribution-growth capabilities."

Heminger said that MPLX will benefit from Marathon Petroleum Corporation's
(MPC) more than 100 years of experience in the midstream business. "Our
operational excellence is backed by a long-established culture of safety,
environmental stewardship and efficiency that has grown along with the
upstream and downstream operators we serve," said Heminger. "Our unitholders
will benefit from this values-driven legacy as it continues to contribute to
our success."

Discussion of results
MPLX revenues and other income for the post-IPO period totaled $83.6 million,
driven primarily by total pipeline throughput of 2.07 million barrels per day.
MPC - MPLX's general partner - and related parties accounted for approximately
87 percent of those revenues, including revenues attributable to volumes
shipped by MPC under joint tariffs with third parties, which are treated as
third-party revenue for accounting purposes. After deducting the 49 percent
interest retained by MPC, Adjusted EBITDA attributable to MPLX for the
post-IPO period was $18.2 million. The financial results for the post-IPO
period were consistent with MPLX management's expectations.

Prior to the IPO on Oct. 31, 2012, net income attributable to MPLX included
the results of two pipeline systems not contributed to MPLX. The post-IPO
period does not include the results from these systems. In addition, the
results for the post-IPO period are reduced by the 49 percent interest in MPLX
pipeline systems retained by MPC. As a result, net income attributable to MPLX
of $28.9 million for the fourth quarter of 2012 is not comparable on a
period-to-period basis.

Progress continues on MPLX's multiyear Patoka-to-Catlettsburg pipeline system
expansion project, with all the 2012 work completed as planned. The project
continues to be targeted for completion in late 2014.

As of Dec. 31, 2012, MPLX had $216.7 million of cash, primarily to prefund
$177.6 million of planned capital projects. The partnership also had access to
a $500 million unused revolving credit facility available to fund organic
growth opportunities or acquisitions from MPC or from third parties.

Conference call
At 2 p.m. EST today, MPLX will hold a webcast and conference call to discuss
the reported results and provide an update on partnership operations.
Interested parties may listen to the conference call on MPLX's website at
http://www.mplx.com by clicking on the "2012 Financial Results" link, found
under the News and Headlines section. Replays of the conference call will be
available on the partnership's website through Thursday, Feb. 14.

# # #

About MPLX LP
MPLX is a fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire
pipelines and other midstream assets related to the transportation and storage
of crude oil, refined products and other hydrocarbon-based products.
Headquartered in Findlay, Ohio, MPLX's assets consist of a 51 percent interest
in a network of common carrier crude oil and products pipeline assets located
in the Midwest and Gulf Coast regions of the United States and a 100 percent
interest in a butane storage cavern located in West Virginia.

Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559

Media Contacts:
Angelia Graves (419) 421-2703
Jamal Kheiry (419) 421-3312

In addition to our financial information presented in accordance with U.S.
generally accepted accounting principles (GAAP), management utilizes
additional Non-GAAP measures to facilitate comparisons of past performance and
future periods. This news release and supporting schedules include the
Non-GAAP measures "Adjusted EBITDA" and "Distributable Cash Flow."We believe
certain investors use "Adjusted EBITDA" to evaluate MPLX's financial
performance between periods and to compare MPLX's performance to certain
competitors.We believe certain investors use "Distributable Cash Flow" to
determine the amount of cash generated from the partnership's operations and
available for distribution to its unitholders. These additional financial
measures are reconciled from the most directly comparable measures as reported
in accordance with GAAP and should be viewed in addition to, and not in lieu
of, our consolidated financial statements and footnotes.

This press release contains forward-looking statements within the meaning of
the federal securities laws. These forward-looking statements relate to, among
other things, MPLX's expectations, estimates and projections concerning MPLX
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 issuer's control
and are difficult to predict. Factors that could cause actual results to
differ materially from those in the forward-looking statements include: the
adequacy of our capital resources and liquidity, including, but not limited
to, availability of sufficient cash flow to pay distributions and execute our
business plan; 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 our 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 our commercial agreements; our ability to successfully implement our
growth strategy, 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 our industry; and the factors
set forth under the heading "Risk Factors" in MPLX's Prospectus filed with the
Securities and Exchange Commission (the "SEC") on October 29, 2012. 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 or in MPLX's Prospectus
could also have material adverse effects on forward-looking statements. Copies
of MPLX's Prospectus are available on the SEC website, at http://ir.mplx.com
or by contacting MPLX's Investor Relations Office.

