Marathon Petroleum Corp. increases dividend

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Jan 29, 2018, 06:50 ET

FINDLAY, Ohio, Jan. 29, 2018 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) announced today that its board of directors declared a dividend of $0.46 per share on common stock. The dividend is payable March 12, 2018, to shareholders of record as of the close of business Feb. 21, 2018.

"The $0.46 dividend approved by our Board represents a 15 percent increase to our regular dividend under an accelerated timeline," said Gary R. Heminger, chairman and chief executive officer. "As we near the closing of the final phase of the strategic actions undertaken in 2017, we remain highly confident in the long-term cash generation of the business, further supported by the reduced cash burden resulting from tax reform."

Since becoming an independent company in June 2011, MPC has increased its regular quarterly dividend at a 26.5 percent compound annual growth rate. This strong growing base dividend, along with MPC's substantial share repurchases, have combined to return over $13 billion of capital to the company's shareholders over this time period. "We have balanced our return of capital to shareholders with continued long-term investment in the business," said Heminger. "Achieving this balance and maintaining an investment grade credit profile are fundamental elements of MPC's capital-allocation strategy and drive the value proposition for our investors."

On Feb. 1, MPC will provide an update on its 2017 fourth-quarter and full-year results through an earnings release, to be followed by a conference call scheduled for 9 a.m. EST that day. Interested parties may listen to the conference call by dialing 1-888-989-4720 (confirmation number 4852094) or by visiting MPC's website at http://www.marathonpetroleum.com and clicking on the "2017 Fourth-Quarter and Full-Year Financial Results" link.

About Marathon Petroleum Corporation

MPC is the nation's second-largest refiner, with a crude oil refining capacity of approximately 1.9 million barrels per calendar day in its six-refinery system. Marathon brand gasoline is sold through approximately 5,600 independently owned retail outlets across 20 states and the District of Columbia. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,740 convenience stores in 21 states. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. Primarily through MPLX, MPC owns, leases or has ownership interests in approximately 10,800 miles of crude oil and light product pipelines. Also through MPLX, MPC has ownership interests in gathering and processing facilities with approximately 5.9 billion cubic feet per day of gathering capacity, 8.2 billion cubic feet per day of natural gas processing capacity and 610,000 barrels per day of fractionation capacity. MPC's fully integrated system provides operational flexibility to move crude oil, NGLs, feedstocks and petroleum-related products efficiently through the company's distribution network and midstream service businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast regions.

SOURCE Marathon Petroleum Corporation