Goldman Sachs Global Energy Conference

January 7-8, 2015

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding both MPC and MPLX. These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations of MPC and MPLX. You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” "objective," “expect,” “forecast,” "plan," “project,” "potential," “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 MPC’s actual results to differ materially from those in the forward-looking statements include: its ability to successfully integrate the acquired Hess retail operations and achieve the strategic and other expected objectives relating to the acquisition, including any expected synergies; changes to the expected construction costs and timing of pipeline projects; 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; an easing or 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; its ability to successfully implement growth opportunities; modifications to MPLX earnings and distribution growth objectives; impacts from the repurchases of shares of MPC common stock under share repurchase authorizations, including the timing and amounts of any common stock repurchases; state and federal environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard; 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 December 31, 2013, filed with the Securities and Exchange Commission (SEC). Factors that could cause MPLX’s actual results to differ materially from those in the forward-looking statements include: the adequacy of MPLX capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and execute business plans; 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 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 commercial agreements; the ability to successfully implement growth strategies, 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 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 December 31, 2013, 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 MPC’s Form 10-K or in MPLX’s Form 10-K could also have material adverse effects on forward-looking statements. Non GAAP Financial Measures EBITDA and free cash flow are non-GAAP financial measures provided in this presentation. EBITDA and free cash flow reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. EBITDA and free cash flow are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPC, net cash provided by (used in) operating activities or other financial measures prepared in accordance with GAAP.

2

Macro Outlook

3

Current Market Trends

Positive domestic outlook

Sustainable U.S. refining advantages

Product exports growth

Significant infrastructure investments in U.S.

4

Expecting Attractive Crude Spreads MPC Outlook*

Brent/WTI Spread

LLS/WTI Spread

Brent/LLS

North Dakota Light

Canadian Heavy Differentials

Differentials

$7-$12/BBL, wider at times

$5-$10/BBL, transportation/quality based

$3-$5/BBL, domestic light sweet crude surplus

Competes with WTI and LLS, prices accordingly

Attractive, but narrowing with new pipelines and coker capacity

Volatile, extreme at times and impossible to predict

5

*As noted during MPC Analyst & Investor Day on December 4, 2013

Our Priorities for Our Investors

Maintain top-tier safety and environmental performance

Substantially accelerate the growth of MPLX

Sustain our focus on shareholder returns

Balance capital returns with value-enhancing investments

Grow higher valued and stable cash flow businesses Midstream/MPLX Speedway

Enhance the margins in our refining operations

6

Substantial Acceleration of MPLX Growth

Grow MPLX to ~$450 MM of run-rate EBITDA (December 2015 annualized), from current ~$160 MM run-rate (3Q 2014 annualized)

Accelerate MPLX’s annual LP distribution growth rate to average mid-20% over next five years

Evolve MPLX into large-cap, diversified logistics MLP

Dropped 30.5% interest in MPLX Pipe Line Holdings to MPLX on December 1 for $800 MM, representing ~$80 MM of annual EBITDA

7

$MM

111

160

450

-

100

200

300

400

500

~3x 3Q 2014 annualized

EBITDA

Adjusted EBITDA attributable to MPLX

Substantial Acceleration of MPLX Growth

Rapidly changing midstream business environment creates multiple opportunities where size matters

Hess retail acquisition has expanded MPC’s opportunity set and strategic options Identified fuels distribution EBITDA source Expands retained MLP-qualifying EBITDA by ~$600 MM

Market has not appropriately reflected MPLX contribution to total value of MPC enterprise

8

16.0

20.4

24.8

0

5

10

15

20

25

1 2 3

$B

9

Illustrative Value of MPC Ownership in MPLX*

GP Distributions

LP Distributions CAGR 25% 82

124

187

267

389

557

-

100

200

300

400

500

600

2014E 2015E 2016E 2017E 2018E 2019E

$MM

Total Distributions to MPC Illustrative Value of MPC Ownership

based on 2019E Distributions**

*Represents cash distributions applicable to the period in which the distributions were earned. GP distributions include incentive distribution rights. **Graph shows estimated valuations for MPC’s LP and GP interests in MPLX. See MPLX LP and GP Illustrative Valuation slide in appendix for underlying assumptions.

MPLX Value per MPC Share $41.26 $56.93 $72.62

GP

GP

GP

LP LP LP

@ 20x @ 25x @ 30x

@ 55x

@ 45x

@ 35x

$56.93 $72.62 $88.29

MPC’s Currently Identified Eligible MLP EBITDA Sources of ~$1.6 B Retained by MPC

59 MMBBL storage (tanks and caverns) 25 rail loading racks and 24 truck loading racks 7 owned and 11 non-owned docks 2 condensate splitter investments

27 owned and 2,138 leased 763 general service; 1,166 high pressure; 236 open-top hoppers

~5,400 miles of additional crude and products pipelines – Owns, leases or has an ownership interest in these pipelines – 0.5% of MPLX Pipe Line Holdings LP

Southern Access Extension, Sandpiper and Utica investments

Railcars

Pipelines

63 light product; ~23 MMBBL storage; 192 loading lanes 18 asphalt; ~4 MMBBL storage; 65 loading lanes Terminals

200 owned and 12 leased inland barges; 5.3 MMBBL capacity 17 owned and one leased inland towboats Marine

20 B gallons of fuels distribution volume – Existing MPC and Speedway volumes; ~17 B gallons refined products – Acquisition of Hess’ retail operations adds ~3 B gallons refined products

Fuels Distribution

Refineries

New

10

Delivering Peer Leading Return of Capital Last twelve months*

2.0% 2.6% 1.9% 2.3% 2.0%

4.3%

8.0%

1.4%

6.4% 5.6%

3.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

MPC HFC TSO PSX VLO

Dividend Yield Special Dividend Yield Share Repurchase/Share Yield

10.0%

8.3% 8.3% 7.9%

5.9%

* Total Capital Return Yield: Last Twelve Months Dividends per share, plus Last Twelve Months special dividends per share, plus Last Twelve Months share repurchase per share, all divided by Last Twelve Months average share price through September 30, 2014 11

Source: Company Reports

12

-5

0

5

10

15

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$/BB

L

MPC’s Rank

Competitor Range

11 Companies Ranked* 12 11 9 10 9 8 9 9 8 10 8 8 8 8 8

Operating Income Per Barrel of Crude Throughput**

*Current companies ranked: BP, CVX, HFC, MPC, PSX, TSO, VLO, XOM **Adjusted domestic operating income per barrel of crude oil throughput

Engine behind MPC’s focus on capital returns Performing Consistently in the Top Tier

Sept. YTD

Preliminary

3 3 2

1

2 3

7

2

1

5

3

1 3

1

2

2 5

Grow Higher Valued and Stable Cash Flow Businesses

Speedway

Pipeline Transportation

R&M

R&M

Speedway

Midstream

Historical Mid-Cycle EBITDA*

Future Mid-Cycle EBITDA

*2007-2013 average. Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC

13

Growth Opportunities

14

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E

$MM

Southern Access ExtensionSandpiperCondensate SplittersMidstream Infrastructure*

Increasing Midstream Growth Investments

*Includes Pipeline Transportation segment spend and midstream investments included in the R&M segment. Excludes maintenance capital.

15

Investing in Significant Growth Projects

Sandpiper MPC Investment: $1.0 B - $1.2 B MPC Equity: 27% - 30%

2017 completion

Southern Access Extension (SAX) MPC Investment: ~$305 MM

MPC Equity: 35%

Late 2015 completion

Cornerstone Completion of successful

non-binding open season

MPLX Estimated Investment: ~$200 MM

$20 MM EBITDA

2016 Completion

16

Superior, WI

Canadian

Bakken

Flanagan, IL

Patoka, IL

SAX

Canton

Utica

Youngstown

Canton

Ohio

Pa.

Wellsville Steubenville

MarkWest, Cadiz

M3, Leesville M3, Scio

Midland

MPC Refinery

Utica Gas Processing Facilities

Terminal Facilities

Proposed Cornerstone Pipeline

MPLX Products Pipeline

MPC Crude Pipeline

Future Build-out

Cornerstone

MPLX/MPC Utica Build-Out Connectivity

17

MPLX Developing a Comprehensive Utica System

Non-binding open season supports 12 inch pipeline, 16 inch option

Capital estimates vary subject to binding open season results

East and West connectivity options River access via Midland/Wellsville Canton/Detroit/Robinson Third-party refineries and pipelines

Other Utica organic growth opportunities being evaluated

Cornerstone Pipeline and Additional Opportunities

18

Acquisition of Hess Retail - Transaction Overview

19

Hess Retail acquisition included: 1,245 company operated locations Transport fleet with capacity to transport ~1 B gal/yr.

Pipeline shipper history in various pipelines, including ~40 MBPD on Colonial Pipeline

Prime undeveloped real estate bank for organic growth

Total consideration of $2.82 B $2.37 B base purchase price $194 MM working capital* $263 MM capital leases cash settled

Unique acquisition opportunity of premier East Coast locations

Financed with a combination of debt and available cash

Transaction closed on September 30, 2014

*Subject to post-closing adjustment

Conversion Plans for Former Hess Stores 2014-2017

250 Stores by March 2015

500 Stores by Dec. 2015

505 Stores by Dec. 2016

20

Conversion to Speedway: $181 MM

Remodel Capital: $240 MM Maintenance Capital: $150 MM Largest conversion in company’s history Completing Hess legacy stores first allows us to

terminate transition service agreements earlier Quick Serve Restaurant amendments or terminations

required Time required to transfer permits Permitting in new markets

Transformative Transaction for MPC and Speedway

Accelerates strategy to grow higher valued and stable cash flow businesses

Provides larger integrated platform for growth in new markets

Meaningfully expands scale and provides multiple levels of strategic optionality

Continued commitment to balance value enhancing investments in the business with capital returns to shareholders

21

Refined Product Placement Opportunities Incremental 200 MBPD of refined products

placement capacity, increases assured gasoline sales to ~75% of production

Incremental supply of MPC Gulf Coast refined products to northeast and southeast markets

Logistics Opportunities Increases utilization and optimization of MPC

terminals with incremental 70 MBPD of throughput

Marketing Potential Growth platform for further expanding Speedway,

Marathon brand and wholesale

Light Product Supply Strategy Existing supply and terminal agreements provide

near term competitive supply with upside potential to aggregate volumes and further reduce costs

Optimize supply in southeast market through existing production and logistics assets

Leverage Midwest and Gulf Coast production to provide supply to the New York Harbor

Enhances Strategic Value for Integrated System

22 Note: Includes owned and third-party terminals

Water Terminals

Light Product Terminals

Connecting Pipelines

Refineries

Hess Marketing Area

Speedway Marketing Area

Dual Marketing Area

Speedway – Earnings growth through Margin Capture

2011-2013 Average

65%

35%

Total Gross Margin Mix

Light Product

Merchandise

23

381 424 487

700

750

800

850

0

200

400

600

2011 2012 2013

$MM

Margin $M

M E

BITD

A

Total EBITDA and Merchandise Margin

EBITDA Margin

Top-tier performance in the convenience store industry

Scalable technology and organizational infrastructure

Disciplined expense control

Industry leading consumer loyalty program

Leverage integration value within MPC’s infrastructure

175

365 35 40

45

70

0

50

100

150

200

250

300

350

400

2013Pro Forma

Hess EBITDA*

Form 10WilcoHessSynergies

Operating andG&A Expense

Synergies

Light ProductSupply and

Logistics

MarketingEnhancements

2017E HessEBITDA

$MM

Earnings Opportunities

Operating and G&A expense synergies of $75 MM Integrated light product supply savings of $45 MM Additional sales uplift and merchandise margin enhancement of $70 MM Expedited integration and transition process due to spin-off preparation

24

20 30 35 10 20

40 45 45

45 25

70

0

50

100

150

200

2014E* 2015E 2016E 2017E

$MM

Synergies and Marketing Enhancements

Marketing EnhancementsLight Product Supply and LogisticsOperating and G&A Expense SynergiesWilcoHess Synergies

20

75

120

190

*Based on Oct. 1, 2014 closing

Synergies and Marketing Enhancements Will Drive Value

Sources: Company reports, MPC internal estimates *Sept. 30, 2013 Form 10 Pro Forma annualized

Speedway and Hess Side-by-Side Comparison

Speedway generates an incremental $17,300 of merchandise margin per store per month

~$250 MM of additional annual merchandise margin potential across Hess retail

25

Hess1 Speedway2

Company Operated Sites 1,255 1,478

Fuel Sales (gallons/store/month)

198,500 177,400

Fuel Margin ($/gallon)

$0.137 $0.144

Merchandise Sales ($/store/month)

$111,000 $176,800

Merchandise Margin ($/store/month)

$29,200 $46,500

1) 2013PF data provided in Hess Retail Corporation Form 10 SEC filing 2) 2013 data provided in Marathon Petroleum Company 10K SEC filing

7.13

-1

1

3

5

7

9

11

13

2005 2013

Ligh

t Pro

duct

Bre

ak E

ven

(cpg

)

Speedway Hess Sept. 30. 2013 Form 10 Estimated

Focus on Improving Light Product Breakeven

LPBE = Total Expenses – Merchandise Margin

Light Product Volume

26

Measure of operating efficiency and merchandise contribution to total expense

Potential to drive substantial value in the business over time

2.56

12.39

Each 1.00 cent per gallon improvement = ~$30 MM annual

pretax earnings

Enhance Refining Margins

27

Increasing Light Sweet Crude and Condensate Capacity

Condensate splitters Canton: 25 MBD

– 4Q 2014 completion

Catlettsburg: 35 MBD – 2Q 2015 completion

$250 MM >30% ROI for each project

Light crude processing Robinson: +30 MBD light crude $140 MM >45% ROI, 2016 completion

Ultra- New Light Naphtha to Gasoline BlendingSweet Fractionator Heavy Naphtha to ReformingCondensate Distillates to Hydrotreating

Heavier Components

Conventional Existing To DownstreamCrude Crude Unit Process Units

Condensate Processing Opportunity

28

Growing Gulf Coast Export Capabilities

Added new 500,000 barrel export tank at Garyville in 2013

Galveston Bay in 2015 +30 MBD ULSD ~40% ROI

Garyville in 2015 +20 MBD Gasoline ~30% ROI

Galveston Bay in 2016-18 +115 MBD Gasoline ~35% ROI

29

150

320

395

510

050

100150200250300350400450500550

2012 2013 2015E 2018+EM

BD

Export Capacity

Capitalizing on Global Growth in Diesel Demand Hydrocracker expansions/revamps

30

Garyville +25 MBD ULSD in 2014-15

$225 MM

~45% ROI

Galveston Bay +9 MBD ULSD in 2015

$18 MM

~70% ROI

Robinson +5 MBD ULSD in 2015

$77 MM

~20% ROI

32

34

36

38

2012 2013 2014E 2015E 2016E

Distillate Production

300

400

500

600

700

2012 2013 2014E 2015E 2016E

Distillate Production

Perc

ent o

f Cru

de C

apac

ity

MBD

Evaluating Garyville Resid Hydrocracker Project

$130 MM sanctioned for front- end engineering and design

Increases ULSD production by 28 MBD and decreases gas oil purchases

Converts low value resid to ULSD using hydrogen produced from low cost natural gas

20 - 25% ROI

$0.8 - $1.0 B EBITDA

$2.2 - $2.5 B investment, projected 2018 start-up

Conversion opportunity - leverages favorable market dynamics

31

2014 Value Drivers

Top-tier safety and environmental performance

Accelerate growth of Midstream/MPLX

Capital return to shareholders Strong and growing dividend Share repurchase program

2014 $2.4 B capital investments*

Speedway growth

Increasing light crude processing and export capabilities

Enhancing margins in our refining operations

32 *Excludes the acquisition of Hess’ retail operations

Appendix

33

MPLX LP and GP Illustrative Valuation

34

2014 2019Multiple of LP distributions 20x 25x 30x 20x 25x 30x

LP Valuation ($MM) $1,523 $1,904 $2,285 $4,644 $5,805 $6,966

Multiple of GP distributions 35x 45x 55x 35x 45x 55x

GP Valuation ($MM) $202 $260 $318 $11,355 $14,600 $17,844

MPLX Value to MPC ($MM) $1,725 $2,164 $2,603 $15,999 $20,405 $24,810

MPLX Value per MPC Share $6.14 $7.70 $9.26 $56.93 $72.62 $88.29Value Assumptions - Used 25% for mid-20% Distribution Growth - MPC maintains 54 MM LP units, 2% GP Interest - Acquired EBITDA financed 50/50 Debt/Equity - MPC shares outstanding as of 9/30/2014

Illustrative MPLX Value to MPC*

MPC Distributions & Asset Sales Proceeds from MPLX ($MM) 3Q 2013 YTD 3Q 2014 YTDGP Distributions, including IDRs 1 3

LP Distributions 40 53

Total Cash Distribution Received from MPLX 41 56Asset Sales Proceeds from MPLX 100 310

*Represents cash distributions applicable to the period in which the distributions were earned.

Focused Return of Capital to Shareholders

4,077

2,022

2,413

2,785

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000$M

M

Hess Retail Acquisition

Dividends and sharerepurchases*

Investments, excluding HessAcquisition**

Net cash provided byoperations

35

*$512 MM dividends plus $1,901 MM share repurchases **Includes cash capital expenditures, acquisitions, investments and contingent consideration, excluding $2.785 B for the acquisition of Hess’ retail operations and related assets ***Cash flow provided by operations less cash used for investments, excluding $2.785 B for the acquisition of Hess’ retail operations and related assets

~1.2x of Free Cash Flow***

$2,055 Free Cash Flow,

excluding Hess Acquisition***

LTM Ended 9/30/14

Fully Integrated Downstream System

36

Coastal Water Terminals

Inland Water Terminals

Light Product Terminals

Connecting Pipelines

Refineries

Asphalt Terminals

Marketing Area

Barge Dock

Butane Cavern

Tank Farms

Refining and Marketing Seven-plant refining system with ~1.7 MMBPCD capacity One biodiesel facility and interest in three ethanol

facilities One of the largest wholesale suppliers in our market area One of the largest producers of asphalt in the U.S. ~5,400 Marathon Brand retail outlets across 19 states ~660 retail outlet contract assignments primarily in the

Southeast and select Northeast states Owns/operates 63 light product terminals and

18 asphalt terminals, while utilizing third-party terminals at 60 light product and eight asphalt locations

17 owned and one leased inland waterway towboats with 200 owned barges and 12 leased barges, 2,165 owned/leased railcars, 170 owned transport trucks

Speedway (Retail) ~2,740 locations in 22 states Second largest U.S. owned/operated c-store chain

Pipeline Transportation Owns, leases or has interest in ~8,300 miles of pipelines One of the largest petroleum pipeline companies in U.S. Part ownership in non-operated pipelines includes

Explorer, LOCAP, LOOP, Maumee and Wolverine

Ethanol Facility

Biodiesel Facility

As of Sept. 30, 2014

Generating Significant Cash Flow Through All Cycles Pro forma EBITDA adjusted for current configuration

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009 2010 2011 2012 2013 2009 thru 2013Mid Cycle

$MM

Pro forma EBITDA

Pipeline Transportation SpeedwayDepr. & Amort. less corporate expense Refining and MarketingGME DHOUPGalveston Bay Hess Retail

37

Hess Retail

Sustaining Core Liquidity Needs Minimum cash balance of $500 MM - $1.5 B

Ongoing Operating Cash Flow Requirements – Maintenance/Sustaining Capital – Interest Payments – Dividend Payments

Contingent Calls on Corporate Liquidity - Probability Adjusted – Contingent and Uncommitted Letters of Credit – MPC Credit Shock and Impact on Unsecured Lines (Crude Purchases) – Major Operating Upset – Working Capital Shock

Reduced by - Cash Flow from Operations Under Stressed Scenario

Committed Facilities – MPC Revolving Credit Facility $2,500 – Trade Receivables Facility* $1,300

Targeted Cash and Near-Cash Equivalents $500 - $1,500 MM

~$4,200 - $5,200 MM

$3,800 MM

Requirements

Liquidity Sources

38

*Availability is dependent on outstanding trade receivables.

