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The move comes as Marathon continues to face activist pressure from Elliott Management, which has called for the company to spinoff its retail gas unit, Speedway.
This most recent authorization is on top of its previous authorization, which had approximately $2.14 billion remaining as of March 31.
In a study of analyst recommendations at the major brokerages, for the underlying components of the S&P 500, Marathon Petroleum Corp. has taken over the #34 spot from Halliburton Company , according to ETF Channel.
An oil inventory glut that has persisted since OPEC decided to cut production pulled oil prices down temporarily Thursday, but the commodity rebounded in the late afternoon.
Numerous studies show that corporate carve outs deliver robust returns.
The oil rig count climbs by 17 this week, while gas producers did not bring any additional rigs online.
The refiner reported earnings of 43 cents a share on revenue of $17.3 billion for the fiscal fourth quarter, surpassing analysts' estimates.
The Ohio-based refiner posts strong fourth-quarter results, noting that OPEC's production cuts should boost oil prices throughout the year.
-Our simple and less risky plan puts us on a growth path to value creation and immediate uplift in value for MPC shareholders ranging between $20-$30 per share
Investors seeking less volatility can reap better returns in 2017 by allocating funds in sectors such as technology, biotech, energy and financials, which should generate above average performance.
Jim Cramer likes Home Depot and prefers Schlumberger to SeaDrill Limited.
Crosscurrents are disruptive, and today's selloff demonstrates why investors need conviction -- and a strong stomach, says Jim Cramer.
The activist was already privately agitating when the oil and natural gas refiner announced it was planning to drop its midstream business into its master limited partnership over three years.
-Accelerated "dropdown" of refining assets hurts long-term MPC value and vastly diminishes growth prospects at MPLX that results in increased cost of capital
A selloff in crude oil proves another roadblock in the Dow Jones Industrial Average's pursuit of 20,000.
Stocks trade mostly lower Monday with the Dow Jones Industrial Average taking a pause in its race toward 20,000.
Cramer shares his views on the bull market, and also points out something you may have missed.
There are lots of talks about mergers and takeovers taking place behind the scenes.
The Dow Jones Industrial Average's march to 20,000 proves a challenge in the new year as stocks more than halve earlier gains by Tuesday afternoon.
But once shares complete a pullback, they should resume their uptrend in the weeks ahead.
TheStreet's Jim Cramer says pressure from activist investor Elliott Management has forced Marathon Petroleum to make changes a lot faster than he initially thought it would take.
Elliott Management's stake in Marathon Petroleum is making a great company even better, Cramer said.
Look for few large-cap acquisition targets, many small-capitalization fights and a lot of insurgent-driven M&A in 2017.
Nucor has more room to run than AK Steel, and Jim Cramer prefers Freeport-McMoRan to Rio Tinto.
This rally is more sustainable than many people think, says Jim Cramer.
Companies like Marathon Petroleum and Chipotle could feel more pressure from activists in 2017.