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2016-02-03

MPLX LP: MPLX LP Reports Fourth-Quarter and Full-Year 2015 Financial Results

* Completed strategic combination with MarkWest on Dec. 4
* Reported fourth-quarter 2015 adjusted EBITDA of $286 million and
distributable cash flow of $227 million
* Delivered 29.1 percent distribution growth in 2015 with a 1.27 coverage
ratio
* MPC offered to contribute its inland marine business to the partnership in
exchange for MPLX equity
* Commenced operation of three major facilities in the Marcellus shale

FINDLAY, Ohio, Feb. 3, 2016 - MPLX LP (NYSE: MPLX) today reported
fourth-quarter and full-year 2015 financial results. Effective Dec. 4, 2015,
MPLX and MarkWest Energy Partners (MarkWest) completed the previously
announced merger by which MarkWest became a wholly-owned subsidiary of MPLX
and together formed one of the largest master limited partnerships (MLPs) in
the U.S. The financial and operational results of MarkWest are included in
MPLX's results from the date of the merger, unless otherwise noted.

-------------------------------------------------------------------------------------------------------------
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions, except per unit) 2015 2014 2015 2014 |
| Net income attributable to MPLX(a) $ 18 $ 29 $ 156 $ 121 |
| Adjusted EBITDA attributable to MPLX(b) 286 42 486 166 |
| Distributable cash flow attributable to MPLX(b) 227 32 399 137 |
| Distribution per unit 0.5000 0.3825 1.8200 1.4100 |
| Growth capital expenditures(a)(c)(d) 145 21 249 51 |
-------------------------------------------------------------------------------------------------------------

(a) Reflects the results of MarkWest from the date of the merger, Dec. 4,
2015.

(b) Non-GAAP measure including MarkWest from Oct. 1, 2015. See
reconciliation below.
(c) Excludes non-affiliated joint-venture (JV) members' share of capital
expenditures.
(d) See reconciliation below.

"MPLX's successful combination with MarkWest creates a diversified, large-cap
MLP with compelling long-term growth opportunities," said Gary R. Heminger,
MPLX chairman and chief executive officer. "The combination expands our asset
base and positions us to continue supporting natural gas liquids development
in North America, which provides significant future earnings potential. Our
commitment to a strong balance sheet, fee-based cash flows, and supportive
sponsor position us for sustainable growth."

Heminger noted that, in addition to this substantial diversification, MarkWest
also adds scale to the partnership. "MarkWest has long-term relationships
with many producers who operate in the most economic shale plays in the
country. The MarkWest leadership team has a demonstrated record of
successfully executing midstream organic capital programs to meet producers'
needs," Heminger said. "Together with MPLX's existing crude oil and refined
products logistics and storage network, we have the ability to pursue
projects along the entire hydrocarbon value chain. These opportunities,
combined with prospective drop-downs from our sponsor Marathon Petroleum
Corporation [NYSE: MPC], are expected to contribute to the partnership's
long-term growth profile."

Heminger highlighted the partnership's strategic advantages in its
newly-acquired, full-service midstream assets, saying, "MarkWest has the
right assets in the right locations. Even in the current market conditions,
we continue to see increased volumes in the Marcellus and Utica shales. We
believe the partnership is well-positioned to execute its future growth
strategy."

During the fourth quarter of 2015, Heminger indicated that in light of the
higher MLP yield environment, drop-down transactions could be expected as
early as 2016. Consistent with this guidance, MPC recently offered to
contribute its inland marine business to MPLX, with funding anticipated to
consist entirely of MPLX equity issued to MPC. The transaction is expected to
close in the second quarter, pending requisite approvals. Heminger noted that
an all-unit transaction and a supportive valuation demonstrate MPC's support
and provide MPLX a more attractive alternative than accessing the public
capital markets. He stressed that MPLX remains committed to maintaining an
investment-grade credit profile, which is supported by the anticipated
issuance of equity to MPC. MPLX is targeting a leverage ratio of
approximately 4.0 times by the end of the year.

