Marathon Petroleum (MPC) Approves Additional $3B Buyback

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Go back to Marathon Petroleum (MPC) Approves Additional $3B Buyback

Marathon Petroleum Corp. announces incremental $3 billion share repurchase authorization

May 31, 2017 4:24 PM EDT

FINDLAY, Ohio, May 31, 2017 - 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.... More