Ohio based Marathon Petroleum Corporation Stock Underperforms

Ohio based Marathon Petroleum Corporation slipped 1.00% to $60.33 Tuesday. This proved to be an all-around grim trading session for the Stock market, with the S&P 500 Index SPX falling 0.85% to 4,127.83 and Dow Jones Industrial Average DJIA falling 0.78% to 34,060.66. The stock’s fall snapped a two-day winning streak.

Marathon Petroleum Corporation closed $1.62 short of its 52-week high ($61.95), which the company reached on May 14th. The Stock demonstrated a mixed performance when compared to some of its competitors Tuesday, like Exxon Mobil Corp. XOM fell 2.83% to $60.43, Chevron Corp. CVX fell 3.01% to $106.18, and BP PLC ADR BP fell 0.81% to $26.86. Trading volume (11.8 M) eclipsed its 50-day average volume of 6.5 M.

Marathon Petroleum Corporation announced that it commenced a modified Dutch auction tender offer to purchase up to $4.0 billion of shares of its common Stock, or such lesser number of shares of its common Stock as are properly tendered and not properly withdrawn, at a price not greater than $63.00 and not less than $56.00 per share of common Stock, to the tendering shareholder in cash, less any applicable withholding taxes and without interest.

The purchase price will be the lowest price per share of not greater than $63.00 and not less than $56.00 per share, at which shares have been properly tendered and not properly withdrawn, that will enable MPC to purchase the maximum number of shares having an aggregate purchase price not exceeding $4.0 billion.