Marathon Petroleum Corporation Launches Share Repurchase Program
(Thomson Reuters ONE) -
FINDLAY, Ohio, Feb. 3, 2012 - Marathon Petroleum Corporation (NYSE: MPC) today
announced that it has entered into an $850 million accelerated share repurchase
(ASR) program under its recently authorized $2 billion share repurchase
initiative. The total number of shares to be repurchased will be based generally
on the volume-weighted average price of MPC stock during the repurchase period,
subject to provisions that set a minimum and maximum number of shares. At
yesterday's closing price of $42.56, the total shares to be acquired under the
ASR would represent approximately 5.6 percent of shares outstanding at year-end
2011. It is anticipated all repurchases under the ASR will be complete on or
before the end of the third quarter of 2012.
About Marathon Petroleum Corporation
MPC is the nation's fifth-largest refiner with a crude capacity of approximately
1.2 million barrels per day in its six-refinery system. Marathon brand gasoline
is sold through more than 5,000 independently owned locations across 18 states.
In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's
fourth largest convenience store chain, with approximately 1,375 locations in
seven states. MPC also owns, operates, leases or has ownership interest in
approximately 9,400 miles of pipeline. 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 athttp://www.marathonpetroleum.com.
Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559
Media Contacts:
Angelia Graves (419) 421- 2703
Forward Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements relate to, among other things, MPC's current 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" or "would" 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
company's control and are difficult to predict. Factors that could cause actual
results to differ materially from those in the forward-looking statements
include: further 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; changes in governmental regulations; transportation logistics; the
availability of materials and labor, delays in obtaining necessary third-party
approvals, and other risks customary to construction projects; 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, including the timing and amounts of such repurchases; other risk factors
inherent to our industry; and the factors set forth under the heading "Risk
Factors" in MPC's Registration Statement on Form 10 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 could also have material adverse effects on forward-looking
statements. Copies of MPC's Form 10 are available on the SEC website, at
http://www.marathonpetroleum.com or by contacting MPC's Investor Relations
office.
# # #
MPC Launches Share Repurchase Program:
http://hugin.info/147922/R/1582531/494467.pdf
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originality of the information contained therein.
Source: Marathon Petroleum Company via Thomson Reuters ONE
[HUG#1582531]
Unternehmensinformation / Kurzprofil:
Datum: 03.02.2012 - 14:39 Uhr
Sprache: Deutsch
News-ID 110903
Anzahl Zeichen: 5193
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
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