"The inland marine business has high-quality assets and is strategically
located in key markets. Essentially all of its operations support the
movement of crude oil and refined products for MPC," said Heminger. "The cash
flows generated from the marine business will further diversify the
partnership's earnings stream." Heminger emphasized the fee-for-capacity
arrangement associated with these assets and the highly predictable earnings
they are expected to generate for the partnership.

As announced on Jan. 25, the board of directors of MPLX's general partner
declared a distribution of $0.50 per common unit, resulting in a 1.20 times
distribution coverage ratio for the fourth quarter. Since the partnership's
initial public offering in October 2012, the MPLX board has authorized
distribution increases for 12 consecutive quarters, representing a compound
annual growth rate of 24 percent over its minimum quarterly distribution. The
partnership achieved its forecasted increase to distributions of 29 percent
in 2015.

"The continued decline in commodity prices, and the market's increasing belief
that these conditions will persist for some period of time, has resulted in a
challenging valuation and a higher yield environment within the MLP space,"
said Heminger, also noting that many MLPs have taken steps to address the
deteriorating market conditions with significant reductions to either
distributions or distribution growth rates. "Given current market conditions,
more modest growth in volumes of natural gas and natural gas liquids, the
increase in our yield and the impacts to our valuation, we are now
forecasting distribution growth of 12 to 15 percent for 2016, which is among
the highest for large-cap, diversified MLPs." He said this guidance considers
the continuing supportive measures expected from MPC, which include those in
connection with the anticipated marine transaction, the expected placement of
additional equity with MPC, incubating projects for future acquisition by
MPLX, and the ability to borrow from MPC via an inter-company loan agreement.
As MPC continues to evaluate the support options available, it is expected to
consider the capital allocation needs of both companies.

"We will assess the distribution growth rate for 2017 later this year and
provide guidance around the partnership's growth expectations at that time,"
Heminger said. "We are continuing to build our financial strength and
preserve capital to achieve sustainable long-term growth." He reiterated that
continuing support anticipated from its sponsor and maintaining an
investment-grade credit profile should allow the partnership to manage the
near-term challenges and provide long-term growth. "As we continue to
optimize our growth capital investments to support our producer customers and
diversify our asset base through acquisitions and drop-downs from our
sponsor, we look forward to increasing our steady earnings streams and
capitalizing on the opportunities available to us."
Operational Highlights

* Commenced operation of one processing plant and two fractionation
facilities in the Marcellus shale, increasing the partnership's total
processing capacity by 200 million cubic feet per day and fractionation
capacity by 73,000 barrels per day
* Completed 1.24 million barrel expansion at the Patoka tank farm to support
the startup of the Southern Access Extension pipeline, which commenced
operations in December 2015
* 10 major processing and fractionation projects currently under construction
on a just-in-time basis; five expected to be completed in 2016 to meet
forecasted growth in producer volumes

Segment Results

MPLX has two reportable segments: Logistics and Storage, and Gathering and
Processing. Each of these segments is organized and managed based upon the
nature of the products and services it offers. Segment results represent
income from operations attributable to the reportable segments, including
partially-owned entities operated by the partnership that are accounted for
as equity method investments. Segment results are also adjusted to exclude
the portion of income from operations attributable to the noncontrolling
interests related to partially-owned entities that are either consolidated or
recorded based upon the equity method investment.

* Logistics and Storage - transports and stores crude oil, refined products
and other hydrocarbon-based products. This segment generally corresponds to
the MPLX business prior to the MarkWest acquisition.
* Gathering and Processing - gathers, processes and transports natural gas;
gathers, transports, fractionates, stores and markets natural gas liquids
(NGLs). This segment generally corresponds to the MarkWest business, which
was acquired on Dec. 4, 2015.

------------------------------------------------------------------------------------------------------
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions) 2015 2014 2015 2014 |
| |
| Logistics and Storage $ 71 $ 57 $ 322 $ 213 |
| Gathering and Processing 76 - 76 - |
| Segment operating income attributable to MPLX LP(a) $ 147 $ 57 $ 398 $ 213 |
| |
------------------------------------------------------------------------------------------------------

(a) See reconciliation below for details.

