7/31/14 – 4:47 A.M.
Marathon Petroleum is buying back stock again. The company announced a $2 billion repurchase authorization Wednesday. The shares will be bought back over a two year period. A previous repurchase authorization still has $709 million to go before it’s completed.
In a release, CEO Gary Heminger said, “This authorization, along with the increased dividend announced earlier today, demonstrates our ongoing commitment to returning capital to shareholders.” Heminger added this is the fourth repurchase agreement made by Marathon since becoming a stand-alone company in 2011.