MPC Sets Second Accelerated Share Repurchase Program of Year

FINDLAY, Ohio -- Marathon Petroleum Corp. (MPC) entered into a $500 million accelerated share repurchase (ASR) program. This ASR is the second tranche of share repurchases under the $2 billion share repurchase initiative authorized by its board earlier this year. A tranche is one of a number of related securities offered as part of the same transaction.

The total number of shares to be repurchased will be based generally on the volume-weighted average price of MPC stock during the repurchase period. Based on the Friday, Nov. 2, closing price of $53.05, the total shares to be acquired under this ASR would represent approximately 2.8 percent of the shares outstanding as of Sept. 30.

MPC President and CEO Gary R. Heminger commented, "MPC's strong cash flow from operations, supplemented by proceeds received from the initial public offering of MPLX LP, provides continued support for our balanced approach of making value-accretive investments in the business and returning capital to our shareholders."

MPLX is the growth-oriented limited partnership recently formed by MPC to own, operate, develop and acquire crude oil, refined product and other hydrocarbon-based product pipelines and other midstream assets.   MPC said it anticipates that all market repurchases under the ASR will be completed before the end of the first quarter of 2013. The total value of share repurchases pursuant to the two ASR programs implemented by MPC this year is approximately $1.35 billion, with $650 million remaining under the current board authorization.

MPC is the nation's fifth-largest refiner, with a crude oil refining capacity of approximately 1.2 million barrels per calendar day in its six-refinery system. Marathon brand gasoline is sold through more than 5,000 independently owned retail outlets across 18 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth largest convenience store chain, with approximately 1,460 convenience stores in seven states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline.