#1M MARATHON MPLX andeavor logistics Investor Presentation June 2019#2Forward-Looking Statements M MARATHON This presentation contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation (MPC), MPLX LP (MPLX) and Andeavor Logistics LP (ANDX). These forward-looking statements relate to, among other things, MPC's acquisition of Andeavor, the proposed acquisition of ANDX by MPLX, and each of their businesses and operations, strategies and value creation plans. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. You can identify forward-looking statements by words such as "anticipate," "believe," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "prospective," "pursue," "seek," "should," "strategy," "target," "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 implied in the forward-looking statements include: the risk that the cost savings and any other synergies from the Andeavor transaction may not be fully realized or may take longer to realize than expected; disruption from the Andeavor transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of Andeavor; risks related to the proposed transaction between MPLX ANDX, including the ability to complete the proposed transaction on the proposed terms and timetable, the ability to satisfy various conditions to the closing of the transaction contemplated by the merger agreement, the ability to obtain regulatory approvals for the proposed transaction on the proposed terms and schedule, and any conditions imposed on the combined entity in connection with the consummation of the proposed transaction, the risk that anticipated opportunities and any other synergies from or anticipated benefits of the proposed transaction may not be fully realized or may take longer to realize than expected, including whether the proposed transaction will be accretive within the expected timeframe or at all, or disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers; future levels of revenues, refining and marketing margins, operating costs, retail gasoline and distillate margins, merchandise margins, income from operations, net income or earnings per share; the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, NGLs and other feedstocks; consumer demand for refined products; the ability to manage disruptions in credit markets or changes to credit ratings; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; the reliability of processing units and other equipment; business strategies, growth opportunities and expected investment; share repurchase authorizations, including the timing and amounts of any common stock repurchases; the adequacy of capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute business plans and to effect any share repurchases or dividend increases, including within the expected timeframe; the effect of restructuring or reorganization of business components; the potential effects of judicial or other proceedings on the business, financial condition, results of operations and cash flows; continued or further volatility in and/or degradation of general economic, market, industry or business conditions; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; the anticipated effects of actions of third parties such as competitors, activist investors or federal, foreign, state or local regulatory authorities or plaintiffs in litigation; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX or ANDX; 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, 2018, filed with the Securities and Exchange Commission (SEC). Factors that could cause MPLX's or ANDX's actual results to differ materially from those implied in the forward-looking statements include: the ability to complete the proposed transaction between MPLX and ANDX on the proposed terms and timetable; the ability to satisfy various conditions to the closing of the transaction contemplated by the merger agreement; the ability to obtain regulatory approvals for the proposed transaction on the proposed terms and schedule, and any conditions imposed on the combined entity in connection with the consummation of the proposed transaction; the risk that anticipated opportunities and any other synergies from or anticipated benefits of the proposed transaction may not be fully realized or may take longer to realize than expected, including whether the proposed transaction will be accretive within the expected timeframe or at all; disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of ANDX or MPLX; the amount and timing of future distributions; negative capital market conditions, including an increase of the current yield on common units; the ability to achieve strategic and financial objectives, including with respect to distribution coverage, future distribution levels, proposed projects and completed transactions; adverse changes in laws including with respect to tax and regulatory matters; the adequacy of capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and access to debt on commercially reasonable terms, and the ability to successfully execute business plans, growth strategies and self-funding models; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions; changes to the expected construction costs and timing of projects and planned investments, and the ability to obtain regulatory and other approvals with respect thereto; 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 and ANDX's commercial agreements; modifications to financial policies, capital budgets, and earnings and distributions; the ability to manage disruptions in credit markets or changes to credit ratings; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations and/or enforcement actions initiated thereunder; adverse results in litigation; other risk factors inherent to MPLX's and ANDX's industry; risks related to MPC; and the factors set forth under the heading "Risk Factors" in MPLX's and ANDX's respective Annual Reports on Form 10-K for the year ended Dec. 31, 2018, filed with the SEC. We have based our forward-looking statements on our current expectations, estimates and projections about our industry. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our respective management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law. 2#3Additional Information M MARATHON Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. Reconciliations to the nearest historical GAAP financial measures are included in the Appendix to this presentation. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPC, MPLX or ANDX, net cash provided by (used in) operating, investing and financing activities, Speedway income from operations or other financial measures prepared in accordance with GAAP. Distribution coverage ratio is the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared. Certain forecasts were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not available and, therefore, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measures have not been provided. Additional Information and Where to Find It In connection with the proposed transaction, a registration statement on Form S-4 has been filed with the SEC and includes a preliminary consent statement/prospectus. INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PRELIMINARY CONSENT STATEMENT/PROSPECTUS AND, WHEN AVAILABLE, THE DEFINITIVE CONSENT STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final consent statement/prospectus will be sent to unitholders of ANDX. Investors and security holders will be able to obtain these documents free of charge at the SEC's website, www.sec.gov, from ANDX at its website, http://ir.andeavorlogistics.com, or by contacting ANDX's Investor Relations at (419) 421-2414, or from MPLX at its website, http://ir.mplx.com, or by contacting MPLX's Investor Relations at (419) 421-2414. Participants in Solicitation MPLX, ANDX, MPC and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of consents in respect of the proposed transaction. Information concerning MPLX's directors and executive officers is set forth in its Annual Report on Form 10-K for the year ended Dec. 31, 2018, which was filed with the SEC on Feb. 28, 2019. Information concerning ANDX's directors and executive officers is set forth in its Annual Report on Form 10-K for the year ended Dec. 31, 2018, which was filed with the SEC on Feb. 28, 2019. Information concerning MPC's executive officers is set forth in its Annual Report on Form 10-K for the year ended Dec. 31, 2018, which was filed with the SEC on Feb. 28, 2019. Information about MPC's directors is set forth in its Definitive Proxy Statement on Schedule 14A for its 2019 Annual Meeting of Shareholders, which was filed with the SEC on March 14, 2019. Investors and security holders will be able to obtain the documents free of charge from the sources indicated above, and with respect to MPC, from its website, https://www.marathonpetroleum.com/Investors/, or by contacting MPC's Investor Relations at (419) 421-2414. Additional information regarding the interests of such participants in the solicitation of consents in respect of the proposed transaction are included in the registration statement and consent statement/prospectus and other relevant materials filed with the SEC. 3#4MPLX Agreement to Acquire ANDX - Transaction Highlights Simplified Structure. Broader Footprint. Enhancing Returns. M MARATHON Consideration & Premium • MPLX to acquire all common units of ANDX at 1.07x blended exchange ratio representing a 1% premium to market1 • 1.1350x exchange ratio to ANDX public unitholders, representing a 7.3% premium • 1.0328x exchange ratio for MPC's ANDX units • Combination immediately accretive to distributable cash flow for MPLX public unitholders² • Total consideration, including assumption of ANDX debt of $5 billion and $600 million preferred units, represents an enterprise value of $14 billion Pro Forma 2019 Financial Profile³ Timing/Closing Considerations ● Market Cap: ~$35 billion¹ Adjusted EBITDA: ~ $5.3 billion ● Distributable Cash Flow: ~$4.1 billion ⚫ Distribution Coverage: ~ 1.4x 4.0x Debt-to-EBITDA: ● Investment grade credit profile Expect to close in the second half of 2019 • Subject to customary closing conditions, including regulatory approval 1 Based on prices at market close on May 2, 2019 2 Based on projections as of announcement 32019 estimated; see separate MPLX and ANDX reconciliations 4#5Simplified Organizational Structure Current¹ Marathon Petroleum Corporation (NYSE:MPC) Non-economic 100% GP interest 36.5% of Common Units Outstanding MPLX GP LLC Non-economic 100% GP interest Tesoro Logistics GP, LLC 36.4% of Common Units Outstanding Pro Forma1 M MARATHON Marathon Petroleum Corporation (NYSE:MPC) Non-economic 100% GP interest MPLX GP LLC 63.0% of Common Units Outstanding Public MPLX Holders MPLX LP (NYSE:MPLX) 63.5% of Common Units Outstanding 63.6% of Common Units Outstanding Andeavor Logistics LP (NYSE:ANDX) MPLX Public Public MPLX Holders ANDX Holders LP (NYSE:MPLX) 1 Simplified structure charts do not portray all operating subsidiaries