Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Investor Presentation (April 2015)
68 slides from Marathon Petroleum's investor presentation, April 2015
Slide 1: Marathon Petroleum Corporation
Marathon < Petroleum Corporation —
Slide 2: Forward-Looking Statements
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 o
Slide 3: 2014 Highlights
2014 Highlights Generated $2.5 B of earnings Speedway achieved record earnings Speedway is nation’s second largest convenience store chain with Hess acquisition Executed first step in accelerated growth plan for MPLX Returned $2.7 B of capital to shareholders Announced $2.5 B capital plan for 2015
Slide 4: Current Trends
Current Trends ® Positive domestic outlook ® Sustainable U.S. refining advantages @ U.S. product exports growth @ MPC performs well in volatile market conditions | ® Significant infrastructure investments in U.S.
Slide 5: U.S. Refined Product Demand
U.S. Refined Product Demand Compounded 10 Grout ries ae anae va. 2014 Distillate demand ——— 7 1% ee oa ; growth outpaces other 7 Gasoline ex ethanol “79 products a 6 Gasoline will be s 5 Annual average forecasted growth constrained by CAFE =, +1.9% standards and modest 3 growth in biofuels 2 — 10% p
Slide 6: Crude Oil Inventory Impacting Differentials
Crude Oil Inventory Impacting Differentials & PADD 3 Crude Stocks 230 210 190 MMB 170 150 Py foe? y PO rs es fs nn Py & Fw SO MK yw SX Kw WK Source: EIA Cushing Crude Stocks PO O_O SP gD gh AH Ad BO LO Fe we y oe we ¥& w we ys Fe FE
Slide 7: Sustaining U.S. Refining Advantage
Sustaining U.S. Refining Advantage International Fuel Cost Comparison 20 15 Sd So 2 © 40 Ss SF (\ 3 5 mia 0 PF SF LF HK NH HK HP HS YP YP O OV YQ NM TO Ow HO FP EK PF FFP FF FF KF FF KF YE -—— European Natural Gas (Avg Import Border Price)* Henry Hub (NYMEX prompt price) USGC #6 Fuel Oil-1% Sulfur (
Slide 8: U.S. Gross Refined Product Exports Increasing
U.S. Gross Refined Product Exports Increasing 4.0 3.5 Gasolines 30 mum Kero-Jet 25 mm Diesels Q 2 a0 Product Exports 1.5 1.0 " ALL a PTORTOUROOOLTOTTOELL s & £ £ ez SS & & £ s s s s s rg ra = ra e aS s Ng s s Source: U.S. Energy Information Administration
Slide 9: MPC's Value of Integration
MPC’s Value of Integration $MM 2,400 ; _ 2,200 Flexible refining system 2,000 1,800 Large retail 1,600 presence 1,400 Extensive logistics 1,200 1,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Gross Margin Indicator = Reported Gross Margin
Slide 10: Our Priorities for Our Investors
Our Priorities for Our Investors Maintain top-tier safety and S40 Share Price environmental performance $100 Sustain our focus on $90 shareholder returns $80 = : $70 Balance capital returns with value-enhancing #60 or investments $50“ Grow higher valued and $40 stable cash-flow $30 businesses $20 oe
Slide 11: MPC Delivering Peer Leading Return of Capital
MPC Delivering Peer Leading Return of Capital Twelve months ended December 31, 2014 10.7% 10.0% 8.0% 7.6% 6.0% 8.6% 0, 6.5% 4.0% 4.3% 5.2% 1a% 2.0% 0.0% _— MPC HFC PSX TSO VLO Dividend Yield = Special Dividend Yield = 2014 Share Repurchase/Share Yield “Total Capital Retum Yield: Twelve months ended
Slide 12: 2015 Capital Investment Plan — $2.5 B
2015 Capital Investment Plan — $2.5 B @) Corporate & Other Speedway 18% b/ Refining & Marketing — $1,276 MM Includes $234 MM for midstream investments Speedway — $452 MM Pipeline Transportation — $659 MM Corporate & Other — $140 MM Midstream” “Includes Pipeline Transportation segment and midstream i
