Marathon Petroleum Board Approves Incremental Share Repurchase Authorization

Marathon Petroleum Corporation

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(RTTNews) - Marathon Petroleum Corp. (MPC) announced the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company has $8.5 billion available under its share repurchase authorizations. The company said it 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.

As of September 30, 2024, MPC had $5.1 billion of cash, cash equivalents, and short-term investments, including $2.4 billion of cash at MPLX, and $5 billion available on bank revolving credit facility.