Results of Operations

Factors Affecting Comparability

The following tables present net income attributable to MPLX LP, distributable
cash flow attributable to MPLX LP, Adjusted EBITDA attributable to MPLX LP and
related operational information for the three- and twelve-month periods ended
Dec. 31, 2012, and Dec. 31, 2011. Prior to Oct. 31, 2012, MPLX results
included minority undivided joint interests in two crude oil pipeline systems
that were not contributed to MPLX at the IPO. One hundred percent of the net
income related to the assets that were contributed to MPLX was included in
results prior to Oct. 31, while results for the post-IPO period reflect only
the 51 percent general partner interest contributed to MPLX by deducting the
49 percent interest retained by MPC. The Neal, W.Va., butane cavern financial
results are only included starting Oct. 31, 2012. Additional differences in
revenues and expenses are detailed in the factors affecting the comparability
of our financial results in the Management's Discussion and Analysis of
Financial Condition and Results of Operations section of the prospectus filed
in connection with the IPO. The unaudited combined financial results of MPLX
LP Predecessor, our predecessor for accounting purposes, are presented for
periods through Oct. 30, 2012.

Results of Operations
(unaudited)
Predecessor and
Partnership
                                MPLX LP
                             Predecessor         MPLX LP
                                                 10/31/12
                            10/1/12 Through       Through       Three months
(In millions)                   10/30/12         12/31/12     ended 12/31/12
Revenues and other income:
 Sales and other
operating revenues           $      5.9 $     15.0  $     20.9
 Sales to related
parties                                  37.1            64.9            102.0
 Other income                           0.6             1.3              1.9
 Other income - related                              
parties                            1.1            2.4       3.5
   Total revenues and
other income                       44.7      83.6       128.3
Costs and expenses:
 Cost of revenues
(excludes items below)                   14.5            22.5             37.0
 Purchases from related
parties                                   6.7            16.4             23.1
 Depreciation                           3.7             7.9             11.6
 General and
administrative expenses                   3.3             9.2             12.5
                                                       
 Other taxes                     0.6            1.0       1.6
   Total costs and
expenses                           28.8      57.0       85.8
Income from operations                   15.9            26.6             42.5
 Interest and other                                   
financial income (costs)           -          (0.2)      (0.2)
Income before income taxes               15.9            26.4             42.3
 Provision for income                                
taxes                              0.1            0.1       0.2
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

Results of Operations
(unaudited)
                                 Three Months Ended      Twelve Months Ended
                                    December 31              December 31
(In millions, except per-unit
data)                            2012         2011        2012        2011
Revenues and other income:
 Sales and other operating
revenues                       $   20.9    $  17.6   $  74.4   $  62.1
 Sales to related parties         102.0         81.4       367.8       334.8
 Loss on sale of assets               -            -       (0.3)           -
 Other income                       1.9          2.0         6.9         4.3
 Other income - related
parties                           3.5      3.1     13.1     9.4
   Total revenues and
other income                      128.3      104.1     461.9     410.6
Costs and expenses:
 Cost of revenues (excludes
items below)                         37.0         48.6       173.8       162.9
 Purchases from related
parties                              23.1          7.5        44.4        29.0
 Depreciation                      11.6          8.9        39.4        36.3
 General and administrative
expenses                             12.5         11.4        49.8        38.5
 Other taxes                    1.6      3.1     11.3     11.9
   Total costs and
expenses                          85.8      79.5     318.7     278.6
Income from operations               42.5      24.6     143.2     132.0
 Related party interest and
other financial income                  -          0.2         1.3         2.3
 Interest and other
financial income (costs)         (0.2)      -    (0.2)    (0.2)
Income before income taxes           42.3        24.8      144.3      134.1
 Provision for income taxes     0.2      0.1     0.3     0.1
Net income                         42.1         24.7       144.0       134.0
Less:
 Net income attributable to                                            
MPC-retained interest             13.2      -     13.2          -
Net income attributable to
MPLX LP                        $   28.9    $  24.7    $ 130.8    $ 134.0
Less: Predecessor income
prior to IPO on 10/31/12          15.8                  117.7
Net income attributable to
MPLX LP subsequent to IPO            13.1                     13.1
Less: General Partner's
interest in net income
attributable to MPLX LP
subsequent to IPO                 0.2                  0.2
Limited Partners' interest in
net income attributable to
MPLX LP subsequent to IPO      $   12.9               $   12.9
Net income attributable to
MPLX LP subsequent to IPO per
limited partner unit (basic
and diluted):
 Common                      $   0.18               $   0.18
 Subordinated - MPC                0.17                     0.17
Limited partner units
outstanding (basic and
diluted):
 Common units - Public             19.9                     19.9
 Common units - MPC                17.1                     17.1
 Subordinated units - MPC          37.0                     37.0

Other Financial Information (unaudited)
                                        Three Months Ended Twelve Months Ended
                                           December 31         December 31
(In millions, except per-unit and ratio        2012               2012
data)

Minimum Quarterly Distribution per unit
(prorated)                                     $ 0.1769           $ 0.1769
Adjusted EBITDA attributable to MPLX LP
subsequent to IPO                            $   18.2         $   18.2
Distributable Cash Flow attributable to
MPLX LP subsequent to IPO                    $   16.7         $   16.7
Distribution declared:
 Limited partner units - Public           $    3.5        $    3.5
 Limited partner units - MPC                      9.5                9.5
 General partner units - MPC                 0.3            0.3
   Total distribution declared           $   13.3         $   13.3
Coverage ratio                                    1.25x              1.25x

Reconciliation of
Distributable Cash Flow
attributable to MPLX LP
and Adjusted EBITDA
attributable to MPLX LP to
Net Income (unaudited)
                              MPLX LP
                           Predecessor    MPLX LP       Three      Twelve 
                              10/1/12      10/31/12      Months      Months
                              Through      Through       Ended      Ended
(In millions)                10/30/12      12/31/12    12/31/12    12/31/12
Net income                 $    15.8  $   26.3 $    42.1 $   144.0
Less:
 Net income attributable                                         
to MPC-retained interest              -     13.2     13.2        13.2
Net income attributable to
MPLX LP                             15.8         13.1         28.9       130.8
Add:
 Net income attributable
to MPC-retained interest               -         13.2         13.2        13.2
 Depreciation                      3.7          7.9         11.6        39.4
 Provision for income
taxes                                0.1          0.1          0.2         0.3
 Non-cash equity-based
compensation                          -        0.1       0.1       0.1
Less:
 Net interest and other                                     
financial income (costs)              -    (0.2)        (0.2)         1.1
Adjusted EBITDA                     19.6         34.6         54.2       182.7
Less:
 Adjusted EBITDA
attributable to                                                    
MPC-retained interest                 -     16.4     16.4        16.4
Adjusted EBITDA
attributable to MPLX LP     $    19.6         18.2         37.8       166.3
Less:
 Predecessor Adjusted
EBITDA prior to IPO on                         
10/31/12                                           -     19.6    148.1
Adjusted EBITDA
attributable to MPLX LP
subsequent to IPO                                18.2         18.2        18.2
Less:
 Cash interest paid, net                        0.2          0.2         0.2
 Income taxes paid                                -            -           -
 Maintenance capital
expenditures paid                                 3.4          3.4         3.4
Plus:
 Increase (decrease) in
deferred revenue for
committed volume                                                    
deficiencies                                 2.1          2.1         2.1
Distributable Cash Flow                                                $   
attributable to MPLX LP                   $   16.7 $    16.7        16.7



