Financial Data and Key Metrics - Revenue for Q3 2023 was $5.8 billion, down from $6.2 billion in the year-ago period [21] - Adjusted EBITDA was $306 million, compared to $367 million in Q3 2022 [21] - Net income was $167.7 million, or $7.69 per share, versus $219.5 million, or $9.28 per share, in the prior year [21] - Average retail gasoline prices were $3.41 per gallon, down from $3.67 per gallon in Q3 2022 [21] - Total debt as of September 30 was approximately $1.8 billion, with $125 million in cash and cash equivalents [21] Business Line Performance - Same-store fuel volumes were down 4.7% YoY, but the 2-year stack remained strong at 4.3% [11] - Food and beverage sales grew by 6.1%, with contribution dollars up 5.7% [15] - Nicotine business outperformed, gaining share in all key categories [16] - Merchandise business has seen high single-digit growth rates in sales and margin dollars over the past 4 years, a trend expected to continue into 2024 [16] Market Performance - The Northeast region saw improved margins and traffic, driven by promotional activities and innovative food and beverage concepts [62] - Diesel fuel supply tightness had a marginal impact on the business, with no significant negative effects [55] Strategic Direction and Industry Competition - The company is focusing on sustainable growth through fuel volatility, in-store performance optimization, and customer-centric investments [9] - New stores are accretive to the network average, delivering higher volumes, merchandise sales, and margins [14] - The company is investing in digital transformation and in-store experience campaigns to extend its competitive advantage [19] - Plans include renovating up to 50 stores in 2024 and building new "store of tomorrow" formats [25][59] Management Commentary on Operating Environment and Future Outlook - Management highlighted the resilience of the business model, with a tenfold increase in shareholder value since the spin-off [19] - The company expects 2023 full-year results to be below 2022 levels but remains optimistic about sustainable growth and momentum heading into 2024 [8][28] - Fuel margins are expected to remain rational, with potential for higher equilibrium margins in 2024 [12] Other Key Information - The company closed 4 Quick Tech stores during the quarter, with plans to build new stores in strong markets [22] - Capital spending for 2023 is expected to be between $325 million and $375 million, below the guided range due to delays in new store construction [22] - The company repurchased $65 million worth of shares during the quarter [21] Q&A Session Summary Question: PS&W Margin Contribution - The margin contribution was driven by low volatility and inventory gains, contrasting with the prior year's price declines [32] Question: Tobacco Market Dynamics - The company is gaining share in traditional combustible and noncombustible tobacco categories, while marginal players face challenges from illicit products [34] Question: Fuel Volume Stickiness - Despite a 4% YoY decline in same-store fuel volumes, the company attributes stickiness to its value proposition and customer loyalty programs [43][44] Question: Fuel Margin Equilibrium - Management plans to provide a suggested range for fuel margins in 2024 but will avoid specific guidance to focus on long-term sustainability [45] Question: Non-Cigarette Merchandise Performance - The company is focusing on improving food and beverage offerings, with early results from pilot stores showing strong customer uptake [47][48] Question: GLP-1 Drug Impact - Management believes it is too early to assess the potential impact of GLP-1 drugs on consumer behavior [51] Question: Diesel Fuel Supply Impact - Diesel supply tightness had a marginal impact, with no significant effect on the business [53][55] Question: Redesigned Store Performance - Early feedback from pilot stores with redesigned interiors and improved food and beverage layouts has been positive [57][58] Question: Northeast Market Improvement - The Northeast region saw improved margins and traffic due to promotional activities and innovative food and beverage concepts [62]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q MURPHY USA INC. (Exact name of registrant as specified in its charter) Delaware 46-2279221 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 200 Peach Street El Dorado, Arkansas 71730-5836 (Address of principal executive offices) (Zip Code) (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended Septemb ...

Murphy USA Inc. (NYSE:MUSA) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Christian Pikul - Vice President of Investor Relations Andrew Clyde - President and Chief Executive Officer Mindy West - Executive Vice President and Chief Financial Officer Conference Call Participants Anthony Bonadio - Wells Fargo Securities Benjamin Bienvenu - Stephens Inc. Bobby Griffin - Raymond James Bonnie Herzog - Goldman Sachs Operator Good morning, and welcome to the Murphy USA Second Quart ...

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, 2023 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 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Christian Pikul - Vice President of Investor Relations Andrew Clyde - President and Chief Executive Officer Mindy West - Executive Vice President of Fuels and Chief Financial Officer Conference Call Participants Anthony Bonadio - Wells Fargo Bobby Griffin - Raymond James Bonnie Herzog - Goldman Sachs John Royall - JPMorgan Ben Bienvenu - Stephens Operator Good morning, ladies and gentlemen. Welcome to t ...

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].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 46-2279221 (Sta ...

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 ...