Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Equity

We announced our board of directors approved a $5.0 billion share repurchase authorization on February 2, 2022, which was exhausted during the fourth quarter of 2022, and an additional $5.0 billion share repurchase authorization on August 2, 2022. These authorization 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:

(In millions, except per share data)	2022		2021		2020
Number of shares repurchased	131		76		—
Cash paid for shares repurchased	$	11,922	$	4,654	$	—
Average cost per share	$	91.20	$	62.65	$	—

As of December 31, 2022, MPC had $3.33 billion remaining under its share repurchase authorizations, which reflects the repurchase of 830,000 common shares for $96 million that settled in the first quarter of 2023.