Financial Performance - For Q1 2023, the company reported net income of $106.3 million, or $4.80 per diluted share, on revenue of $5.1 billion, compared to net income of $152.4 million, or $6.08 per diluted share, on the same revenue in Q1 2022[147]. - Revenues for Q1 2023 decreased by $41.2 million, or 0.8%, due to an 8.2% decline in retail fuel sales prices, partially offset by a 4.9% increase in fuel sales volumes[148]. - Total fuel contribution for Q1 2023 was 28.9 cents per gallon, down from 34.0 cents per gallon in Q1 2022, while retail fuel margin dollars increased by 4.4%[138]. - Adjusted EBITDA for Q1 2023 was $220.2 million, down from $277.0 million in Q1 2022, reflecting a decrease of 20.5%[172]. - Cash provided by operating activities decreased by $189.5 million to $149.7 million in Q1 2023 compared to $339.2 million in Q1 2022[175]. - Net income for the Marketing segment decreased by $43.2 million to $125.9 million in Q1 2023, attributed to lower fuel contribution and increased operating expenses[159]. - Total revenues for the Marketing segment remained flat at approximately $5.1 billion for both Q1 2023 and Q1 2022, with excise taxes collected of $544.8 million in Q1 2023[160]. Expenses and Costs - Store and other operating expenses increased by $15.6 million, or 7.0%, in Q1 2023, primarily due to higher employee-related expenses and store maintenance costs[149]. - SG&A expenses for Q1 2023 increased by $12.8 million, or 27.7%, driven by higher professional and technology fees from business improvement initiatives[150]. - Total PS&W margin dollars, including RINs, decreased by $51.0 million from Q1 2022, despite an increase in RINs revenue of $38.7 million[162]. Capital Expenditures and Debt - The company anticipates total capital expenditures for the full year 2023 to range from approximately $375 million to $425 million, primarily funded through operating cash flow[141]. - Capital expenditures for the three months ended March 31, 2023, totaled $73.4 million, an increase from $69.1 million in the same period of 2022[203]. - As of March 31, 2023, total long-term debt net of current maturities was $1,789.4 million, a slight decrease from $1,791.9 million as of December 31, 2022[184]. - The outstanding balance of the term loan was $392.3 million at March 31, 2023, compared to $393.3 million at December 31, 2022[190]. - The company issued $300 million of 5.625% Senior Notes due 2027, $500 million of 4.75% Senior Notes due 2029, and $500 million of 3.75% Senior Notes due 2031, all fully guaranteed by Murphy USA[185][186][187]. Market Conditions and Risks - The average price of crude oil in Q1 2023 was $76 per barrel, compared to $95 per barrel in Q1 2022, indicating a more stable pricing environment[138]. - The company is exposed to market risks related to the volatility in the price of refined products, primarily gasoline and diesel, which can affect revenues and operating costs[208]. - The company faces risks from geopolitical events, severe weather, and global health pandemics that could impact supply and demand[206]. - Future tobacco or e-cigarette legislation could negatively affect revenues and gross margins[206]. - The company’s financial results may differ materially from expectations due to various factors, including inventory management and supply chain disruptions[206]. Operational Overview - The company operates a total of 1,720 stores across 27 states, with 1,562 under the Murphy brand and 158 under the QuickChek brand as of March 31, 2023[133]. - Total merchandise sales increased by 8.3% to approximately $966.2 million in Q1 2023 compared to $892.0 million in Q1 2022[159]. - Retail fuel margin dollars increased by 4.4% year-over-year, with total fuel volumes up by 4.9% and a retail fuel margin of 23.2 cents per gallon[161]. Financial Management and Strategy - The company has a committed cash flow revolving credit facility of $350 million, which was undrawn as of March 31, 2023, to support working capital and corporate purposes[173]. - The company utilizes limited derivative instruments for risk management, which are monitored by senior management[208]. - The company’s growth strategy includes anticipated store openings and maintaining good business relationships, particularly with Walmart[206]. - The company undertakes no obligation to update or revise any forward-looking statements based on new information or future circumstances[207].