Logistics and Storage segment operating income for the fourth quarter of 2015
was $71 million, compared with $57 million over the same period in 2014. For
the full-year 2015, Logistics and Storage segment operating income was $322
million, compared with $213 million for the full-year 2014. The increase in
the fourth quarter and full year was primarily due to the acquisition of the
remaining interest in MPLX Pipe Line Holdings LP and higher average tariff
rates. The fourth quarter increase was partially offset by a reduction in
transported volumes and the full year increase was partially offset by a
reduction in the amount of deferred revenue recognized from volume deficiency
credits.

Gathering and Processing segment operating income increased for the three and
twelve months ended Dec. 31, 2015, compared to the same periods in 2014. This
increase is due to the acquisition of MarkWest.

Corporate general and administrative expenses, unrealized derivative gains and
depreciation and amortization are not allocated to the reportable segments.
MPLX management does not consider these items allocable to or controllable by
any individual segment, and therefore, excludes these items when evaluating
segment performance.

Financial Position and Liquidity

In connection with the combination, we assumed an aggregate principal amount
of $4.1 billion in senior notes issued by MarkWest and MarkWest Energy
Finance Corporation. On Dec. 22, 2015, we completed offers to exchange any
and all outstanding MarkWest senior notes for up to $4.1 billion aggregate
principal amount of new notes issued by MPLX having the same maturity and
interest rates as the MarkWest senior notes. The exchange was completed for
98.4 percent, or $4.0 billion, of MarkWest senior notes.

On Dec. 4, 2015, our existing credit agreement was amended to, among other
things, increase the aggregate amount of our bank revolving credit capacity
from $1.0 billion to $2.0 billion.

On Dec. 4, 2015, MPLX entered into a loan agreement with MPC Investment LLC, a
wholly-owned subsidiary of MPC, providing for a $500 million revolving credit
facility which is scheduled to mature on Dec. 4, 2020. As of Dec. 31, 2015,
there was $8 million in borrowings outstanding under this facility.

As of Dec. 31, 2015, MPLX had $43 million in cash. In addition, MPLX had $1.12
billion of remaining capacity under its $2 billion bank revolving credit
facility, as well as $492 million available under the facility with MPC. MPLX
reported a leverage ratio of 4.7 times on a covenant basis. MPLX remains
committed to maintaining an investment grade credit profile and is targeting
a leverage ratio of 4.0 times by the end of 2016.

2016 Forecast

For 2016, MPLX forecasts net income in a range of $325 million to $485
million, adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) in a range of $1.25 billion to $1.40 billion and
distributable cash flow (DCF) in a range of $970 million to $1.10 billion
based on its current forecast of operational volumes, commodity prices, and
derivative instruments currently outstanding. A $0.05 per gallon change in
NGL prices is forecasted to result in an approximate $18 million change to
DCF.

MPLX is forecasting distribution growth of 12 to 15 percent for 2016.

MPLX's portion of growth capital expenditures for 2016 is forecasted in a
range of $1.0 billion to $1.5 billion. Maintenance capital for 2016 is
forecasted at approximately $61 million.
Conference Call

At 2 p.m. EST today, MPLX will hold a conference call and webcast to discuss
the reported results and provide an update on operations. Interested parties
may listen to the conference call by dialing 1-800-447-0521 (confirmation
#41539371) or by visiting MPLX's website at http://www.mplx.com and clicking
on the "2015 Fourth-Quarter Financial Results" link in the "News&Headlines"
section. Replays of the conference call will be available on MPLX's website
through Wednesday, Feb. 17. Investor-related material will also be available
online prior to the conference call and webcast at http://ir.mplx.com.

###

About MPLX LP

MPLX is a diversified, growth-oriented master limited partnership formed in
2012 by Marathon Petroleum Corporation to own, operate, develop and acquire
midstream energy infrastructure assets. We are engaged in the gathering,
processing and transportation of natural gas; the gathering, transportation,
fractionation, storage and marketing of NGLs; and the transportation and
storage of crude oil and refined petroleum products. Headquartered in
Findlay, Ohio, MPLX's assets consist of a network of common carrier crude oil
and products pipeline assets located in the Midwest and Gulf Coast regions of
the United States, a butane storage cavern located in West Virginia with
approximately 1 million barrels of natural gas liquids storage capacity,
crude oil and product storage facilities (tank farms) with approximately 4.5
million barrels of available storage capacity, a barge dock facility with
approximately 78,000 barrels per day of crude oil and product throughput
capacity and gathering and processing assets which includes more than 5,000
miles of gas gathering and NGL pipelines, over 50 gas processing plants, more
than 10 NGL fractionation facilities and one condensate stabilization
facility.