Slide 13: Substantial Acceleration of MPLX Growth
Substantial Acceleration of MPLX Growth Adjusted EBITDA Attributable to MPLX 500 400 111 >2x 4Q 2014 EBITDA ~4 Annualized 170 450 _ Evolve MPLX into large-cap, diversified logistics MLP ~$450 MM of run-rate Adjusted EBITDA by end of 2015 Annual LP distribution growth rate to average mid-20% over nex
Slide 14: Substantial Acceleration of MPLX Growth
Substantial Acceleration of MPLX Growth Total Distributions to MPC Rapidly changing midstream business environment creates multiple opportunities where size matters ev Hess retail acquisition has expanded MPC’s opportunity set and strategic options Market has not appropriately reflected MPLX contrib
Slide 15: MPC Investment: $1.0 B - $1.2B
MPC Investment: $1.0 B - $1.2B MPC Equity: 27% - 30% 2017 completion MPC Investment: ~$305 MM MPC Equity: 35% Late 2015 completion Binding open season underway MPLX Estimated Investment: ~$200 MM $38 MM EBITDA Late 2016 completion @ Flanagan, IL es Patoka, IL @ kh MPC Refinery ij Terminal Facilities
Slide 16: Conversion Plans for Former Hess Stores
Conversion Plans for Former Hess Stores 2014-2017 ® Conversion to Speedway: $181 MM Remodel Capital: $240 MM ~500 Stores ]} by Dec. 2015 ~495 Stores by Dec. 2016 ~250 Stores by March 2015
Slide 17: Growing Speedway
Growing Speedway Segment EBITDA* 800 696 700 s 500 = * 400 300 200 100 a a a a — 2010 2011 2012 2013 2014 Legacy Speedway m= Hess “Non-GAAP disclosure, see appendix for reconciliation to Speedway segment income from operations
Slide 18: Increasing Light Sweet Crude and Condensate Capacity
Increasing Light Sweet Crude and Condensate Capacity @) Condensate splitters Condensate Processing Opportunity Canton: 25 MBD Completed 4Q 2014 ie ' . Light Naphtha to Gasoline Blending : she eee we! Heavy Naphtha to Reforming Catlettsburg: 35 MBD Condensate Fractionator 2Q 2015 completion Distillat
Slide 19: Growing Gulf Coast Export Capabilities
Growing Gulf Coast Export Capabilities Export investments totaling ~$120 MM 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 MBD Export Capacity 510 395
Slide 20: Capitalizing on Global Growth in Diesel Demand
Capitalizing on Global Growth in Diesel Demand @) Distillate Production 700 ai Garyville +35 MBD ULSD in 2014-16 © 500 = _ $232 MM investment 300 hod Ld || || = Lod ~45% ROI 2012 2013 2014 2015E 2016E 2017E Galveston Bay +9 MBD ULSD in 2015 16 MM investment 7 Distillate Production $ ial 238 ~50% ROI
Slide 21: Galveston Bay Driving Value
Galveston Bay Driving Value ® Integration with Texas City refinery @ 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 @ Expand bottom u
Slide 22: 2015 Value Drivers
2015 Value Drivers Top-tier safety and environmental performance 1 ¢ » Accelerate growth of 14 Jonge Midstream/MPLX - 7 aff \ te oe 4 Pig. Capital return to shareholders j re lms Es p29 Strong and growing dividend feo Share repurchase program Boy Pp prog) cB fe % a h% Speedway — Hess integration ‘tp
Slide 23: Appendix
Appendix
Slide 24: Fully Integrated Downstream System
Fully Integrated Downstream System Refining and Marketing 9 (BA) Marketing Area MPC Refineries Light Product Terminals © mec owned and Part-owned Third Party Asphalt/Heavy Oil Terminals MPC Owned Third Party Water Supplied Terminals Coastal Inland Pipelines MPC Owned and Operated & MPC Interest: Ope
Slide 25: MPC Performing Consistently in the Top Tier
