Marathon Petroleum Corp.'s board approved a $3 billion share repurchase authorization, in addition to its previous authorization, which had about $2.14 billion remaining as of March 31.

The company may effect the repurchase through open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans, according to a May 31 news release. The timing of repurchases will depend upon several factors such as market and business conditions. Repurchases may also be discontinued at any time.

The additional repurchase authorization and the remaining portion from the previous authorization have no expiration date.