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Marathon Petroleum announces buyback, dividend

FINDLAY, Ohio (AP) — Marathon Petroleum plans to buy back an additional $2 billion of its common stock.

The Findlay, Ohio, company also declared a fourth-quarter dividend of 35 cents per share on Wednesday.

Marathon Petroleum said that it is extending the remaining $650 million repurchase authorization announced in February 2012, which gives it the ability to buy up to $2.65 billion of its stock through December 2014.

The dividend will be paid on March 11 to shareholders of record on Feb. 20.

Marathon Petroleum Corp. runs oil refineries and pipelines, and it sells fuel to drivers through its Speedway service stations. Its shares finished at $33.93 on Tuesday. They have traded in a 52-week range of $23.17 to $35.49.

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