or 30 million of MPLX preferred units and 0.6 million of ANDX preferred units; as of announcement 37.0% of Common Units Outstanding 5#6MPC - A Leading Energy Company Refining Midstream M MARATHON Marketing & Retail MARATHON Speedway Superior Operations Strategic Investment to Capture Value New Technology to Optimize Assets Industry Leader in Safety, Reliability, and Environmental Stewardship Significant Growth Opportunities Strategic Alignment with Refining Commercial Focus on Integration to Enhance Value Expanding Platform Across: Retail, Wholesale, and Brand Invest in Technology to Improve Customer Experience Enhancing Margin with Non-Fuel Sales 6#7Built For Change: Our Strategic Vision M MARATHON Core Values and Operational Excellence Core values underpin our commitment to people, safety, and the environment Maximize asset reliability and potential Integrated Business Model Enhances value capture and ability to achieve synergies Refining & Marketing Midstream Retail Strategic & Disciplined Investments Creates competitive advantages Strong project returns Grow profitability Financial Strength Provides through-cycle protection and flexibility Compelling capital return policies 7#8OSHA Recordable Incident Rate Responsible Corporate Leadership MPC has earned 72% energy ENERGY STAR of the EPA's Energy Star recognitions awarded to refineries Environmental 13 achievement awards earned from state 19 VPPX Wotary Fraction Program A Facilities earned environmental agencies OSHA's highest status Safety Performance¹ MPC manages 21 certified wildlife habitats consisting of 1,352€ acres Environmental Performance 2 Perspectives on M MARATHON Octob4/2018 Climate-Related Scenarios RISKS AND OPPORTUNITIES 0.8 0.6 0.4 0.2 0.45 0.37 0.33 0.36 0.27 0.0 2014 2015 2016 2017 2018 Tons of emissions per million barrels of throughput 35 445 46 46 40 37 34 25 2013 2014 2015 2016 2017 W MoCorporation MPC Refining Industry Average 2018 CITIZENSHIP REPORT 1 Safety performance based on OSHA Recordable Incident Rate for Refining industry; industry average source: Bureau of Labor Statistics; 2018 includes MPC and legacy Andeavor refineries 2 Environmental performance based on criteria pollutant emissions and includes MPC, MPLX and the legacy Andeavor refineries; does not include emissions from ANDX 8#9Leveraging a Larger System: Unprecedented Opportunities M MARATHON Feedstock Acquisition Inbound Logistics Refining & Processing Outbound Logistics Marketing & Retail >>> ☐ ☐ ΣΣΕ ΣΣ Additional access to advantaged feedstocks Expanded logistics system lowers crude acquisition costs + increases speed to market Broader market presence creates new product placement options Additional touchpoints along energy value chain increase margin capture Nationwide marketing channels create optimization opportunities Scale enhances opportunities for value creation 9#10Integration: Further Opportunities for Value Chain Capture ■ Nationwide footprint enables connectivity to key supply sources and demand hubs ■ Broader, integrated system increases capability to capture value from market dislocations ■ Value chain integration Kenai Anacortes Portland M MARATHON Mandan Dickinson St. Paul Park Detroit Canton Salt Lake City Chicago Pittsburgh Martinez Robinson Albuquerque Las Vegas Los Angeles Gallup Phoenix El Paso Catlettsburg Nashville enhances profitability and elevates businesses beyond sum-of-the-parts Note: Map arrows are indicative of potential refined product movements Garyville Galveston Bay Florida & East Eastern Mexico Exports Coast 10 110#11Increasing Synergy Potential Synergy Outlook¹ ($ millions) 380 1,400 110 400 55 270 300 90 665 210 200 465 Refining & Marketing Retail Midstream Estimated Annual Run-Rate ($ millions) M MARATHON 1,400 450 1,000 290 600 120 1,000 950 710 480 Corporate Total YE2019 2 Initial Synergy Estimates' Updated Synergy Estimates YE2020 YE2021 Raising gross run-rate synergy potential by up to 40 percent to $1.4 billion 1 Procurement synergies allocated 50/50 to Refining & Marketing and Corporate 2 Initial synergy estimates provided April 30, 2018 11#12Growing Profitability: Attractive Profile for Investors M MARATHON MPC has significantly diversified, and non-refining segments now contribute ~50% of EBITDA. Our strategic and disciplined investments have grown our business, creating an attractive opportunity for investors especially relative to energy and the broader market. 1 EBITDA by Operating Segment 16% 14.5% Free Cash Flow Yield2 12% 8% 4% ~50% 10.2% 8.3% 7.6% S&P 500 4.7% Energy Index 4.6% 4.7% ~15% { 2013 Midstream 2017 ■Retail 2019E Refining & Marketing 0% MPC VLO PSX CVX XOM 1 Segment EBITDA excludes corporate and unallocated costs; 2019E based on 2019 plan 2 Per Bloomberg, as of May 29, 2019 based on last twelve months data. Free cash flow represents operating cash flow less capex per share - see appendix for reconciliation of MPC free cash flow yield 12#13MMBPD Global Refining Capacity Relatively Balanced M MARATHON Net worldwide refining capacity growth appears relatively balanced with new capacity in Asia and the Middle East, primarily to support domestic demand. Global Crude Distillation Capacity 2.5 and Demand Growth 2.0 1.5 1.0 0.5 0.0 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E Sources: MPC, EIA Net Global Crude Distillation Capacity Growth Oil Demand Growth (ex. Biofuels) Refinery Utilization % US Refinery Utilization 100% 95% 90% 85% 80% J F M A M J J A S O N D 15-year range (14-18) 2018 5-year average (14-18) 2019 13 333#14Days MMB 425 375 Global and U.S. Inventories Support Refining Margins Global Gasoline Inventories MMB 650 550 325 450 U.S. Gasoline Days of Supply 28 35 26 24 22 20 02 Days 30 25 Global Distillate Inventories U.S. Distillate Days of Supply J F M A M J J A S O N D 5-year Range (14-18) 2018 5-year Average (14-18) 2019 Source: IEA (Global data uses OECD as proxy); EIA (U.S. data - includes exports) 20 J F M A M J J A S O N D 5-year Range (14-18) 2018 5-year Average (14-18) 2019 14 M MARATHON#15Near-Term Gasoline Weakness, Offset by Long-Term Distillate Strength M MARATHON Rise in oil prices in 2018 slowed global gasoline demand growth and strong margins incentivized high refinery utilization pressuring gasoline margins; expect this to normalize in later part of 2019. Gulf Coast Gasoline & Diesel Margins 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E Gas Crack ■Diesel Crack Sources: Petroleum Argus, MPC Note: GC Gas Crack GC CBOB - LLS (ex-RVO); GC Diesel Crack GC ULSDLLS (ex-RVO) 15#16Sensitivities to Potential IMO Factors Key Metric Blended 321 Crack Gasoline Crack Potential Impacts Higher crack required to support increased refinery production and meet elevated demand for low sulfur fuels Refining yield shift to max distillate production and reduced FCC utilization due to low sulfur FCC feedstocks being blended into low sulfur marine fuels EBITDA Impact from $1/BBL change ~ $1,150 MM ~ $765 MM - Distillate Crack Increased demand due to blending low sulfur distillate in marine fuels ~ $385 MM Heavy Crude Differential Discount of high sulfur fuel oil reduces refining value of heavy crudes ULSD-3% Resid Fuel Oil Drastic reduction in demand for high sulfur marine fuel oils will drive large discounts Note: Crack spreads based on 38% WTI, 38% LLS, and 24% ANS with mid-continent, USGC, and west coast product pricing, respectively. ~ $570 MM ~ $40 MM M MARATHON 16#17RFO Production as % of Total RP Production MPC Well-Positioned Among U.S. Refiners M MARATHON MPC well-positioned to produce high value fuels and capture benefits from the adoption of low sulfur fuels regulations - given investments over past decade to enhance upgrading capabilities. Residual Fuel Oil Production 20% 15% 10% World Average 8.1% 5% MBPD Resid Upgrading & Distillate Hydrotreating Capacity 1,000 750 500 250 0 0% MPC VLO PSX XOM CVX BP U.S. Asia Pacific Europe South America Middle East CIS (FSU) ■Resid Upgrading Distillate Hydrotreating Sources: Joint Oil Data Initiative (JODI), O&GJ - PennWell Knowledge Center; resid upgrading includes coking, resid hydrocracking, resid deasphalting, and asphalt; distillate hydrotreating includes kerosene/jet, diesel, and other distillate desulfurization 17#18MPC: Formula for Creating Exceptional Value Leading assets & capabilities + Strategic vision to grow value Core values and operational excellence Exceptional opportunity for investors Through-cycle resilience Premier asset base Experienced management team Strong balance sheet Integrated business model Competitive advantages Profitable Disciplined investments Financial strength growth Strong shareholder return profile M MARATHON 18#19Roadmap to Creating Superior Value - Refining M MARATHON Supply Optionality Leverage broader scale + logistics assets to source cost- advantaged crude Create competitive purchasing advantages through integration Operational Excellence & Optimization Enhance reliability + availability of assets Reduce cost structure Optimize existing processes to deliver synergies Investments to Enhance Margin Focus on upgrading capabilities (yield flexibility + conversion capacity) Track record of execution Return hurdle >20% Product Placement Flexibility Enhance domestic product placement flexibility Expand international export opportunities SPEED LIMIT 10 19#20MPC Refining Footprint and Regions Anacortes Refining Locations du Mandan Martinez Kenai Salt Lake City Gallup Los Angeles El Paso 1 Capacities are based on 2018 O&GJ report and reflect crude unit calendar day rate Dickinson St. Paul Park Detroit Garyville Galveston Bay Canton Robinson The Catlettsburg Gulf Coast Mid-Con West Coast M MARATHON 4 refineries: 711 MBPD¹ Pricing indicator: WC ANS 321 ■ 10 refineries: 1,161 MBPD¹ Pricing indicator: Chicago WTI 321 1 ■ 2 refineries: 1,149 MBPD ¹ Pricing indicator: GC LLS 321 20#21Broader Scale Expands Supply Optionality ANS Canadian 1 Bakken 2 Larger footprint expands access to advantaged supply: 1 Canadian 2 Bakken 3 Permian ■ New logistics assets lower crude acquisition costs ■ Crude processing flexibility enhances capture of advantaged feedstocks Other Crudes (Global Heavy, Arab, California, other) Permian 3 WTI GOM M MARATHON 21 24#221 Canadian Crude Flexibility Broader system increases access to Canadian crudes enhancing margin capture ■ Over 500 MBPD of Canadian crude purchases Approximately 67% heavy and 33% light-synthetic Trans Mountain Anacortes Rail Portland Martinez Enbridge Mainline Clearbrook Keystone Cushing, OK Los Angeles 1 1 2014-'17 2018 Avg. Long-Term Outlook WTI-WCS 14.75 26.25 20-40 St. Paul, Park M MARATHON Detroit SAX/ Mustang Spearhead/Flan S. Ozark Seaway TransCanada Marketlink MPLX Barge Canton Robinson Catlettsburg Garyville Galveston Bay, Nederland, TX Note: Differentials ($/BBL) rounded to nearest $0.25; pipelines are shown pictorially only to show flow paths 1 Bloomberg 2 MPC estimates as of December 4, 2018 22 22#232 Bakken Strategy Optimization ■ New logistics assets increase Bakken crude access, providing more