OREANDA-NEWS. October 03, 2013. Marathon Petroleum Corporation (NYSE: MPC) announced that its board of directors has approved an additional USD 2 billion share repurchase authorization through September 2015.

 This authorization is in addition to the previous authorization, which had USD 1.34 billion remaining as of June 30, 2013. 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.

"Our focus continues to be returning capital to our shareholders on a sustained basis while making value-enhancing investments in the business," said MPC President and CEO Gary R. Heminger. "Today's announcement reinforces this ongoing commitment to our shareholders."