Part I [Business](index=4&type=section&id=Item%201.%20Business) Murphy USA operates 1,712 retail stores across 27 states, primarily marketing motor fuel and convenience merchandise - The company's competitive strengths are built around five key pillars: - **Strategic Proximity to Walmart:** The majority of stores are near Walmart locations, generating significant customer traffic and leveraging fuel discount programs like Walmart+[15](index=15&type=chunk) - **Value Proposition:** Competitively priced fuel and low-priced tobacco products appeal to value-conscious consumers[17](index=17&type=chunk) - **Low-Cost Operating Model:** Smaller store footprints and a high percentage of owned properties (**76%**) contribute to lower overhead and operating costs[18](index=18&type=chunk) - **Distinctive Fuel Supply Chain:** Diverse sourcing options, shipper status on major pipelines, and a strong distribution system ensure reliable, low-cost fuel supply[19](index=19&type=chunk) - **Resilient Financial Profile:** A strong asset base and conservative financial structure enable the company to weather market volatility and return capital to shareholders[20](index=20&type=chunk) - Murphy USA's business strategy focuses on several key initiatives: - **Organic Growth:** Plans to build up to **45 new-to-industry (NTI) locations** and **30 raze-and-rebuilds** in 2023, with a target of up to **55 NTI stores annually** in the future[24](index=24&type=chunk) - **Merchandise Diversification:** Leveraging QuickChek's expertise to enhance food and beverage offerings across the network[25](index=25&type=chunk) - **Cost Leadership:** Implementing efficiency initiatives to control operating and overhead costs[26](index=26&type=chunk) - **Market Volatility Advantage:** Utilizing its supply chain to maintain low prices and consistent margins during fuel price volatility[27](index=27&type=chunk) - **Long-Term Investment:** Maintaining a strong financial position to support growth, dividends, and share repurchases[28](index=28&type=chunk) - As of December 31, 2022, the company had over **15,100 employees**, comprising **6,000 full-time** and **9,100 part-time** workers, guided by core principles of Integrity, Respect, Citizenship, and Spirit[59](index=59&type=chunk)[61](index=61&type=chunk) Store Network Overview (as of Dec 31, 2022) | Brand | Number of Stores | | :--- | :--- | | Murphy USA | 1,151 | | Murphy Express | 404 | | QuickChek | 157 | | **Total** | **1,712** | Key Operating and Financial Indicators (2018-2022) | Indicator | 2022 | 2021 | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Stores | 1,712 | 1,679 | 1,503 | 1,489 | 1,472 | | Total Fuel Contribution (cpg) | 34.3 | 26.3 | 25.2 | 16.1 | 16.2 | | Retail Fuel Margin (cpg) | 29.6 | 21.9 | 22.9 | 13.8 | 14.7 | | Gallons Sold/Store Month (thousands) | 244.6 | 229.4 | 219.5 | 248.3 | 244.0 | | Merchandise Sales/Store Month ($ thousands) | $193.5 | $186.7 | $166.3 | $148.7 | $139.7 | | Merchandise Margin (%) | 19.7% | 19.1% | 15.6% | 16.0% | 16.5% | [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company identifies numerous risks to its business, operations, and financial condition, notably commodity price volatility and Walmart reliance - **Business and Financial Risks:** - **Commodity Price Volatility:** Net income is significantly affected by volatile oil and gasoline prices, which can compress gross margins[85](index=85&type=chunk) - **Walmart Relationship:** A majority of Murphy branded stores are near Walmart Supercenters, making the relationship a key driver, and any deterioration could adversely affect operations[88](index=88&type=chunk) - **Indebtedness:** Existing debt could restrict business operations, limit flexibility, and make it more difficult to meet payment obligations[73](index=73&type=chunk) - **RINs Revenue:** Revenue generated from Renewable Identification Numbers (RINs) may not be sustainable due to fluctuating prices and regulatory uncertainty[89](index=89&type=chunk) - **Industry and Market Risks:** - **Intense Competition:** The company competes with other fuel retailers, including integrated oil companies and non-traditional retailers like supermarkets and discount clubs, on price, convenience, and consumer appeal[110](index=110&type=chunk) - **Tobacco Legislation:** Sales of tobacco products are a significant portion of merchandise sales, and future legislation, tax increases, or campaigns against smoking could adversely affect revenue and profits[112](index=112&type=chunk) - **Changes in Consumer Behavior:** The development of alternative energy technologies and increased adoption of electric vehicles could reduce long-term demand for gasoline[116](index=116&type=chunk) - **Pandemics:** Outbreaks like COVID-19 can disrupt supply chains, reduce customer traffic due to travel restrictions, and negatively impact demand for fuel and merchandise[108](index=108&type=chunk) - **Operational and Other Risks:** - **Supply Chain Reliance:** The company relies on third-party