Marathon Petroleum (MPC - Get Report) said Wednesday that its board of directors has approved an additional $3 billion share repurchase authorization.

This most recent authorization is on top of its previous authorization, which had approximately $2.14 billion remaining as of March 31.

"As we execute our strategic initiatives, including dropdowns of midstream assets to our sponsored master limited partnership, we expect cash proceeds from the dropdowns and limited partner distributions to fund substantial ongoing return of capital to shareholders," said MPC Chairman, President, and CEO Gary R. Heminger.

Shares of Marathon Petroleum closed lower on Wednesday.

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