FINDLAY, Ohio, Jan. 30, 2013 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors has approved an additional $2 billion share repurchase authorization. The board also extended the remaining $650 million share repurchase authorization announced on Feb. 1, 2012, for a total outstanding authorization of $2.65 billion through December 2014. 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 repurchases may be discontinued at any time.

The board also declared a fourth-quarter dividend of 35 cents per share on Marathon Petroleum Corporation common stock. The dividend is payable March 11, 2013, to stockholders of record as of the close of business on Feb. 20, 2013.

"Our focus has remained on returning capital to our shareholders while continuing to make value enhancing investments in the company. Our strong financial position and operating cash flow enabled us to increase our dividend by 40 percent in 2012 and to execute two accelerated share repurchase programs totaling $1.35 billion. Today's announcement builds upon our continuing commitment to our shareholders," said MPC President and CEO Gary R. Heminger.