Sustaining Capital Returns Since Spin

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

$MM

Dividends Share repurchases

$7.0 B

Cumulative Return of Capital Since July 1, 2011

39

0

20

40

60

80

100

120 Forecast Actual

Growing Global Product Demand

Distillate and gasoline demand continues to rise

Fuel oil continues to decline on economics and emissions issues

Sources: BP Statistical Review of World Energy, MPC

Gasoline

Distillate

Fuel Oil

40

+1.2%

-1.6%

+1.4%

+0.9%

Other

Compounded Annual

Growth Rates 2030 vs. 2013 2013

MM

BD

“Other” consists of refinery gas, liquefied petroleum gas (LPG), solvents, petroleum coke, lubricants, wax, and other refined products and refinery fuel “Distillate” includes jet fuel “Gasoline” includes naphtha

Growing U.S. Distillate Demand

Distillate demand growth outpaces other products

Gasoline will be constrained by CAFE standards and modest growth in biofuels penetration

Residual fuel demand continues to fall

Overall U.S. demand remains flat

-0.3%

-0.4%

+1.5%

+0.7%

Sources: DOE/EIA, MPC

-2.9%

Compounded Annual

Growth Rates 2030 vs. 2013

41

MM

BD

2013

0

1

2

3

4

5

6

7

8

9

10

Gasoline

Gasoline ex ethanol

Distillate

Jet Fuel

Resid

Forecast Actual

Rising North American Crude & NGLs Production

Sources: EIA, CAPP, MPC

42

2013

0

5

10

15

20

25

1985 1990 1995 2000 2005 2010 2015 2020 2025 2030

MM

BD

U.S.

Canada

Forecast Actual

Growing Crude Oil Supply

Forecast

Bakken +829 MBD

Utica +106 MBD

Permian +826 MBD

Eagle Ford +695 MBD

Canada +2,549 MBD

Total U.S. Growth +3,506 MBD

Sources: EIA, CAPP, MPC

43

Niobrara +286 MBD

Total Growth 2013 – 2025 +6,055 MBD

0200400600800

1,0001,2001,4001,6001,800

1990 1995 2000 2005 2010 2015 2020 2025 2030

MBD

North Dakota

0500

1,0001,5002,0002,5003,0003,5004,0004,500

1990 1995 2000 2005 2010 2015 2020 2025 2030

MBD

Texas

020406080

100120140

1990 1995 2000 2005 2010 2015 2020 2025 2030

MBD

Ohio 2013

2013

2013

← Actual Forecast →

← Actual Forecast →

← Actual Forecast →

MPC Refinery

U.S. Shale Oil Production Under Different Price Scenarios

44

MM

BD

U.S. Shale Crude and Condensate Production (MMBD)

0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.07.58.08.59.09.5

$120

$100

$90

$80

$70

$60

$40

Note: Brent used as benchmark oil price. Source: PIRA Energy Group

Much of OPEC Depends on High Crude Prices

45

0

20

40

60

80

100

120

140

160

OPEC Fiscal Breakevens ($/BBL)

2010

2012

2014

Source: Apicorp

Refining Capacity in Advantaged Regions 100% in PADDs II and III

PADD III

PADD V

PADD IV PADD II

0%

20%

40%

60%

80%

100%

MPC VLO HFC PSX TSO

PADD II PADD III PADD I PADD IV PADD VPADD I PADD II PADD III PADD IV PADD V

Canadian Bakken Utica

Permian Basin Eagle Ford Gulf of Mexico Canadian

PADD I

46

Source: Oil & Gas Journal effective December 31, 2013

Refinery Capacity

The Nelson Complexity Index is a construction cost-based measurement used to describe the investment cost of a refinery in terms of the process operations being conducted. It is basically the ratio of the process investment downstream of the crude unit to the investment of the crude unit itself. This index has many limitations as an indicator of value and is not necessarily a useful tool in predicting profitability. There is no consideration for operating, maintenance or energy efficiencies and no consideration of non-process assets such as tanks, docks, etc. Likewise it does not consider the ability to take advantage of market related feedstock opportunities.

