Marathon Petroleum Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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9. Equity
- Equity
On November 5, 2024, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization. Share repurchase authorizations since 2012 totaled $60.05 billion. As of December 31, 2025, $4.38 billion remained available for repurchase under the share repurchase authorization. The share repurchase authorization has no expiration date.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued or restarted at any time.
Total share repurchases were as follows for the respective periods:
| (In millions, except per share data) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Number of shares repurchased | 21 | 53 | 89 |
| Cash paid for shares repurchased(a) | $3,399 | $9,077 | $11,572 |
| Average cost per share(b) | $163.64 | $171.68 | $131.27 |
(a)2025 excludes $89 million paid in 2025 for excise tax on 2024 share repurchases. 2024 excludes $112 million paid in 2024 for excise tax on 2023 share purchases.
(b)The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.
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