FINDLAY,
Ohio, Oct. 25, 2023 /PRNewswire/ -- The board of
directors of Marathon Petroleum Corp. (NYSE: MPC) has declared a
dividend of $0.825 per share on
common stock, an increase of approximately 10% over its previous
dividend of $0.75 per share. The
dividend is payable Dec. 11, 2023, to
shareholders of record as of the close of business Nov. 16, 2023.
Additionally, the board of directors of MPC has approved an
additional $5 billion share
repurchase authorization. This authorization is in addition to its
previous authorization, which had approximately $4.3 billion remaining as of September 30. The authorization has no expiration
date.
"Our capital allocation framework remains consistent," said
President and Chief Executive Officer Michael J. Hennigan. "We are committed to
returning excess capital to shareholders through share repurchases
and a growing dividend."
MPC may utilize various methods to effect the repurchases, which
could include open market repurchases, negotiated block
transactions, accelerated share repurchases, tender offers 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 suspended or discontinued at any time.
About Marathon Petroleum Corporation
MPC is a leading, integrated, downstream energy company
headquartered in Findlay, Ohio.
The company operates the nation's largest refining system. MPC's
marketing system includes branded locations across the United States, including Marathon brand
retail outlets. MPC also owns the general partner and majority
limited partner interest in MPLX LP, a midstream company that owns
and operates gathering, processing, and fractionation assets, as
well as crude oil and light product transportation and logistics
infrastructure. More information is available at
www.marathonpetroleum.com.
Investor Relations Contacts: (419)
421-2071
Kristina Kazarian,
Vice President, Finance and Investor Relations
Brian Worthington, Director,
Investor Relations
Kenan Kinsey, Supervisor, Investor
Relations
Media Contact: (419) 421-3577
Jamal Kheiry,
Communications Manager
Forward-Looking Statements
This press release contains forward-looking statements
regarding MPC. These forward-looking statements may relate to,
among other things, MPC's expectations, estimates and projections
concerning its business and operations, financial priorities,
strategic plans and initiatives, capital return plans, and capital
expenditure plans. You can identify forward-looking statements by
words such as "anticipate," "believe," "commitment," "could,"
"design," "estimate," "expect," "forecast," "goal," "guidance,"
"intend," "may," "objective," "opportunity," "outlook," "plan,"
"policy," "position," "potential," "predict," "priority,"
"project," "prospective," "pursue," "seek," "should," "strategy,"
"target," "will," "would" or other similar expressions that convey
the uncertainty of future events or outcomes. MPC cautions that
these statements are based on management's current knowledge and
expectations and are subject to certain risks and uncertainties,
many of which are outside of the control of MPC, that could cause
actual results or future outcomes to differ materially from the
statements made herein. Factors that could cause MPC's actual
results or future outcomes to differ materially from those implied
in the forward-looking statements include but are not limited to
the adequacy of capital resources and liquidity and timing and
amounts of free cash flow necessary to execute our business plans,
effect future share repurchases and to maintain or grow our
dividend and the factors set forth under the heading "Risk Factors"
in MPC's Annual Reports on Form 10-K for the year ended
Dec. 31, 2022, and in other filings
with the SEC. Any forward-looking statement speaks only as of the
date of the applicable communication, and we undertake no
obligation to update any forward-looking statement except to the
extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other SEC filings are available on the SEC's
website, MPC's website at
https://www.marathonpetroleum.com/Investors/ or by contacting MPC's
Investor Relations office.
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SOURCE Marathon Petroleum Corporation