options to capture margin Connectivity and secured space on long-haul pipelines provide flexibility to our Midwest refineries Rail Johnson's Corner Anacortes Mandan 1 1 2014-'17 2018 Avg. Long-Term Outlook 2 WTI-Bakken 2.50 2.50 1-11 Note: Differentials ($/BBL) rounded to nearest $0.25; pipelines are shown pictorially only to show flow paths 1 Bloomberg 2 MPC estimates as of December 4, 2018 Clearbrook St. Paul Park Flanagan M MARATHON Detroit Chicago Robinson Patoka Canton Catlettsburg 23#24TX Wink-to-Webster Pipeline (planned) Gray Oak Pipeline (under construction) 3 Permian Strategy Optimization Increasing integrated footprint in the Permian creates multiple benefits across our platform Gathering systems create direct crude sourcing of advantaged crude for our refineries (est. 300 MBPD total) Long haul pipelines lower transport cost and equity interest generates stable fee-based midstream income El Paso Wink Orla Freeport Ο Corpus Christi South Texas Gateway Terminal LA M MARATHON Garyville Galveston Bay 1 1 Export facilities provide flexibility 2014-'17 2018 Avg. Long-Term Outlook² 2 to optimize between MPC WTI-Midland 2.00 7.25 1-7 refining demand and global demand Brent-WTI 4.25 6.75 3-12 Note: Differentials ($/BBL) rounded to nearest $0.25; pipelines are shown pictorially only to show flow paths 1 Bloomberg 2 MPC estimates as of December 4, 2018 24 24#25Key Strategic Investments: Grow EBITDA Expected Annualized Average EBITDA ($ in millions) 1 $950 +$350 +$80 i GVL Diesel +$250 GVL Crude IGVL Coker Max i LARIC¹ +$270 DKR Renewable CBG Crude ROB FCC/Alky GBR STAR1 2019E $775 2020E $825 2021E $300 Capex2 ($ in millions) 2022E $100 Total $2,000 M MARATHON Investments focused on upgrading capabilities, yield flexibility, and conversion capacity Track record of executing on- schedule and exceeding return forecasts Minimum return threshold of 20% Average 30% projected IRR on these projects 1 Annual EBITDA reflected upon completion of project; LARIC (Los Angeles Refinery Integration and Compliance) project and GBR STAR (South Texas Asset Repositioning) project phase in prior to completion 2 Annual capex projections rounded 25 25#26Galveston Bay STAR Program Creates a world-class refining complex with 40 MBPD increased crude unit capacity Increases resid processing and improves gasoil recovery Optimizes operations and reduces costs Project details and estimates: ― - Staged investment - on schedule and on budget Planned completion early 2022 ~ Capex $1.5 B ($1.2 B for 2019-2022) ~ EBITDA $525 MM³ ($175 MM already captured) IRR > 40% EBITDA is projected average annual M MARATHON 26 26#27Dickinson Renewable Diesel Produce renewable diesel to capture economic opportunity created by California Low Carbon Fuel Standard and Federal Renewable Fuel Standard Convert refinery to process soybean and corn oil to make 12 MBPD of renewable diesel Local feedstock supply advantage Leverages existing infrastructure Project details and estimates: Planned completion late 2020 ~ Capex $455 MM EBITDA ~ $180 MM¹ - IRR > 30% 1 EBITDA is projected average annual M MARATHON 27#28Los Angeles LARIC Project Increases the flexibility to produce distillates and significantly lowers emissions 30-40 MBPD of gasoline and distillate yield flexibility Physical integration of the Los Angeles refinery complex enhances optimization Reduces NOx, SOx and CO2 emissions Project details and estimates: - - - Planned completion early 2020 ~ Capex $510 MM (Only $70 MM remains) EBITDA $125 MM¹ ~ IRR > 20% 1 EBITDA is projected average annual M MARATHON 28#29Unprecedented Opportunities for Light Product Optimization M MARATHON ■ Nationwide footprint enables connectivity to all US markets Multiple pathways cost- Kenai Anacortes Mandan Portland Dickinson St. Paul Park Detroit Canton Salt Lake City Chicago Pittsburgh Martinez Las Vegas Los Angeles Gallup Albuquerque Phoenix El Paso effectively balance supply/demand Connectivity + export optionality: = maximum refinery utilization Robinson Catlettsburg Nashville Galveston Bay Garyville Florida & East Eastern Mexico Exports Coast 29#30Mexico Strategy Optimization 1 Utilizing ARCO brand at 148 stations in Western Mexico, expanded ARCO to Chihuahua and Baja Sur in early 2019 2 Developing Mexico supply capabilities and efficiency with new Rosarito light products terminal in Northern Baja and leased capacity being built in Sinaloa Martinez Los Angeles 3 Low cost Gulf Coast refining supply for products in Eastern Mexico 4 Central Mexico supply optionality via rail and ARCO ARCO ARCO 2 ARCO ARCO 1 ARCO Gallup MPC Refineries ARCO Operations Rail Facility Terminal El Paso 4 trucking from El Paso refinery Multi-pronged approach creates a unique integration platform to generate ratable and growing EBITDA M MARATHON Garyville Galveston Bay 3 80 30#31Cash Operating Expense Index Operational Excellence: Delivers Significant Value M MARATHON 2016 U.S. Average 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile ANDV '16 1 Based on prior Solomon Studies and MPC estimates Cash Operating Expense¹ MPC '16 Legacy MPC '18E Galveston Bay '14 Galveston Bay '16 Galveston Bay '19E Improve operating costs ■ Best-in-class energy efficiency and turnaround performance Supply chain cost improvement Reliability and utilization Capacity 31#32R&M Segment Synergies Estimated Annual Run-Rate ($ millions) 250 1 665 Synergy Projections by Sub-Category ($ millions) 420 200 160 100 260 150 YE2019 Initial Synergy Estimates 2 465 YE2020 YE2021 Updated Synergy Estimates 