UPDATE: Marathon Petroleum Boosts Dividend to $0.42 per Share from $0.35 Previously vs $0.38 est
Marathon Petroleum Corporation (NYSE: MPC) today announced the board of directors declared a dividend of 42 cents per share on common stock, a 20 percent 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.
"This is MPC's third dividend increase in the past 24 months and represents a 110 percent increase over the dividend at the time we became an independent public company," said President and Chief Executive Officer Gary R. Heminger. "This increase reflects our confidence in the company and our commitment to strike a balance between making investments in the business to grow our core earnings and returning capital to shareholders."
On Aug. 1, MPC will provide an update on its 2013 second-quarter results through an earnings news release, to be followed by a conference call scheduled for 10 a.m. EDT that day. Interested investors can listen to the conference call on MPC's website at http://www.marathonpetroleum.com by clicking on the "2013 Second-Quarter Financial Results" link.
About Marathon Petroleum Corporation
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 5,000 independently owned retail outlets across 17 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,470 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. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.
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