September 5, 2017 / 10:31 AM / 9 months ago

BRIEF-Marathon Petroleum provides update on strategic actions to enhance shareholder value

* Provides update on strategic actions to enhance shareholder value

* ‍Company intends to repurchase $1 billion of additional shares by end of 2017​

* Determined that maintaining speedway as fully integrated business within co gives “best opportunity for enhancing” shareholder value​

* ‍Expects to repurchase about $450 million of its shares by end of Q3, funded partially by after-tax cash proceeds from sept 1 dropdown​

* ‍Expects to repurchase $550 million in Q4​

* On track to complete dropdown of remaining identified assets, which generate about $1 billion in annual EBITDA, by end of Q1 of 2018​

* Decided to maintain speedway as integrated business as a spin-off would need at least $2.5 billion of debt reduction, $1 billion of cash on hand

* Marathon says “‍board and management team have benefitted from our constructive dialogue with, and valuable input from, Elliott” Source text for Eikon: Further company coverage:

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