Marathon Petroleum Announces $5 Bln Increase To Share Repurchase Authorization

(RTTNews) - Marathon Petroleum Corp. (MPC) said the Board of Directors has approved an incremental $5 billion share repurchase authorization. With the addition of this authorization, the company currently has approximately $8.8 billion available under share repurchase authorizations.

In the first quarter, the company returned approximately $2.5 billion of capital to shareholders through $2.2 billion of share repurchases and $299 million of dividends. Through April 26, the company repurchased an additional $0.8 billion of company shares.

As of March 31, 2024, the company had $7.6 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility.