The company has all the approvals required to proceed under this authorization. MPC may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and the repurchases may be discontinued at any time.
The board also declared a fourth quarter dividend of 25 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable March 12, 2012 to stockholders of record as of the close of business February 16, 2012.
"The confidence that we have in the cash generation of the business and our strengthening financial position provides this opportunity to enhance value to our shareholders through a repurchase program and continuing our strong quarterly dividend. These actions are consistent with our strategy of a balanced, investor-oriented approach, while maintaining financial strength and the flexibility to continue to invest in internal and external opportunities to grow our long-term profitability," said Gary R. Heminger, MPC's president and chief executive officer.
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