Marathon Petroleum Corporation Announces Incremental $2 Billion Share Repurchase Authorization
(Thomson Reuters ONE) -
FINDLAY, Ohio, Sept. 26, 2013 - Marathon Petroleum Corporation (NYSE: MPC)
announced today that its board of directors has approved an additional $2
billion share repurchase authorization through September 2015. This
authorization is in addition to the previous authorization, which had $1.34
billion remaining as of June 30, 2013. 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.
"Our focus continues to be returning capital to our shareholders on a sustained
basis while making value-enhancing investments in the business," said MPC
President and CEO Gary R. Heminger. "Today's announcement reinforces this
ongoing commitment to our shareholders."
# # #
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 5,000
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 1,470 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:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559
Media Contacts:
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 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; our ability to successfully implement growth opportunities;
impacts from our repurchases of shares of MPC common stock under our share
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 Dec. 31, 2012, 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.
MPC Share Repurchase:
http://hugin.info/147922/R/1731773/579090.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Marathon Petroleum Corporation via Thomson Reuters ONE
[HUG#1731773]
Unternehmensinformation / Kurzprofil:
Datum: 26.09.2013 - 22:40 Uhr
Sprache: Deutsch
News-ID 300789
Anzahl Zeichen: 5351
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 259 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Marathon Petroleum Corporation Announces Incremental $2 Billion Share Repurchase Authorization"
steht unter der journalistisch-redaktionellen Verantwortung von
Marathon Petroleum Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