160 100 100 70 70 140 M MARATHON 665 95 Refining Optimization and Best Practices Refining Turnaround/ Marketing Business Maintenance Process Improvement Supply and Trading Procurement Total Efficiency Raising gross run-rate synergy potential by up to ~40 percent to $665 million 1 Procurement synergies allocated 50/50 to Refining & Marketing and Corporate 2 Initial synergy estimates provided April 30, 2018 32#33-10- Roadmap to Creating Superior Value - Midstream M MARATHON Capture Full Midstream Value Chain Enhance Cash Flow Stability Grow in Premier Basins Leverage MPC Relationship Financial Discipline Participate across value chain to diversify business and enhance margins Alleviate in-basin bottlenecks Connect supply to global demand markets Long-haul pipelines to add further stable cash flow Export facilities meet significant, growing market needs Leverage existing assets for incremental third- party business Permian: significant growth opportunities across all hydrocarbons Marcellus: disciplined growth to support key producers Fosters further growth opportunities Enhances projects via volume commitments Provide logistics solutions to MPC's nationwide refining footprint Self-funding equity portion of capital investments Target mid-teen returns on growth investments Maintain investment grade credit profile 33#34Source: EIA, MPC 2015 2017 2019E 2021E 2023E 2025E 2015- Crude U.S. Production Growth Creates Midstream Opportunities M MARATHON Strong production growth in crude, natural gas, and natural gas liquids will require additional infrastructure to link supply to global demand markets. Pipelines, processing, fractionation and export facilities will be needed to allow producers to realize full product value. Natural Gas MMBPD Bcfd 16 110 MMBPD 8 14 +50% 100 +33% 7 +69% 6 90 12 Exports Exports 5 Exports 80 10 70 00 8 6 60 50 40 880G 4 32 1 0 Demand 2017- 2019E- | 2021E- 2023E- Production 2025E 2015 2017- 2019E 2021E 34 =4 2023E- 2025E NGL#35Capturing Permian Opportunities Creating an integrated footprint from the Permian to the Gulf Coast 1 Gathering and processing Delaware & TEXAS Midland Basins 1 2 Long-haul pipelines 3 Fractionation 4 Export terminals 2 3 4 M MARATHON Legend Crude NGL Natural Gas 35#36Permian G&P Feeds Downstream Opportunities Gathering systems create significant growth opportunities in the Permian TexNew Mex System Conan Gathering System ANDX RIO Pipeline To Midland Preakness Tornado Argo Hidalgo Apollo BANGL Pipeline Whistler Pipeline M MARATHON To Texas City area Crude gathering - W2W Pipeline Gray Oak Pipeline ---- To Houston and Nederland To Corpus Christi Conan Gathering system connects refineries to well-head Provides volumes for planned Gray Oak, Wink-to-Webster pipelines Legend¹ Crude pipeline Natural gas pipeline NGL pipeline Crude gathering Existing processing plant To Agua Dulce Natural gas gathering & processing Future processing plant - Existing plants: Hidalgo, Argo Future plants: Apollo, Torñado, Preakness 1 Pipelines are shown pictorially only to show flow paths; some pipelines are new and/or proposed, including: Gray Oak, W2W, Whistler, BANGL ― - 200 MMcfd plants provide volumes for planned Whistler and BANGL pipelines 36#37Permian Crude Pipelines M MARATHON Investments in long-haul pipelines generate stable, fee-based midstream income and also help lower feedstock costs tor MPC refineries Gray Oak Pipeline - MPC, Diamondback Energy, PSXP ~850 mile, 30-inch diameter TEXAS - Anticipate in-service 4Q19 ■ Wink-to-Webster Pipeline (W2W) Wink Orla Crane - Signed letter of intent to partner with Exxon Mobil, Plains All American, and Lotus Midstream 36" mainline with 1.5 MMBPD capacity - Anticipate in-service first half of 2021 Wink-to-Webster Pipeline Gray Oak Pipeline Texas City Corpus Christi 'Galveston Bay 37#38Permian Natural Gas and NGL Pipelines and Fractionation M MARATHON ■ Whistler Residue Gas Pipeline - JV with White Water Midstream and others - 42" pipeline with ~2.0 Bcf/d capacity Anticipate in-service early 2021 ■ BANGL Pipeline (Belvieu Alternative NGL) JV with White Water Midstream and others - 24" pipeline with ~500 MBPD capacity - Anticipate in-service early 2021 TEXAS orlago BANGL Pipeline Waha Whistler Pipeline ■ Gulf Coast fractionation - three potential fractionators with 150 MBPD C2+ capacity each Sweeny Galveston Bay O Corpus Christi Agua Dulce 38#39Expanding Export Capabilities M MARATHON Export facilities create ability to generate third party revenue and meet global demand for crude, refined products, and NGLS Currently in service - Mt. Airy, LA: acquired in 3Q18 - LOOP: expansion with planned Capline reversal and Swordfish Pipeline ■ Planned projects TEXAS - South Texas Gateway: operational in conjunction Mt. Airy Texas City LOOP with Gray Oak Pipeline construction Texas City: hub for planned W2W and BANGL pipelines Corpus Christi South TX Gateway 39#40Capline Reversal - Swordfish - LOOP Competitive full-service solution Capline 40" crude oil pipeline from Patoka, IL, to St. James, LA - Reversed service planned for September 2020 Swordfish Pipeline Proposed crude oil pipeline from St. James to Clovelly in Louisiana - Expected in service first half of 2020 LOOP Only Gulf Coast port capable of loading 2 MMBBL vessels (VLCC's) without reverse lightering - Loaded three VLCC's in a seven-day period in 4Q18 Keystone XL Steele City, NE M MARATHON Enbridge DAPL Flanagan, IL Keystone Ozark SAX Patoka, IL Woodpat Cushing, OK Memphis, TN Diamond Collierville, TN St. James