Marathon Petroleum (MPC) will raise its quarterly dividend by 11.1 percent  to $0.40 per share in the third quarter of 2017.

The dividend is payable Sept. 11, 2017, to shareholders of record as of the close of business Aug. 16, 2017.

MPC Chairman and CEO Gary R. Heminger noted that the increase represents a compound annual growth rate of 26 percent from the dividend level established at the time MPC became an independent, publicly traded company. "This increase demonstrates our ongoing commitment to share the success of the business, and underscores our confidence in MPC's long-term cash distribution capabilities," said Heminger.

Marathon Petroleum Corporation is an integrated, downstream energy company headquartered in Findlay, Ohio. The company's business includes petroleum product refining, marketing, retail and transportation. Also MPC is one of the largest natural gas processors in the United States. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. Marathon Petroleum Corporation has roots tracing back to the formation of the Ohio Oil Company in 1887.