BPCD NCI*

Garyville 522,000 11.0

Galveston Bay 451,000 13.1

Catlettsburg 242,000 10.2

Robinson 212,000 10.0

Detroit 123,000 9.9

Texas City 84,000 8.0

Canton 80,000 8.8

Total 1,714,000 11.0**

**Weighted Average NCI Source: MPC data as reported in the Oil & Gas Journal effective December 31, 2013

*Nelson Complexity Index calculated per Oil & Gas Journal NCI Formula

47

Balance in Refining Network

Midwest Capacity 657,000 BPCD

Louisiana Capacity 522,000 BPCD

Texas Capacity 535,000 BPCD

Canton (Ohio) 80,000

Catlettsburg (Ky.) 242,000

Detroit (Mich.) 123,000

Robinson (Ill.) 212,000

Galveston Bay (Texas) 451,000

Texas City (Texas) 84,000

Garyville (La.) 522,000

Total 1,714,000

48

Source: MPC data as reported in the Oil & Gas Journal effective December 31, 2013

Portland

Cushing

Superior Clearbrook

Montreal

Burnaby

Anacortes

Edmonton

Trans Mountain

Chicago

Guernsey

Wood River

Patoka

Sarnia

Mustang SAX

Hardisty

Steele City

Seaway

Houston Freeport

St James Houma Ho-Ho

MBPD Pipeline Estimated

Completion

540 Keystone Current

190 Spearhead Current

360 Ho-Ho Reversal Current

700 Keystone Gulf Coast Current

300 BridgeTex Current

230 Pony Express Current

600 Flanagan South Current

400 850

Seaway Phase 2 Seaway Phase 3

Current 4Q 2014

300 Line 9 2015

300 SAX Late 2015

200 Diamond 2016

225-375 Sandpiper 2017

300 890

TransMountain TransMountain (TMX)

Current 2017

830 Keystone XL 2018

1,100 Energy East 2018

525 Northern Gateway 2018

Flanagan South

Flanagan

U.S./Canada Key Existing and Planned Pipelines

Sources: Publicly available Information, MPC Estimates

49

Northern Gateway

BridgeTex

MPC Refineries

Planned Keystone XL

Keystone

Planned Seaway Expansion

Ho-Ho Reversal

Flanagan South

Planned SAX Planned Line 9

Planned Energy East

Planned Diamond

Keystone GC

BridgeTex

Planned Northern Gateway

Planned TransMountain

Pony Express

Memphis Diamond

Pony Express

Planned Sandpiper

Midland

38%

62%

Crude Oil Refining Capacity

PADD IIPADD III

Key Strengths

50

Balanced Operations

52% 48%

Crude Slate

Sour Crude

Sweet Crude

~62% ~38%

Assured Sales

Wholesale andOther Sales

Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales)*

September 30, 2014 YTD

As of September 30, 2014 September 30, 2014 YTD

*Excludes assured sales volumes resulting from the Hess retail acquisition. Assured sales are ~75% including the Hess retail volumes.

Compelling Advantage for Pipeline and Marine

Patoka, IL

Houston, TX $2

$5-6

$2 $14-16

$13-15

$6-7

$4

Chicago, IL

All costs shown as $/BBL Pipeline costs exclude any storage or transfer fees and line loss Sources: MPC, publicly available information

$10-12

$5-6

LLS

$15-16

Legend Rail Pipeline Marine

WTI

$12-14 $6

Bakken

Canadian

$10

St. James, LA

Cushing, OK

51

$5

Utica

Creating Crude/Condensate Advantage

Bakken

Utica

Truck Unload Expansion

Wellsville Barge

Condensate Splitter

Permian

Eagle Ford

Patoka, IL

Source: MPC

Cornerstone Pipeline

MPC Refinery

Sandpiper

Southern Access Extension

Robinson Light Crude

Enhancements

Connectivity Enhancements

Additional Barging

Condensate Splitter

Canada

52

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2012 2013 2014E 2015E 2016E

$MM

Refining and Marketing, excluding Midstream MidstreamPipeline Transportation SpeedwayOther Garyville resid upgrade project committedGaryville resid upgrade project uncommitted

*Excludes Galveston Bay and Hess retail acquisitions

2012 – 2016 Capital Investment Profile

53

Allocating Capital to Higher Valued Businesses

Galveston Bay

Revamp crude and vacuum units Optimize for future crude

availability Improve distillate recovery

Add hydrotreating capacity Move to 100% ULSD

Idle the smallest and oldest FCC

Expand export capabilities

Long-term opportunities

54

Rising MPC Finished Product Exports

55

0

50

100

150

200

250

300

2010 2011 2012 2013 Sept. 30,2014 YTD

MBD

Leveraging Existing Capacity to Run Light Sweet Crude

48% sweet crude oil throughput September 2014 YTD versus 65% sweet crude oil capacity

Reformer capacity captures full value of light crude processing

Additional value added through aromatics production

05

1015202530

MPCMidwest

MPCUSGC

Perc

ent o

f Cru

de C

apac

ity

Reforming Capacity

Source: 2014 Oil & Gas Journal

Industry Average

Sources: Argus DeWitt Aromatics Reports 2011-12 and MPC internal data. Benzene, toluene, mixed xylenes, and cumene shown. Xylene revised.

