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Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Equity | Equity On April 30, 2024, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization. As of September 30, 2024, $4.04 billion remained available for repurchase under the share repurchase authorization. This share repurchase authorization has no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers 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, discontinued or restarted at any time. Total share repurchases were as follows for the respective periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares repurchased | 16 |  |  | 20 |  |  | 44 |  |  | 71 |
Cash paid for shares repurchased | $ | 2,701 |  |  | $ | 2,819 |  |  | $ | 7,815 |  |  | $ | 9,067 |
Average cost per share(a) | $ | 170.99 |  |  | $ | 139.84 |  |  | $ | 175.20 |  |  | $ | 127.09 |
(a) The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.

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