transportation and a single primary supplier (Core-Mark) for over **74%** of its merchandise, exposing it to supply interruption risks[91](index=91&type=chunk)[99](index=99&type=chunk) - **Environmental Regulations:** The business is subject to stringent environmental laws, which could expose it to significant expenditures and liabilities for remediation and compliance[122](index=122&type=chunk) - **Data Security:** A failure to protect sensitive customer, employee, or vendor data could result in financial loss, regulatory sanctions, and reputational damage[133](index=133&type=chunk) - **QuickChek Acquisition:** The anticipated benefits and synergies from the QuickChek acquisition may not be fully realized or may take longer than expected[104](index=104&type=chunk) [Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) As of December 31, 2022, the company had no unresolved comments from the U.S. Securities and Exchange Commission staff - The Company reported no unresolved comments from the SEC staff as of the end of the fiscal year[141](index=141&type=chunk) [Properties](index=28&type=section&id=Item%202.%20Properties) The company's properties include its headquarters, QuickChek office, and numerous owned and leased retail stores and terminals - The company's principal properties consist of its headquarters, support centers, and its network of owned and leased retail stores and terminals, as described in Item 1 of this report[67](index=67&type=chunk)[142](index=142&type=chunk) [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) Murphy USA is involved in ordinary course legal proceedings, including climate change lawsuits, with no material adverse financial impact expected - The company is a defendant in lawsuits filed by the City of Charleston, South Carolina, and the state of Delaware, which allege damages resulting from climate change[144](index=144&type=chunk) - Management believes that the ultimate resolution of all legal proceedings, which have arisen in the ordinary course of business, is not expected to have a material adverse effect on the company's financial results[143](index=143&type=chunk) [Information About our Executive Officers](index=29&type=section&id=Information%20About%20our%20Executive%20Officers) This section provides biographical information for the company's executive officers as of December 31, 2022 - Key executive officers of the company include: - **R. Andrew Clyde:** President and Chief Executive Officer[147](index=147&type=chunk) - **Mindy K. West:** Executive Vice President, Fuels, Chief Financial Officer, and Treasurer[148](index=148&type=chunk) - **Robert J. Chumley:** Senior Vice President, Chief Digital Officer[149](index=149&type=chunk) - **Renee M. Bacon:** Senior Vice President, Sales and Operations and Chief Merchandising Officer[150](index=150&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under 'MUSA', with active dividends and a significant share repurchase program - The company paid total dividends of **$1.27 per share** during 2022, an increase from **$1.04 per share** in 2021[159](index=159&type=chunk) - In 2022, the company repurchased **3,328,795 common shares** for a total of **$806.4 million**, at an average price of **$242.24 per share**[162](index=162&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Shares Purchased (Shares) | Average Price Paid Per Share ($/Share) | Approx. Dollar Value Remaining Under Plan ($) | | :--- | :--- | :--- | :--- | | Oct 2022 | 371,671 | $277.44 | $349,999,922 | | Nov 2022 | 100,082 | $290.57 | $320,918,746 | | Dec 2022 | 374,238 | $286.60 | $213,661,734 | | **Q4 Total** | **845,991** | **$283.05** | **$213,661,734** | Cumulative Shareholder Return Performance ($100 Investment on Dec 31, 2017) | Date | Murphy USA Inc. ($) | S&P 500 Index ($) | S&P Retail Select Index ($) | | :--- | :--- | :--- | :--- | | Dec 31, 2017 | $100 | $100 | $100 | | Dec 31, 2018 | $95 | $94 | $91 | | Dec 31, 2019 | $146 | $121 | $102 | | Dec 31, 2020 | $163 | $140 | $142 | | Dec 31, 2021 | $248 | $178 | $202 | | Dec 31, 2022 | $348 | $144 | $136 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, Murphy USA's net income significantly increased to $672.9 million, driven by higher fuel margins and volumes [Results of Operations](index=36&type=section&id=Results%20of%20Operations) For fiscal year 2022, net income rose to $672.9 million, driven by higher fuel contribution and improved merchandise performance Consolidated Financial Highlights (2022 vs. 2021) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total Revenues ($ billion) | $23.4 | $17.4 | | Net Income ($ million) | $672.9 | $396.9 | | Diluted EPS ($) | $28.10 | $14.92 | Total Fuel Contribution Analysis | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total Fuel Contribution ($ M) | $1,630.0 | $1,144.3 | | Retail Fuel Volume (Million gal) | 4,751.5 | 4,352.2 | | Total Fuel Contribution (cpg) | 34.3 | 26.3 | | Retail Fuel Margin (cpg) | 29.6 | 21.9 | Merchandise Performance Analysis | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total Merchandise Contribution ($ M) | $767.1 | $701.6 | | Total Merchandise Sales ($ M) | $3,903.2 | $3,677.7 | | Merchandise Unit Margin (%) | 19.7% | 19.1% | Reconciliation of Net Income to Adjusted EBITDA | (Millions of dollars) | 2022 | 2021 | | :--- | :--- | :--- | | Net income | $672.9 | $396.9 | | Income tax expense | $210.9 | $125.0 | | Interest expense, net | $82.3 | $82.3 | | Depreciation and amortization | $220.4 | $212.6 | | **EBITDA** | **$1,186.5** | **$816.8** | | Other adjustments | $4.4 | $11.2 | | **Adjusted EBITDA** | **$1,190.9** | **$828.0** | [Capital Resources and Liquidity](index=42&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintained strong liquidity in 2022 with $994.7 million in operating cash flow, funding share repurchases and property additions - Capital expenditures for 2023 are expected to range from **$375 million to $425 million**, primarily allocated to retail growth (**$285M-$315M**) and maintenance capital (**$50M-$60M**)[246](index=246&type=chunk) Cash Flow Summary (2022 vs. 2021) | (Millions of dollars) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from Operating Activities | $994.7 | $737.4 | | Net cash used in Investing Activities | $(319.3) | $(914.2) | | Net cash (used in) from Financing Activities | $(871.3) | $269.6 | Long-Term Debt Summary (as of Dec 31, 2022) | Debt Instrument | Amount (Millions) | | :--- | :--- | | 5.625% senior notes due 2027 | $298.4 | | 4.75% senior notes due 2029 | $495.8 | | 3.75% senior notes due 2031 | $494.9 | | Term loan due 2028 | $393.3 | | Capitalized lease obligations & other | $133.6 | | **Total Long-Term Debt** | **$1,816.0** | [Critical Accounting Policies](index=47&type=section&id=Critical%20Accounting%20Policies) The company's critical accounting policies involve significant judgment in areas like goodwill impairment and asset retirement obligations - Goodwill and intangible assets are tested for impairment annually, or more frequently if indicators of impairment exist[247](index=247&type=chunk) - Long-lived assets, such as individual retail stores, are reviewed for impairment whenever events, like consistent negative cash flow over a 24-month period, indicate the carrying amount may not be recoverable[249](index=249&type=chunk) - The company records asset retirement obligations (AROs) for the estimated future cost to remove underground storage tanks, based on historical costs and estimates of future changes[255](index=255&type=chunk)[256](index=256&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity price volatility and interest rate fluctuations, managed through limited derivative use - The company is exposed to commodity price risk from volatility in crude oil and refined product prices, which it manages with limited use of derivative instruments[261](index=261&type=chunk) - Interest rate risk exists due to the floating-rate term loan (**$394 million** balance at year-end 2022) tied to LIBOR, with an interest rate swap hedging a portion[263](index=263&type=chunk)[264](index=264&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2022, including balance sheets and income statements Consolidated Balance Sheet Data (as of Dec 31) | (Millions of dollars) | 2022 | 2021 | | :--- | :--- | :--- | | Total Current Assets | $726.8 | $767.8 | | Total Assets | $4,123.2 | $4,048.2 | | Total Current Liabilities | $854.2 | $675.3 | | Total Liabilities | $3,482.5 | $3,241.0 | | Total Stockholders' Equity | $640.7 | $807.2 | Consolidated Income Statement Data (Year Ended Dec 31) | (Millions of dollars) | 2022 | 2021 | | :--- | :--- | :--- | | Total Operating Revenues | $23,446.1 | $17,360.5 | | Income from Operations | $968.4 | $604.0 | | Income Before Income Taxes | $883.8 | $521.9 | | Net Income | $672.9 | $396.9 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=51&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes or disagreements with its accountants on accounting principles or financial disclosure - There were no disagreements with accountants on accounting and financial disclosure[266](index=266&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[266](index=266&type=chunk) - Based on an evaluation against the COSO framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2022[268](index=268&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=52&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the Proxy Statement - Required information for this item is incorporated by reference from the company's 2023 Proxy Statement[272](index=272&type=chunk) [Executive Compensation](index=52&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the definitive Proxy Statement - Required information for this item is incorporated by reference from the company's 2023 Proxy Statement[274](index=274&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=52&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the Proxy Statement - Required information for this item is incorporated by reference from the company's 2023 