Marathon Petroleum Corp. Increases Quarterly Dividend

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Jan 28, 2019, 06:50 ET

FINDLAY, Ohio, Jan. 28, 2019 /PRNewswire/ -- The board of directors of Marathon Petroleum Corp. (NYSE: MPC) has declared a dividend of $0.53 per share on common stock. The dividend is payable March 11, 2019, to shareholders of record as of the close of business February 20, 2019.

"The $0.53 dividend approved by our board represents a 15 percent increase to our previous quarterly dividend," said Gary R. Heminger, chairman and chief executive officer.

Since the company became independent in 2011, capital returned to shareholders through both dividends and repurchase activity totals over $17.5 billion through year-end 2018. "We have balanced meaningful return of capital with continued long-term investment in the business," continued Heminger. "This increase in our quarterly dividend underscores our confidence in the expected cash-generating power of our new nationwide enterprise, and our commitment to continued return of capital as we deliver on the projected synergies of the combined business."

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system with more than 3 million barrels per day of crude oil capacity across 16 refineries. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contact:
Kristina Kazarian (419) 421-2071

Media Contact:
Chuck Rice (419) 421-2521

This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, cash generation expectations, projected synergies and return of capital discussed above. You can identify forward-looking statements by words such as "anticipate," "believe," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "objective," "opportunity," "outlook," "plan," "position," "pursue," "prospective," "predict," "project," "potential," "seek," "strategy," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Factors that could cause MPC's results to differ materially from those implied in the forward-looking statements include: the risk that the cost savings and any other synergies from the Andeavor transaction may not be fully realized or may take longer to realize than expected; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan and to effect any share repurchases or dividend increases, including within the expected timeframe; and the factors set forth under the heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2017, and in its Forms 10-Q, filed with the Securities and Exchange Commission (SEC). In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPC's Form 10-K or Forms 10-Q could also have material adverse effects on forward-looking statements. Copies of MPC's Form 10-K and Forms 10-Q are available on the SEC website, MPC's website at http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations office.

SOURCE Marathon Petroleum Corporation