MPC Performing Consistently in the Top Tier Engine behind MPC’s focus on capital returns Operating Income Per Barrel of Crude Throughput™ MPC’s Rank Competitor Range $/BBL a 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Companies Ranked* 12 11 11 9 10 10 9 8 8
Slide 26: Grow Higher Valued and Stable Cash Flow Businesses
Grow Higher Valued and Stable Cash Flow Businesses @) Historical Mid-Cycle EBITDA’ Future Mid-Cycle EBITDA Midstream Pipeline Transportation Speedway 4 Speedway 4 R&M R&M “2007-2014 average. Non-GAAP disclosure, see appendix for reconciliation to net income attributable to MPC
Slide 27: MPC's Currently Identified Eligible MLP EBITDA
MPC’s Currently Identified Eligible MLP EBITDA Sources of ~$1.6 B Retained by MPC ae ~ 5,400 miles of additional crude and products pipelines aut Owns, leases or has an ownership interest in these pipelines . 0.5% of MPLX Pipe Line Holdings LP Southern Access Extension, Sandpiper and Utica investmen
Slide 28: MPLX/MPC Utica Build-Out Connectivity
MPLX/MPC Utica Build-Out Connectivity Southern Detott Lights Samaria ft Gree Crossroads Toledo SS Sa = Youngstown Cochin opps Cygnet 4 Findlay Canton My Moreland East Sparta a ——— as Lima MPL Wabash a a c c ® 3 s. = Heath Martinsville Robinson Utica NGL Processing = MPC Ownership Facilities Crude Pi
Slide 29: MPLX Developing a Comprehensive Utica System
MPLX Developing a Comprehensive Utica System Cornerstone Pipeline and Additional Opportunities Non-binding open season supports 12-inch pipeline, 16-inch option Binding open season underway Capital estimates vary subject to binding open season results East and West connectivity options River access
Slide 30: MPLX Distributions to MPC
20 15.1 15.8 = S 15 10 cA 5 0 1Q13 2Q13 3Q13 LP Distributions ($MM) GP Distributions, including IDRs LP Distributions Total Cash Distributions Received 197 20.7 iee 175 18.5 onan a 4Q13 1Q14 2Q14 3Q14 4Q14 = GP Distributions, including IDRs Cash Sales Proceeds Equity Value from MPLX Value to MPC fro
Slide 31: Focused Return of Capital to Shareholders
Focused Return of Capital to Shareholders LTM Ended 12/31/14 8,000 7,000 6,000 2 Hess Retail Acquisition 5,000 = 4.000 Dividends and share 6’ ~2.7x of Free Cash Flow*** repurchases” 3,000 S000 Peed peet = Investments, Excluding Hess "Hess Acquisition** 2,000 peauiemon = Net cash provided by operatio
Slide 32: Sustaining Capital Returns Since Spin
Sustaining Capital Returns Since Spin Cumulative Return of Capital Since July 1, 2011 Dividends m#Share repurchases
Slide 33: Generating Significant Cash Flow Through All Cycles
Generating Significant Cash Flow Through All Cycles Pro forma EBITDA adjusted for current configuration Pro forma EBITDA 8,000 6,000 S 4,000 | | An — 2,000 = 0 — a _ | — — — 2009 2010 2011 2012 2013 2014 2009 thru = Pipeline Transportation Speedway ae cela Depr. & Amort. less corporate expense Refin
Slide 34: Sustaining Core Liquidity Needs
Sustaining Core Liquidity Needs Minimum cash balance of $500 MM - $1.0B Requirements 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
Slide 35: Global Refined Product Demand Growth
Compounded Annual 120 Actual Forecast Growth Rates 2030 vs. 2014 +1.2% ae . on @ Distillate and gasoline er 9 . . is demand continues to Fuel Oil : rise _ +1.3% ; ; Distillate @ Fuel oil continues to decline on +0.8% economics and emissions issues © YS GO DW ak © DB O A ah - ~ FF or OY GB GB GY GM a
Slide 36: Rising North American Crude & NGLs Production
