Marathon Petroleum Corp. announces incremental $3 billion share repurchase authorization
(Thomson Reuters ONE) -
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.
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. The incremental $3 billion repurchase
authorization, as well as the remaining portion of the previous authorization,
have no expiration date.
###
About Marathon Petroleum Corporation
MPC is the nation's third-largest refiner, with a crude oil refining capacity of
approximately 1.8 million barrels per calendar day in its seven-refinery system.
Marathon brand gasoline is sold through approximately 5,500 independently owned
retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary,
owns and operates the nation's second-largest convenience store chain, with
approximately 2,730 convenience stores in 21 states. MPC owns, leases or has
ownership interests in approximately 10,800 miles of crude and light product
pipelines and more than 5,600 miles of gas gathering and natural gas liquids
(NGL) pipelines. MPC also has ownership interests in 55 gas processing plants,
14 NGL fractionation facilities and two condensate stabilization facilities.
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, NGLs, feedstocks and petroleum-related products
efficiently through the company's distribution network and midstream service
businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast
regions.
Investor Relations Contacts:
Lisa Wilson (419) 421-2071
Denice Myers (419) 421-2965
Doug Wendt (419) 421-2423
Media Contacts:
Chuck Rice (419) 421-2521
Katie Merx (419) 421-5159
This press release contains forward-looking statements within the meaning of
federal securities laws regarding Marathon Petroleum Corporation ("MPC") and
MPLX LP ("MPLX"). These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the business and
operations of MPC and MPLX, including proposed strategic initiatives. You can
identify forward-looking statements by words such as "anticipate,"" "believe,"
"design," "estimate," "expect," "forecast," "goal," "guidance," "imply,"
"intend," "objective," "opportunity," "outlook," "plan," "position," "pursue,"
"prospective," "predict," "project," "potential," "seek," "strategy," "target,"
"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 the companies' control
and are difficult to predict. Factors that could cause MPC's actual results to
differ materially from those implied in the forward-looking statements include:
the time, costs and ability to obtain regulatory or other approvals and consents
and otherwise consummate the strategic initiatives discussed herein; the
satisfaction or waiver of conditions in the agreements governing the strategic
initiatives discussed herein; our ability to achieve the strategic and other
objectives related to the strategic initiatives discussed herein; adverse
changes in laws including with respect to tax and regulatory matters; inability
to agree with the MPLX conflicts committee with respect to the timing of and
value attributed to assets identified for dropdown; changes to the expected
construction costs and timing of projects; continued/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; the effects of the lifting of the U.S. crude oil export
ban; 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; MPC's ability to successfully implement
growth opportunities; modifications to MPLX earnings and distribution growth
objectives, and other risks described below with respect to MPLX; compliance
with federal and state environmental, economic, health and safety, energy and
other policies and regulations, including the cost of compliance with the
Renewable Fuel Standard, and/or enforcement actions initiated thereunder;
changes to MPC's capital budget; other risk factors inherent to MPC's 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, 2016, filed with Securities and
Exchange Commission (SEC). Factors that could cause MPLX's actual results to
differ materially from those implied in the forward-looking statements include:
negative capital market conditions, including an increase of the current yield
on common units, adversely affecting MPLX's ability to meet its distribution
growth guidance; the time, costs and ability to obtain regulatory or other
approvals and consents and otherwise consummate the strategic initiatives
discussed herein and other proposed transactions; the satisfaction or waiver of
conditions in the agreements governing the strategic initiatives discussed
herein and other proposed transactions; our ability to achieve the strategic and
other objectives related to the strategic initiatives discussed herein and other
proposed transactions; adverse changes in laws including with respect to tax and
regulatory matters; inability to agree with respect to the timing of and value
attributed to assets identified for dropdown; the adequacy of MPLX's capital
resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions, and the ability to successfully
execute its business plans and growth strategy; the timing and extent of changes
in commodity prices and demand for crude oil, refined products, feedstocks or
other hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; changes to the expected
construction costs and timing of projects; completion of midstream
infrastructure by competitors; disruptions due to equipment interruption or
failure, including electrical shortages and power grid failures; the suspension,
reduction or termination of MPC's obligations under MPLX's commercial
agreements; modifications to earnings and distribution growth objectives; the
level of support from MPC, including dropdowns, alternative financing
arrangements, taking equity units, and other methods of sponsor support, as a
result of the capital allocation needs of the enterprise as a whole and its
ability to provide support on commercially reasonable terms; compliance with
federal and state environmental, economic, health and safety, energy and other
policies and regulations and/or enforcement actions initiated thereunder;
changes to MPLX's capital budget; other risk factors inherent to MPLX's
industry; and the factors set forth under the heading "Risk Factors" in MPLX's
Annual Report on Form 10-K for the year ended Dec. 31, 2016, filed with 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, in MPC's Form 10-K or in
MPLX'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. Copies of MPLX's Form 10-K are available on the SEC website,
MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations
office.
Share repurchase authorization:
http://hugin.info/147922/R/2109646/801647.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2017 - 22:23 Uhr
Sprache: Deutsch
News-ID 545626
Anzahl Zeichen: 10107
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
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