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FINDLAY, Ohio, Feb 1, 2012 - (ACN Newswire) - Marathon Petroleum Corporation (NYSE: MPC) today announced that the board of directors has authorized a share repurchase plan of up to $2 billion of the company's shares of common stock over a two-year period. The company has all the approvals required to proceed under this authorization. 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 the repurchases may be discontinued at any time.
The board also declared a fourth quarter dividend of 25 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable March 12, 2012 to stockholders of record as of the close of business February 16, 2012.
"The confidence that we have in the cash generation of the business and our strengthening financial position provides this opportunity to enhance value to our shareholders through a repurchase program and continuing our strong quarterly dividend. These actions are consistent with our strategy of a balanced, investor-oriented approach, while maintaining financial strength and the flexibility to continue to invest in internal and external opportunities to grow our long-term profitability," said Gary R. Heminger, MPC's president and chief executive officer.
MPC will provide an update on its fourth quarter and year-end results through an earnings news release, to be followed by a conference call scheduled for today at 10 a.m. Interested investors can listen to the conference call on MPC's website at http://www.marathonpetroleum.com by clicking on the "2011 Fourth Quarter Financial Results" link.
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 at http://www.marathonpetroleum.com .
Investor Relations Contacts:
Pamela Beall +1-419-429-5640
Beth Hunter +1-419-421-2559
Media Contacts:
Angelia Graves +1-419-421-2703
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 under our stock repurchase program, 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 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.
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 Company via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
Source: Marathon Petroleum Corporation
https://www.acnnewswire.com
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