FINDLAY, Ohio, July 30, 2014 - Marathon Petroleum Corporation (MPC) announced today that its board of directors approved an additional $2 billion share repurchase authorization through July 2016. This authorization is in addition to the previous authorization, which had $709 million remaining as of June 30, 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.
"This $2 billion share repurchase is the fourth such authorization since becoming a stand-alone public company in July 2011," said President and Chief Executive Officer Gary R. Heminger. "This authorization, along with the increased dividend announced earlier today, demonstrates our ongoing commitment to returning capital to shareholders, balanced with making value-enhancing investments in the business."
On July 31, MPC will provide an update on its 2014 second-quarter results through an earnings news release, to be followed by a conference call scheduled for 10 a.m. EDT that day. Interested investors can listen to the conference call on MPC`s website at http://www.marathonpetroleum.com by clicking on the "2014 Second-Quarter Financial Results" link.
About Marathon Petroleum Corporation
MPC is the nation`s fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation`s fourth-largest convenience store chain, with approximately 1,490 convenience stores in nine 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:
Beth Hunter (419) 421-2559
Geri Ewing (419) 421-2071
Angelia Graves (419) 421-2703
Brandon Daniels (419) 421-3127
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 MPC`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 share repurchase authorizations, including the timing and amounts of any common stock repurchases; 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 Dec. 31, 2013, filed with the Securities and Exchange Commission (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, MPC`s website at http://ir.marathonpetroleum.com or by contacting MPC`s Investor Relations office.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via GlobeNewswire