OREANDA-NEWS. Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors declared a dividend of USD 0.50 per share on common stock, a 19 percent increase in its quarterly dividend. The dividend is payable on Sept. 10, 2014, to shareholders of record as of the close of business Aug. 20, 2014.

"This is the fourth increase in MPC's dividend and represents a 32 percent compound annual growth rate from the dividend established at the time MPC became a stand-alone public company in July 2011," said President and Chief Executive Officer Gary R. Heminger.

MPC is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,490 convenience stores in nine states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. 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, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions.