FX.co ★ Marathon Petroleum Announces $5 Bln Increase To Share Repurchase Authorization

Marathon Petroleum Corp. recently announced that its Board of Directors has sanctioned an additional $5 billion for share buybacks. This further allocation increases the total available funds for share repurchases to approximately $8.8 billion.

During the first quarter, the corporation gave back about $2.5 billion of capital to its shareholders. They accomplished this through the purchase of $2.2 billion in company shares and the distribution of $299 million in dividends. Additionally, by April 26, the corporation had bought back nearly $0.8 billion of its own shares.

As of the end of the first quarter of 2024, the corporation held $7.6 billion in liquid assets, comprising cash, cash equivalents, and short-term investments. Additionally, there was $5 billion readily available from its revolving credit facility.