Marathon Petroleum Corporation Announces Incremental $2 Billion Share Repurchase Authorization and Fourth-Quarter 2012 Dividend

Marathon Petroleum Corporation has added a news release to its Investor Relations website.

Title: Marathon Petroleum Corporation Announces Incremental $2 Billion Share Repurchase Authorization and Fourth-Quarter 2012 Dividend

Date(s): 30-Jan-2013 7:11 AM

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FINDLAY, Ohio, Jan. 30, 2013 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors has approved an additional $2 billion share repurchase authorization. The board also extended the remaining $650 million share repurchase authorization announced on Feb. 1, 2012, for a total outstanding authorization of $2.65 billion through December 2014. 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 board also declared a fourth-quarter dividend of 35 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable March 11, 2013, to stockholders of record as of the close of business on Feb. 20, 2013.

"Our focus has remained on returning capital to our shareholders while continuing to make value enhancing investments in the company. Our strong financial position and operating cash flow enabled us to increase our dividend by 40 percent in 2012 and to execute two accelerated share repurchase programs totaling $1.35 billion. Today's announcement builds upon our continuing commitment to our shareholders," said MPC President and CEO Gary R. Heminger.

MPC will provide an update on its 2012 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. ET. Interested investors can listen to the conference call on MPC's website at http://www.marathonpetroleum.com by clicking on the "2012 Fourth-Quarter Financial Results" link.

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About Marathon Petroleum Corporation
MPC is the nation's fifth-largest refiner, with a crude oil refining capacity of approximately 1.2 million barrels per calendar day in its six-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 1,460 convenience stores in seven 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.