Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Equity

In May 2021, MPC announced the authorization of a share repurchase program of up to $7.1 billion. Subsequently, in February 2022, MPC approved a $5.0 billion share repurchase authorization. Both these authorizations were utilized in 2022. In August 2022, MPC approved a $5.0 billion share repurchase authorization and in January 2023, approved an additional $5.0 billion share repurchase authorization, which had combined $5.13 billion remaining available for repurchase as of March 31, 2023. These authorizations have no expiration date.

We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended or discontinued at any time.

Total share repurchases were as follows for the respective periods:

	Three Months Ended  March 31,
(In millions, except per share data)	2023		2022
Number of shares repurchased	25		37
Cash paid for shares repurchased	$	3,180	$	2,846
Average cost per share(a)	$	126.56	$	75.88

(a)    The average cost per share for the 2023 period includes a 1% excise tax on share repurchases resulting from the Inflation Reduction Act of 2022.

The number of shares repurchased shown above and the amount remaining available under the share repurchase authorizations reflect the repurchase of 910,402 common shares for $122 million that were transacted in the first quarter of 2023 and settled in the second quarter of 2023