Swordfish Bayou Bridge (Anticipated late 2018) Capline Reversal (Future) Norco Raceland St. Charles Alliance d Meraux Clovelly (LOOP) Loop storage Chalmette CAM pipeline International markets via LOOP Vessel Loading L St. James, LA Capline Swordfish Clovelley, LA 40 40#41Marcellus/Utica: Footprint Continues to Deliver Marcellus/Utica continues to be the largest natural gas basin in the U.S. Current producer demand supports our buildout of incremental infrastructure: OH Volumes Gathered Processed Fractionated Hopedale Harmon Creek PA Bluestone 2018 3.0 Bcfd 2020E Houston Cadiz Ohio Condensate 4.4 Bcfd 5.3 Bcfd 7.3 Bcfd Majorsville Seneca 426 MBPD 600 MBPD ■ Expect greater than 35% volume growth with disciplined capital investments deployed to meet demand on a just-in-time basis Mobley Legend Smithburg Sherwood WV M MARATHON Utica Complex Marcellus Complex NGL Pipeline Purity Ethane Pipeline 41#42Marketing & Retail Roadmap to Creating Superior Value - Marketing M MARATHON Leverage Scale to Drive Value Creation Strong brand portfolio and loyalty program Superior technology platform and buying power Capture Integration Opportunities ON High-Value Growth Optimize channel participation and real estate portfolio Unrivaled light product supply chain flexibility Focus on key markets Target mid-teen returns for organic investment Industry consolidation creates M&A opportunities MARA Enhance Customer Experience Embrace changing consumer convenience trends Expand technology and data analytics capabilities MAR! ICE M 42 42#43Unparalleled Nationwide Marketing & Retail Footprint M MARATHON 魚 ~12,000 locations nationwide ~16 billion gallons of annual fuel sales¹ >70% assured gasoline placement Terminal Sales Location Note: Based on combined estimates for 2018 1 Across Retail segment and Brand Marketing M MARATHON Speedway ARCO 43#44Multi-Channel Platform Creates Unrivaled Flexibility Retail Segment 1 Retail Direct Dealer 7.8 billion GPY 2.6 billion GPY Terminal Speedway ONE Retail Store R&M Segment Brand Wholesale 5.3 billion GPY 16.9 billion GPY Jobber ARCO MARATHON Retail Store Terminal M Wholesale Customer Retail Store Channel diversity M MARATHON maximizes value capture Integrated platform provides assured product placement ■ Retail segment enables terminal-to-store margin capture Note: annual volumes for all channels reflect combined estimates for 2018 1 Retail includes Fuel Only locations MPC margin capture 44#45Strong and Diversified Fuel Branding Platform M MARATHON ■ Enhanced dual proprietary Brand marketing platform (Marathon + ARCO) Leverage regional brand strengths and related consumer preferences ■Tremendous growth opportunities in Western states ■ Multi branded platform enhances consolidation opportunities M MARATHON Core Proprietary Brands Speedway ARCO Core Licensed Brands Exxon Mobil ARCO 1,101 Other 1,593 Note: Store counts as of December 31, 2018 1267 includes SuperAmerica conversions to Speedway; excludes franchise locations 1 267 Speedway M 85 ARCO 69 Other 345 € 2,763 M 5,594 445 45#46Retail Segment: MPC's Unique Competitive Advantage Two complimentary retail platforms that generate stable and growing cash flow with unparalleled integration value. Retail EBITDA Illustration ($ millions) $30 $20 > 2,000 M MARATHON Speedway #1 in Peer Group Performance ($M EBITDA/Store/Month) ANDV Retail MPC Speedway $10 $0 Retail Segment EBITDA Retail Run-Rate Synergy Projection EBITDA Potential Speedway Murphy USA Couche-Tard Casey's Best-in-class retail business Note: Peer Group Performance based on July 2017-June 2018 data from Company Reports 46#47Retail Segment Synergies Estimated Annual Run-Rate ($ millions) 200 50 1 300 90 Synergy Projections by Sub-Category 90 210 20 150 130 70 YE2019 YE2020 YE2021 Initial Synergy Estimates 1 Updated Synergy Estimates 115 ($ millions) M MARATHON 300 35 20 Profit Enhancement Reduce Operating Expenses Reduce G&A Expenses Economies of Scale on Capital Purchases Total Raising gross run-rate synergy potential by up to ~40 percent to $300 million 1 Initial synergy estimates provided April 30, 2018 47#48Financial Principles and Policy Disciplined investment in growth opportunities Through-cycle dividend growth Support our investment grade credit rating Return cash to shareholders through repurchases Maintain the safety, integrity and reliability of our assets. Balance Sheet Capital Investment Return of Capital M MARATHON 48#49Balance Sheet: Foundation for Strategy Execution M MARATHON Minimum cash balance Revolving credit facilities Trade receivables facility MPC Liquidity $1 - 2 billion $6 billion $750 million Target Leverage Debt to EBITDA MPC (excluding MLP's) ≤ 2.0x MPLX ≤ 4.0x ANDX ≤ 4.0x Corporate Credit Rating Moody's S&P Fitch Marathon Petroleum Baa2 BBB BBB MPLX Baa2 BBB BBB- ANDX Baa3 BBB- BBB- 旺 49 49#50Disciplined Capital Allocation Policy Across the Enterprise M MARATHON Consolidated capital return target: ≥ 50% of discretionary free cash flow 1 - Annual dividend target: ≥ 10% growth MLP distributions as guided - Share repurchases Dividends & Distributions Growth Capital Expenditures Share Repurchases 1 Capital return includes dividends paid to MPC shareholders, MPLX and ANDX distributions paid to public unitholders, and MPC share repurchases; discretionary free cash flow = consolidated operating cash flow less maintenance and regulatory capex. Note: pie chart is for illustrative purposes only. 50#51Stable and Growing Dividend Secure throughout business cycles Growth commensurate with the business Annual Dividends ($ per share) Targeting ≥ 10% long-term growth rate $0.60 $0.77 $0.92 $1.52 $1.36 $1.14 Targeting ≥ 10% long term growth rate 2012 $1.84 M MARATHON $2.12 1 2013 2014 2015 2016 2017 2018 2019E 1 2019E based on annualized $0.53 per share dividend announced on January 28, 2019 and April 24, 2019 51#52Consistent Return of Capital Through Share Repurchases M MARATHON 1st quarter of 2019: $885 million of repurchases 7.5 ■ Consolidated capital return target: ≥ 50% of discretionary free cash flow¹ Existing authorization²: $4.9 billion, potentially completed by year end 2020 2012-2016 (Cummulative) Share Repurchases ($ billions) 2.4 2017 3.3 2018 1 Capital return includes dividends paid to MPC shareholders, MPLX and ANDX distributions paid to public unitholders, and MPC share repurchases; discretionary free cash flow = consolidated operating cash flow less maintenance and regulatory capex. 2 Existing authorization as of December 31, 2018. 52 52#53Appendix M MARATHON 53#54Commodity Price Assumptions and Long-Term Outlook M MARATHON Commodity / Spread ($/BBL, unless noted) WTI Brent-WTI Brent-ANS Brent-ASCI LLS-WTI WTI-Bakken WTI-WCS ULSD-3% Fuel Oil Henry Hub ($/MMbtu) NGL Weighted Average ($/gal)³ 2018 Average¹ 2019 Business Plan² Long-Term Outlook² $65.00 $64 $50-$80 $6.75 $3.60 $3-$12 $(0.25) $0.10 $(1) - $2 $5.00 $6.50 $3-$9 $5.00 $3.25 $4 - $9 $2.50 $1.50 $1 - $11 $26.25 $22 $20-$40 $24.00 $34 $30 - $40 $3.25 $2.95 $2.50 - $4.50 $0.78 $0.76 $0.60 - $0.95 1 Full year 2018, rounded to nearest $0.25/BBL 2 MPC estimates as of December 4, 2018 3 Not rounded - Weighted 35% ethane, 35% propane, 12% normal butane, 6% isobutane and 12% C5+ 54 54#552Q 2018 Projected 2Q 2019 Second-Quarter 2019 Outlook Crude Throughput¹ Other Charge/ Feedstocks Throughput¹ Turnaround Total Throughput¹ Sweet Crude Sour Crude and Major Maintenance Depreciation and Amortization Other Manufacturing Cost² Total Direct Operating Costs M MARATHON Corporate and Other Unallocated Items³ in MBPD Percent of Throughput Refinery Direct Operating Costs ($/BBL of Total Throughput) Gulf Coast Region 1,125 125 1,250 42% 58% $1.15 $1.15 $3.60 $5.90 Mid-Con Region 1,075 50 1,125 74% 26% $1.35 $1.60 $4.75 $7.70 West Coast Region 600 50 650 42% 58% $5.15 $1.50 $7.85 $14.50 MPC Total 2,800 125 2,925 55% 45% $2.15 $1.45 $5.10 $8.70 $200 MM Gulf Coast Region Midwest Region 1,156 190 1,346 35% 65% $0.56 $0.99 $3.21 $4.76 722 34 756 61% 39% $1.65 $1.66 $3.81 $7.12 MPC Total 1,878 160 2,038 45% 55% $0.98 $1.27 $3.54 $5.79 $90 MM Note: The company provides certain financial and statistical data on its website not later than the close of business on the second business day following the end of each month, and may also provide additional updates within each month. 1 Region throughput data includes inter-refinery transfers, but MPC totals exclude transfers 2 Includes utilities, labor, routine maintenance and other operating costs 3 Includes transaction costs related to the merger with Andeavor 55#56Market Data Terminologies Metric Mid-Con Crack Spread* West Coast Crack Spread* USGC Crack Spread* Blended Crack Spread* Blended Prompt Crude • Sweet Crude Basket Sour Crude Basket Formula ((2xChicago CBOB Gasoline + Chicago ULSD)/3) x 42 - WTI Prompt ((2xLA CARBOB + LA CARB Diesel)/3) x 42 - ANS Prompt ((2xUSGC CBOB Gasoline +USGC ULSD)/3) x 42 - LLS Prompt Weighted 38%/24%/38% Mid-Con/West Coast/USGC based on MPC's refining capacity by PADD Weighted 38%/24%/38% WTI/ANS/LLS Bakken, Brent, LLS, WTI-Cushing, WTI-Midland ANS, ASCI, Maya, Western Canadian Select *All crack spreads are reflected net of the associated Renewable Volume Obligation (RVO) cost M MARATHON 56#57MPLX 2019 Outlook - Reconciliation Adjusted EBITDA and Distributable Cash Flow from Net Income ($ billion) Net income Depreciation and amortization 2019E 2.2 0.9 Net interest and other financial costs 0.7 Adjustment for equity investment earnings & distributions 0.2 Other 0.0 Adjusted EBITDA 4.0 Adjusted EBITDA attributable to noncontrolling interests (0.1) Adjusted EBITDA attributable to MPLX LP 3.9 Deferred revenue impacts 0.1 Net interest and other financial costs (0.7) Maintenance capital expenditures (0.2) Other 0.0 Distributable cash flow attributable to MPLX LP 3.1 40 57 M MARATHON#58ANDX 2019 Outlook - Reconciliation EBITDA and Distributable Cash Flow from Net Earnings ($ billion) 2019E Net earnings 0.8 Depreciation and amortization Net interest and other financial costs EBITDA 0.4 0.2 1.4 Adjustment for equity investment earnings & distributions 0.0 Deferred revenue impacts 0.0 Net interest and other financial costs Maintenance capital expenditures, net (0.2) (0.1) Other Distributable cash flow Preferred distributions 0.0 1.1 (0.0) Distributable cash flow attributable to ANDX 1.1 M MARATHON 58#59Speedway EBITDA Reconciliation ($ million) Segment EBITDA to Segment Income from Operations Speedway Segment Income from Operations Plus: Depreciation and Amortization Speedway Segment EBITDA 2017 2018 Q3 Q4 Q1 Q2 LTM 208 148 95 159 610 68 78 79 73 298 276 226 174 232 908 M MARATHON 59#60Free Cash Flow Yield Reconciliation M MARATHON ($ million, except for per share data) 2018 2019 Q2 Q3 Q4 Q1 LTM Cash Flow from Operations 2,386 1,182 2,727 1,623 7,918 Less: Capital Expenditures 711 849 1,263 1,241 4,064 Free Cash Flow 1,675 333 1,464 382 3,854 Weighted Average Common Shares Outstanding 459 451 687 673 Free Cash Flow Per Share 3.65 0.74 2.13 0.57 7.09 Share Price at 5/29/19 48.99 Free Cash Flow Yield 14.5% 60 60