FINDLAY, Ohio, Jan. 30, 2013 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors has approved an additional $2 billion share repurchase authorization. The board also extended the remaining $650 million share repurchase authorization announced on Feb. 1, 2012, for a total outstanding authorization of $2.65 billion through December 2014. 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 board also declared a fourth-quarter dividend of 35 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable March 11, 2013, to stockholders of record as of the close of business on Feb. 20, 2013.
"Our focus has remained on returning capital to our shareholders while continuing to make value enhancing investments in the company. Our strong financial position and operating cash flow enabled us to increase our dividend by 40 percent in 2012 and to execute two accelerated share repurchase programs totaling $1.35 billion. Today`s announcement builds upon our continuing commitment to our shareholders," said MPC President and CEO Gary R. Heminger.
MPC will provide an update on its 2012 fourth-quarter and year-end results through an earnings news release, to be followed by a conference call scheduled for today at 10 a.m. ET. Interested investors can listen to the conference call on MPC`s website at http://www.marathonpetroleum.com by clicking on the "2012 Fourth-Quarter Financial Results" link.
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About Marathon Petroleum Corporation
MPC is the nation`s fifth-largest refiner, with a crude oil refining capacity of approximately 1.2 million barrels per calendar day in its six-refinery system. Marathon brand gasoline is sold through approximately 5,000 independently owned retail outlets across 17 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation`s fourth largest convenience store chain, with approximately 1,460 convenience stores in seven states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC`s fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company`s distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.
Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559
Angelia Graves (419) 421-2703
Jamal Kheiry (419) 421-3312
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements relate to, among other things, MPC`s expectations, estimates and projections concerning MPC business and operations. You can identify forward-looking statements by words such as "anticipate," "believe," "estimate," "expect," "forecast," "project," "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 issuer`s control and are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include: 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; 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; our ability to successfully implement growth opportunities; impacts from our repurchases of shares of MPC common stock under our stock repurchase authorization, including the timing and amounts of any common stock repurchases; state and federal environmental, economic, health and safety, energy and other policies and regulations; other risk factors inherent to our 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, 2011 filed with the Securities and Exchange Commission (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 or in MPC`s Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPC`s Form 10-K are available on the SEC website, at http://ir.marathonpetroleum.com or by contacting MPC`s Investor Relations Office.