SEC Fines Marathon’s Andeavor $20 Million Over Stock Buybacks

Andeavor LLC will pay a $20 million fine to settle SEC claims that the oil refinery operator had inadequate procedures for repurchasing its shares before its 2018 merger with Marathon Petroleum Corp., according to the agency.

The company, now a Marathon subsidiary, employed an “abbreviated and informal process” to determine whether its stock buyback plan met internal requirements to proceed, the Securities and Exchange Commission said in an order Thursday. Andeavor had a policy that prohibited repurchases if the company knew material non-public information, according to the agency.

Andeavor bought back 2.6 million shares of its stock for $97 per ...