Reconciliation of Distributable Cash Flow attributable to MPLX LP and Adjusted
EBITDA attributable to MPLX LP to NetCashProvided by Operating Activities
(unaudited)
                                     Three Months Ended  Twelve Months Ended 
(In millions)                            12/31/12             12/31/12
Net cash provided by operating
activities                            $       68.8     $      190.6
Less:
 Net loss on disposal of assets                      -                   0.3
 Net interest and other financial
income (costs)                                     (0.2)                   1.1
 Changes in working capital items                 18.1                  15.9
 All other, net                                  (3.0)                 (8.9)
Plus:
 Non-cash equity based
compensation                                         0.1                   0.1
 Current income tax expense                0.2           0.4
Adjusted EBITDA                                     54.2                 182.7
Less:
 Adjusted EBITDA attributable to
MPC-retained interest                        16.4           16.4
Adjusted EBITDA attributable to
MPLX LP                                          37.8                 166.3
Less:
 Predecessor Adjusted EBITDA
prior to IPO on 10/31/12                     19.6           148.1
Adjusted EBITDA attributable to
MPLX LP subsequent to IPO                        18.2              18.2
Less:
 Cash interest paid, net                           0.2                   0.2
 Income taxes paid                                   -                     -
 Maintenance capital expenditures
paid                                                 3.4                   3.4
Plus:
 Increase (decrease) in deferred
revenue for committed volume
deficiencies                                 2.1           2.1
Distributable Cash Flow
attributable to
MPLX LP                                $      16.7    $       16.7




Selected Operating Data
(unaudited)
Predecessor and Partnership
                      MPLX LP        MPLX LP
                    Predecessor     10/31/12       Three
                      10/1/12  through  through       Months
                                      10/30/12       12/31/12  Ended 12/31/12
Pipeline throughput (thousands
of barrels per day):
 Crude oil pipelines                     1,179      1,123          1,141
 Product pipelines                       1,116     948       1,003
  Total                                2,295     2,071       2,144
 Crude oil pipelines in light
equivalent barrels                            1,257       1,244          1,248
Average tariff rates ($ per
barrel)
 Crude oil pipelines                   $   0.64  $   0.60     $   0.62
 Product pipelines                           0.56        0.55           0.55
 Total pipelines                           0.60      0.58         0.59

Selected Operating Data (unaudited)
                                       Three Months Ended  Twelve Months Ended
                                           December 31         December 31
                                         2012      2011      2012      2011
Pipeline throughput (thousands of
barrels per day):
 Crude oil pipelines                     1,141     1,137     1,147     1,184
 Product pipelines                     1,003   1,007    980   1,031
   Total                              2,144   2,144    2,127   2,215
 Crude oil pipelines in light
equivalent barrels                       1,248     1,200     1,219     1,259
Average tariff rates ($ per barrel)
 Crude oil pipelines                    $ 0.62    $ 0.47    $ 0.57    $ 0.48
 Product pipelines                        0.55      0.49      0.51      0.46
 Total pipelines                         0.59    0.48    0.54    0.47

Selected Financial Data
(unaudited)
Predecessor and Partnership 
 
                                  MPLX LP
                                Predecessor       MPLX LP
                                  10/1/12         10/31/12          Three
                                  Through         Through          Months
(In millions)                    10/30/12         12/31/12     Ended 12/31/12
Capital Expenditures:
                              $      5.0 $      4.7 $       
 Maintenance                                                             9.7
                                    7.4       10.1         
 Expansion                                                              17.5
   Total Capital                      12.4             14.8            27.2
Expenditures
Less:
 Increase (decrease) in               (1.9)            (3.9)           (5.8)
capital accruals
                                    4.4       2.2        
 Retirement expenditures                                                 6.6
Additions to property, plant  $      9.9  $     16.5   $      
and equipment                                                             26.4

Selected Financial Data
(unaudited)
                                        Three                  Twelve
                                    Months Ended            Months Ended
                                     December 31             December 31
(In millions)                     2012        2011        2012        2011
Capital Expenditures:
 Maintenance                 $    9.7 $    7.7  $   24.5  $   14.3
 Expansion                       17.5     22.5     123.5     41.6
   Total Capital
Expenditures                          27.2        30.2       148.0        55.9
Less:
 Increase (decrease) in
capital accruals                     (5.8)         1.4         3.2         4.1
 Retirement expenditures         6.6     1.2     9.2     2.0
Additions to property, plant
and equipment                   $   26.4  $   27.6   $  135.6  $   49.8

Balance Sheet Data (unaudited)
                                                December 31     December 31
(In millions, except ratio data)                    2012            2011
Cash and cash equivalents                      $    216.7 $      0.1
Total assets                                          1,301.3          1,303.1
Long term debt^(a)                                       11.3             11.9
Total equity/net investment                           1,226.8          1,239.2
Consolidated Total Debt to Consolidated EBITDA
ratio (covenant basis)                                    0.1              n/a

(a)  Including amounts due within one year

MPLX LP 4Q 2012 Results

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