56

0

20

40

60

80

100

120

MBP

CD

U.S. Aromatics Capacity

Renewable Fuels

Corn Ethanol Plants 67% equity interest* in Greenville, Ohio

– 110 MM gallon/year capacity

60% equity interest in Clymers, Indiana – 110 MM gallon/year capacity

43% equity interest in Albion, Michigan – 55 MM gallon/year capacity

The Andersons operates the plants and provides all the facility services

Biodiesel Refinery 100% owner in Cincinnati, Ohio 60 MM gallon/year capacity Generates 90 MM RINs per year Supplied by both truck and rail, with river

access in close proximity

57

*Direct and indirect

2014 Significant Capital Projects

Sandpiper investment

Southern Access Extension investment

Utica Shale projects Condensate splitters Utica system

Speedway expansion

Robinson hydrocracker revamp

Garyville resid hydrocracker engineering design and study

Garyville and Galveston Bay gasoline and diesel export

58

Capital Expenditures & Investments ($MM) 2014 MPC Budget 3Q 2014 YTD

Refining & Marketing (R&M) 864 445

Midstream included in R&M 348 232

Speedway 327 153

Pipeline Transportation* 760 418

Corporate and Other 133 60

Total Capital Expenditures & Investments 2,432 1,308

($MM) 2014 MPLX Revised Budget

(100% basis) 3Q 2014 YTD

Growth 82 37

Maintenance 28 17

Total Capital Expenditures 110 54

*Includes MPLX (100% basis) Note: Excludes capital expenditures and investments attributable to the acquisition of $2.68 B for Hess retail operations and related assets. Excludes capitalized interest

59

Garyville Resid Hydrocracker Project Increase production of ULSD and refinery intermediates

60

Hydrogen LPG to Sales

Naphtha to ReformerSlurry

ULSD to Sales

Vacuum Resid Gas oil to FCC

Unconverted Resid to Coker

EB Hydrocracker

Feeds MBPD

Vacuum Resid 63

FCC Slurry 7

Hydrogen (mmscfd) 110

Products MBPD

LPG 2

Naphtha 7

ULSD 23

Gas Oil 22

Unconverted Resid 23

Resid Hydrocracker

Annual Price and Margin Sensitivities $MM (After Tax)

LLS 6-3-2-1 Crack Spread* Sensitivity ~$450 (per $1.00/barrel change) Sweet/Sour Differential** Sensitivity ~$200 (per $1.00/barrel change) LLS-WTI Spread*** Sensitivity ~$85 (per $1.00/barrel change) Natural Gas Price Sensitivity ~125 (per $1.00/MMbtu change in Henry Hub)

*Weighted 38% Chicago and 62% USGC LLS 6-3-2-1 crack spreads and assumes all other differentials and pricing relationships remain unchanged

**Light Louisiana Sweet (prompt) - [Delivered cost of sour crudes: Arab Light + Kuwait + Maya + Western Canadian Select + Mars]

***Assumes 20% of crude throughput volumes are WTI-based domestic crudes

61

MPLX’s Priorities for Investors

62

$20

$30

$40

$50

$60

$70

$80

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Unit Price

IPO

Source: Thomson Reuters

Maintain Safe and Reliable Operations

Sustain Long-term Distribution Growth; Mid 20% for

the Next Five Years

Focus on Fee-Based Businesses

Pursue Organic Growth Opportunities

Grow Through Acquisitions

MPC views MPLX as integral to its operations and is aligned with its success and incentivized to grow MPLX

MPLX assets consist of a 99.5% GP interest in Pipe Line Holdings as well as 100% ownership in the Neal, W.Va., Butane Cavern

MPC retains the remaining 0.5% LP interest in Pipe Line Holdings

MPC also owns 69.5% LP interest and 100% of MPLX’s GP interest and IDRs

0.5% limited partner interest

100.0% ownership interest

100.0% ownership interest

MPLX Operations LLC

r

MPLX Terminal and Storage LLC

100.0% ownership interest Public

100.0% ownership interest

2.0% GP interest 28.5% LP interest

Marathon Pipe Line LLC (“MPL”)

99.5% GP interest

Ohio River Pipe Line LLC (“ORPL”)

MPLX GP LLC (our General Partner)

69.5% LP interest

100.0% ownership interest

MPLX LP (NYSE: MPLX)

(the “Partnership”)

MPLX Pipe Line Holdings LP (“Pipe Line Holdings”)

Marathon Petroleum Corporation and Affiliates

(NYSE: MPC)

MPLX Organizational Structure

MPLX and MPC are Aligned

63

As of December 31, 2014

Investing in Significant Growth Projects ~$2.3 B investment with potential annual EBITDA of up to $300 MM

MPC Projects Timing Investment $MM

North Dakota System Equity 2017 $1,200

Condensate Splitters 2013-2015 $250

Southern Access Extension Equity Late 2015 $305

Wellsville Truck to Barge Operation 2013 $30

Other 2013-2014 $220

Total $2,005

MPLX Projects Timing Investment $MM

Cornerstone Pipeline (Utica Shale)* 2016 $200

Robinson to Mt. Vernon 2014-2016 $70

Other 2015-2016 $75

Total $345

64

*Estimate

MPLX Deficiency Payment Effect Example for illustrative purposes only

65

($MM)

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Quarter 5

Quarter 6

Quarter 7

Quarterly deficiency payment 2 5 3 5 - - -

Use or expiration of credit (on or before) - - - - 2 5 3

Cumulative deferred revenue 2 7 10 15 13 8 5

Distributable cash flow Yes Yes Yes Yes No No No

Adjusted EBITDA No No No No Yes Yes Yes

Incentive Distribution Rights

3Q 2014 distribution of $0.3575/unit is in Third Target Distribution tier

66

4Q 2014 Outlook

67

Crude Throughput*

Other Charge/

Feedstocks Throughput*

Total Throughput*

Percent of WTI-priced

Crude

Turnaround and Major

Maintenance

Depreciation and

Amortization

Other Manufacturing

Cost**

Total Direct

Operating Costs

Corporate and Other

Unallocated Items***

in MBD Refinery Direct Operating Costs****

Proj

ecte

d

4Q 2

014

Gulf Coast Region 1,000 200 1,200 6% $2.00 $1.10 $4.60 $7.70

Midwest Region 650 50 700 44% $1.40 $1.75 $4.25 $7.40

MPC Total 1,650 200 1,850 21% $1.85 $1.35 $4.60 $7.80 $85MM

4Q 2

013

Gulf Coast Region 943 238 1,181 5% $1.67 $1.24 $4.44 $7.35

Midwest Region 604 51 655 41% $2.40 $1.82 $4.56 $8.78

MPC Total 1,547 247 1,794 19% $1.98 $1.48 $4.59 $8.05 $93MM

*Region throughput data includes inter-refinery transfers, but MPC totals exclude transfers **Includes utilities, labor, routine maintenance and other operating costs ***Includes pension settlement expense ($6 MM and $12 MM pension settlement expense included in 4Q 2014 and 4Q 2013, respectively) ****$/BBL throughput

MPLX Adjusted EBITDA Reconciliation from Net Income

68

($MM) 2013 3Q 2014

AnnualizedDec. 2015

AnnualizedNet income 146 172 305 Less: Net income attributable to MPC-retained interest

68 56 1

Net income attributable to MPLX LP 78 116 304 Plus: Net income attributable to MPC- retained interest 68 56 1 Depreciation 49 50 71 Provision for income taxes - - 4 Non-cash equity-based compensation 1 2 - Net interest and other financial costs 1 4 71 Adjusted EBITDA 197 228 451 Less: Adjusted EBITDA attributable to MPC-retained interest

86 68 1

Adjusted EBITDA attributable to MPLX LP 111 160 450

EBITDA Reconciliation to Net Income Attributable to MPC

($MM) 2007 2008 2009 2010 2011 2012 2013 2014

1Q 2Q 3Q 4Q 1Q 2Q 3Q

Net income attributable to MPC 2,262 1,215 449 623 2,389 3,389 725 593 168 626 199 855 672

Less: Net interest and other financial income (costs) 165 30 31 12 (26) (109) (48) (45) (47) (39) (46) (48) (50)

Add: Net income attributable to noncontrolling interests - - - - - 4 5 6 5 5 8 9 7

Add: Provision for income taxes 1,164 670 236 400 1,330 1,845 378 316 81 338 108 457 333

Add: Total segment depreciation and amortization 582 604 670 912 873 972 281 297 294 325 308 312 310

Add: Items not allocated to segments 147 (11) 182 265 316 277 67 124 82 93 131 66 97

Total Segment EBITDA 3,990 2,448 1,506 2,188 4,934 6,596 1,504 1,381 677 1,426 800 1,747 1,469

By Segment

Refining & Marketing Segment EBITDA 3,413 1,819 950 1,539 4,309 5,902 1,341 1,155 473 1,248 623 1,524 1,228

Speedway Segment EBITDA 312 408 343 404 381 424 94 150 131 112 86 123 152

Pipeline Transportation Segment EBITDA 265 221 213 245 244 270 69 76 73 66 91 100 89

Total Segment EBITDA 3,990 2,448 1,506 2,188 4,934 6,596 1,504 1,381 677 1,426 800 1,747 1,469

Last Twelve Months Segment EBITDA 4,988 4,284 4,650 5,442

69

Reconciliation

70

($MM) 2013 2014 (For the Quarter) 4Q 1Q 2Q 3Q

Net cash provided by operating activities 1,355 766 878 1,078

Additions to property, plant and equipment (473) (267) (302) (383)

Acquisitions* - - (42) (4)

Investments (38) (123) (41) (177)

Contingent Consideration - - - (172)

Free cash flow 844 376 493 342

Last twelve months free cash flow 2,055

Free Cash Flow to Net Cash Provided by Operations

*Represents cash paid, excludes acquisition of Hess retail operations and related assets.

EBITDA Reconciliation to Net Income for Hess

71

($MM)

2013* 2017E

Net Income 47 138

Less: Net interest and other financial income (costs) (12) -

Add: Provision for income taxes 22 78

Add: Depreciation and amortization 94 149

EBITDA 175 365

*Based on Hess Sept. 30, 2013 Form 10 data annualized

Market Indicators Used in Project EBITDA Calculations

2012 2014-2020

ULSD (USGC; $/BBL) $128.14 $136.33

No. 6, 3.0% S Fuel Oil (USGC; $/BBL) $99.32 $94.48

LLS (St. James, LA; $/BBL) $111.67 $114.82

Natural Gas (Henry Hub, LA; $/MMBTU) $2.79 $4.75

72