Key Developments: Marathon Petroleum Corp (MPC.N)

MPC.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Marathon Petroleum Corp Increases Dividend
Wednesday, 31 Jul 2013 01:18pm EDT 

Marathon Petroleum Corp announced the board of directors declared a dividend of $0.42 per share on common stock, a 20% increase in its quarterly dividend. The dividend is payable Sept. 10, 2013, to shareholders of record as of the close of business Aug. 21, 2013.  Full Article

Marathon Petroleum Corp Announces Incremental $2 Billion Share Repurchase Authorization; Declares Fourth-Quarter 2012 Dividend
Wednesday, 30 Jan 2013 07:14am EST 

Marathon Petroleum Corp announced that its board of directors has approved an additional $2 billion share repurchase authorization. The board also extended the remaining $650 million share repurchase authorization announced on February 1, 2012, for a total outstanding authorization of $2.65 billion through December 2014. MPC may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be discontinued at any time. The board also declared a fourth-quarter dividend of $0.35 per share on Marathon Petroleum Corporation common stock. The dividend is payable March 11, 2013, to stockholders of record as of the close of business on February 20, 2013.  Full Article

Marathon Petroleum Corp Announces Third-Quarter 2012 Dividend-Reuters
Wednesday, 31 Oct 2012 11:31am EDT 

Reuters reported that Marathon Petroleum Corp has declared a dividend of 35 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable December 10, 2012, to stockholders of record as of the close of business on November 21, 2012.  Full Article

Marathon Petroleum Corp To Buy BP Plc Texas City Refinery For Up To $2.5 Billion-Reuters
Monday, 8 Oct 2012 05:40pm EDT 

Reuters reported that Marathon Petroleum Corp is buying BP plc's Texas City refinery, the site of a deadly industrial accident, in a $2.5 billion deal.  Full Article

Carl Icahn Pulls Offer For Rest Of CVR Energy Inc; Names Marathon Petroleum Corporation And Other As Possible Buyers-Reuters
Tuesday, 21 Aug 2012 05:32pm EDT 

Reuters reported that Carl Icahn has withdrawn his $29-per-share offer to buy the remaining shares of CVR Energy Inc that he does not already own. Icahn, who controls about 82% of CVR's outstanding shares, acknowledged in a letter to CVR filed with securities regulators that he had been unwilling to consider paying more than $30 per share as of August 6. Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash. He had named Valero Energy Corp., Western Refining, Inc., HollyFrontier Corp, Tesoro Corp , and Marathon Petroleum Corporation as possible buyers.  Full Article

Marathon Petroleum Corporation Shuts Catlettsburg Refinery After Storm-Reuters
Monday, 9 Jul 2012 01:27am EDT 

Reuters reported that Marathon Petroleum Corporation is shutting down of its 212,000-barrels-per-day refinery in Catlettsburg, Kentucky, after a power outage during a thunderstorm, according to a filing with regulators. Hydrogen sulfide was being released from the sulfur recovery unit stacks due to power outage.  Full Article

Marathon Petroleum Corporation's MPLX LP Files For $365 Million IPO-Reuters
Monday, 2 Jul 2012 05:47pm EDT 

Reuters reported that Marathon Petroleum Corporation pipeline unit MPLX LP filed with U.S. regulators to raise up to $365 million in an initial public offering of its common units. The limited partnership, recently formed by the refiner to own, operate, develop and acquire pipelines and other midstream assets, plans to list its common units on the New York Stock Exchange under the symbol MPLX. Findlay, Ohio-based MPLX plans to contribute about $204 million of the total proceeds to its general partner Pipe Line Holdings, it said in a filing with the U.S. Securities and Exchange Commission. The filing did not reveal the number of shares the company planned to sell or their expected price. UBS Securities and BofA Merrill Lynch are acting as the representatives of the underwriters and the joint book-running managers of this offering.  Full Article

U.S. refiners expect margins to recover if crude discounts widen

- Marathon Petroleum Corp and rival U.S. oil refiners are betting on new pipelines and higher volumes to win back margins lost to the price shocks that led many to record lower quarterly profits.

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