Marathon Petroleum Responds to Elliott Management Proposal

Source: www.gulfoilandgas.com 9/25/2019, Location: North America

Marathon Petroleum Corporation (MPC) issued the following statement regarding the letter and presentation released by Elliott Management to MPC's Board of Directors.

MPC engages in regular communication with its shareholders and welcomes constructive input related to enhancing shareholder value. The company's Board of Directors and management team remain focused on delivering long-term value for shareholders, and will continue to take actions to achieve that objective.

MPC's management team and independent Board have a strong track record of taking action to deliver shareholder value. Since becoming an independent company in 2011, MPC has generated total shareholder return of 254%, exceeding the S&P, which has returned 174%. At the same time MPC has returned over $20 billion to shareholders through dividends and share repurchases.

Our strong operational results and cash flow generation have allowed us to build upon our commitment to returning capital to our shareholders, having returned approximately $850 million to our shareholders in the second quarter of 2019 and more than $2.1 billion year-to-date through a mix of dividends and share repurchases.

We look forward to maintaining an ongoing dialogue with our shareholders as we continue to evaluate opportunities to deliver more value for our shareholders. We will thoroughly evaluate Elliott's proposal and look forward to continuing our constructive engagement around these issues.


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