Rising North American Crude & NGLs Production @) 2014 Actual Forecast 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Sources: EIA, CAPP, MPC
Slide 37: North Dakota, Texas and Ohio Production Growth
1,800 2014 5,000 2014 150 . 2014 1,500 North Dakota 4,000 Texas 125 Ohio 1,200 3,000 100 900 © so g 75 600 2% = 50 300 1,000 25 0 0 0 1990 2000 2010 2020 2030 1990 2000 2010 2020 2030 1990 2000 2010 2020 2030 Canada +2,667 MBD <i: Total Growth = 2014 — 2030 +4,600 MBD tk, mec refinery +4 » Sources:
Slide 38: Refining Capacity in Advantaged Regions
Refining Capacity in Advantaged Regions 100% in PADDs II and III Canadian Bakken 100% Utica MPC VLO HFC PSX _ TSO PADD II =PADDIIl =PADDI =PADDIV »=PADDV 4 delay a ‘agle For Gulf of Mexico Source: Oil & Gas Journal effective December 31, 2014 Canadian
Slide 39: Refinery Capacity
Refinery Capacity ee BPCD Garyville 522,000 11.4 Galveston Bay 451,000 13.3 Catlettsburg 242,000 10.2 Robinson 212,000 10.1 Detroit 130,000 9.8 Canton 90,000 8.0 Texas City 84,000 8.0 Total 1,731,000 iit) *’ The Nelson Complexity Index is a construction cost-based measurement used to describe the in
Slide 40: Balance in Refining Network
Balance in Refining Network Canton (Ohio) 90,000 Catlettsburg (Ky.) 242,000 Midwest Capacity Detroit (Mich.) 130,000 674,000 BPCD Robinson (Ill.) 212,000 Galveston Bay 451,000 oan ~ (Texas) Texas City (Texas) 84,000 EE sce 522,000 BPCD Total 1,731,000 See ca BESE Source: MPC data as reported in the
Slide 41: U.S./Canada Key Existing and Planned Pipelines
U.S./Canada Key Existing and Planned Pipelines Northern ge me Gateway 47 == In Service be me : 300 Line 9 Reversal 2015 cl . 300 SAX 2015 hws 2 =e 200 Diamond 2016 3 450 Dakota Access 2016 s 450 ETCO 2016 * (Trunkline Conversion) 225-375 Sandpiper 2017 300 Trans Mountain Current +590 Trans Mountain
Slide 42: Key Strengths
Key Strengths Balanced Operations Crude Oil Refining Capacity Crude Slate PADD Il 52% 48% Sour Crude = PADD Ill = Sweet Crude As of December 31, 2014 December 31, 2014 YTD Assured Sales of Gasoline Production (Speedway + Brand + Wholesale Contract Sales) Assured Sales nA oO, 70% = Wholesale and Othe
Slide 43: Brent Forward Curve and Brent-WTI Differential
ise} v ' “tor ' “toe ' cr0z LTOr \ 9tor ‘ STbE grbz \ STOT \ stor STbE 1 STO yduodd STOT bro bIde LtOb cT0E ‘ [A tera > <TOr \ 9TOv \ gtbE 9toz ' 9TOT stp - STbE rt sToz ydwoig STOT bror vIdEe waa/s Brent $110 $100 $90 $80 $70 $60 $s0 Brent-WTI Forward curves show some price recovery, but not a retu
Slide 44: Compelling Advantage for Pipeline and Marine
Compelling Advantage for Pipeline and Marine dem, $10-12 eee Bakken ¢ ~ Fic : NT Qe ne S14 16 15-1847 1 f TT s=-— o- $12-14 0 a. D chicago, tt \ x ¢ A ; - O Patoka, it $2 \ ‘ \$13-15 ‘ wt ss er ow \ Legend =P Rail —_—> Marine All costs shown as $/BBL Pipeline costs exclude any storage or transfer fe
Slide 45: Creating Crude/Condensate Advantage
Creating Crude/Condensate Advantage Cornerstone Pipelin Walken Condensate Splitter Truck Unioad Expansion | | Sandpiper i | Extension Patoka, It Cs Wellsville Barge Condensate Splitter Robinson Light Crude Enhancements i MPC Refinery Eagle Ford 4 connectivity Enhancements Source: MPC Additional Barg
Slide 46: Speedway Value
Speedway Value Total Gross Margin Mix . ; 2011-2014 Average Top-tier performance in the convenience store industry Scalable technology and organizational infrastructure Disciplined expense control Highly successful consumer loyalty program Leverage integration value within MPC’s infrastructure Light
