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Bloomberg
Marathon Petroleum plans to repurchase as much as $10 billion of stock after the US oil refiner completed the sale of its Speedway fuel retail chain.
The plan starts with a cash tender offer to buy as much as $4 billion of shares, or about 10% of its current market value, the company said. The repurchase would be the oil refiner’s biggest-ever share buyback, according to data compiled by Bloomberg.
“After the completion of the tender offer, we intend to execute on the remainder of our $10 billion repurchase authorisation over the subsequent 12 to 18 months,†Chief Financial Officer Maryann
T Mannen said in a statement. In addition, $2.5 billion of proceeds from the Speedway sale has been allocated to reduce long-term debt. Marathon shares jumped 5.1% to $61.80, the highest since January 2020.