Form 4: Marathon Petroleum Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Gregory Scott Floerke, an executive at Marathon Petroleum, sold 77 shares of common stock to cover tax obligations.
Summary
- Gregory Scott Floerke, an Executive Vice President and Chief Operating Officer of MPLX GP LLC, a subsidiary of Marathon Petroleum Corp, sold 77 shares of Marathon Petroleum common stock on December 13, 2024.
- The sale was executed at a price of $145.56 per share.
- This transaction was to cover tax obligations related to stock awards.
- Following the transaction, Floerke directly owns 29,069 shares of Marathon Petroleum common stock.
- He also indirectly owns 665.282 shares through a 401(k) plan.
- The indirect holdings include 13.302 shares acquired through dividend reinvestment and 18.018 shares from contributions, with a deduction of 0.022 shares for administrative fees.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction for tax purposes, with no significant positive or negative implications for the company's performance or outlook.
Management Comments
- The Reporting Person is the Executive Vice President and Chief Operating Officer of MPLX GP LLC, a subsidiary of the Issuer.
Industry Context
This is a routine transaction for executives to manage their tax obligations related to stock-based compensation. It is common for executives to sell shares to cover taxes.
Comparison to Industry Standards
- Executive stock sales are a common practice across the industry, particularly around vesting periods or to cover tax liabilities.
- Companies like ExxonMobil (XOM) and Chevron (CVX) also see similar filings from their executives.
- These transactions are generally not indicative of a change in the company's outlook but rather personal financial management by the executives.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale by an executive for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 12/13/2024 | Date of the stock sale transaction. |
| 12/17/2024 | Date the Form 4 was signed. |
Keywords
Marathon Petroleum, MPC, stock sale, insider trading, executive compensation, Form 4, MPLX GP LLC, Gregory Scott Floerke
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