Marathon Petroleum (MPC) Approves Additional $3B Buyback

The Marathon Petroleum Corp. (NYSE: MPC) board of directors today approved an additional $3 billion share repurchase authorization. This authorization is in addition to its previous authorization, which had approximately $2.14 billion remaining as of March 31.

"As we execute our strategic initiatives, including dropdowns of midstream assets to our sponsored master limited partnership, we expect cash proceeds from the dropdowns and limited partner distributions to fund substantial ongoing return of capital to shareholders," said MPC Chairman, President and CEO Gary R. Heminger.

MPC may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be discontinued at any time. The incremental $3 billion repurchase authorization, as well as the remaining portion of the previous authorization, have no expiration date.

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