Investor Relations Contacts:

Lisa Wilson (419) 421-2071
Kevin Hawkins (866) 858-0482

Media Contacts:

Chuck Rice (419) 421-2521
Brandon Daniels (419) 421-3127

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 press release and supporting schedules include the
non-GAAP measures adjusted EBITDA and distributable cash flow (DCF). DCF and
adjusted EBITDA should not be considered separately from or as a substitute
for net income, income from operations, or cash flow as reflected in our
financial statements. The GAAP measure most directly comparable to adjusted
EBITDA and DCF is net income and net cash provided by operating activities.
We define adjusted EBITDA as net income adjusted for (i) depreciation and
amortization; (ii) provision for income taxes; (iii) non-cash equity-based
compensation; (iv) net interest and other financial costs; (v) equity
investment income; (vi) equity method distributions; and (vii) acquisition
costs. In general, we define DCF as adjusted EBITDA plus (i) the current
period cash received/deferred revenue for committed volume deficiencies less
(ii) net interest and other financial costs; (iii) unrealized gain on
commodity hedges; (iv) equity investment capital expenditures paid out; (v)
equity investment cash contributions; (vi) maintenance capital expenditures
paid; (vii) volume deficiency credits recognized; and (viii) other non-cash
items.

Adjusted EBITDA is a financial performance measure used by management,
industry analysts, investors, lenders, and rating agencies to assess the
financial performance and operating results of our ongoing business
operations. Additionally, we believe adjusted EBITDA provides useful
information to investors for trending, analyzing and benchmarking our
operating results from period to period as compared to other companies that
may have different financing and capital structures.

DCF is a financial performance measure used by management as a key component
in the determination of cash distributions paid to unitholders. We believe
DCF is an important financial measure for unitholders as an indicator of cash
return on investment and to evaluate whether the partnership is generating
sufficient cash flow to support quarterly distributions. In addition, DCF is
commonly used by the investment community because the market value of
publicly traded partnerships is based, in part, on DCF and cash distributions
paid to unitholders.

This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX"), Marathon Petroleum
Corporation ("MPC"), and MarkWest Energy Partners, L.P. ("MarkWest"). These
forward-looking statements relate to, among other things, expectations,
estimates and projections concerning the business and operations of MPLX,
MPC, and MarkWest. You can identify forward-looking statements by words such
as "anticipate," "believe," "estimate," "expect," "forecast", "goal,"
"guidance," "imply," "objective," "opportunity," "outlook," "plan,"
"project," "prospective," "position," "potential," "pursue," "seek,"
"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. In addition to other
factors described herein that could cause MPLX's actual results to differ
materially from those implied in these forward-looking statements, negative
capital market conditions, including a persistence or increase of the current
yield on common units, which is higher than historical yields, could
adversely affect MPLX's ability to meet its distribution growth guidance.
Factors that could cause MPLX's or MarkWest's actual results to differ
materially from those implied in the forward-looking statements include: risk
that the synergies from the MPLX/MarkWest merger transaction may not be fully
realized or may take longer to realize than expected; disruption from the
MPLX/MarkWest merger transaction making it more difficult to maintain
relationships with customers, employees or suppliers; risks relating to any
unforeseen liabilities of MarkWest; the adequacy of MPLX's capital resources
and liquidity, including, but not limited to, availability of sufficient cash
flow to pay MPLX's distributions, and the ability to successfully execute
both companies' business plans and growth strategies; 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 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;
federal and state environmental, economic, health and safety, energy and
other policies and regulations; changes to MPLX's capital budget; other risk
factors inherent to MPLX or MarkWest'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, 2014, filed with the SEC; and the factors set forth under
the heading "Risk Factors" in MarkWest's Annual Report on Form 10-K for the
year ended Dec. 31, 2014, and Quarterly Report on Form 10-Q for the quarter
ended Sept. 30, 2015, filed with the SEC (former ticker symbol: MWE). These
risks, as well as other risks associated with MPLX, MarkWest and the merger
transaction, are also more fully discussed in the joint proxy statement and
prospectus included in the registration statement on Form S-4 filed by MPLX
and declared effective by the SEC on Oct. 29, 2015, as supplemented. Factors
that could cause MPC's actual results to differ materially from those implied
in the forward-looking statements include: risks described above relating to
MPLX, MarkWest and the MPLX/MarkWest merger transaction; changes to the
expected construction costs and timing of pipeline 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; federal
and state environmental, economic, health and safety, energy and other
policies and regulations; including the cost of compliance with the Renewable
Fuel Standard; MPC's ability to successfully integrate the acquired Hess
retail operations and achieve the strategic and other expected objectives
relating to the acquisition; 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, 2014, filed with 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, in
MPC's Form 10-K, or in MarkWest's Form 10-K and Form 10-Qs 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. Copies of MarkWest's Form 10-K and Form 10-Qs are available on the
SEC website (former ticker symbol: MWE), MarkWest's website at
http://investor.markwest.com or by contacting MPLX's Investor Relations
office.
-------------------------------------------------------------------------------------------------------------------------------
| Results of Operations (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions, except per unit data) 2015 2014 2015 2014 |
| Revenues and other income: |
| Service revenue $ 100 $ 17 $ 150 $ 69 |
| Service revenue to related parties 120 115 481 451 |
| Product sales 36 - 36 - |
| Product sales to related parties 1 - 1 - |
| Other income 4 1 8 5 |
| Other income - related parties 8 6 27 23 |
| Total revenues and other income 269 139 703 548 |
| Costs and expenses: |
| Cost of revenues (excludes items below) 71 42 172 145 |
| Purchased product costs 20 - 20 - |
| Purchases from related parties 27 26 102 98 |
| Depreciation and amortization 51 12 89 50 |
| General and administrative expenses 46 18 104 65 |
| Other taxes 4 2 10 7 |
| Total costs and expenses 219 100 497 365 |
| Income from operations 50 39 206 183 |
| Interest expense, net of amounts capitalized 20 2 35 4 |
| Other financial costs 10 - 12 1 |
| Income before income taxes 20 37 159 178 |
| Provision for income taxes 2 - 2 - |
| Net income 18 37 157 178 |
| Less: Net income attributable to noncontrolling interests - 8 1 57 |
| Net income attributable to MPLX LP 18 29 156 121 |
| Less: General partner's interest in net income attributable to MPLX LP 38 2 57 6 |
| Limited partners' interest in net (loss) income attributable to MPLX LP $ (20 ) $ 27 $ 99 $ 115 |
| |
| |
| Per Unit Data |
| Net (loss) income attributable to MPLX LP per limited partner unit: |
| Common - basic $ (0.14 ) $ 0.38 $ 1.23 $ 1.55 |
| Common - diluted (0.14 ) 0.38 1.22 1.55 |
| Subordinated - basic and diluted - 0.33 0.11 1.50 |
| |
| Weighted average limited partner units outstanding: |
| Common units - basic 146 39 79 37 |
| Common units - diluted 146 39 80 37 |
| Subordinated units - basic and diluted - 37 18 37 |
| |
-------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
| Select Financial Statistics (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions, except ratio data) 2015 2014 2015 2014 |
| Distribution declared |
| Limited partner units - public $ 120 $ 9 $ 151 $ 29 |
| Limited partner units - MPC 29 21 104 77 |
| General partner units - MPC 3 1 6 2 |
| Incentive distribution rights - MPC 37 2 54 4 |
| Total distribution declared $ 189 $ 33 $ 315 $ 112 |
| |
| Coverage ratio 1.20x 0.97x 1.27x 1.23x |
| |
| Cash Flow Data |
| Net cash flow provided by (used in): |
| Operating activities $ 54 $ 57 $ 239 $ 247 |
| Investing activities $ (1,379 ) $ (32 ) $ (1,498 ) $ (75 ) |
| Financing activities $ 1,278 $ (30 ) $ 1,275 $ (199 ) |
| |
| Other Financial Data |
| Adjusted EBITDA attributable to MPLX LP(a) $ 286 $ 42 $ 486 $ 166 |
| Distributable cash flow attributable to MPLX LP(a) $ 227 $ 32 $ 399 $ 137 |
| |
---------------------------------------------------------------------------------------------------------------

(a) Non-GAAP measure. See reconciliation below.
------------------------------------------------------------------------------------------------------
| Select Balance Sheet Data (unaudited) |
| (In millions, except ratio data) December 31 September 30 |
| |
| 2015 2015 |
| Cash and cash equivalents $ 43 $ 90 |
| Total assets 15,662 1,391 |
| Long term debt 5,255 753 |
| Total equity 9,256 493 |
| Consolidated total debt to consolidated EBITDA (covenant basis) 4.7x 3.1x |
| |
| Partnership units outstanding: |
| General partner units 7 2 |
| Class B units(a) 8 - |
| MPC-held LP units 57 57 |
| Public LP units 240 23 |
------------------------------------------------------------------------------------------------------
(a) Class B units were issued to and are held by M&R MWE Liberty LLC and
certain of its affiliates, an affiliate of The Energy &Minerals Group. The
Class B units will convert into common units at a rate of 1.09 common units
and will receive $6.20 in cash for each Class B unit in two equal
installments on July 1, 2016, and July 1, 2017. Class B units do not receive
distributions.
----------------------------------------------------------------------------------------------------------------------
| Operating Statistics (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| 2015 2014 % Change 2015 2014 % Change |
| Logistics and Storage |
| Pipeline throughput (mbpd): |
| Crude oil pipelines 972 1,065 (9 )% 1,061 1,041 2 % |
| Product pipelines 934 979 (5 )% 914 878 4 % |
| Total 1,906 2,044 (7 )% 1,975 1,919 3 % |
| Average tariff rates ($ per barrel): |
| Crude oil pipelines $ 0.65 $ 0.62 5 % $ 0.66 $ 0.64 3 % |
| Product pipelines 0.68 0.61 11 % 0.65 0.61 7 % |
| Total pipelines 0.66 0.61 8 % 0.65 0.63 3 % |
| |
| Gathering and Processing(a) |
| Gathering throughput (mmcf/d) |
| Marcellus operations 889 889 |
| Utica operations 745 745 |
| Southwest operations 1,441 1,441 |
| Total gathering throughput 3,075 3,075 |
| |
| Natural gas processed (mmcf/d) |
| Marcellus operations 2,964 2,964 |
| Utica operations 1,136 1,136 |
| Southwest operations 1,125 1,125 |
| Southern Appalachian operations 243 243 |
| Total natural gas processed 5,468 5,468 |
| |
| C2 + NGLs fractionated (mbpd) |
| Marcellus operations 220 220 |
| Utica operations 51 51 |
| Southwest operations 24 24 |
| Southern Appalachian operations 12 12 |
| Total C2 + NGLs fractionated 307 307 |
| |
| |
----------------------------------------------------------------------------------------------------------------------
(a) The three months and year ended Dec. 31, 2015, Gathering and Processing
segment operating statistics are for the period of Dec. 4, 2015, through Dec.
31, 2015. The Gathering and Processing segment volumes reported are the
average daily rate for the days of operation.

The table below presents pro forma operating statistics, as evaluated by
management, for the reported Gathering and Processing segment for the years
ended Dec. 31, 2015, and 2014. We believe this pro forma full-year data
provides a more meaningful discussion of trends. The pro forma operating
information below might not necessarily be indicative of future results. In
addition, all partnership-operated, non-wholly-owned subsidiaries are
included in the statistics below.

------------------------------------------------------------------------------------
| Pro Forma Operating Statistics (unaudited) |
| Year Ended |
| |
| December 31 |
| 2015 2014 % Change |
| Gathering and Processing(a) |
| Gathering Throughput (mmcf/d) |
| Marcellus operations 858 668 28 % |
| Utica operations 673 289 133 % |
| Southwest operations 1,413 1,336 6 % |
| Total gathering throughput 2,944 2,293 28 % |
| |
| Natural Gas Processed (mmcf/d) |
| Marcellus operations 2,861 2,064 39 % |
| Utica operations 883 416 112 % |
| Southwest operations 1,077 991 9 % |
| Southern Appalachian operations 267 280 (5 )% |
| Total natural gas processed 5,088 3,751 36 % |
| |
| C2 + NGLs Fractionated (mbpd) |
| Marcellus operations 194 147 32 % |
| Utica operations 40 19 111 % |
| Southwest operations 18 21 (14 )% |
| Southern Appalachian operations 15 19 (21 )% |
| Total C2 + NGLs fractionated 267 206 30 % |
| |
------------------------------------------------------------------------------------

(a) The Gathering and Processing segment volumes reported are the average
daily rate for the days of operation.
-----------------------------------------------------------------------------------------------------------------------------------
| Reconciliation of Segment Operating Income Attributable to MPLX LP to Income |
|From Operations (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions) 2015 2014 2015 2014 |
| Segment operating income attributable to MPLX LP $ 147 $ 57 $ 398 $ 213 |
| Segment portion attributable to unconsolidated affiliates (21 ) - (21 ) - |
| Segment portion attributable to NCI 12 12 13 85 |
| Income from equity method investments 3 - 3 - |
| Other income - related parties from unconsolidated affiliates 2 - 2 - |
| Unrealized derivative gains 4 - 4 - |
| Depreciation and amortization (51 ) (12 ) (89 ) (50 ) |
| General and administrative expenses (46 ) (18 ) (104 ) (65 ) |
| Income from operations $ 50 $ 39 $ 206 $ 183 |
| |
-----------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------
| Reconciliation of Adjusted EBITDA Attributable to MPLX LP and Distributable |
|Cash Flow Attributable to MPLX LP to Net Income (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions) 2015 2014 2015 2014 |
| Net income $ 18 $ 37 $ 157 $ 178 |
| Plus: Depreciation and amortization 51 12 89 50 |
| Provision for income taxes 2 - 2 - |
| Non-cash equity-based compensation 1 1 4 2 |
| Net interest and other financial costs 30 2 47 5 |
| Equity investment income (3 ) - (3 ) - |
| Equity method distributions 15 - 15 - |
| Acquisition costs 26 - 30 - |
| Adjusted EBITDA 140 52 341 235 |
| Less: Adjusted EBITDA attributable to noncontrolling - 10 1 69 |
| |
| interests |
| MarkWest's pre-merger EBITDA(a) 146 - 146 - |
| Adjusted EBITDA attributable to MPLX LP 286 42 486 166 |
| Plus: Current period cash received/deferred revenue 11 9 44 31 |
| |
| for committed volume deficiencies |
| Less: Net interest and other financial costs 20 2 36 6 |
| Unrealized gain on commodity hedges 4 - 4 - |
| Equity investment capital expenditures paid out (14 ) - (14 ) - |
| Equity investment cash contributions 14 - 14 - |
| Maintenance capital expenditures paid 14 9 30 20 |
| Volume deficiency credits recognized 9 8 38 34 |
| Other 7 - 7 - |
| Distributable cash flow pre-MarkWest undistributed 243 32 415 137 |
| MarkWest undistributed DCF(a) (16 ) - (16 ) - |
| Distributable cash flow attributable to MPLX LP $ 227 $ 32 $ 399 $ 137 |
| |
-------------------------------------------------------------------------------------------------------------------------------

