FINDLAY, Ohio, July 26, 2017 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors declared a dividend of $0.40 per share on common stock, an 11 percent increase from the $0.36 per share dividend paid in the second quarter of 2017. The dividend is payable Sept. 11, 2017, to shareholders of record as of the close of business Aug. 16, 2017.
MPC Chairman and CEO Gary R. Heminger noted that the increase represents a compound annual growth rate of 26 percent from the dividend level established at the time MPC became an independent, publicly traded company. "This increase demonstrates our ongoing commitment to share the success of the business, and underscores our confidence in MPC's long-term cash distribution capabilities," said Heminger.
On July 27, MPC will provide an update on its 2017 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 1-888-282-1746 (confirmation number 8778419) or by visiting MPC's website at http://www.marathonpetroleum.com and clicking on the "2017 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 5,600 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 2,730 convenience stores in 21 states. MPC owns, leases or has ownership interests in approximately 10,800 miles of crude and light product pipelines. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. Through MPLX, MPC has ownership interests in gathering and processing facilities with approximately 5.6 billion cubic feet per day of gathering capacity, 7.8 billion cubic feet per day of natural gas processing capacity and 570,000 barrels per day of fractionation capacity. 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.
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Chuck Rice (419) 421-2521
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