MPC announced that its board of directors approved an increase to the quarterly dividend to 91c per share. The dividend is payable December 10 to shareholders of record on November 20. Additionally, the board of directors approved an incremental $5B share repurchase authorization. With the addition of this new authorization, the company has $8.5B available under its share repurchase authorizations. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers 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 suspended or discontinued at any time.
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