Proxy Statement[275](index=275&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=52&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the Proxy Statement - Required information for this item is incorporated by reference from the company's 2023 Proxy Statement[275](index=275&type=chunk) [Principal Accountant Fees and Services](index=52&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to and services provided by the principal independent accountant is incorporated by reference - Required information for this item is incorporated by reference from the company's 2023 Proxy Statement[276](index=276&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=53&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K - This section provides an index of all financial statements, schedules, and exhibits included in or incorporated by reference into the Form 10-K filing[278](index=278&type=chunk)[282](index=282&type=chunk) [Form 10-K Summary](index=56&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary provided in this report - No Form 10-K summary is provided[287](index=287&type=chunk)

Murphy USA Inc. (NYSE:MUSA) Q4 2022 Earnings Conference Call February 2, 2023 11:00 AM ET Company Participants Christian Pikul - Vice President, Investor Relations Andrew Clyde - President and CEO Mindy West - Executive Vice President and CFO Donnie Smith - Vice President and Controller Conference Call Participants Bonnie Herzog - Goldman Sachs Anthony Bonadio - Wells Fargo Bobby Griffin - Raymond James Ben Bienvenu - Stephens John Royall - JPMorgan Rob Dickerson - Jefferies Operator Ladies and gentlemen, t ...

Murphy USA Inc. (NYSE:MUSA) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET Company Participants Christian Pikul - Vice President, Investor Relations Andrew Clyde - President and Chief Executive Officer Mindy West - Executive Vice President, Fuels and Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Anthony Bonadio - Wells Fargo Robert Dickerson - Jefferies John Royall - JP Morgan Carla Casella - JP Morgan Bobby Griffin - Raymond James Bonnie Herzog - Goldman Sachs ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-35914 MURPHY USA INC. (Exact name of registrant as specified in its charter) Delaware 46-227 ...

Murphy USA Inc. (NYSE:MUSA) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Mitchell Freer - Investor Relations Analyst Andrew Clyde - President and Chief Executive Officer Mindy West - Executive Vice President, Fuels and Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Anthony Bonadio - Wells Fargo Bonnie Herzog - Goldman Sachs Bobby Griffin - Raymond James Carla Casella - JP Morgan Operator Good morning. My name is Chantelle, and I will be your c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-35914 MURPHY USA INC. (Exact name of registrant as specified in its charter) (State or other juri ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-35914 MURPHY USA INC. (Exact name of registrant as specified in its charter) Delaware 46-2279221 ...

Murphy USA Inc. (NYSE:MUSA) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Christian Pikul - Vice President of Investor Relations Andrew Clyde - President & Chief Executive Officer Mindy West - Executive Vice President & Chief Financial Officer Donnie Smith - Vice President & Controller Conference Call Participants John Royall - JPMorgan Bonnie Herzog - Goldman Sachs Bobby Griffin - Raymond James Ben Bienvenu - Stevens Operator Good morning, my name is Audrey and I will be you ...

Financial Performance & Shareholder Value - Murphy USA has a strong record of delivering shareholder value, driven by strategy and execution[7] - Cumulative shareholder returns as of 12/31/2021 show MUSA outperforming the S&P 500 and Russell 2000 since spin-off, with returns of 417% compared to 188% and 119% respectively[9] - Adjusted EBITDA has increased significantly since 2017, reaching $828 million in 2021[10] - The company projects 2026 EBITDA to reach approximately $800 million in a base scenario and $1 billion in an upside scenario[58] Strategic Advantages & Growth Drivers - Structural shifts in the market, such as inflation and higher fuel margins, favor Murphy USA's advantaged model[8, 20] - The company's low-cost model allows it to retain higher residual margins compared to competitors[24, 25] - Murphy USA's low price position leads to profitable share growth, gaining share across extreme periods of price volatility[32] - The integration of QuickChek has validated the investment, with year-one synergies realized at over $8 million and an all-in merchandise gross profit of 33%[39, 40] Capital Allocation & Future Investments - The company is focused on long-term organic growth and disciplined capital allocation, balancing growth investments with share repurchases[51] - Murphy USA expects to spend $350 million to $400 million on capital expenditures in 2022[68] - The company repurchased approximately 50% of shares outstanding, with emphasis in periods of share price volatility[51]