Marathon Petroleum Corporation Announces Additional $2 Billion Share Repurchase Authorization

FINDLAY, Ohio, July 30, 2014 - Marathon Petroleum Corporation (NYSE: MPC) announced today that its board of directors approved an additional $2 billion share repurchase authorization through July 2016. This authorization is in addition to the previous authorization, which had $709 million remaining as of June 30, 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.

"This $2 billion share repurchase is the fourth such authorization since becoming a stand-alone public company in July 2011," said President and Chief Executive Officer Gary R. Heminger. "This authorization, along with the increased dividend announced earlier today, demonstrates our ongoing commitment to returning capital to shareholders, balanced with making value-enhancing investments in the business."

On July 31, MPC will provide an update on its 2014 second-quarter results through an earnings news release, to be followed by a conference call scheduled for 10 a.m. EDT that day. Interested investors can listen to the conference call on MPC's website at http://www.marathonpetroleum.com by clicking on the "2014 Second-Quarter Financial Results" link.

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About Marathon Petroleum Corporation

MPC is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,490 convenience stores in nine states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.