Slide 47: Acquisition of Hess Retail
Acquisition of Hess Retail Transaction Overview Hess retail acquisition included: 43 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
Slide 48: Transformative Transaction for MPC and Speedway
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 t
Slide 49: Enhances Strategic Value for Integrated System
Enhances Strategic Value for Integrated System er) SURI, LPF ns Cox: Dual Marketing Area Speedway Marketing Area a in " Marketing Area ea ih Refineries he a Connecting Pipelines Light Product Terminals ee Water Note: Includes owned and third-party terminals Terminals Refined Product Placement Opport
Slide 50: Synergies and Marketing Enhancements
Synergies and Marketing Enhancements Will Drive Value 400 Earnings Opportunities 300 - | 70 | ~ 3 200 a] Operating and G&A expense 100. a synergies of $75 MM Oo iens®, Sox Qa a ae Integrated light product supply Parr alse tence pace =e eS savings of $45 MM Synergies and Marketing Enhancements Additi
Slide 51: Focus on Improving Light Product Breakeven
Focus on Improving Light Product Breakeven @) 13 ad Each 1.00 cent per gallon improvement ~< 9 = ~$30 MM annual pretax earnings Total Expenses — | PB E ma §=Merchandise Margin 7 = " Light Product Light Product Breakeven (cpg) Volume 5 > Measure of operating efficiency and 3 <= ‘ . . merchandise cont
Slide 52: Speedway and Hess Side-by-Side Comparison
Speedway and Hess Side-by-Side Comparison vase | sper Company Operated Sites 1,255 1,478 Fuel Sales Speedway generates an incremental 198,500 177,400 F : GEST ESETTETA), , ’ $17,300 of merchandise margin per store per month irohtleal $0.137 $0.144 jalion . - Eu “ ~$250 MM of additional annual Mercha
Slide 53: Rising MPC Finished Product Exports
Rising MPC Finished Product Exports 0 l i | J 2010 2011 2012 2013 2014
Slide 54: Leveraging Existing Capacity to Run Light Sweet Crude
Leveraging Existing Capacity to Run Light Sweet Crude 30 Reforming Capacit . g a a<ebee 48% sweet crude oil throughput & 20 ____ ee ------_ a — Industry 2014 versus 68% sweet crude oil capacity Average P 3 ‘. Reformer capacity captures full oe value of light crude processing ° 20 as ; ° SPC Mideast
Slide 55: Renewable Fuels
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 facil
Slide 56: Allocating Capital to Higher Valued Businesses
Allocating Capital to Higher Valued Businesses @) 2012 — 2015 Capital Investment Profile 2000 — — — 1,000 pe pO a — —_ 2012 2013 2014 2015E Refining & Marketing, excluding Midstream = Midstream Pipeline Transportation m= Speedway Other Excludes Galveston Bay and Hess retail acquisitions
Slide 57: 2015 Significant Capital Projects
2015 Significant Capital Projects 2015 Capital Budget - $2.5B Refining & Marketing — margin-enhancing projects Corporate Increase light crude capacity at Robinson & Other Distillate growth at Garyville, Galveston Bay and Robinson Speedway Product export growth at Garyville and Galveston Bay Galvesto
Slide 58: Capital Expenditures & Investments
Capital Expenditures & Investments (SMM) 2015 MPC Plan Refining & Marketing (R&M) 1,042 Midstream included in R&M 234 Speedway 452 Pipeline Transportation* 659 Corporate and Other 140 Total Capital Expenditures & Investments 2,527 “includes MPLX Note: Excludes capitalized interest (SMM) 2015 MPLX Pl
Slide 59: Annual Price and Margin Sensitivities
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 ~$100 (per $1.00/barrel change) Natural Gas Price Sensitivity ~$140 (per $1.
