Marathon Petroleum boosts share buybacks by $5 billion - Reuters
Marathon Petroleum boosts share buybacks by $5 billion | Reuters
Marathon Petroleum boosts share buybacks by $5 billion
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan Acquire Licensing Rights
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Oct 25 (Reuters) - U.S. refiner Marathon Petroleum (MPC.N) on Wednesday announced a fresh $5 billion share repurchase plan.
The company said that it still has about $4.3 billion remaining as of Sept. 30 from its previous share buyback program. Marathon had about $7.35 billion in cash and cash equivalents till June 30.
It also raised its quarterly dividend by 10%.
"Strong FCF generation combined with its shrinking share count through the buyback program should make the 10% increase very manageable," RBC Capital Market analysts said in a note.
Refiner profits have soared since last year, with several plants running at record levels to meet strong export demand due to a supply squeeze after plant closures and Russia's invasion of Ukraine.
Reporting by Sourasis Bose in Bengaluru; Editing by Pooja Desai
Our Standards: The Thomson Reuters Trust Principles.
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