(a) MarkWest pre-merger EBITDA and undistributed distributable cash flow
relates to MarkWest's EBITDA and distributable cash flow from Oct. 1, 2015,
through Dec. 3, 2015.
------------------------------------------------------------------------------------------------------
| Reconciliation of Adjusted EBITDA Attributable to MPLX LP and Distributable |
|Cash Flow Attributable to MPLX LP to Net Cash Provided by Operating |
|Activities (unaudited) |
| Year Ended |
| |
| December 31 |
| (In millions) 2015 2014 |
| Net cash provided by operating activities $ 239 $ 247 |
| Less: Changes in working capital items (38 ) 19 |
| All other, net 17 2 |
| Plus: Non-cash equity-based compensation 4 2 |
| Net loss on disposal of assets (1 ) - |
| Net interest and other financial costs 47 5 |
| Asset retirement expenditures 1 2 |
| Acquisition costs 30 - |
| Adjusted EBITDA 341 235 |
| Less: Adjusted EBITDA attributable to non-controlling interests 1 69 |
| MarkWest's pre-merger EBITDA(a) 146 - |
| Adjusted EBITDA attributable to MPLX LP 486 166 |
| Plus: Current period cash received/deferred revenue for committed volume 44 31 |
| |
| deficiencies |
| Less: Net interest and other financial costs 36 6 |
| Unrealized gain on commodity hedges 4 - |
| Equity investment capital expenditures paid out (14 ) - |
| Equity investment cash contributions 14 - |
| Maintenance capital expenditures paid 30 20 |
| Volume deficiency credits recognized 38 34 |
| Other 7 - |
| Distributable cash flow pre-MarkWest undistributed 415 137 |
| MarkWest's undistributed DCF adjustment(a) (16 ) - |
| Distributable cash flow attributable to MPLX LP $ 399 $ 137 |
| |
------------------------------------------------------------------------------------------------------

(a) MarkWest pre-merger EBITDA and undistributed distributable cash flow
relates to MarkWest's EBITDA and distributable cash flow from Oct. 1, 2015,
through Dec. 3, 2015, which create a total $130 million adjustment to DCF.
--------------------------------------------------------------------------------------------------------------------
| Reconciliation of Forecast Distributable cash Flow attributable to MPLX LP and |
|Forecast Adjusted EBITDA attributable to MPLX LP to Net Income (unaudited) |
| Low High |
| Year Ended Year Ended |
| (In millions) 12/31/2016 12/31/2016 |
| Net income $ 325 $ 485 |
| Plus: Depreciation and amortization 582 582 |
| Net interest and other financial costs 223 223 |
| Adjustment for Equity investment earnings and distributions 107 107 |
| Other 16 6 |
| Adjusted EBITDA 1,253 1,403 |
| Less: Adjusted EBITDA attributable to NCI 3 3 |
| Adjusted EBITDA attributable to MPLX LP 1,250 1,400 |
| Less: Maintenance Capital 61 61 |
| Net interest and other financial costs 223 223 |
| Other (4 ) 16 |
| Distributable cash flow attributable to MPLX LP $ 970 $ 1,100 |
--------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
| Reconciliation of Capital Expenditures (unaudited) |
| Three Months Ended Year Ended |
| |
| December 31 December 31 |
| (In millions) 2015 2014 2015 2014 |
| Capital Expenditures(a): |
| Maintenance $ 14 $ 11 $ 31 $ 28 |
| Growth 137 29 259 65 |
| Total capital expenditures 151 40 290 93 |
| Less: Increase in capital accruals 7 7 25 12 |
| Asset retirement expenditures 1 1 1 2 |
| Additions to property, plant and equipment 143 32 264 79 |
| Capital expenditures of unconsolidated subsidiaries(b) 24 - 24 - |
| Total gross capital expenditures 167 32 288 79 |
| Joint venture partner contributions (8 ) - (8 ) - |
| Total gross capital expenditures, net 159 32 280 79 |
| Less: Maintenance capital 14 11 31 28 |
| Total growth capital expenditures 145 21 249 51 |
| Acquisition, net of cash acquired 1,218 - 1,218 - |
| Total growth capital and acquisition $ 1,363 $ 21 $ 1,467 $ 51 |
| |
------------------------------------------------------------------------------------------------------------
(a) Excludes acquisition of an additional interest in MPLX Pipe Line
Holdings LP.

(b) Capital expenditures includes amounts related to unconsolidated,
partnership operated subsidiaries.

MPLX 4Q2015 Financial Results
http://hugin.info/155038/R/1983242/726854.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via Globenewswire

HUG#1983242

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