OREANDA-NEWS. August 07, 2014. Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors approved an additional USD 2 billion share repurchase authorization through July 2016.

This authorization is in addition to the previous authorization, which had USD 709 million remaining as of June 30, 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.

"This USD 2 billion share repurchase is the fourth such authorization since becoming a stand-alone public company in July 2011," said President and Chief Executive Officer Gary R. Heminger. "This authorization, along with the increased dividend announced earlier today, demonstrates our ongoing commitment to returning capital to shareholders, balanced with making value-enhancing investments in the business."