Slide 60: MPLX's Priorities for Investors
MPLX’s Priorities for Investors Maintain Safe and Reliable $90 Operations Loaisnics: Sustain Long-term Unit Price Distribution Growth; Mid 20% for the Next Five Years Focus on Fee-Based Businesses Pursue Organic Growth Opportunities Grow Through Acquisitions Jul-13 N oO 3 & fe) s Oct-13 Jan-14 Jul-1
Slide 61: MPLX and MPC are Aligned
MPLX and MPC are Aligned MPLX Organizational Structure Marathon Petroleum Corporation and Affiliates MPC views MPLX as integral to its ——a operations and is aligned with its ! . 5 1 100.0% ox success and incentivized to grow MPLX ! pean LP interest : MPLX assets consist of a 99.5% GP ee interest in
Slide 62: MPLX Deficiency Payment Effect Example
MPLX Deficiency Payment Effect Example For illustrative purposes only Quarter Quarter Quarter Quarter Quarter Quarter Quarter (Cy, a 2 3 4 5 6 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 ca
Slide 63: Incentive Distribution Rights
Incentive Distribution Rights _. Marginal Percentage Total Quarterly Distribution Interest in Distributions Per Unit Target Amount Unitholders General Partner Minimum Quarterly Distribution $0.2625 98.0% 2.0% | First Target Distribution above $0.2625 up to $0.301875 98.0% 2.0% Second Target Distribu
Slide 64: 1Q 2015 Outlook
1Q 2015 Outlook Other Crude Charge/ Total Throughput" | Feedstocks | Throughput* Total Corporate Direct and Other Operating Unallocated Percent of Turnaround | Depreciation Other WTLpriced and Major and Manufacturing Crude Maintenance | Amortization Cost™ Throughput” Costs Items"** Refinery Direct O
Slide 65: MPLX Adjusted EBITDA Reconciliation
MPLX Adjusted EBITDA Reconciliation from Net Income 4Q 2014 | Dec. 2015 Net income 305 Less: Net income attributable to MPC- pipes 68 29 1 retained interest Net income attributable to MPLX LP 78 117 304 Plus: Net income attributable to MPC- retained interest 68 29 1 Depreciation 49 51 71 Provision f
Slide 66: EBITDA Reconciliation to Net Income
EBITDA Reconciliation to Net Income Attributable to MPC ($MM) Net income attributable to MPC 2,262 | 1.215 449 623 | 2389 | 3,380 725 503 168 626 199 855 672 798 Lees: Net interest and other financial income (costs) 165 30 31 12 (26) | (109) (48) (45) (47) (39) (46) (48) (50) (72) Add: Net income at
Slide 67: Reconciliation
Reconciliation Free Cash Flow to Net Cash Provided by Operations (For the Quarter) | 1a | 2a | 3a | Net cash provided by operating 766 878 | 1.078] 388 activities Additions to property, plant and (267) | (302) | (383) | (528) equipment Acquisitions* - (42) (4) - Investments (128) | (41) | (177) | (7
Slide 68: EBITDA Reconciliation to Net Income for Hess
EBITDA Reconciliation to Net Income for Hess fee ae |r Net Income 47 138 Less: Net interest and other financial income (costs) (12) 7 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
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