In a recent filing with the Securities and Exchange Commission, Marathon Petroleum Corp (NYSE:MPC), a $48.7 billion market cap refining giant with a "GOOD" financial health rating according to InvestingPro, announced that board member Susan Tomasky has decided to retire. Her departure from the board will be effective as of the company's annual meeting of shareholders scheduled for April 30, 2025.
Tomasky, who has served on the Marathon Petroleum board, informed the company of her intention to retire on January 20, 2025. The company has stated that her decision to step down is not due to any disagreements with Marathon Petroleum's operations, policies, or practices.
The filing did not indicate who might succeed Tomasky on the board or whether the company has begun searching for her replacement. Marathon Petroleum's annual meeting, where Tomasky's retirement will become official, is set for the end of April.
Marathon Petroleum, headquartered in Findlay, Ohio, operates within the petroleum refining industry and is incorporated in Delaware. The company's common stock is traded on the New York Stock Exchange under the ticker symbol MPC. The company has maintained dividend payments for 14 consecutive years, currently offering a 2.4% yield, and has demonstrated strong shareholder commitment through aggressive share buybacks, according to InvestingPro analysis.
In other recent news, Marathon Petroleum Corporation (MPC) reported impressive third-quarter 2024 results, with earnings per share of $1.87 and a refining utilization rate of 94%. This success was accompanied by a $5 billion share repurchase authorization and a projected crude throughput of over 2.6 million barrels per day for Q4 2024. Analysts at TD Cowen have adjusted the stock price target for Marathon Petroleum, lowering it to $170 from $174, while maintaining a Buy rating.
For the fiscal years 2025 and 2026, TD Cowen anticipates an attractive return yield of approximately 9%, funded by the company's organic cash flow. The firm also estimates that Marathon Petroleum's capital expenditures at the parent company level will be around $0.9 billion in fiscal year 2025.
In the midstream segment, primarily through MPLX (NYSE:MPLX), MPC reported a 6% year-over-year adjusted EBITDA increase. The company maintains a comfortable cash balance of about $1 billion, with a debt-to-capital ratio goal of 25% to 30%. MPC also expects a distribution of $2.5 billion from MPLX by 2025, covering dividends and capital programs.
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