Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Marathon Petroleum Adds $2 Billion to Buyback Plan

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

The country's fourth biggest refiner announced today it was buying up billions of dollars' worth of stock. Marathon Petroleum (NYSE: MPC  ) said the board of directors approved the addition of $2 billion in share repurchase authorization to the already existing plan, which still has $1.34 billion remaining on it.

The buyback program will run through September 2015, and the refiner said it would utilize all the tools in its toolbox to do so, including open market repurchases, negotiated block transactions, accelerated share repurchases, or open market solicitations for shares, some of which could be effected through Rule 10b5-1 plans. Of course, the program could also be discontinued at any time.

Saying the buyback announcement underscores the refiner's commitment to shareholders, Marathon Petroleum President and CEO Gary R. Heminger said, "Our focus continues to be returning capital to our shareholders on a sustained basis while making value-enhancing investments in the business."

In addition to Marathon's seven-refinery operations, which has capacity of approximately 1.7 million barrels per calendar day, it sales branded gasoline through 5,000 retail outlets in 17 states; owns and operates the nation`s fourth-largest convenience store chain, with approximately 1,470 convenience stores in nine states, via its Speedway subsidiary; and owns, leases, or has ownership interests in approximately 8,300 miles of pipeline.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2657555, ~/Articles/ArticleHandler.aspx, 10/6/2015 4:32:45 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


Today's Market

updated Moments ago Sponsored by:
DOW 16,790.19 13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASD 4,748.36 -32.90 -0.69%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/6/2015 4:02 PM
MPC $50.04 Down -0.54 -1.07%
Marathon Petroleum CAPS Rating: *****