July 27, 2016 - 12:45 PM EDT
Print Email Article Font Down Font Up Charts

Marathon Petroleum Corp. increases dividend 12.5 percent

FINDLAY, Ohio, July 27, 2016 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors declared a dividend of $0.36 per share on common stock, a 12.5 percent increase from the $0.32 per share dividend paid in the second quarter of 2016. The dividend is payable Sept. 12, 2016, to shareholders of record as of the close of business Aug. 17, 2016.

"This increase in our dividend represents a compound annual growth rate of more than 29 percent from the dividend level established at the time MPC became a standalone public company," said Gary R. Heminger, MPC's chairman, president and CEO. "This increase demonstrates our ongoing commitment to share the success of the business with our owners as we also continue to invest in future growth."

On July 28, MPC will provide an update on its 2016 second-quarter results through an earnings release, to be followed by a conference call scheduled for 9 a.m. EDT that day. Interested parties may listen to the conference call by dialing 1-800-446-2782 (confirmation number 42834146) or by visiting MPC's website at http://www.marathonpetroleum.com and clicking on the "2016 Second-Quarter Financial Results" link.




About Marathon Petroleum Corporation

MPC is the nation's third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,400 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,770 convenience stores in 22 states. MPC owns, leases or has ownership interests in approximately 8,400 miles of crude and light product pipelines and 5,000 miles of gas gathering and natural gas liquids (NGL) pipelines. MPC also has ownership interests in 54 gas processing plants, 13 NGL fractionation facilities and two condensate stabilization facilities. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides operational flexibility to move crude oil, NGLs, feedstocks and petroleum-related products efficiently through the company's distribution network and midstream service businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast regions.

Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Teresa Homan (419) 421-2965

Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Globenewswire


Source: Thomson Reuters ONE (July 27, 2016 - 12:45 PM EDT)

News by QuoteMedia

Legal Notice