Marathon Petroleum announces $3.4B profit for 2012

1/31/2013

FINDLAY -- Marathon Petroleum Corp., a Findlay refinery and gasoline service station company, today announced it had a $3.39 billion profit last year, up from $2.39 billion the year before.

The company said its per share profit was $9.89 in 2012, up from $6.67. Its revenue was $82.5 billion last year and $78.8 billion the year before.

For the fourth quarter, its profit was $755 million, or $2.24 per share, compared to a loss of $75 million, or 21 cents a share, for the same period a year earlier. Its quarterly revenue was $20.7 billion, up from $19.4 billion a year earlier.

Marathon Petroleum also announced a $2 billion share repurchase program and declared a quarterly dividend of 35 cents.

The repurchase action adds to the remaining $650 million share repurchase authorization announced a year ago, which means the firm could repurchase $2.65 billion of stock through December, 2014.

The company said it would use different methods for the repurchases, including open market or negotiated block transactions.

Regarding the dividend, it said it was payable March 11 to stockholders of record on Feb. 20.