(AP) — Marathon Petroleum said Thursday that its board has approved a $2 billion share repurchase authorization. The Findlay, Ohio-based company said that its move to buy back more shares is part of its ongoing commitment to return capital to shareholders while still investing in the business.
Marathon's latest buyback plan, which is valid through September 2015, is in addition to its previous authorization, which had $1.34 billion remaining as of June 30. Shares of the nation's fourth-largest refiner added three cents in after-hours trading following the announcement. Its stock fell 33 cents to close regular trading at $64.14.